Document:

Exhibit 10.2

 

INDEMNIFICATION
AGREEMENT

 

INDEMNIFICATION
AGREEMENT (this “Agreement”), dated January 14, 2022, by and between 1847 GOEDEKER INC., a Delaware corporation
(the “Company”), and the undersigned (the “Indemnitee”).

 

RECITALS

 

A. The
Company desires to attract and retain the services of highly qualified individuals as directors, officers, employees and agents.

 

B. The
Company’s bylaws require that the Company indemnify its directors and executive officers as authorized by the General Corporation
Law of the State of Delaware (the “DGCL”), under which the Company is organized, and the bylaws expressly provide
that the indemnification provided therein is not exclusive and contemplates that the Company may enter into separate agreements with
its directors, officers and other persons to set forth specific indemnification provisions.

 

C. The
Indemnitee may not regard the protection currently provided by applicable law, the Company’s governing documents and available
insurance, if any, as adequate under the present circumstances, and the Company has determined that the Indemnitee may not be willing
to serve the Company without additional protection.

 

D. The
Company desires and has requested the Indemnitee to serve as a director and/or executive officer of the Company and has proffered this
Agreement to the Indemnitee as an additional inducement to serve in such capacity.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the parties hereto, intending to be legally bound,
hereby agree as follows:

 

1. INDEMNITY
OF INDEMNITEE. The Company hereby agrees to hold harmless and indemnify the Indemnitee to the fullest extent permitted by law,
as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality thereof:

 

(a) Proceedings
Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided
in this Section 1(a) if, by reason of the Indemnitee’s Corporate Status (as hereinafter defined), the Indemnitee is, or
is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right
of the Company. Pursuant to this Section 1(a), the Indemnitee shall be indemnified against all Expenses (as hereinafter defined),
judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s
behalf, in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner
the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding,
had no reasonable cause to believe the Indemnitee’s conduct was unlawful.

 

     

     

    

 

(b) Proceedings
by or in the Right of the Company. The Indemnitee shall be entitled to the rights of indemnification provided in this Section
1(b) if, by reason of the Indemnitee’s Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant
in any Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), the Indemnitee shall be indemnified
against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with such
Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company; provided, however, if applicable law so provides, no indemnification against such Expenses shall
be made in respect of any claim, issue or matter in such Proceeding as to which the Indemnitee shall have been adjudged to be liable
to the Company unless and to the extent that the Court of Chancery of the State of Delaware shall determine that such indemnification
may be made.

 

(c) Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent
that the Indemnitee is, by reason of the Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise,
in any Proceeding, the Indemnitee shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time,
against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf in connection therewith.
If the Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less
than all claims, issues or matters in such Proceeding, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably
incurred by the Indemnitee or on the Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter.
For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal,
with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

(d) Indemnification
of Appointing Stockholder. If (i) the Indemnitee is or was affiliated with one or more venture capital funds that has invested in
the Company (an “Appointing Stockholder”), and (ii) the Appointing Stockholder is, or is threatened to be made, a
party to or a participant in any Proceeding, and (iii) the Appointing Stockholder’s involvement in the Proceeding (A) arises primarily
out of, or relates to, any action taken by the Company that was approved by the Company’s board of directors (the “Board),
and (B) arises out of facts or circumstances that are the same or substantially similar to the facts and circumstances that form the
basis of claims that have been, could have been or could be brought against the Indemnitee in a Proceeding, regardless of whether the
legal basis of the claims against the Indemnitee and the Appointing Stockholder are the same or similar, then the Appointing Stockholder
shall be entitled to all of the indemnification rights and remedies under this Agreement pursuant to this Agreement as if the Appointing
Stockholder were the Indemnitee.

 

2. ADDITIONAL
INDEMNITY. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of
this Agreement, the Company shall and hereby does indemnify and hold harmless the Indemnitee against all Expenses, judgments,
penalties, fines and amounts paid in settlement actually and reasonably incurred by the Indemnitee or on the Indemnitee’s
behalf if, by reason of the Indemnitee’s Corporate Status, the Indemnitee is, or is threatened to be made, a party to or
participant in any Proceeding (including a Proceeding by or in the right of the Company), including, without limitation, all
liability arising out of the negligence or active or passive wrongdoing of Indemnitee. The only limitation that shall exist
upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any payment
to the Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 6
and 7 hereof) to be unlawful.

 

    2

     

    

 

 3. CONTRIBUTION.

 

(a) Whether
or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any threatened, pending or completed
action, suit or proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in such action, suit or
proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or proceeding
without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it
may have against the Indemnitee. The Company shall not enter into any settlement of any action, suit or proceeding in which the Company
is jointly liable with the Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement provides for
a full and final release of all claims asserted against the Indemnitee.

 

(b) Without
diminishing or impairing the obligations of the Company set forth in the preceding subsection, if, for any reason, the Indemnitee shall
elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or
proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in such action, suit or proceeding), the
Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred
and paid or payable by the Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees
of the Company, other than the Indemnitee, who are jointly liable with the Indemnitee (or would be if joined in such action, suit or
proceeding), on the one hand, and the Indemnitee, on the other hand, from the transaction or events from which such action, suit or proceeding
arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary
to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of
the Company other than the Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
on the one hand, and the Indemnitee, on the other hand, in connection with the transaction or events that resulted in such expenses,
judgments, fines or settlement amounts, as well as any other equitable considerations which applicable law may require to be considered.
The relative fault of the Company and all officers, directors or employees of the Company, other than the Indemnitee, who are jointly
liable with the Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and the Indemnitee, on the other
hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal
profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive.

 

(c) The
Company hereby agrees to fully indemnify and hold the Indemnitee harmless from any claims of contribution which may be brought by officers,
directors, or employees of the Company, other than the Indemnitee, who may be jointly liable with the Indemnitee.

 

    3

     

    

 

(d) To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to the Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying the Indemnitee, shall contribute to the amount incurred by the Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with
any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all
of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and the Indemnitee as a
result of the event(s) and/or transaction(s) giving cause to such Proceeding and/or (ii) the relative fault of the Company (and its directors,
officers, employees and agents) and the Indemnitee in connection with such event(s) and/or transaction(s).

 

4. INDEMNIFICATION
FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is, by reason
of the Indemnitee’s Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which
the Indemnitee is not a party, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee
or on the Indemnitee’s behalf in connection therewith.

 

5. ADVANCEMENT
OF EXPENSES. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on
behalf of the Indemnitee in connection with any Proceeding by reason of the Indemnitee’s Corporate Status within thirty (30) days
after the receipt by the Company of a statement or statements from the Indemnitee requesting such advance or advances from time to time,
whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred
by the Indemnitee and shall include or be preceded or accompanied by a written undertaking by or on behalf of the Indemnitee to repay
any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any
advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free.

 

6. PROCEDURES
AND PRESUMPTIONS FOR DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION. It is the intent of this Agreement to secure for the Indemnitee
rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware. Accordingly,
the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether the Indemnitee
is entitled to indemnification under this Agreement:

 

(a) To
obtain indemnification under this Agreement, the Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to the Indemnitee and is reasonably necessary to determine whether and
to what extent the Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request
for indemnification, advise the Board in writing that the Indemnitee has requested indemnification. Notwithstanding the foregoing, any
failure of the Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve
the Company of any liability that it may have to the Indemnitee unless, and to the extent that, such failure actually and materially
prejudices the interests of the Company.

 

    4

     

    

 

(b) Upon
written request by the Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination with
respect to the Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods, which
shall be at the election of the Board (1) by a majority vote of the Disinterested Directors, even though less than a quorum, (2) by a
committee of Disinterested Directors designated by a majority vote of the disinterested directors, even though less than a quorum, (3)
if there are no Disinterested Directors or if the Disinterested Directors so direct, by independent legal counsel in a written opinion
to the Board, a copy of which shall be delivered to the Indemnitee, or (4) if so directed by the Board, by the stockholders of the Company.

 

(c) If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof, the
Independent Counsel shall be selected as provided in this Section 6(c). The Independent Counsel shall be selected by the Board.
The Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company a written
objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel
so selected does not meet the requirements of “Independent Counsel” as defined in Section 13 of this Agreement, and
the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person
so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may
not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without
merit. If, within twenty (20) days after submission by the Indemnitee of a written request for indemnification pursuant to Section
6(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the
Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection which shall have
been made by the Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel
of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections
are so resolved or the person so appointed shall act as Independent Counsel under Section 6(b) hereof. The Company shall pay any
and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to
Section 6(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section
6(c), regardless of the manner in which such Independent Counsel was selected or appointed.

 

(d) In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that the Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall
have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including
by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this
Agreement that indemnification is proper in the circumstances because the Indemnitee has met the applicable standard of conduct, nor
an actual determination by the Company (including by its directors or independent legal counsel) that Indemnitee has not met such applicable
standard of conduct, shall be a defense to the action or create a presumption that the Indemnitee has not met the applicable standard
of conduct.

 

    5

     

    

 

(e) The
Indemnitee shall be deemed to have acted in good faith if the Indemnitee’s action is based on the records or books of account of
the Enterprise (as hereinafter defined), including financial statements, or on information supplied to the Indemnitee by the officers
of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given
or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable
care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of
the Enterprise shall not be imputed to the Indemnitee for purposes of determining the right to indemnification under this Agreement.
Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that the Indemnitee
has at all times acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and
convincing evidence.

 

(f) If
the person, persons or entity empowered or selected under Section 6 to determine whether the Indemnitee is entitled to indemnification
shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination
of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be entitled to such indemnification absent
(i) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable
law; provided, however, that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional
thirty (30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith
requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided further, that
the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification is to be
made by the stockholders pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days after receipt by the Company
of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination
to the stockholders for their consideration at an annual meeting thereof to be held within seventy five (75) days after such receipt
and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt
for the purpose of making such determination, such meeting is held for such purpose within sixty

(60)
days after having been so called and such determination is made thereat.

 

(g) The
Indemnitee shall cooperate with the person, persons or entity making such determination with respect to the Indemnitee’s entitlement
to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith
in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses
(including attorneys’ fees and disbursements) incurred by the Indemnitee in so cooperating with the person, persons or entity making
such determination shall be borne by the Company (irrespective of the determination as to the Indemnitee’s entitlement to indemnification)
and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

    6

     

    

 

(h) The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid
expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which the Indemnitee is
a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such
action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that the Indemnitee has been
successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the
burden of proof and the burden of persuasion by clear and convincing evidence.

 

(i) The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea
of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect
the right of the Indemnitee to indemnification or create a presumption that the Indemnitee did not act in good faith and in a manner
which the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal
Proceeding, that the Indemnitee had reasonable cause to believe that the Indemnitee’s conduct was unlawful.

 

 7. REMEDIES OF INDEMNITEE.

 

(a)
In the event that (i) a determination is made pursuant to Section 6 of this Agreement that the Indemnitee is not entitled to
indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this
Agreement, (iii) no determination of entitlement to indemnification is made pursuant to Section 6(b) of this Agreement within
ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made
pursuant to this Agreement within ten (10) days after receipt by the Company of a written request therefor, or (v) payment of
indemnification is not made within ten (10) days after a determination has been made that the Indemnitee is entitled to
indemnification or such determination is deemed to have been made pursuant to Section 6 of this Agreement, the Indemnitee
shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent
jurisdiction, of the Indemnitee’s entitlement to such indemnification. The Indemnitee shall commence such proceeding seeking
an adjudication within one hundred eighty (180) days following the date on which the Indemnitee first has the right to commence such
proceeding pursuant to this Section 7(a). The Company shall not oppose the Indemnitee’s right to seek any such
adjudication.

 

(b) In
the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that the Indemnitee is not entitled
to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo
trial on the merits, and the Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b).

 

(c) If
a determination shall have been made pursuant to Section 6(b) of this Agreement that the Indemnitee is entitled to
indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section
7, absent (i) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make
the Indemnitee’s misstatement not materially misleading in connection with the application for indemnification, or (ii) a
prohibition of such indemnification under applicable law.

 

    7

     

    

 

(d) In
the event that the Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of the Indemnitee’s rights under,
or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance
policies maintained by the Company, the Company shall pay on the Indemnitee’s behalf, in advance, any and all expenses (of the
types described in the definition of Expenses in Section 13 of this Agreement) actually and reasonably incurred by the Indemnitee
in such judicial adjudication, regardless of whether the Indemnitee ultimately is determined to be entitled to such indemnification,
advancement of expenses or insurance recovery.

 

(e) The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound
by all the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee,
shall (within ten (10) days after receipt by the Company of a written request therefore) advance, to the extent not prohibited by law,
such expenses to Indemnitee, which are incurred by the Indemnitee in connection with any action brought by the Indemnitee for indemnification
or advance of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies
maintained by the Company, regardless of whether the Indemnitee ultimately is determined to be entitled to such indemnification, advancement
of Expenses or insurance recovery, as the case may be.

 

(f) Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required
to be made prior to the final disposition of the Proceeding.

 

8. NON-EXCLUSIVITY;
SURVIVAL OF RIGHTS; INSURANCE; PRIMACY OF INDEMNIFICATION; SUBROGATION.

 

(a) The
rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which the Indemnitee may
at any time be entitled under applicable law, the Company’s certificate of incorporation or bylaws, any agreement, a vote of stockholders,
a resolution of directors of the Company, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof
shall limit or restrict any right of the Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee
in the Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the DGCL, whether
by statute or judicial decision, permits greater indemnification than would be afforded currently under the Company’s certificate
of incorporation, bylaws and this Agreement, it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement
the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or
remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other right or remedy.

 

    8

     

    

 

(b) To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise that such person serves at the request of the Company, the Indemnitee shall be covered by such policy or policies in accordance
with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under
such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has directors’
and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the
insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable
action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with
the terms of such policies.

 

(c) In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of
recovery of the Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution
of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(d) The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent
that the Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

(e) The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses from such other
corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

9. EXCEPTION
TO RIGHT OF INDEMNIFICATION. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement
to make any indemnity in connection with any claim made against the Indemnitee:

 

(a) for
which payment has actually been made to or on behalf of the Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision;

 

(b) for
an accounting of profits made from the purchase and sale (or sale and purchase) by the Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common
law; or

 

(c) in
connection with any Proceeding (or any part of any Proceeding) initiated by the Indemnitee, including any Proceeding (or any part of
any Proceeding) initiated by the Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i)
the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, or (ii) the Company provides
the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

    9

     

    

 

10. DURATION
OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period the Indemnitee
is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent
of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as the Indemnitee
shall be subject to any Proceeding (or any proceeding commenced under Section 7 hereof) by reason of the Indemnitee’s Corporate
Status, whether or not the Indemnitee is acting or serving in any such capacity at the time any liability or expense is incurred for
which indemnification can be provided under this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and
legal representatives.

 

11. SECURITY.
To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to
the Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.
Any such security, once provided to the Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.

 

 12. ENFORCEMENT.

 

(a) The
Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order
to induce the Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that the Indemnitee is relying
upon this Agreement in serving as an officer or director of the Company.

 

(b) This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

(c) The
Company shall not seek from a court, or agree to, a “bar order” which would have the effect of prohibiting or limiting the
Indemnitee’s rights to receive advancement of expenses under this Agreement.

 

 13. DEFINITIONS. For purposes of this Agreement:

 

(a) “Corporate
Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or
of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving
at the express written request of the Company.

 

(b) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

    10

     

    

 

(c) “Enterprise”
shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee
is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

 

(d) “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses
of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating,
or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding.
Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation
the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Expenses,
however, shall not include amounts paid in settlement by the Indemnitee or the amount of judgments or fines against Indemnitee.

 

(e) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent (i) the Company or the Indemnitee in any matter material to either such
party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing,
the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s
rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully
indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or
its engagement pursuant hereto.

 

(f) “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or
otherwise and whether civil, criminal, administrative or investigative, in which the Indemnitee was, is or will be involved as a party
or otherwise, by reason of the Indemnitee’s Corporate Status, by reason of any action taken by the Indemnitee or of any inaction
on the part of the Indemnitee while acting in the Indemnitee’s Corporate Status; in each case whether or not the Indemnitee is
acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under
this Agreement; including one pending on or before the date of this Agreement, but excluding one initiated by the Indemnitee pursuant
to Section 7 of this Agreement to enforce the Indemnitee’s rights under this Agreement.

 

14. SEVERABILITY.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other
provision. Further, the invalidity or unenforceability of any provision hereof as to either the Indemnitee or Appointing Stockholder
shall in no way affect the validity or enforceability of any provision hereof as to the other. Without limiting the generality of
the foregoing, this Agreement is intended to confer upon the Indemnitee and Appointing Stockholder indemnification rights to the
fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such
provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

    11

     

    

 

15. MODIFICATION
AND WAIVER. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16. NOTICE
BY INDEMNITEE. The Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving
any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may
be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation
which it may have to the Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially
prejudices the Company.

 

17. NOTICES.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal
business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having been sent by
registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized
overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the addresses
specified on the signature page hereto, or to such other address as may have been furnished to the Company by Indemnitee, or, if to the
Company, to the Company’s address as specified in filings made by the Company with the U.S. Securities and Exchange Commission.

 

18. COUNTERPARTS.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or
any electronic signature complying with the U.S. federal ESIGN Act of 2000, 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.

 

19. HEADINGS.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction thereof.

 

20. GOVERNING
LAW AND CONSENT TO JURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and
construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The
Company and the Indemnitee hereby irrevocably and unconditionally (a) agree that any action or proceeding arising out of or in
connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware
Court”), and not in any other state or federal court in the United States of America or any court in any other country,
(b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising
out of or in connection with this Agreement, (c) waive any objection to the laying of venue of any such action or proceeding in the
Delaware Court, and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the
Delaware Court has been brought in an improper or inconvenient forum.

 

[Signature
Page to Follow]

 

    12

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement on and as of the day and year first above written.

 

	 	COMPANY:
	 	 	 
	 	1847 GOEDEKER INC.
	 	 	 
	 	By:	/s/ Albert Fouerti
	 	Name: 	Albert Fouerti
	 	Title:	Chief Executive Officer

 

	 	INDEMNITEE:
	 	 
	 	/s/ James Schneider
	 	James M. Schneider

 

	 	Address:	 
	 	 	 
	 	 	 

 

 

13Exhibit 4.1

 

INDENTURE

 

Dated as of January 21, 2022 among

 

ARES FINANCE CO. IV LLC,

 

THE GUARANTORS NAMED HEREIN

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

     

     

    

 

	TABLE OF CONTENTS
	 
	ARTICLE 1 DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION	5
	Section 101    Definitions	5
	Section 102    Compliance
Certificates and Opinions	12
	Section 103    Form of
Documents Delivered to Trustee	13
	Section 104    Acts
of Holders; Record Dates	13
	Section 105    Notices,
Etc., to Trustee, Company and Guarantors	15
	Section 106    Notice
to Holders; Waiver	15
	Section 107    Reserved	16
	Section 108    Effect
of Headings and Table of Contents	16
	Section 109    Successors
and Assigns	16
	Section 110    Separability
Clause	16
	Section 111    Benefits
of Indenture	16
	Section 112    Governing
Law	16
	Section 113    Legal
Holidays	17
	Section 114    No
Recourse Against Others	17
	Section 115    WAIVER
OF JURY TRIAL	17
	 	 
	ARTICLE 2 SECURITY FORMS	17
	Section 201    Forms
Generally	17
	Section 202    Form of
Legend for Global Securities	18
	Section 203    Form of
Trustee’s Certificate of Authentication	18
	 	 
	ARTICLE 3 THE SECURITIES	18
	Section 301    Amount
Unlimited; Issuable in Series	18
	Section 302    Denominations	22
	Section 303    Execution,
Authentication, Delivery and Dating	22
	Section 304    Temporary
Securities	23
	Section 305    Registration,
Registration of Transfer and Exchange	23
	Section 306    Mutilated,
Destroyed, Lost and Stolen Securities	25
	Section 307    Payment
of Interest; Interest Rights Preserved	26
	Section 308    Persons
Deemed Owners	27
	Section 309    Cancellation	27
	Section 310    Computation
of Interest	27
	Section 311    CUSIP
or ISIN Numbers	27
	Section 312    General
Provisions Relating to Global Securities	28
	 	 
	ARTICLE 4 SATISFACTION AND DISCHARGE 	28
	Section 401    Satisfaction
and Discharge of Indenture	28
	Section 402    Application
of Trust Money	29
	 	 
	ARTICLE 5 REMEDIES	30
	Section 501    Events
of Default	30
	Section 502    Acceleration
of Maturity; Rescission and Annulment	31
	Section 503    Collection
of Indebtedness and Suits for Enforcement by Trustee	32
	Section 504    Trustee
May File Proofs of Claim	33
	Section 505    Trustee
May Enforce Claims Without Possession of Securities	33
	Section 506    Application
of Money Collected	33
	Section 507    Limitation
on Suits	34

 

    2

     

    

 

	Section 508    Unconditional
Right of Holders to Receive Principal, Premium and Interest and to Convert Securities	34
	Section 509    Rights
and Remedies Cumulative	35
	Section 510    Delay
or Omission Not Waiver	35
	Section 511    Control
by Holders	35
	Section 512    Waiver
of Past Defaults	35
	Section 513    Undertaking
for Costs	36
	Section 514    Waiver
of Usury, Stay or Extension Laws	36
	Section 515    Restoration
of Rights and Remedies	36
	 	 
	ARTICLE 6 THE TRUSTEE	36
	Section 601    Certain
Duties and Responsibilities of Trustee	36
	Section 602    Notice
of Defaults	37
	Section 603    Certain
Rights of Trustee	38
	Section 604    Not
Responsible for Recitals or Issuance of Securities	39
	Section 605    May Hold
Securities	40
	Section 606    Money
Held in Trust	40
	Section 607    Compensation
and Reimbursement	40
	Section 608    Conflicting
Interests	41
	Section 609    Corporate
Trustee Required; Eligibility	41
	Section 610    Resignation
and Removal; Appointment of Successor	41
	Section 611    Acceptance
of Appointment by Successor	42
	Section 612    Merger,
Conversion, Consolidation or Succession to Business	43
	Section 613    Preferential
Collection of Claims Against Company	44
	Section 614    Trustee’s
Application for Instructions from the Company	44
	 	 
	ARTICLE 7 HOLDERS’ LISTS
AND REPORTS BY THE TRUSTEE, THE COMPANY AND THE GUARANTORS	44
	Section 701    Company
to Furnish Trustee Names and Addresses of Holders	44
	Section 702    Preservation
of Information; Communications to Holders	44
	Section 703    Reports
by Trustee	45
	Section 704    Reports
by the Company and the Guarantors	45
	 	 
	ARTICLE 8 CONSOLIDATION, MERGER,
SALE OF ASSETS AND OTHER TRANSACTIONS	45
	Section 801    Company
and Guarantors May Merge or Transfer Assets on Certain Terms	45
	Section 802    Successor
Person Substituted	46
	 	 
	ARTICLE 9 SUPPLEMENTAL INDENTURES	46
	Section 901    Supplemental
Indentures Without Consent of Holders	46
	Section 902    Supplemental
Indentures With Consent of Holders	47
	Section 903    Execution
of Supplemental Indentures	49
	Section 904    Effect
of Supplemental Indentures	49
	Section 905    Reserved	49
	Section 906    Notice
of Supplemental Indenture; Reference in Securities to Supplemental Indentures	49
	 	 
	ARTICLE 10 COVENANTS	49
	Section 1001    Payment
of Principal, Premium, if any, and Interest	49
	Section 1002    Maintenance
of Office or Agency	50

 

    3

     

    

 

	Section 1003    Money
for Securities Payments to Be Held in Trust	50
	Section 1004    Statement
by Officers as to Default	51
	Section 1005    Waiver
of Certain Covenants	52
	 	 
	ARTICLE 11 REDEMPTION OF SECURITIES	52
	Section 1101    Applicability
of Article	52
	Section 1102    Election
to Redeem; Notice to Trustee	52
	Section 1103    Selection
by Trustee of Securities to Be Redeemed	52
	Section 1104    Notice
of Redemption	53
	Section 1105    Deposit
of Redemption Price	54
	Section 1106    Securities
Payable on Redemption Date	54
	Section 1107    Securities
Redeemed in Part	55
	 	 
	ARTICLE 12 SINKING FUNDS	55
	Section 1201    Applicability
of Article	55
	Section 1202    Satisfaction
of Sinking Fund Payments with Securities	55
	Section 1203    Redemption
of Securities for Sinking Fund	55
	 	 
	ARTICLE 13 DEFEASANCE AND COVENANT
DEFEASANCE	56
	Section 1301    Company’s
Option to Effect Defeasance or Covenant Defeasance	56
	Section 1302    Defeasance
and Discharge	56
	Section 1303    Covenant
Defeasance	56
	Section 1304    Conditions
to Defeasance or Covenant Defeasance	57
	Section 1305    Deposited
Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions	58
	Section 1306    Reinstatement	59
	 	 
	ARTICLE 14 GUARANTEE OF SECURITIES	59
	Section 1401    Guarantee	59
	Section 1402    Additional
Guarantors	59
	Section 1403    Waiver	59
	Section 1404    Guarantee
of Payment	60
	Section 1405    No
Discharge or Diminishment of Guarantee	60
	Section 1406    Defenses
of Company Waived	60
	Section 1407    Continued
Effectiveness	60
	Section 1408    Subrogation	61
	Section 1409    Subordination	61
	Section 1410    Release
of Guarantor and Termination of Guarantee	61
	Section 1411    Limitation
of Guarantors’ Liability	62
	Section 1412    No
Obligation to Take Action Against the Company	62
	Section 1413    Execution
and Delivery	62
	 	 
	SCHEDULE I	67

 

    4

     

    

 

INDENTURE, dated as of January 21,
2022, among ARES FINANCE CO. IV LLC, a limited liability company duly organized and existing under the laws of Delaware (herein called
the “Company”), each of the Guarantors named herein (the “Guarantors”) and U.S. BANK NATIONAL ASSOCIATION,
as Trustee (herein called the “Trustee”).

 

RECITALS

 

The Company has duly authorized
the execution and delivery of this Indenture to provide for the issuance from time to time of its senior unsecured debt securities (herein
called the “Securities”), to be issued in one or more series as provided in this Indenture.

 

Each Guarantor has duly authorized
the execution and delivery of this Indenture to provide for its guarantee of the Securities (the “Guarantees”).

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of
the premises and the purchase of the Securities by the Holders (as defined herein) thereof, it is mutually agreed, for the equal and proportionate
benefit of all Holders of the Securities or of any series thereof, as follows:

 

ARTICLE 1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 101         Definitions.

 

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

 

(1)            the
terms defined in this Article 1 have the meanings assigned to them in this Article 1 and include the plural as well as the singular;

 

(2)            all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

 

(3)            unless
the context otherwise requires, any reference to an “Article,” a “Section” or a “Schedule” refers
to an Article, a Section or a Schedule, as the case may be, of this Indenture;

 

(4)            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;

 

(5)            “including”
means including without limitation;

 

(6)            when
used with respect to any Security, the words “convert,” “converted” and “conversion” are intended
to refer to the right of the Holder, the Company or the Guarantors to convert or exchange such Security into or for securities or other
property in accordance with such terms, if any, as may hereafter be specified for such Security as contemplated by Section 301, and
these words are not intended to refer to any right of the Holder, the Company or the Guarantors to exchange such Security for other Securities
of the same series and of like tenor pursuant to Section 304, 305, 306, 906 or 1107 or another similar provisions of this Indenture,
unless the context otherwise requires; and references herein to the terms of any Security that may be converted mean such terms as may
be specified for such Security as contemplated in Section 301;

 

    5

     

    

 

(7)            unless
otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and other modifications to
such agreements and instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this
Indenture; and

 

(8)            any
reference to “execute”, “executed”, “sign”, “signed”, “signature” or any other
like term hereunder shall include execution by electronic signature (including, without limitation, any .pdf file, .jpeg file, or any
other electronic or image file, or any “electronic signature” as defined under the U.S. Electronic Signatures in Global and
National Commerce Act (“E-SIGN”) or the New York Electronic Signatures and Records Act (“ESRA”), which includes
any electronic signature provided using Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar platform identified
by the Company and reasonably available at no undue burden or expense to the Trustee), except to the extent the Custodian requests otherwise.
Any such electronic signatures shall be valid, effective and legally binding as if such electronic signatures were handwritten signatures
and shall be deemed to have been duly and validly delivered for all purposes hereunder.

 

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

 

“Affiliate”
means, with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” when used with respect to any 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.

 

“Applicable Procedures”
means, with respect to a Depositary, as to any matter at any time, the policies and procedures of such Depositary, if any, that are applicable
to such matter at such time.

 

“Bankruptcy Law”
has the meaning specified in Section 501.

 

“Business Day”
means, unless otherwise specified as contemplated by Section 301, any day, other than a Saturday or Sunday, that is not a day on
which banking institutions or trust companies are authorized or obligated by law, regulation or executive order to close in the City of
New York or any city in which the Corporate Trust Office or any Place of Payment is located.

 

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

 

“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.

 

“Company Request”
or “Company Order” means a written request or order signed by or on behalf of the Company by any Officer, manager,
member or partner thereof (or any Person designated in writing as authorized to execute and deliver Company Requests and Company Orders),
and delivered to the Trustee. For the avoidance of doubt, a request or order provided to the Trustee in an email or other electronic communication
by an Officer, manager, member or partner thereof (or any Person designated in writing as authorized to execute and deliver Company Requests
and Company Orders) shall constitute a Company Request or Company Order, as applicable, unless the Trustee otherwise requests that such
Company Request or Company Order be in writing.

 

    6

     

    

 

“Company Resolution”
means a copy of one or more resolutions certified by the Secretary or an Assistant Secretary of the Company (or any sole or managing member
of the Company or ultimate general partner, sole or managing member of such member) to have been duly adopted by the member or members
of the Company or board of directors of the Company (or any sole or managing member of the Company or ultimate general partner, sole or
managing member of such member), as the case may be, and to be in full force and effect on the date of such certification and delivered
to the Trustee.

 

“Corporate Trust
Office” means the designated office of the Trustee at which, at any particular time, its corporate trust business with respect
to the Securities and this Indenture shall be conducted, which office is, currently located at (i) for purposes of presentment of
Securities for transfer, exchange or surrender: U.S. Bank National Association, 111 Filmore Avenue East, St. Paul, Minnesota 55107, Mailcode:
EP-MN-WS2N, Attention: Bondholder Services, and (ii) for all other purposes, Corporate Trust Services, One Federal Street, Third
Floor, Boston, Massachusetts 02110, Attention: Corporate Trust Services, Ref: Ares Finance Co. IV LLC, and, in each case such other address
as the Trustee may designate from time to time by notice to the Holders and the Company, or the designated 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”
means Ares Management Corporation, a Delaware corporation.

 

“Covenant Defeasance”
has the meaning specified in Section 1303.

 

“Credit Facility”
means the Sixth Amended and Restated Credit Agreement, dated as of April 21, 2014, by and among Ares Holdings L.P., and the other
parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, as may be amended from time to time.

 

“Credit Group”
means the Credit Parties and the Credit Parties’ direct and indirect Subsidiaries (to the extent of their economic ownership interest
in such Subsidiaries) taken as a whole.

 

“Credit Parties”
means the Company and the Guarantors.

 

“Custodian”
has the meaning specified in Section 501.

 

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

 

“Defaulted Interest”
has the meaning specified in Section 307.

 

“Defeasance”
has the meaning specified in Section 1302.

 

“Depositary”
means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing
agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 301.

 

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

 

“Exchange Act”
means the U.S. Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.

 

    7

     

    

 

“Expiration Date”
has the meaning specified in Section 104.

 

“FATCA Withholding Tax”
shall mean any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the Internal Revenue
Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Internal Revenue Code (or any regulations or agreements thereunder
or official interpretations thereof) or any intergovernmental agreement between the United States and another jurisdiction facilitating
the implementation thereof (or any law implementing such an intergovernmental agreement).

 

“GAAP”
means generally accepted accounting principles in the United States (including, if applicable, International Financial Reporting
Standards) as in effect from time to time.

 

“Global Security”
means a Security that evidences all or part of the Securities of any series and bears the legend set forth in Section 202 (or such
legend as may be specified as contemplated by Section 301 for such Securities).

 

“Guarantees”
has the meaning specified in the second recital of this Indenture and more particularly means any Guarantee made by each of the Guarantors
as set forth in Article 14 hereof.

 

“Guarantors”
means (i) each of the Persons listed on Schedule I attached hereto and (ii) in the future, any New Ares Group Entity
that becomes a Guarantor with respect to a particular series of Securities pursuant to Article 14, but in each case excluding Persons
who cease to be Guarantors in accordance with this Indenture.

 

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

 

“Indenture”
means this Indenture as originally executed and 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. The term “Indenture” shall also include the terms of particular
series of Securities established as contemplated by Section 301.

 

“Insignificant Guarantor”
means a Guarantor (or a group of Guarantors taken together) that would not, on a combined and consolidated basis, constitute a Significant
Subsidiary.

 

“interest”
means, when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, interest payable
after Maturity.

 

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

 

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

 

“Maturity”
means, when used with respect to any Security, 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, call for redemption or
otherwise.

 

“New Ares Group Entity”
means any Subsidiary of the Corporation (other than a then-existing Guarantor that is a borrower, or guarantees any indebtedness, liabilities
or other obligations, under the Credit Facility.

 

    8

     

    

 

“Notice of Default”
means a written notice of the kind specified in Section 501.

 

“Obligations”
has the meaning specified in Section 1401.

 

“obligor”
has the meaning given to such term in the Trust Indenture Act.

 

“Officer”
means any President, Chairman, Chief Executive Officer, Co-Chief Executive Officer, Chief Financial Officer, Chief Operating Officer,
General Counsel, Chief Risk Officer, Chief Accounting Officer, Treasurer, Assistant Treasurer, Managing Director, Director, Vice President,
Secretary or Assistant Secretary of the Company or any Guarantor (or any sole or managing member or general partner of the Company or
any Guarantor or ultimate general partner, sole or managing member of such member or general partner), as the case may be, or, in the
case of the Company, any Person designated as a manager pursuant to the limited liability company agreement of the Company.

 

“Officer’s
Certificate” means a certificate signed by an Officer of the Company or any Guarantor (or any sole or managing member or general
partner of the Company or any Guarantor or ultimate general partner, sole or managing member of such member or general partner), as the
case may be, and delivered to the Trustee.

 

“Opinion of Counsel”
means a written opinion of counsel (who may be counsel for, including an employee or Officer of, the Company or for any Guarantor) and
who shall be reasonably acceptable to the Trustee.

 

“Original Issue Discount
Security” means any Security which 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 502.

 

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

 

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

 

		(2)	Securities for whose payment or redemption 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 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;

 

		(3)	Securities as to which Defeasance has been effected pursuant to Section 1302;

 

		(4)	Securities which have been paid or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to Section 306, other than any such Securities in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid
obligations of the Company; and

 

    9

     

    

 

		(5)	Securities as to which any property deliverable upon conversion thereof has been delivered (or such delivery
has been made available), or as to which any other particular conditions have been satisfied, in each case as may be provided for such
Securities as contemplated in Section 301; provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent,
waiver or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount Security which shall be deemed
to be Outstanding shall be the amount of the principal thereof which would be due and payable as of such date upon acceleration of the
Maturity thereof to such date pursuant to Section 502, (B) if, as of such date, the principal amount payable at the Stated Maturity
of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as
specified or determined as contemplated by Section 301, (C) the principal amount of a Security denominated in one or more foreign
currencies, composite currencies or currency units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined
as of such date in the manner provided as contemplated by Section 301, of the principal amount of such Security (or, in the case
of a Security described in clause (A) or (B) above, of the amount determined as provided in such clause), and (D) Securities
owned by the Company, any Guarantor or any other obligor upon the Securities or any Affiliate of the Company, any Guarantor or such other
obligor shall be disregarded and deemed not to be Outstanding (except (i) in the case where the Securities are 100% owned by the
Company or any Affiliate of the Company and (ii) in the case of Securities owned by an Affiliate of the Company, with respect to
any such request, demand, authorization, direction, notice, consent, waiver or other action hereunder that requires the consent of the
Holder of each Outstanding Security of such series affected thereby pursuant to the terms of this Indenture), except that, in determining
whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or
other action, only Securities which a Responsible Officer 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, any Guarantor or any other obligor upon the Securities
or any Affiliate of the Company, any Guarantor or such other obligor.

 

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

 

“Permitted Jurisdictions”
has the meaning specified in Section 801(a)(1).

 

“Person”
means and includes natural persons, corporations, partnerships, limited liability companies, joint ventures, associations, companies,
business trusts, or other organizations, irrespective of whether they are legal entities.

 

“Place of Payment”
means, when used with respect to the Securities of any series, the place or places where the principal of and premium, if any, and interest
on, or any Redemption Price of, the Securities of such series are payable as specified as contemplated by Section 301.

 

“Predecessor Security”
means, with respect to any particular Security, 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 306
in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated,
destroyed, lost or stolen Security.

 

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

 

    10

     

    

 

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

 

“Regular Record Date”
means, for the interest payable on any Interest Payment Date on the Securities of any series, the date specified for that purpose as contemplated
by Section 301.

 

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

 

“Responsible Officer”
means with respect to the Trustee, any officer of the Trustee located at the Corporate Trust Office 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 and, for the
purposes of Section 601(3)(B) and the second sentence of Section 602, shall also include any other officer of the Trustee
to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

 

“Securities”
has the meaning specified in the first recital of this Indenture and more particularly means any Securities authenticated and delivered
under this Indenture.

 

“Securities Act”
means the U.S. Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.

 

“Security Register”
and “Security Registrar” have the respective meanings specified in Section 305.

 

“Significant Subsidiary”
means a “significant subsidiary” (as such term is defined in Rule 1-02(w) of Regulation S-X under the Securities
Act or any successor provision) of the Corporation.

 

“Special Record Date”
means, for the payment of any Defaulted Interest, a date fixed by the Trustee pursuant to Section 307.

 

“Stated Maturity”
means, when used with respect to any Security or any installment of principal thereof or interest thereon, 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.

 

“Subsidiary”
means any subsidiary of a Person that is or would be consolidated with such Person in the preparation of segment information with respect
to the combined or consolidated financial statements of such Person prepared in accordance with GAAP, but shall not include: (a) any
investment vehicle (whether open-ended or closed-ended) including, without limitation, an investment fund or company, a general or limited
partnership, a trust, a company or other business entity organized in any jurisdiction (i) sponsored or promoted by any of the Credit
Parties or their Affiliates, (ii) for which any of the Credit Parties or their Affiliates acts as a general partner or managing member
(or in a similar capacity) or (iii) for which any of the Credit Parties or their Affiliates acts as an investment adviser or investment
manager; or (b) any portfolio company or investment of any such investment fund or vehicle or any special purpose entity formed to
acquire or hold any such portfolio company or investment.

 

    11

     

    

 

“Substantially All
Merger” means a merger or consolidation of one or more Credit Parties with or into another Person that would, in one or a series
of related transactions, result in the transfer or other disposition, directly or indirectly, of all or substantially all of the properties
and assets of the Credit Group to a Person that is not within the Credit Group immediately prior to such transaction.

 

“Substantially All
Sale” means a sale, assignment, transfer, lease or conveyance to any other Person, in one or a series of related transactions,
directly or indirectly, of all or substantially all of the properties and assets of the Credit Group to a Person that is not within the
Credit Group immediately prior to such transaction.

 

“Trust Indenture
Act” means the U.S. Trust Indenture Act of 1939 as in force at the date as of which this Indenture was executed; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means,
to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

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

 

“United States Alien”
means, except as otherwise provided in or pursuant to this Indenture, any Person who, for United States Federal income tax purposes, is
a foreign corporation, a nonresident alien individual, a nonresident alien fiduciary of a foreign estate or trust, or a foreign partnership,
one or more of the members of which is, for United States Federal income tax purposes, a foreign corporation, a nonresident alien individual
or a nonresident alien fiduciary of a foreign estate or trust.

 

“U.S. Government
Obligation” has the meaning specified in Section 1304(1).

 

Section 102         Compliance
Certificates and Opinions.

 

Upon any application or request
by the Company or any Guarantor to the Trustee to take any action under any provision of this Indenture, the Company or such Guarantor,
as the case may be, shall furnish to the Trustee an Officer’s 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 (except for certificates provided for in Section 1004)
shall include:

 

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

 

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

 

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

 

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

 

    12

     

    

 

Section 103         Form of
Documents Delivered to Trustee.

 

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

 

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

 

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

 

Section 104         Acts
of Holders; Record Dates.

 

Any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee and, where it is hereby expressly required, to the Company or the Guarantors. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders
signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and, subject to Section 601, conclusive in favor of the Trustee, the Company and the Guarantors,
if made in the manner provided in this Section 104.

 

The fact and date of the execution
by any Person of any such instrument or writing may be proved in any manner which the Trustee reasonably deems sufficient. Where such
execution is by a Person acting in a capacity other than such Person’s individual capacity, such certificate or affidavit shall
also constitute sufficient proof of such Person’s 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 which the Trustee deems sufficient.

 

The ownership of Securities
shall be proved by the Security Register.

 

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 or the Company or any Guarantor
in reliance thereon, whether or not notation of such action is made upon such Security.

 

    13

     

    

 

The Company or any Guarantor
may, in its discretion, set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series
entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted
by this Indenture to be given, made or taken by Holders of Securities of such series but shall have no obligation to do so; provided
that none of the Company or any Guarantor may set a record date for, and the provisions of this paragraph shall not apply with respect
to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If not set by the Company
or any Guarantor prior to the first solicitation of Holders of Outstanding Securities of the relevant series made by any Person in respect
of such action or, in the case of any such vote, prior to such vote, the record date for any such action or vote shall be 30 days prior
to the first solicitation of such vote or consent. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities
of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders
remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date.
Nothing in this paragraph shall be construed to prevent the Company or any Guarantor from setting a new record date for any action for
which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and
with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any
action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is
taken. Promptly after any record date is set pursuant to this paragraph, the Company or any Guarantor, at its own expense, shall cause
notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and
to each Holder of Securities of the relevant series in the manner set forth in Section 106.

 

The Trustee may set any day
as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or
making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 502, (iii) any request
to institute proceedings referred to in Section 507(2) or (iv) any direction referred to in Section 511, in each case
with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities
of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction,
whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless
taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series
on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically
and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action
is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice
of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company and the Guarantors in
writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106.

 

With respect to any record
date set pursuant to this Section 104, the party hereto which sets such record dates may designate any day as the “Expiration
Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change
shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder
of Securities of the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration
Date is not designated with respect to any record date set pursuant to this Section 104, the party hereto which set such record date
shall be deemed to have initially designated the 90th day after such record date as the Expiration Date with respect thereto, subject
to its right to change the Expiration Date as provided in this paragraph.

 

    14

     

    

 

Without limiting the foregoing,
a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part
of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment
with regard to all or any part of such principal amount.

 

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

 

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

 

(1)            the
Trustee by any Holder or by the Company or a Guarantor shall be sufficient for every purpose hereunder if made, given, furnished or filed
in writing (which may be by facsimile) to or with the Trustee at its Corporate Trust Office at the location specified in Section 101;
or

 

(2)            the
Company or a Guarantor 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 overnight delivery, to the Company or any Guarantor addressed to the
attention of the Chief Legal Officer of the Company or such Guarantor at the address of the Company’s principal office specified
in writing to the Trustee by the Company and, until further notice, at c/o Ares Management Corporation, 2000 Avenue of the Stars, 12th
Floor, Los Angeles, California 90067, fax number: (310) 201-4100, Attention: Chief Legal Officer.

 

The Trustee shall have the
right, but shall not be required, to rely upon and comply with instructions and directions sent by e-mail, facsimile and other similar
unsecured electronic methods by persons believed by the Trustee to be authorized to give instructions and directions on behalf of the
Company. The Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions or directions is,
in fact, a person authorized to give instructions or directions on behalf of the Company; and the Trustee shall have no liability for
any losses, liabilities, costs or expenses incurred or sustained by the Company or any other Person as a result of such reliance upon
or compliance with such instructions or directions. The Company agrees to assume all risks arising out of the use of such electronic methods
(and any electronic signatures as described in this Indenture) to submit instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. Any
electronically signed document delivered via e-mail or any other electronic method from a person purporting to be an Officer of the Company
shall be considered signed or executed by such Officer on behalf of the Company. The Company also hereby acknowledges that the Trustee
shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled
to conclusively rely on any such electronic signature without any liability with respect thereto.

 

Section 106         Notice
to Holders; Waiver.

 

Where this Indenture provides
for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid or overnight delivery, to each Holder affected by such event, at such Holder’s address as
it appears in the Security Register, not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed
for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. 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.

 

    15

     

    

 

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.

 

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

 

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

 

Section 107         Reserved.

 

Section 108         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 109         Successors
and Assigns.

 

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

 

Section 110         Separability
Clause.

 

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

 

Section 111         Benefits
of Indenture.

 

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

 

Section 112         Governing
Law.

 

This Indenture, the Securities
and the Guarantees shall be governed by, and construed in accordance with, the internal laws of the State of New York.

 

    16

     

    

 

Section 113         Legal
Holidays.

 

In any case where any Interest
Payment Date, Redemption Date or Stated Maturity of any Security, or any date on which a Holder has the right to convert such Holder’s
Security, shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities
(other than a provision of any Security which specifically states that such provision shall apply in lieu of this Section 113)) payment
of principal and premium, if any, or interest, or the Redemption Price or conversion of such Security, need not be made at such Place
of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as
if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, or on such conversion date. In the case, however,
of Securities of a series bearing interest at a floating rate based on the London interbank offered rate (LIBOR), if any Interest Payment
Date (other than the Redemption Date or Stated Maturity) would otherwise be a date that is not a Business Day, then the Interest Payment
Date shall be postponed to the following date which is a Business Day, unless that Business Day falls in the next succeeding calendar
month, in which case the Interest Payment Date will be the immediately preceding Business Day. No interest shall accrue for the period
from and after any such Interest Payment Date, Redemption Date, Stated Maturity or conversion date, as the case may be, to the date of
such payment with respect to such Interest Payment Date, Redemption Date, Stated Maturity or conversion date.

 

Section 114         No
Recourse Against Others.

 

A director, partner, officer,
employee, member, manager or stockholder as such of the Company or any Guarantor shall not have any liability for any obligations of the
Company under the Securities, the Guarantees or this Indenture or for any claim based on, in respect of or by reason of such obligations
or their creation. By accepting a Security, each Holder shall waive and release all such liability. The waiver and release shall be part
of the consideration for the issue of the Securities.

 

Section 115         WAIVER
OF JURY TRIAL.

 

EACH OF THE COMPANY, THE GUARANTORS,
THE TRUSTEE AND THE HOLDERS, BY THEIR ACCEPTANCE OF THE SECURITIES, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AS AMONG THE COMPANY, THE GUARANTORS AND THE TRUSTEE ONLY ARISING OUT
OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE GUARANTEES.

 

ARTICLE 2

SECURITY FORMS

 

Section 201         Forms
Generally.

 

The Securities of each series
shall be in substantially such form or forms as shall be established by or pursuant to a Company Resolution or, subject to Section 303,
set forth in, or determined in the manner provided in, an Officer’s Certificate of the Company pursuant to a Company Resolution,
or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the Officer executing such Securities, as evidenced by their execution thereof.
If the form of Securities of any series is established by action taken pursuant to a Company Resolution, a copy of an appropriate record
of such action 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 Company Order contemplated by Section 303 for the authentication and delivery of such Securities. If all of the
Securities of any series established by action taken pursuant to a Company Resolution are not to be issued at one time, it shall not be
necessary to deliver a record of such action at the time of issuance of each Security of such series, but an appropriate record of such
action shall be delivered at or before the time of issuance of the first Security of such series.

 

    17

     

    

 

The definitive Securities
shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the
Officers of the Company executing such Securities, as evidenced by their execution of such Securities.

 

Section 202         Form of
Legend for Global Securities.

 

Unless otherwise specified
as contemplated by Section 301 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder
shall bear a legend in substantially the following form:

 

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

 

THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS
OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO
ON THE REVERSE HEREOF.

 

Section 203         Form of
Trustee’s Certificate of Authentication.

 

The Trustee’s certificates
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.

 

	Dated:	 	

 

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

 

ARTICLE 3

THE SECURITIES

 

Section 301         Amount
Unlimited; Issuable in Series.

 

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

 

    18

     

    

 

The Securities may be issued
in one or more series. The terms of the Securities shall be established in or pursuant to one or more Company Resolutions. In the event
that such Securities are established pursuant to Company Resolutions, but such Company Resolutions do not set forth the final terms of
such Securities, the establishment of such series of Securities shall be set forth in (a) an Officer’s Certificate detailing
such establishment or (b) one or more indentures supplemental hereto, prior to the issuance of Securities of any series. Such Company
Resolutions, Officer’s Certificate or supplemental indenture, as applicable, shall set forth:

 

(1)            the
title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series);

 

(2)            the
limit, if any, on the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 304, 305, 306, 906 or 1107 and except for any Securities which, pursuant to Section 303, are
deemed never to have been authenticated and delivered hereunder) or aggregate offering price;

 

(3)            the
Person to whom any interest on a Security of the series shall be payable, if other than 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;

 

(4)            the
date or dates on which the principal of any Securities of the series is payable or the method used to determine or extend those dates;

 

(5)            the
rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest shall
accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such interest payable
on any Interest Payment Date;

 

(6)            the
place or places where the principal of and premium, if any, and interest on any Securities of the series shall be payable and the manner
in which any payment may be made;

 

(7)            the
period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series may
be redeemed, in whole or in part, at the option of the Company and, if other than by a Company Resolution, the manner in which any election
by the Company to redeem the Securities shall be evidenced;

 

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

 

(9)            if
other than denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations in which any Securities of
the series shall be issuable;

 

(10)          if
the amount of principal of or premium, if any, or interest on any Securities of the series may be determined with reference to a financial
or economic measure or index or pursuant to a formula, the manner in which such amounts shall be determined;

 

    19

     

    

 

(11)            if
other than the currency of the United States of America, the currency, currencies or currency units in which the principal of or premium,
if any, or interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency
of the United States of America for any purpose, including for purposes of the definition of “Outstanding” in Section 101;

 

(12)          if
the principal of or premium, if any, or interest on any Securities of the series is to be payable, at the election of the Company or the
Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to be payable,
the currency, currencies or currency units in which the principal of or premium, if any, or interest on such Securities as to which such
election is made shall be payable, the periods within which and the terms and conditions upon which such election is to be made and the
amount so payable (or the manner in which such amount shall be determined);

 

(13)          if
other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 502;

 

(14)          if
the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more dates
prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any
purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the
Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner
in which such amount deemed to be the principal amount shall be determined);

 

(15)          if
other than by a Company Resolution, the manner in which any election by the Company to defease any Securities of the series pursuant to
Section 1302 or Section 1303 shall be evidenced; whether any Securities of the series other than Securities denominated in U.S.
dollars and bearing interest at a fixed rate are to be subject to Section 1302 or Section 1303; or, in the case of Securities
denominated in U.S. dollars and bearing interest at a fixed rate, if applicable, that the Securities of the series, in whole or any specified
part, shall not be defeasible pursuant to Section 1302 or Section 1303 or both such Sections;

 

(16)          if
applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and,
in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such
Global Security in addition to or in lieu of that set forth in Section 202 and any circumstances in addition to or in lieu of those
set forth in clause (2) of the last paragraph of Section 305 in which any such Global Security may be exchanged in whole or
in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered, in the name or names
of Persons other than the Depositary for such Global Security or a nominee thereof and any other provisions governing exchanges or transfers
of such Global Security;

 

(17)          any
addition to, deletion from or change in the Events of Default which applies to any Securities of the series and any change in the right
of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 502;

 

(18)          any
addition to, deletion from or change in the covenants set forth in Article 10 which applies to Securities of the series;

 

    20

     

    

 

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

 

(20)          whether
the Securities of the series will be guaranteed by any Person or Persons other than the Guarantors and, if so, the identity of such Person
or Persons, the terms and conditions upon which such Securities shall be guaranteed and, if applicable, the terms and conditions upon
which such guarantees may be subordinated to other indebtedness of the respective guarantors;

 

(21)          whether
the Securities of the series will be secured by any collateral and, if so, the terms and conditions upon which such Securities shall be
secured and, if applicable, upon which such liens may be subordinated to other liens securing other indebtedness of the Company or any
guarantor;

 

(22)          if
other than U.S. Bank National Association is to act as Trustee for the Securities of such series, the name and Corporate Trust Office
of such Trustee;

 

(23)          if
any priority of payment is set for the Securities of such series, the nature and terms of that priority of payment set for the Securities
of the Series;

 

(24)          if
any of the Securities of such series will be issued as Original Issue Discount Securities, the terms on which such Securities of the Series will
be issued as Original Discount Securities and the portion of the principal amount as shown on the face of those Securities that shall
be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502 or at the time of any prepayment of those
Securities or the method or methods for determining that portion of that principal amount payable at any of those times; and

 

(25)          any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 901(12)).

 

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 Company
Resolution referred to above or pursuant to authority granted by one or more Company Resolutions and, subject to Section 303, set
forth, or determined in the manner provided, in the Officer’s Certificate of the Company referred to above or in any such indenture
supplemental hereto.

 

All Securities of any one
series need not be issued at one time and, unless otherwise provided in or pursuant to the Company Resolution referred to above and, subject
to Section 303, set forth, or determined in the manner provided, in the Officer’s Certificate of the Company referred to above
or pursuant to authority granted by one or more Company Resolutions or in any such indenture supplemental hereto with respect to a series
of Securities, additional Securities of a series may be issued, at the option of the Company, without the consent of any Holder, at any
time and from time to time.

 

If any of the terms of the
series are established by action taken pursuant to a Company Resolution, a copy of an appropriate record of such action 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 Officer’s
Certificate of the Company setting forth the terms of the series.

 

    21

     

    

 

Section 302         Denominations.

 

The Securities of each series
shall be issuable only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 301.
In the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall be
issuable in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

 

Section 303         Execution,
Authentication, Delivery and Dating.

 

The Securities shall be executed
on behalf of the Company by any President, Chairman, Chief Executive Officer, Co-Chief Executive Officer, Chief Financial Officer, Chief
Operating Officer, General Counsel, Chief Risk Officer, Chief Accounting Officer, Treasurer, Assistant Treasurer, Managing Directors,
Director, Secretary or Assistant Secretary of the Company (or any sole or managing member of the Company or the ultimate general partner,
sole or managing member of such member). The signature on the Securities may be manual, electronic or facsimile.

 

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

 

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 the Trustee
in accordance with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series
have been established by or pursuant to one or more Company Resolutions or pursuant to authority granted by one or more Company Resolutions
as permitted by Sections 201 and 301, 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 Section 601, shall be fully protected in
relying upon, an Opinion of Counsel stating:

 

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

 

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

 

(3)            that
such Securities and the related Guarantees, when the Securities are authenticated by the Trustee and issued and delivered by the Company
in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations
of the Company and each Guarantor, respectively, enforceable against the Company and each Guarantor, respectively, in accordance with
their terms, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar
laws relating to or affecting creditors’ rights generally, (ii) general equitable principles and (iii) an implied covenant
of good faith and fair dealing.

 

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 adversely affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise
in a manner which is not reasonably acceptable to the Trustee.

 

    22

     

    

 

Notwithstanding the provisions
of Section 301 and of the preceding paragraph of this Section 303, if all Securities of a series are not to be originally issued
at one time, including in the event that the aggregate principal amount of a series of Outstanding Securities is increased as contemplated
by Section 301, it shall not be necessary to deliver the Officer’s Certificate of the Company otherwise required pursuant to
Section 301 or the Company Order and Opinion of Counsel otherwise required pursuant to this Section 303 at or prior to the authentication
of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first
Security of such series to be issued.

 

Each 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 executed by the Trustee by manual signature, and such certificate upon any Security shall
be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. 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 309, 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.

 

Section 304         Temporary
Securities.

 

Pending the preparation of
definitive Securities of any series, the Company may execute, and, upon delivery of a Company Order, the Trustee shall authenticate and
deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities of such series in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the Officer or Officers executing such Securities may determine, as evidenced by their
execution thereof.

 

If temporary Securities of
any series are issued, the Company will cause definitive Securities of such 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 such 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 authenticate and deliver in exchange therefor one or more definitive Securities of the
same series, of any authorized denominations and of like tenor and aggregate principal amount.

 

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 and tenor.

 

Section 305         Registration,
Registration of Transfer and Exchange.

 

The Company shall cause to
be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency
of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in
which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of
transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities
and transfers of Securities as herein provided.

 

Upon surrender for registration
of transfer of any Security of a series at the office or agency of the Company in a Place of Payment for such 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 Securities
of the same series, of any authorized denominations and of like tenor and principal amount.

 

    23

     

    

 

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

 

All Securities issued upon
any registration of transfer or exchange of Securities shall be the valid obligations of the Company and the respective Guarantors, 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 Security presented or
surrendered for registration of transfer or for exchange shall (if so required by the Company or the Security Registrar) 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 such Holder’s attorney duly authorized in writing.

 

No service charge shall be
made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other
than exchanges pursuant to Section 304, 906 or 1107 not involving any transfer.

 

If the Securities of any series
(or of any series and specified tenor) are to be redeemed in part, the Company shall not be required (A) to issue, register the transfer
of or exchange any Securities of such series (or of such series and specified tenor, as the case may be) during a period beginning at
the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for redemption
under Section 1103 and ending at the close of business on the day of such mailing, or (B) to register the transfer of or exchange
any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

 

Neither the Trustee nor the
Security Registrar shall have any 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 Depositary participants or beneficial owners of interests 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.

 

The provisions of clauses
(1), (2), (3) and (4) of this paragraph shall apply only to Global Securities:

 

(1)            Each
Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security
or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall
constitute a single Security for all purposes of this Indenture.

 

    24

     

    

 

(2)            Notwithstanding
any other provision in this Indenture, and subject to such applicable provisions, if any, as may be specified as contemplated by Section 301,
no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole or in
part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (A) such
Depositary has notified the Company that it is unwilling or unable to continue as Depositary with respect to such Global Security and
a successor Depositary is not appointed by the Company within 90 days, (B) the Depositary ceases to be registered as a clearing agency
under the Exchange Act and a successor Depositary is not appointed within 90 days, (C) there shall have occurred and be continuing
an Event of Default with respect to such Global Security, (D) the Company so directs the Trustee by a Company Order or (E) there
shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated
by Section 301.

 

(3)            Subject
to clause (2) above and to such applicable provisions, if any, as may be specified as contemplated by Section 301, any exchange
of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a Global Security
or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct.

 

(4)            Every
Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion
thereof, whether pursuant to this Section 305, Section 304, 306, 906 or 1107 or otherwise, shall be authenticated and delivered
in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary
for such Global Security or a nominee thereof.

 

Section 306         Mutilated,
Destroyed, Lost and Stolen Securities.

 

If any mutilated Security
is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security
of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered
to the Company and the Trustee (1) evidence to their satisfaction of the destruction, loss or theft of any Security and (2) such
security or indemnity as shall be required by them to save each of them and any agent of either of them harmless, then, in the absence
of written notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute
and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series
and of like tenor and principal amount, having the Guarantees noted therein, and bearing a number not contemporaneously outstanding.

 

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 306, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and any other expenses (including the fees and expenses of counsel to the Company and the fees
and expenses of the Trustee and its counsel) connected therewith.

 

Every new Security of any
series issued pursuant to this Section 306 in lieu of any mutilated, destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company and the respective Guarantors, whether or not the mutilated, 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 such series and Guarantees duly issued hereunder.

 

    25

     

    

 

The provisions of this Section 306
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 307         Payment
of Interest; Interest Rights Preserved.

 

Except as otherwise provided
as contemplated by Section 301 with respect to any series of Securities, interest on any Security which is payable, and is punctually
paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest.

 

Any interest on any Security
of any series which 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 Holder on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below:

 

(1)            The
Company may elect to make payment of any Defaulted Interest payable on Securities of a series to the Persons in whose names the 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 Security of such series and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such deposit 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, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each
Holder of Securities of such series in the manner set forth in Section 106, 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 so mailed, such Defaulted Interest
shall be paid to the Persons in whose names the 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 (2).

 

(2)            The
Company may make payment of any Defaulted Interest on the 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, such manner of payment shall be
deemed practicable by the Trustee.

 

Subject to the foregoing provisions
of this Section 307, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu
of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

    26

     

    

 

In the case of any Security
which is converted after any Regular Record Date and on or prior to the next succeeding Interest Payment Date (other than any Security
whose Maturity is prior to such Interest Payment Date), interest whose Stated Maturity is on such Interest Payment Date shall be payable
on such Interest Payment Date notwithstanding such conversion, and such interest (whether or not punctually paid or made available for
payment) 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 such Regular Record Date. Except as otherwise expressly provided in the immediately preceding sentence, in the case of any
Security which is converted, interest whose Stated Maturity is after the date of conversion of such Security shall not be payable. Notwithstanding
the foregoing, the terms of any Security that may be converted may provide that the provisions of this paragraph do not apply, or apply
with such additions, changes or omissions as may be provided thereby, to such Security.

 

Section 308         Persons
Deemed Owners.

 

Prior to due presentment of
a Security for registration of transfer, the Company, the Guarantors, the Trustee and any agent of the Company, a Guarantor or the Trustee
may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal
of and premium, if any, and, subject to Section 307, any interest on such Security and for all other purposes whatsoever, whether
or not such Security be overdue, and none of the Company, the Guarantors, the Trustee nor any agent of the Company, a Guarantor or the
Trustee shall be affected by notice to the contrary.

 

Section 309         Cancellation.

 

All Securities surrendered
for payment, redemption, registration of transfer or exchange or conversion or for credit against any sinking fund payment shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company or any Guarantor
may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company
or such Guarantor 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. No Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section 309, except as expressly permitted by this Indenture. All cancelled Securities held by the
Trustee shall be disposed of in accordance with its customary procedures. The Trustee shall provide the Company or any Guarantor a list
of all Securities that have been cancelled from time to time as requested in writing by the Company or such Guarantor.

 

Section 310         Computation
of Interest.

 

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

 

Section 311         CUSIP
or ISIN Numbers.

 

The Company in issuing any
series of the Securities may use “CUSIP” or “ISIN” numbers and/or other similar numbers, if then generally in
use, and thereafter with respect to such series, the Trustee may use such numbers in any notice of redemption with respect to such series;
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 of such series or as contained in any notice of a redemption and that reliance may be placed only on the other identification
numbers printed on the Securities of such series, and any such redemption shall not be affected by any defect in or omission of such numbers.
The Trustee shall be notified, in writing, of any change in the CUSIP or ISIN numbers.

 

    27

     

    

 

Section 312         General
Provisions Relating to Global Securities.

 

Owners of beneficial interests
in the Securities evidenced by a Global Security will not be entitled to any rights under this Indenture with respect to such Global Security,
and the Depositary or its nominee may be treated by the Company, the Guarantors, and the Trustee and any agent of the Company, the Guarantors
or the Trustee, including any Security Registrar or Paying Agent as the owner and Holder of such Global Security for all purposes whatsoever.
None of the Company, the Trustee, the Security Registrar, the Paying Agent or any other agent of the Company, the Guarantors or of the
Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial
ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership
interests. None of the Company, the Guarantors, the Trustee, the Security Registrar, the Paying Agent or any other agent of the Company
or of the Trustee shall have any responsibility or liability to any person for any acts or omissions of the Depositary or its nominee
in respect of a Global Security, for the records of any such Depositary, including records in respect of beneficial ownership interests
in respect of such Global Security, for any transactions between such Depositary and any participant or indirect participant in such Depositary
or between or among such Depositary, any participant or indirect participant in such Depositary and/or any Holder or owner of a beneficial
interest in such Global Security, or for any transfers of beneficial interests in any such Global Security. Notwithstanding the foregoing,
nothing herein shall prevent the Company, the Trustee, the Security Registrar or the Paying Agent or such agent from giving effect to
any written certification, proxy or other authorization furnished by the Depositary or its nominee or impair, as between the Depositary
or its nominee and such owners of beneficial interests, the operation of customary practices governing the exercise of the rights of the
Depositary or its nominee as Holder of any Global Security.

 

ARTICLE 4

SATISFACTION AND DISCHARGE

 

Section 401         Satisfaction
and Discharge of Indenture.

 

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 herein expressly provided for), and the Trustee,
at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such
series, when:

 

(1)            either

 

(A)            all
Securities of such series theretofore authenticated and delivered (other than (i) Securities which have been mutilated, destroyed,
lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged
from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or

 

(B)            all
such Securities of such series not theretofore delivered to the Trustee for cancellation

 

(i)            have
become due and payable, or

 

(ii)           will
become due and payable within one year of the date of deposit, or

 

    28

     

    

 

(iii)          are
to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company, and the Company, in the case of (i), (ii) or (iii) above, has deposited
or caused to be deposited with the Trustee, as trust funds in trust for the purpose, money in an amount 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 to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption
Date, as the case may be;

 

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

 

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

 

In the event there are Securities
of two or more series hereunder, the Trustee shall be required to execute an instrument acknowledging satisfaction and discharge of this
Indenture only if requested to do so with respect to Securities of such series as to which it is Trustee and if the other conditions thereto
are met.

 

Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607 and, if money shall have been deposited
with the Trustee pursuant to subclause (B) of clause (1) of this Section 401, the obligations of the Trustee under Section 402
and the last paragraph of Section 1003 shall survive.

 

Section 402         Application
of Trust Money.

 

Subject to the provisions
of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and
applied by it, in accordance with the provisions of the applicable series of Securities and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Persons entitled thereto,
of the principal and premium, if any, and interest for whose payment such money has been deposited with the Trustee. All money deposited
with the Trustee pursuant to Section 401 (and held by it or any Paying Agent) for the payment of Securities subsequently converted
into other property shall be returned to the Company upon Company Request. The Company may direct by a Company Order the investment of
any money deposited with the Trustee pursuant to Section 401, without distinction between principal and income, in (1) United
States Treasury securities with a maturity of one year or less or (2) a money market fund that invests solely in short-term United
States Treasury securities (including money market funds for which the Trustee or an affiliate of the Trustee serves as investment advisor,
administrator, shareholder, servicing agent and/or custodian or sub-custodian, notwithstanding that (a) the Trustee charges and collects
fees and expenses from such funds for services rendered and (b) the Trustee charges and collects fees and expenses for services rendered
pursuant to this Indenture at any time) and from time to time the Company may direct the reinvestment of all or a portion of such money
in other securities or funds meeting the criteria specified in clause (1) or (2) of this Section 402.

 

    29

     

    

 

ARTICLE 5

REMEDIES

 

Section 501         Events
of Default.

 

Except as may be otherwise
provided pursuant to Section 301 for Securities of any series, an “Event of Default” means, whenever used herein
or in a Security issued hereunder with respect to Securities of any series, any one of the following events (whatever the reason for such
Event of Default and whether 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):

 

(1)            the
Company defaults in the payment of any installment of interest on any Security of such series, and such default continues for a period
of 30 days after such payment becomes due and payable;

 

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

 

(3)            the
Company defaults in the deposit of any sinking fund payment, when and as due by the terms of a Security of such series;

 

(4)            any
Credit Party defaults in the performance of, or breaches, any of its covenants and agreements in respect of any Security of such series
contained in this Indenture or in the Securities of such series (other than those referred to in (1), (2) or (3) above), and
such default or breach continues for a period of 90 days after the written notice specified below;

 

(5)            the
Company or any Guarantor (other than an Insignificant Guarantor), pursuant to or within the meaning of the Bankruptcy Law (as defined
below):

 

(A)           commences
a voluntary case or proceeding;

 

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

 

(C)            consents
to the appointment of a Custodian (as defined below) of it or for all or substantially all of its property;

 

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

 

(E)            files
a petition in bankruptcy or answer or consent seeking reorganization or relief;

 

(F)            consents
to the filing of such petition or the appointment of or taking possession by a Custodian; or

 

(G)            takes
any comparable action under any foreign laws relating to insolvency;

 

(H)            is
subject to an order or decree under any Bankruptcy Law by a court of competent jurisdiction that:

 

    30

     

    

 

		(i)	is for relief against the Company or any Guarantor (other than an Insignificant Guarantor) in an involuntary
case, or adjudicates the Company or any Guarantor (other than an Insignificant Guarantor) insolvent or bankrupt;

 

		(ii)	appoints a Custodian of the Company or any Guarantor (other than an Insignificant Guarantor) or for all
or substantially all of the property of the Company or any Guarantor (other than an Insignificant Guarantor); or

 

		(iii)	orders the winding-up or liquidation of the Company or any Guarantor (other than an Insignificant Guarantor)
(or any similar relief is granted under any foreign laws), and the order or decree remains unstayed and in effect for 90 days;

 

(6)            except
as otherwise provided herein, a Guarantee of any Guarantor (other than an Insignificant Guarantor) ceases to be in full force and effect
or is declared to be null and void and unenforceable or such Guarantee is found to be invalid or a Guarantor (other than an Insignificant
Guarantor) denies its liability under its Guarantee (other than by reason of release of such Guarantee in accordance with the terms of
this Indenture); or

 

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

 

The term “Bankruptcy
Law” means Title 11, United States Code, or any similar Federal or state or foreign law for the relief of debtors. The term
 “Custodian” means any custodian, receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy
Law.

 

A Default with respect to
Securities of any series under clause (4) of this Section 501 shall not be an Event of Default until the Trustee (by written
notice to the Company and the Guarantors) or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities
of such series (by written notice to the Company and the Guarantors and the Trustee) gives written notice of the Default and the Company
and the Guarantors do not cure such Default within the time specified in clause (4) after receipt of such written notice. Such notice
must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.”

 

Section 502         Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default with
respect to Securities of any series at the time Outstanding (other than an Event of Default specified in Section 501(5) or 501(6) occurs
and is continuing, then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding
Securities of such series may declare the principal amount of all the Securities of such series (or, if any Securities of such series
are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof),
together with any accrued and unpaid interest thereon, to be due and payable immediately, by a notice in writing to the Company and the
Guarantors (and to the Trustee if given by Holders), and upon any such declaration, such principal amount (or specified amount), together
with any accrued and unpaid interest thereon, shall become immediately due and payable. If an Event of Default specified in Section 501(5) or
501(6) with respect to the Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of
such series (or, in the case of any Security of such series which specifies an amount to be due and payable thereon upon acceleration
of the Maturity thereof, such amount as may be specified by the terms thereof), together with any accrued and unpaid interest thereon,
shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and
payable. Upon payment of such amount, all obligations of the Company in respect of the payment of principal and interest of the Securities
of such series shall terminate.

 

    31

     

    

 

Except as may otherwise be
provided pursuant to Section 301 for all or any specific Securities of any series, at any time after such a declaration of acceleration
with respect to the Securities of any series has been made and before a judgment or decree for payment of the money due based on such
acceleration has been obtained by the Trustee as hereinafter in this Article 5 provided, the Holders of a majority in aggregate principal
amount of the Outstanding Securities of such series, by written notice to the Company, the Guarantors and the Trustee, may rescind and
annul such declaration and its consequences if:

 

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

 

(A)           all
overdue interest on all Securities of such series,

 

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

 

(C)            to
the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities,
and

 

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

 

(2)            all
Events of Default with respect to Securities of such series, other than the non-payment of the principal of Securities of such series
which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 512.

 

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

 

Section 503         Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that
if (1) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default
continues for a period of 30 days, or (2) default is made in the payment of the principal of or premium, if any, on any Security
at the Maturity thereof, it will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities, the
whole amount then due and payable on such Securities for principal and premium, if any, and interest and, to the extent that payment of
such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or
rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel.

 

If 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 necessary
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.

 

    32

     

    

 

 

Section 504      Trustee
May File Proofs of Claim.

 

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

 

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

 

(2)            to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian,
receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized
by the Holder to make such payments to the Trustee and in the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and for any other amounts due the Trustee under Section 607.

 

No provision of this Indenture
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote
in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the
Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee.

 

Section 505      Trustee
May Enforce Claims Without Possession of Securities.

 

All rights of action and claims
under this Indenture or 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 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, any predecessor Trustee under Section 607, 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 506      Application
of Money Collected.

 

Any money collected by the
Trustee pursuant to this Article 5, and any money or other property distributable in respect of the Company’s obligations under
this Indenture after the occurrence of an Event of Default, 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, 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 (including any predecessor Trustee) under Section 607;

 

SECOND: To the payment of
the amounts then due and unpaid for principal of and premium, if any, and interest on the Securities 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 amounts due and payable
on such Securities for principal and premium, if any, and interest, respectively; and

 

THIRD: To the payment of the
remainder, if any, to the Company or the Guarantors.

 

    33

     

    

 

Section 507      Limitation on Suits.

 

Except as otherwise provided
in Section 508, 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, assignee, trustee, liquidator or sequestrator (or similar official)
or for any other remedy hereunder, unless:

 

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

 

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

 

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

 

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

 

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

 

Section 508    
   Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert Securities.

 

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 Section 307, interest on such Security on the respective Stated Maturities
expressed in such Security (or, in the case of redemption or repayment, on the Redemption Date or date for repayment, as the case may
be, and, if the terms of such Security so provide, to convert such Security in accordance with its terms) and to institute suit for the
enforcement of any such payment and, if applicable, any such right to convert, and such rights shall not be impaired without the consent
of such Holder.

 

    34

     

    

 

Section 509       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 306,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders 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.

 

Section 510       Delay
or Omission Not Waiver.

 

No delay or omission of the
Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 5
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, as the case may be.

 

Section 511       Control
by Holders.

 

The Holders of not less than
a majority in aggregate 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

 

(1)            such
direction shall not be in conflict with any rule of law or with this Indenture and shall not subject the Trustee to liability for
which it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk of
liability is not reasonably assured to it, and

 

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

 

Before proceeding to exercise
any right or power hereunder at the direction of the Holders, the Trustee shall be entitled to receive from such Holders, and shall not
be required to act unless it so receives, security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities
(including fees and expenses of its agents and counsel) which might be incurred by it in compliance with such request or direction.

 

Section 512     
  Waiver of Past Defaults.

 

The Holders of not less than
a majority in aggregate 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 and any Event of Default arising therefrom, with respect to such series and its consequences,
except a Default

 

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

 

    35

     

    

 

(2)            in
respect of a covenant or provision hereof which under Article 9 cannot be modified or amended without the consent of the Holder
of each Outstanding Security of such series affected.

 

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

 

Section 513       Undertaking
for Costs.

 

In any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee,
a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess reasonable costs
against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this
Section 513 nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an
assessment in any suit instituted by the Company, any Guarantor or the Trustee, a suit by a Holder under Section 508, or a suit by
Holders of more than 10% in aggregate principal amount of the Outstanding Securities.

 

Section 514       Waiver
of Usury, Stay or Extension Laws.

 

Each of the Company and the
Guarantors 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 usury, stay or extension law wherever enacted, now or at any time hereafter in force, which
may affect the covenants or the performance of this Indenture; and each of the Company and the Guarantors (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.

 

Section 515       Restoration
of Rights and Remedies.

 

If the Trustee or any Holder
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, subject to any determination
in such proceeding, the Company, the Guarantors, the Trustee and the Holders shall 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.

 

ARTICLE 6

THE TRUSTEE

 

Section 601       Certain
Duties and Responsibilities of Trustee.

 

(1)            Except
during the continuance of an Event of Default with respect to any series of Securities,

 

(A)            the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with respect to the Securities
of such series, and no implied covenants or obligations shall be read into this Indenture against the Trustee with respect to such series;
and

 

    36

     

    

 

(B)            in
the absence of bad faith on its part, the Trustee may conclusively rely with respect to the Securities of such series, as to the truth
of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture; but in the case of any such certificates or opinions which 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
to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts,
statements, opinions or conclusions stated therein).

 

(2)            In
case an Event of Default with respect to any series of Securities has occurred and is continuing, 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 his or her own affairs.

 

(3)            No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure
to act, or its own willful misconduct, except that:

 

(A)            this
Section 601(3) shall not be construed to limit the effect of Section 601(1) or Section 601(4);

 

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

 

(C)            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 a majority (or such lesser amount as may be permitted by this Indenture) in aggregate principal amount of the Outstanding
Securities of any series, determined as provided in Sections 101, 104 and 511, 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 the Securities of such series.

 

(4)            No
provision of this Indenture shall require the Trustee 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.

 

(5)            Whether
or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section 601 and 603.

 

Section 602       Notice
of Defaults.

 

If a Default occurs with
respect to Securities of any series and is continuing and written notice of such Default has been received by a Responsible Officer of
the Trustee at the Corporate Trust Office of the Trustee, and such written notice references the Securities and this Indenture, the Trustee
shall give to each Holder of Securities of such series notice of Default within 90 days after such written notice is received by such
Responsible Officer. Except in the case of a Default in payment of principal of or interest on any Security, the Trustee may withhold
notice if and so long as a committee of Responsible Officers in good faith determines that withholding such notice is in the interests
of Holders of Securities of such series.

 

    37

     

    

 

Section 603       Certain
Rights of Trustee.

 

Subject to the provisions
of Section 601:

 

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

 

(2)            any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any resolution
of the member or members of the Company or board of managers of the Company, as the case may be, shall be sufficiently evidenced by a
Company Resolution thereof;

 

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

 

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

 

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

 

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

 

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

 

    38

     

    

 

(8)            the
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and to its agents;

 

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

 

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

 

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

 

(12)          the
Trustee shall not be deemed to have notice of any Default or Event of Default unless written notice of such Default or Event of Default,
as the case may be, has been received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Securities and this Indenture;

 

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

 

(14)          the
permissive right of the Trustee to take or refrain from taking action hereunder shall not be construed as a duty; and

 

(15)          all
notices, approvals, consents, requests and any communications hereunder 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 an electronic signature provided using Orbit, Adobe Fill &
Sign, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or expense
to the Trustee), in English.

 

Section 604       Not
Responsible for Recitals or Issuance of Securities.

 

The recitals contained herein
and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company and
the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities or the Guarantees. The Trustee shall not be accountable for the
use or application by the Company of Securities or the proceeds thereof.

 

    39

     

    

 

Section 605       May Hold
Securities.

 

The Trustee, any Paying Agent,
any Security Registrar or any other agent of the Company or the Guarantors, in its individual or any other capacity, may become the owner
or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have
if it were not Trustee, Paying Agent, Security Registrar or such other agent.

 

Section 606       Money
Held in Trust.

 

Money held by the Trustee
in trust hereunder shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but
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 with the Company.

 

Section 607       Compensation
and Reimbursement.

 

The Company and each Guarantor
jointly and severally agrees:

 

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

 

(2)            except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances
incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable
expenses and disbursements of its agents and counsel and all Persons not regularly in its employ), except any such expense, disbursement
or advance as may be attributable to its negligence, willful misconduct or bad faith; and

 

(3)            to
indemnify each of the Trustee or any predecessor Trustee and their officers, agents, directors and employees for, and to hold them harmless
against, any and all loss, damage, claims, liability or expense incurred without negligence or bad faith on its part, arising out of or
in connection with this Indenture, the Securities and the transactions contemplated hereby and thereby, including the acceptance or administration
of the trust or trusts hereunder, including the reasonable costs and expenses of defending itself against any claim (whether asserted
by the Company, or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or
duties hereunder, or in connection with enforcing the provisions of this Section.

 

In addition to, but without
prejudice to its other rights under this Indenture, when the Trustee incurs expenses or renders services in connection with an Event of
Default specified in Section 501(5) or (6), the expenses (including the reasonable charges and expenses of its counsel and agents)
and the compensation for the services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy,
insolvency or other similar law.

 

“Trustee” for
purposes of this Section shall include any predecessor Trustee; provided, however, that the negligence, willful misconduct
or bad faith of any Trustee hereunder shall not affect the rights of any other Trustee hereunder.

 

As security for the performance
of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities upon all property and funds
held or collected by it hereunder for any amount owing it or any predecessor Trustee pursuant to this Section 607, except with respect
to funds held in trust for the benefit of the Holders of particular Securities for the payment of principal of and premium, if any, or
interest.

 

    40

     

    

 

The provisions of this Section 607
shall survive the satisfaction and discharge of the Securities, the termination for any reason of this Indenture and the resignation or
removal of the Trustee.

 

Section 608       Conflicting
Interests.

 

If the Trustee has or shall
acquire a conflicting interest within the meaning of Section 310(b) 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.

 

To the extent permitted by
the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture
with respect to Securities of more than one series.

 

Section 609       Corporate
Trustee Required; Eligibility.

 

There shall at all times be
one (and only one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of one
or more other series. Each Trustee shall be a Person that has a combined capital and surplus of at least $50,000,000 and has a corporate
trust office in the Borough of Manhattan, The City of New York or any other major city in the United States that is acceptable to the
Company. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising
or examining authority, then for the purposes of this Section 609, the combined capital and surplus of such Person shall be deemed
to be its combined capital and surplus as set forth in its most recent annual report of condition so published. If at any time the Trustee
with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this Section 609, it
shall resign immediately in the manner and with the effect hereinafter specified in this Article 6.

 

Section 610       Resignation
and Removal; Appointment of Successor.

 

No resignation or removal
of the Trustee and no appointment of a successor Trustee pursuant to this Article 6 shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable requirements of Section 611.

 

The Trustee or any successor
hereafter appointed may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the
Company. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any
court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

The Trustee may be removed
at any time with respect to the Securities of any series by Act of the Holders of a majority in aggregate principal amount of the Outstanding
Securities of such series, upon written notice delivered to the Trustee and to the Company. If the instrument of acceptance by a successor
Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal,
the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Securities of such series.

 

    41

     

    

 

If at any time:

 

(1)            the
Trustee shall fail to comply with Section 608 after written request therefor by the Company, the Guarantors or any Holder who has
been a bona fide Holder of a Security for at least six months, or

 

(2)            the
Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company, the
Guarantors or any such Holder, or

 

(3)            the
Trustee shall become incapable of acting or shall be adjudged bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or
a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of
the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (A) the
Company or the Guarantors may remove the Trustee with respect to all Securities or (B) subject to Section 513, Holders of 10%
in aggregate principal amount of Securities of any series who have been bona fide Holders of such Securities for at least six months
may, on behalf of themselves 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.

 

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 or the Guarantors shall promptly appoint a successor Trustee or Trustees with respect to the Securities
of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or
more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series)
and shall comply with the applicable requirements of Section 611. 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 aggregate principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee,
the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements
of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor
Trustee appointed by the Company or the Guarantors. If no successor Trustee with respect to the Securities of any series shall have been
so appointed by the Company the Guarantors or the Holders and accepted appointment in the manner required by Section 611, Holders
of 10% in aggregate principal amount of Securities of any series who have been bona fide Holders of Securities of such series for
at least six months may, on behalf of themselves and all others similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such series.

 

The Company or the Guarantors
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 to all Holders of Securities of such series in the manner provided
in Section 106. 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 611       Acceptance
of Appointment by Successor.

 

In case of the appointment
hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge
and deliver to the Company, the Guarantors and the retiring Trustee a written instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee, but, on the request of the Company, the Guarantors
or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver a written 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 nonetheless to the lien provided for in Section 607.

 

    42

     

    

 

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 Guarantors, the
retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall
be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates,
(2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary
or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that
or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall
add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such Trustees co-trustees of the same trust 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, the Guarantors 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 subject nonetheless to the lien provided for in Section 607.

 

Upon request of any such successor
Trustee, the Company and the Guarantors shall execute any and all instruments for more fully and certainly vesting in and confirming to
such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be.

 

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 6.

 

Upon acceptance of appointment
by a successor trustee as provided in this Section, the Company shall transmit notice of the succession of such trustee hereunder by mail,
first class postage prepaid, to the Holders, as their names and addresses appear upon the Security Register. If the Company fails to transmit
such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to
be transmitted at the expense of the Company.

 

Section 612       Merger,
Conversion, Consolidation or Succession to Business.

 

Any Person into which the
Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any Person succeeding to all or substantially all the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder, provided that such Person shall be otherwise qualified and eligible under this
Article 6, 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, consolidation
or sale 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; and in case at that time any Securities shall not have been authenticated,
any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor
to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture
provided that the certificate of the Trustee shall have.

 

    43

     

    

 

Section 613       Preferential
Collection of Claims Against Company.

 

The Trustee shall comply with
Section 311(a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA. A Trustee who
has resigned or has been removed shall comply with Section 311(a) of the TIA to the extent indicated.

 

Section 614       Trustee’s
Application for Instructions from the Company.

 

Any application by the Trustee
for written instructions from the Company may, at the option of the Trustee, set forth in writing any action proposed (to the extent not
provided for in this Indenture) to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action
shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee
in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be
less than 10 Business Days after the date any officer of the Company actually receives such application, unless any such officer shall
have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission),
the Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted.

 

ARTICLE 7

HOLDERS’ LISTS AND REPORTS BY THE TRUSTEE, THE COMPANY AND THE GUARANTORS

 

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

 

If the Trustee is not the
Security Registrar, the Company shall cause the Security Registrar to furnish to the Trustee, in writing at least five Business Days before
each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of Holders of Securities of each series.

 

Section 702       Preservation
of Information; Communications to Holders.

 

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 701 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar.
The Trustee may dispose of any list furnished to it as provided in Section 701 upon receipt of a new list so furnished.

 

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 privileges
of the Trustee, shall be as provided by the Trust Indenture Act.

 

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, as if the Trust Indenture Act were applicable.

 

    44

     

    

 

Section 703       Reports
by Trustee.

 

If the Indenture is qualified
under the Trust Indenture Act, the Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture
as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto.

 

A copy of each such report
shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange and automated quotation system, if
any, upon which any Securities are listed, with the Commission (if accepted for filing by the Commission) and the Company. The Trustee
shall be notified in writing when any Securities are listed on any stock exchange or automated quotation system or delisted therefrom.

 

Section 704       Reports
by the Company and the Guarantors.

 

Delivery of reports, information
and documents to the Trustee is for informational purposes only and shall not constitute a representation or warranty as to the accuracy
or completeness of the reports, information and documents. 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 or the Guarantors’
compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates
of the Company).

 

ARTICLE 8

CONSOLIDATION, MERGER, SALE OF ASSETS AND OTHER TRANSACTIONS

 

Section 801       Company
and Guarantors May Merge or Transfer Assets on Certain Terms.

 

(a)           No
Credit Party shall be a party to a Substantially All Merger or participate in a Substantially All Sale, unless:

 

(1)            such
Credit Party is the surviving Person, or the Person formed by or surviving such Substantially All Merger or to which such Substantially
All Sale has been made is organized under the laws of the United States, Belgium, Bermuda, Canada, Cayman Islands, France, Germany, Gibraltar, Ireland, Italy,
Luxembourg, the Netherlands, Switzerland, the United Kingdom or British Crown Dependencies, a member country of the Organisation for Economic
Co-operation and Development or any political subdivision of any of the foregoing (collectively, the “Permitted Jurisdictions”),
and has expressly assumed by supplemental indenture all of the obligations of such Credit Party under this Indenture;

 

(2)            immediately
after giving effect to such transaction, no Default or Event of Default has occurred and is continuing; and

 

(3)            the
Company delivers to the Trustee an Officer’s Certificate of the Company and an Opinion of Counsel, each stating that such transaction
and any supplemental indenture executed in connection therewith comply with this Indenture and that all conditions precedent provided
for in this Indenture relating to such transaction and the execution of the supplemental indenture have been complied with.

 

    45

     

    

 

(b)           For
as long as any Securities of any series under this Indenture remain outstanding, all equity and voting interests in the Company shall
be owned directly or indirectly by one or more Guarantors and each of the Credit Parties must be organized under the laws of a Permitted
Jurisdiction.

 

Section 802       Successor
Person Substituted.

 

Upon the consummation of a
transaction contemplated by and consummated in accordance with Section 801, the successor Person shall succeed to, and be substituted
for, and may exercise every right and power of, the applicable Credit Party under this Indenture, with the same effect as if such successor
Person had been an original party to this Indenture, and, except in the case of a lease, the applicable Credit Party shall be released
from all of its liabilities and obligations under this Indenture and the Securities (including the Guarantees).

 

ARTICLE 9

SUPPLEMENTAL INDENTURES

 

Section 901       Supplemental
Indentures Without Consent of Holders.

 

Without the consent of any
Holders, the Company, the Guarantors and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(1)            to
add to the covenants 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 conferred upon the Company or any Guarantor hereunder, under any indenture supplemental hereto or under
any series of Securities;

 

(2)            to
evidence the succession of another Person to the Company or any Guarantor, or successive successions, and the assumption by the successor
Person of the covenants, agreements and obligations of the Company or such Guarantor pursuant to Article 8;

 

(3)            to
add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events
of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly
being included solely for the benefit of such series);

 

(4)            to
add new Guarantors;

 

(5)            to
provide for the release of any Guarantor in accordance with this Indenture;

 

(6)            to
secure the Securities;

 

(7)            to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611; or

 

(8)            to
provide for the issuance of additional Securities of any series;

 

    46

     

    

 

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

 

(10)          to
comply with the rules of any applicable Depositary;

 

(11)          to
add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of
Securities in uncertificated form;

 

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

 

(13)          to
cure any ambiguity, or correct or supplement any provision of this Indenture or in any supplemental indenture that may be defective or
inconsistent with any other provision herein or in any supplemental indenture; provided that such amendment does not adversely
affect the rights of the Holders of Securities of any series in any material respect;

 

(14)          to
change any other provision contained in the Securities of any series or under this Indenture; provided that such action pursuant
to this clause (14) shall not adversely affect the rights of the Holders of Securities of any series in any material respect; and

 

(15)          to
conform the text of this Indenture, the Securities or any supplemental indenture to any provision of the “Description of the Notes”
or similarly captioned section of any offering memorandum, offering circular, prospectus supplement or similar offering document relating
to Securities of such series.

 

It shall not be necessary
for any Act of Holders under this Section 901 to approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such Act shall approve the substance thereof.

 

Section 902       Supplemental
Indentures With Consent of Holders.

 

With the consent of the Holders
of not less than a majority in aggregate principal amount of the Outstanding Securities of each series affected by such supplemental indenture
(including consents obtained in connection with a tender offer or exchange for Securities), by Act of said Holders delivered to the Company,
the Guarantors and the Trustee, the Company, the Guarantors and the Trustee may enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying
in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security of such series affected thereby:

 

(1)            change
the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security;

 

(2)            reduce
the principal amount of any Security or reduce the amount of the principal of an Original Issue Discount Security or any other Security
which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 503, or reduce the
rate of or extend the time of payment of interest on any Security;

 

    47

     

    

 

(3)            reduce
any premium payable upon the redemption of or change the date on which any Security may or must be redeemed;

 

(4)            change
the coin or currency in which the principal of or premium, if any, or interest on any Security is payable;

 

(5)            impair
the right of any Holder to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the
case of redemption, on or after the Redemption Date);

 

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

 

(7)            modify
any of the provisions of this Section 902, Section 512 or Section 1005, 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 with respect
to changes in the references to “the Trustee” and concomitant changes in this Section 902 and Section 1005, or the
deletion of this proviso, in accordance with the requirements of Sections 611 and 901(7);

 

(8)            if
the Securities of any series are convertible into or for any other securities or property of the Company, make any change that adversely
affects in any material respect the right to convert any Security of such series (except as permitted by Section 901) or decrease
the conversion rate or increase the conversion price of any such Security of such series, unless such decrease or increase is permitted
by the terms of such Security;

 

(9)            subordinate
the Securities of any series or any Guarantee of a Guarantor in respect thereof to any other obligation of the Company or such Guarantor;

 

(10)          modify
the terms of any Guarantee in a manner adverse to the Holders of Securities of a series; or

 

(11)          modify
clauses (1) through (10) above.

 

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

 

It shall not be necessary
for any Act of Holders under this Section 902 to approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such Act shall approve the substance thereof.

 

    48

     

    

 

Section 903       Execution
of Supplemental Indentures.

 

In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article 9 or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and, subject to Section 601, shall be fully protected in relying
upon, in addition to the documents required by Section 102, an Opinion of Counsel or an Officer’s Certificate stating that
the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent in this Indenture
to the execution of such supplemental indenture, if any, have been complied with; provided, however, that no such Opinion
of Counsel or Officer’s Certificate shall be required in the case of any supplemental indenture executed and delivered concurrently
with the original execution and delivery of this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Section 904       Effect
of Supplemental Indentures.

 

Upon the execution of any
supplemental indenture under this Article 9, 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. However, to the extent any provision of this Indenture conflicts with the express provisions of any
supplemental indenture executed under this Article 9, the provisions of such supplemental indenture will govern and be controlling.

 

Section 905       Reserved.

 

Section 906       Notice
of Supplemental Indenture; Reference in Securities to Supplemental Indentures.

 

After a supplemental indenture
under Section 901 and 902 becomes effective, the Company shall mail to the Trustee a notice briefly describing such supplemental
indenture or a copy of such supplemental indenture and the Trustee shall on behalf of the Company and at the expense of the Company mail
such notice or supplemental indenture to Holders affected thereby. Any failure of the Trustee to mail such notice, or any defect therein,
or any failure of the Trustee to mail such supplemental indenture, shall not in any way impair or affect the validity of any such supplemental
indenture.

 

Securities of any series authenticated
and delivered after the execution of any supplemental indenture pursuant to this Article 9 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 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 10

COVENANTS

 

Section 1001     Payment
of Principal, Premium, if any, and Interest.

 

The Company covenants and
agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and premium, if any, and interest
on the Securities of such series in accordance with the terms of the Securities and this Indenture. Principal and interest shall be considered
paid on the date due if, on or before 11:00 a.m. (New York City time) on such date, the Trustee or the Paying Agent (or, if the Company
or any Subsidiary of the Corporation is the Paying Agent, the segregated account or separate trust fund maintained by the Company or such
Subsidiary pursuant to Section 1003) holds in accordance with this Indenture money sufficient to pay all principal and interest then
due.

 

    49

     

    

 

The Company shall pay interest
on overdue principal at the rate specified therefor in the Securities, and it shall pay interest on overdue installments of interest
at the same rate to the extent lawful as provided in Section 307.

 

Notwithstanding anything to
the contrary contained in this Indenture, the Company, the Guarantors, the Trustee or any Paying Agent may, to the extent it is required
to do so by applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent
authorities) in effect from time to time (“Applicable Law”), make any withholding or deduction from principal or interest
payments hereunder to the extent necessary to comply with Applicable Law (and shall timely pay the amounts so withheld or deducted to
the applicable governmental authority) for which such Person shall not have any liability. Each of the Company, the Guarantors and the
Trustee agrees to reasonably cooperate and, at the reasonable request of the other, to provide the other with such information as each
may have in its possession that is necessary to enable the determination of whether any payments hereunder are subject to FATCA Withholding
Tax.

 

Section 1002     Maintenance
of Office or Agency.

 

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

 

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

 

With respect to any Global
Security, and except as otherwise may be specified for such Global Security as contemplated by Section 301, the Corporate Trust Office
of the Trustee shall be the Place of Payment where such Global Security may be presented or surrendered for payment or for registration
of transfer or exchange, or where successor Securities may be delivered in exchange therefor; provided, however, that any
such payment, presentation, surrender or delivery effected pursuant to the Applicable Procedures of the Depositary for such Global Security
shall be deemed to have been effected at the Place of Payment for such Global Security in accordance with the provisions of this Indenture.

 

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

 

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

 

    50

     

    

 

Whenever the Company shall
have one or more Paying Agents for any series of Securities, it will, no later than 11:00 a.m. (New York City time) on each due date
for the principal of or premium, if any, or interest on any Securities of such series, deposit with a Paying Agent a sum sufficient to
pay such amount, such sum to be held in trust for the Holders of such Securities entitled to the same, and (unless such Paying Agent is
the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

 

The Company will cause each
Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee, subject to the provisions of this Section 1003, that such Paying Agent shall hold in trust for
the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal of or interest on the Securities
and shall notify the Trustee in writing of any default by the Company in making any such payment.

 

The Company may at any time,
for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct
any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee
upon the same 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 money.

 

Subject to any applicable
abandoned property law, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment
of the principal of or premium, if any, or interest 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 on 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 trust money, and all liability of the
Company as trustee thereof, shall thereupon cease.

 

Section 1004     Statement
by Officers as to Default.

 

The Company shall deliver
to the Trustee within 120 days after the end of each fiscal year of the Company ending after the date hereof an Officer’s Certificate
of the Company signed by its principal executive officer, principal financial officer or principal accounting officer, stating whether
or not, to the best knowledge of such Officer, the Company is in default in the performance and observance of any of the terms, provisions
and conditions of this Indenture applicable to it (without regard to any period of grace or requirement of notice provided hereunder)
and, if the Company shall be in default, specifying all such defaults, the nature and status thereof and the action(s) the Company
intends to take to cure such defaults of which such Officer may have knowledge.

 

The Company shall deliver
to the Trustee, as soon as possible and in any event within 30 days after the Company becomes aware of the occurrence of any Default or
Event of Default an Officer’s Certificate setting forth the details of such Default or Event of Default, its status and the actions
which the Company is taking or proposes to take with respect thereto.

 

    51

     

    

 

Section 1005     Waiver
of Certain Covenants.

 

Except as otherwise specified
as contemplated by Section 301 for Securities of such series, the Company or the Guarantors, as the case may be, may, with respect
to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant
provided pursuant to Section 301(18), Section 901(1) or Section 901(12) for the benefit of the Holders of such series
or in Article 8, if before the time for such compliance the Holders of at least a majority in aggregate principal amount of the
Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive
compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except
to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company or the Guarantors, as
the case may be, and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect.

 

ARTICLE 11

REDEMPTION OF SECURITIES

 

Section 1101     Applicability
of Article.

 

Securities of any series which
are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated
by Section 301 for such Securities) in accordance with this Article 11.

 

Section 1102     Election
to Redeem; Notice to Trustee.

 

The election of the Company
to redeem any Securities shall be evidenced by a Company Resolution or an Officer’s Certificate of the Company or in another manner
specified as contemplated by Section 301 for such Securities. In case of any redemption at the election of the Company of the Securities
of any series (including any such redemption affecting only a single Security), the Company shall, at least 15 days prior to the date
any notice of a redemption is to be given to the Holders pursuant to Section 1104 (unless a shorter notice shall be satisfactory
to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and,
if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities 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 Officer’s Certificate of the Company evidencing compliance with such restriction.

 

Section 1103     Selection
by Trustee of Securities to Be Redeemed.

 

If less than all the Securities
of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such
redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to
the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate, including by lot or pro rata in accordance with the Depository’s procedures, and
which may provide for the selection for redemption of a portion of the principal amount of any Security of such series; provided
that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be less than
the minimum authorized denomination) for such Security. If less than all the Securities of such series and of a specified tenor are to
be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series and specified tenor not previously
called for redemption in accordance with the preceding sentence.

 

    52

     

    

 

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

 

The Trustee shall promptly
notify the Company in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for partial
redemption as aforesaid, the principal amount thereof to be redeemed.

 

The provisions of the three
preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed
in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall
be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security.

 

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

 

Section 1104     Notice
of Redemption.

 

Notice of redemption shall
be given by first-class mail, postage prepaid, mailed not less than 10 nor more than 60 days, as applicable, prior to the Redemption Date
(or within such period as otherwise specified as contemplated by Section 301 for Securities of a series), to each Holder of Securities
to be redeemed, at such Holder’s address appearing in the Security Register.

 

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

 

(1)            the
Redemption Date;

 

(2)            the
Redemption Price (or the method of calculating such price);

 

(3)            if
less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification
(and, in the case of partial redemption of any such Securities, the respective principal amounts) of the particular Securities to be redeemed
and, if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal amount
of the particular Security to be redeemed;

 

(4)            that
on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that
interest thereon will cease to accrue on and after said date;

 

(5)            the
place or places where each such Security is to be surrendered for payment of the Redemption Price;

 

(6)            for
any Securities that by their terms may be converted, the terms of conversion, the date on which the right to convert the Security to be
redeemed will terminate and the place or places where such Securities may be surrendered for conversion;

 

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

 

    53

     

    

 

(8)            if
applicable, the CUSIP, ISIN or any similar numbers of the Securities of such series; provided, however, that no representation
will be made as to the correctness or accuracy of the CUSIP, ISIN or any similar number, if any, listed in such notice or printed
on the Securities.

 

Notice of redemption of Securities
to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request (which may be rescinded
or revoked at any time prior to the time at which the Trustee shall have given such notice to the Holders), by the Trustee in the name
and at the expense of the Company. The notice, if mailed in the manner herein provided, shall be conclusively presumed to have been given,
whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder
of any Security designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of
any other Securities.

 

Section 1105     Deposit
of Redemption Price.

 

By no later than 11:00 a.m. (New
York City time) on any Redemption Date, the Company shall deposit or cause to be deposited with the Trustee or with a Paying Agent (or,
if any of the Credit Parties is acting as Paying Agent, such Credit Party will segregate and hold in trust as provided in Section 1003)
an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date or
the Securities of the series provide otherwise) accrued interest on, all the Securities which are to be redeemed on that date, other than
Securities or portions of Securities called for redemption which are owned by any of the Credit Parties and have been delivered by such
Credit Party to the Trustee for cancellation. All money, if any, earned on funds held by the Paying Agent shall be remitted to the Company.
In addition, the Paying Agent shall promptly return to the Company any money deposited with the Paying Agent by the Company in excess
of the amounts necessary to pay the Redemption Price of, and accrued interest, if any, on, all Securities to be redeemed.

 

If any Security called for
redemption is converted, any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption
of such Security shall (subject to any right of the Holder of such Security or any Predecessor Security to receive interest as provided
in the last paragraph of Section 307 or in the terms of such Security) be paid to the Company upon Company Request or, if then held
by the Company, shall be discharged from such trust.

 

Section 1106     Securities
Payable on Redemption Date.

 

Notice of redemption having
been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest)
such Securities shall cease to bear interest. 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, if applicable, with accrued interest to the Redemption Date;
provided, however, that, unless otherwise specified as contemplated by Section 301, installments of interest whose
Stated Maturity is on or prior to the Redemption Date will 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 307;
provided further that, unless otherwise specified as contemplated by Section 301, if the Redemption Date is after a Regular
Record Date and on or prior to the Interest Payment Date, the accrued and unpaid interest shall be payable to the Holder of the redeemed
Securities registered on the relevant Regular Record Date.

 

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

 

    54

     

    

 

Section 1107     Securities
Redeemed in Part.

 

Any Security which is to be
redeemed only in part 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, if applicable, 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 principal amount equal to and in exchange for the unredeemed portion of
the principal of the Security so surrendered.

 

ARTICLE 12

SINKING FUNDS

 

Section 1201     Applicability
of Article.

 

The provisions of this Article 12
shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as contemplated by
Section 301 for such Securities.

 

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

 

Section 1202     Satisfaction
of Sinking Fund Payments with Securities.

 

The Company (1) may deliver
Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of
a 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, in each case in satisfaction of all or any part
of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such Securities
as and to the extent provided for by the terms of such Securities; provided that the Securities to be so credited have not been
previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the Redemption
Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly.

 

Section 1203     Redemption
of Securities for Sinking Fund.

 

Not less than 60 days (or
such shorter period as shall be satisfactory to the Trustee) prior to each sinking fund payment date for any Securities, the Company
will deliver to the Trustee an Officer’s Certificate of the Company specifying the amount of the next ensuing sinking fund payment
for such Securities pursuant to the terms of such Securities, the portion thereof, if any, which is to be satisfied by payment of cash
and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities pursuant to Section 1202 and will
also deliver to the Trustee any Securities to be so delivered. Not less than 30 days prior to each such sinking fund payment date, the
Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and
cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 1104.
Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections
1106 and 1107.

 

    55

     

    

 

ARTICLE 13

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 1301     Company’s
Option to Effect Defeasance or Covenant Defeasance.

 

Unless otherwise provided
as contemplated by Section 301, Sections 1302 and 1303 shall apply to all Securities and each series of Securities, denominated in
U.S. dollars and bearing interest at a fixed rate, in accordance with any applicable requirements provided pursuant to Section 301
and upon compliance with the conditions set forth below in this Article 13; and the Company may elect, at its option at any time,
to have Sections 1302 and 1303 applied to any Securities or any series of Securities, designated pursuant to Section 301 as being
defeasible pursuant to such Section 1302 or 1303, in accordance with any applicable requirements provided pursuant to Section 301
and upon compliance with the conditions set forth below in this Article 13. Any such election shall be evidenced by a Company Resolution,
Officers’ Certificate of the Company, one or more indentures supplemental hereto or in another manner specified as contemplated
by Section 301 for such Securities.

 

Section 1302     Defeasance
and Discharge.

 

Upon the Company’s exercise
of its option, if any, to have this Section 1302 applied to any Securities or any series of Securities, or if this Section 1302
shall otherwise apply to any Securities or any series of Securities, the Company and the Guarantors shall be deemed to have been discharged
from their respective obligations with respect to such Securities and related Guarantees as provided in this Section 1302 on and
after the date the conditions set forth in Section 1304 are satisfied (hereinafter called “Defeasance”). For this
purpose, such Defeasance means that each of the Company and the Guarantors shall be deemed to have paid and discharged the entire indebtedness
represented by such Securities and Guarantees and to have satisfied all its other obligations under such Securities and Guarantees and
this Indenture insofar as such Securities and Guarantees are concerned (and the Trustee, at the expense of the Company or the Guarantors,
as the case may be, shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise
terminated or discharged hereunder: (1) the rights of Holders of such Securities to receive, solely from the trust fund described
in Section 1304 and as more fully set forth in such Section 1305, payments in respect of the principal of and premium, if any,
and interest on such Securities when payments are due, (2) the Company’s obligations with respect to such Securities and the
Guarantors’ obligations with respect to such Guarantees under Sections 304, 305, 306, 1002 and 1003, (3) the rights, powers,
trusts, duties and immunities of the Trustee hereunder and (4) this Article 13. Subject to compliance with this Article 13,
the Company or the Guarantors may exercise their option, if any, to have this Section 1302 applied to the Securities of any series
and the related Guarantees notwithstanding the prior exercise of its option, if any, to have Section 1303 applied to such Securities
and Guarantees.

 

Section 1303     Covenant
Defeasance.

 

Upon the Company’s
exercise of its option, if any, to have this Section 1303 applied to any Securities or any series of Securities, or if this Section 1303
shall otherwise apply to any Securities or any series of Securities, (1) the Company and the Guarantors shall be released from their
respective obligations under Section 801 and any covenants provided which were made a part of the terms of the Securities of such
series in accordance with Section 301(18), Section 901(1) or Section 901(12) for the benefit of the Holders of such
Securities and (2) the occurrence of any event specified in Section 501(4) and Section 501(8) shall be deemed
not to be or result in an Event of Default, in each case with respect to such Securities and Guarantees as provided in this Section 1303
on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called “Covenant Defeasance”).
For this purpose, such Covenant Defeasance means that, with respect to such Securities and Guarantees, each of the Company and the Guarantors
may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section,
whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in
any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities
and Guarantees shall be unaffected thereby.

 

    56

     

    

 

Section 1304     Conditions
to Defeasance or Covenant Defeasance.

 

The following shall be the
conditions to the application of Section 1302 or 1303 to any Securities or any series of Securities:

 

(1)     
       The Company shall irrevocably have deposited or caused to be deposited with the Trustee
(or another trustee which satisfies the requirements contemplated by Section 609 and agrees to comply with the provisions of
this Article 13 applicable to it) as trust funds in trust for the purpose of making the following payments, specifically
pledged as security for, and dedicated solely to, the benefits of the Holders of such Securities, (A) money in an amount, or
(B) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide money in an amount, or (C) a combination thereof, in each case 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 any such other qualifying trustee) to pay and discharge, the
principal of and premium, if any, and interest on such Securities on the respective Stated Maturities, in accordance with the terms
of this Indenture and such Securities. As used herein, “U.S. Government Obligation” means (x) any security
which is (i) a direct obligation of the United States of America for the payment of which the full faith and credit of the
United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of
the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities
Act) as custodian with respect to any U.S. Government Obligation which is specified in clause (x) above and held by such bank
for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any
U.S. Government Obligation which is so specified and held; 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 depositary receipt from any amount received by the
custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary
receipt.

 

(2)            In
the event of an election to have Section 1302 apply to any Securities or any series of Securities, the Company shall have delivered
to the Trustee an Opinion of Counsel stating that (A) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling or (B) since the date of this Indenture, there has been a change in the applicable Federal income tax law,
in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities
will not recognize gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with
respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would
be the case if such deposit, Defeasance and discharge were not to occur.

 

    57

     

    

 

(3)            In
the event of an election to have Section 1303 apply to any Securities or any series of Securities, the Company shall have delivered
to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal income
tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to such Securities and will be subject to
Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance
were not to occur.

 

(4)            No
Default or Event of Default with respect to such Securities or any other Securities shall have occurred and be continuing at the time
of such deposit (other than that resulting from borrowing funds to be applied to make such deposit and any similar and simultaneous deposit
relating to other Indebtedness and, in each case, the granting of Liens in connection therewith).

 

(5)            Such
Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other material agreement
or instrument to which the Company is a party or by which it is bound.

 

(6)            The
Company shall have delivered to the Trustee an Officer’s Certificate of the Company and an Opinion of Counsel, each stating that
all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with (in each case, subject to the
satisfaction of the condition in clause (5)).

 

Before or after a deposit,
the Company may make arrangements satisfactory to the Trustee for the redemption of Securities at a future date in accordance with Article 11.

 

Section 1305     Deposited
Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions.

 

Subject to the provisions
of the last paragraph of Section 1003, all money and U.S. Government Obligations (including the proceeds thereof) deposited with
the Trustee or other qualifying trustee (solely for purposes of this Section 1305 and Section 1306, the Trustee and any such
other trustee are referred to collectively as the “Trustee”) pursuant to Section 1304 in respect of any Securities
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 such Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders
of such Securities, of all sums due and to become due thereon in respect of principal and premium, if any, and interest, but money so
held in trust need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant
to Section 1304 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 Outstanding Securities; provided that the Trustee shall be entitled to charge any such tax,
fee or other charge to such Holder’s account.

 

Anything in this Article 13
to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S.
Government Obligations held by it as provided in Section 1304 with respect to any Securities which are in excess of the amount thereof
which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such
Securities.

 

    58

     

    

 

Section 1306     Reinstatement.

 

If the Trustee or the Paying
Agent is unable to apply any money in accordance with this Article 13 with respect to any Securities by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this
Indenture and such Securities and Guarantees from which the Company and the Guarantors have been discharged or released pursuant to Section 1302
or 1303 shall be revived and reinstated as though no deposit had occurred pursuant to this Article 13 with respect to such Securities
and Guarantees, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 1305
with respect to such Securities and Guarantees in accordance with this Article 13; provided, however, that (a) if
the Company or the Guarantors makes any payment of principal of or premium, if any, or interest on any such Security following such reinstatement
of its obligations, the Company or the Guarantors, as the case may be, shall be subrogated to the rights, if any, of the Holders of such
Securities to receive such payment from the money so held in trust and (b) unless otherwise required by any legal proceeding or
any order or judgment of any court or governmental authority, the Trustee or Paying Agent shall return all such money and U.S. Government
Obligations to the Company or the Guarantors, as the case may be, promptly after receiving a written request therefor at any time, if
such reinstatement of the obligations of the Company or the Guarantors, as the case may be, has occurred and continues to be in effect.

 

ARTICLE 14

GUARANTEE OF SECURITIES

 

Section 1401     Guarantee.

 

Each Guarantor hereby jointly
and severally and fully and unconditionally guarantees to each Holder of a Security authenticated and delivered by the Trustee hereunder,
and to the Trustee on behalf of each such Holder, the due and punctual payment in full of the principal of and premium, if any, and interest
on such Security when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call
for redemption or otherwise, and interest on the overdue principal and (to the extent permitted by law) interest, if any, on such Security
and all other amounts due and payable under this Indenture (collectively, the “Obligations”), in accordance with the
terms of such Security and this Indenture. If the Company shall fail to pay when due any Obligations, for whatever reason, each Guarantor
shall be jointly and severally obligated to pay in cash the same promptly. An Event of Default under this Indenture or the Security of
any series shall entitle the Holders of such Securities to accelerate the Obligations of the Guarantors hereunder in the same manner and
to the same extent as the Obligations of the Company.

 

Section 1402     Additional
Guarantors.

 

The Company and each Guarantor
shall cause each New Ares Group Entity to become a Guarantor pursuant to this Indenture and provide a Guarantee in respect of the Securities.

 

Section 1403     Waiver.

 

To the fullest extent permitted
by applicable law, each Guarantor hereby waives the benefits of diligence, presentment, demand for payment, any requirement that the Trustee
or any of the Holders exhaust any right or take any action against the Company or any other Person, filing of claims with a court in the
event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with
respect to any Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that no Guarantee will be discharged
in respect of any Security except by complete performance of the Obligations contained in such Security and in this Article 14.

 

    59

     

    

 

Section 1404     Guarantee
of Payment.

 

Each Guarantee shall constitute
a guarantee of payment when due and not a guarantee of collection. The Guarantors hereby agree that, in the event of a default in payment
of principal of or premium, if any, or interest on any Security, whether at its Stated Maturity, by declaration of acceleration, call
for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of such Security, subject
to the terms and conditions set forth in this Indenture, directly against the Guarantors to enforce the Guarantee without first proceeding
against the Company.

 

Section 1405     No
Discharge or Diminishment of Guarantee.

 

Subject to Section 1410,
the obligations of each of the Guarantors hereunder shall be absolute and unconditional and not be subject to any reduction, limitation,
termination, impairment or for any reason (other than the payment in full in cash of the Obligations), including any claim of waiver,
release, surrender, alteration or compromise of any of the Obligations, and shall not be subject to any defense or setoff, counterclaim,
recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Securities, this Indenture or
the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each of the Guarantors hereunder shall
not be discharged or impaired or otherwise affected by the failure of the Trustee or any Holder of the Notes to assert any claim or demand
or to enforce any remedy under this Indenture or any Security, any other guarantee or any other agreement, by any waiver, modification
or indulgence of any provision thereof, by any default, failure or delay, willful or otherwise, in the performance of the Obligations,
by any release of any other Guarantor pursuant to Section 1410 or by any other act or omission or delay to do any other act that
may or might in any manner or to any extent vary the risk of any Guarantor or that would otherwise operate as a discharge of any Guarantor
as a matter of law or equity (other than the payment in full in cash of all the Obligations); provided, however, that notwithstanding
the foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantors, increase the principal amount
of such Security, or increase the interest rate thereon, change any redemption provisions thereof (including any change to increase any
premium payable upon redemption thereof) or change the Stated Maturity of any payment thereon, or increase the principal amount of any
Original Issue Discount Security that would be due and payable upon a declaration of acceleration or the maturity thereof pursuant to
Section 502 of this Indenture.

 

Section 1406     Defenses
of Company Waived.

 

To the extent permitted by
applicable law, each of the Guarantors waives any defense based on or arising out of any defense of the Company or any other Guarantor
or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the
Company, other than final payment in full in cash of the Obligations. Each of the Guarantors waives any defense arising out of any such
election even though such election operates to impair or to extinguish any right of reimbursement or subrogation or other right or remedy
of each of the Guarantors against the Company or any security.

 

Section 1407     Continued
Effectiveness.

 

Subject to Section 1410,
each of the Guarantors further agrees that its Guarantee with respect to any Security hereunder shall remain in full force and effect
and continue to be irrevocable notwithstanding any petition filed by or against the Company for liquidation or reorganization, the Company
becoming insolvent or making an assignment for the benefit of creditors or a receiver or trustee being appointed for all or any significant
part of the Company’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as
the case may be, if at any time payment, or any part thereof, of principal of or interest on any Obligation is rescinded or must otherwise
be restored or returned by the Trustee or any Holder of any Security, whether as a “voidable preference,” “fraudulent
transfer” upon bankruptcy or reorganization of the Company or otherwise, all as though such payment or performance had not been
made, until the date upon which the entire Obligation, if any, and interest on such Security has been, or has been deemed pursuant to
the provisions of this Indenture to have been paid in full. In the event that any payment, or any part thereof, is rescinded, reduced,
restored or returned on any Security, such Security shall, to the fullest extent permitted by law, be reinstated and deemed paid only
by such amount paid and not so rescinded, reduced, restored or returned.

 

    60

     

    

 

Section 1408     Subrogation.

 

In furtherance of the foregoing
and not in limitation of any other right of each of the Guarantors by virtue hereof, upon the failure of the Company to pay any Obligation
when and as the same shall become due, each of the Guarantors hereby promises to and will, upon receipt of written demand by the Trustee
or any Holder of the Securities of any series, forthwith pay, or cause to be paid, to the Holders in cash the amount of such unpaid Obligations,
and thereupon the Holders shall, assign (except to the extent that such assignment would render a Guarantor a “creditor” of
the Company within the meaning of Section 547 of Title 11 of the United States Code as now in effect or hereafter amended or any
comparable provision of any successor statute) the amount of the Obligations owed to it and paid by such Guarantor pursuant to this Guarantee
to such Guarantor, such assignment to be pro rata to the extent the Obligations in question were discharged by such Guarantor, or make
such other disposition thereof as such Guarantor shall direct (all without recourse to the Holders, and without any representation or
warranty by the Holders). If (a) a Guarantor shall make payment to the Holders of all or any part of the Obligations and (b) all
the Obligations and all other amounts payable under this Indenture shall be paid in full, the Trustee will, at such Guarantor’s
request, execute and deliver to such Guarantor appropriate documents, without recourse and without representation or warranty, necessary
to evidence the transfer by subrogation to such Guarantor of an interest in the Obligations resulting from such payment by such Guarantor.

 

Section 1409     Subordination.

 

Upon payment by any Guarantor
of any sums to the Holders, as provided above, all rights of such Guarantor against the Company, arising as a result thereof by way of
right of subrogation or otherwise, shall in all respects be subordinated and junior in right of payment to the prior payment in full in
cash of all the Obligations to the Trustee; provided, however, that any right of subrogation that such Guarantor may have
pursuant to this Indenture is subject to Section 1408.

 

Section 1410     Release
of Guarantor and Termination of Guarantee.

 

A Guarantor shall, upon the
occurrence of any of the following events, be automatically and unconditionally released and discharged from all obligations under this
Indenture and its Guarantee without any action required on the part of the Trustee or any Holder; provided that such Guarantor
would not, immediately after such release and discharge, be required to become a Guarantor pursuant to Section 1402:

 

(1)            at
any time such Guarantor (a) is sold, disposed of or otherwise transferred (whether by merger, consolidation or the sale of all or
substantially all of its assets or otherwise) to an entity that is not, and is not required to become, a Guarantor, if such sale, disposition
or other transfer is otherwise in compliance with this Indenture, including Article 8 or (b) is liquidated or dissolved in a
manner that complies with this indenture, including Article 8;

 

(2)            the
lenders under the Credit Facility release the guarantee by such Guarantor or other obligations of such Guarantor under the Credit Facility;
provided that it will not be deemed to be a release of such guarantee or obligations if the release is the result of an amendment, supplement,
modification, extension, renewal, restatement or refunding (collectively, a “refinancing”) of the Credit Facility, as a result
of which the guarantee or obligations of such Guarantor in favor of the administrative agent (for the benefit of the lenders under the
Credit Facility) are terminated and/or replaced with guarantees or obligations in favor of the lenders or holders of such refinancing
indebtedness (or any agent on their behalf); or

 

    61

     

    

 

(3)            the
Company effects a Defeasance or Covenant Defeasance in accordance with Article 8 hereof.

 

The Trustee shall deliver
an appropriate instrument evidencing such release upon receipt of a request of the Company accompanied by an Officer’s Certificate
certifying as to the compliance with this Section.

 

Section 1411     Limitation
of Guarantors’ Liability.

 

Each Guarantor, and by its
acceptance hereof each Holder, hereby confirms that it is the intention of all such parties that the Guarantee by such Guarantor not constitute
a fraudulent transfer or conveyance for purposes of Title 11 of the United States Code, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guarantor. To effectuate the foregoing intention,
the Holders and such Guarantor hereby irrevocably agree that the obligations of such Guarantor under this Indenture and its Guarantee
shall be limited to the maximum aggregate amount which, after giving effect to all other contingent and fixed liabilities of such Guarantor,
and after giving effect to any collections from or payments made by or on behalf of, any other Guarantor in respect of the obligations
of such Guarantor under its Guarantee or pursuant to its contribution obligations under this Indenture, will result in the obligations
of such Guarantor under its Guarantee not constituting such fraudulent transfer or conveyance.

 

Each Guarantee is expressly
limited so that in no event, including the acceleration of the Maturity of the Securities, shall the amount paid or agreed to be paid
in respect of interest on the Securities (or fees or other amounts deemed payment for the use of funds) exceed the maximum permissible
amount under applicable law, as in effect on the date hereof and as subsequently amended or modified to allow a greater amount of interest
(or fees or other amounts deemed payment for the use of funds) to be paid under such Guarantee. If for any reason the amount in respect
of interest (or fees or other amounts deemed payment for the use of funds) required by a Guarantee exceeds such maximum permissible amount,
the obligation to pay interest under such Guarantee (or fees or other amounts deemed payment for the use of funds) shall be automatically
reduced to such maximum permissible amount and any amounts collected by any holder of any Security in excess of the permissible amount
shall be automatically applied to reduce the outstanding principal on such Security.

 

Section 1412     No
Obligation to Take Action Against the Company.

 

Neither the Trustee, any Holder
nor any other Person shall have any obligation to enforce or exhaust any rights or remedies or take any other steps under any security
for the Obligations or against the Company or any other Person or any Property of the Company or any other Person before the Trustee,
such Holder or such other Person is entitled to demand payment and performance by any or all Guarantors of their liabilities and obligations
under their Guarantee.

 

Section 1413     Execution
and Delivery.

 

To evidence its Guarantee
set forth in this Article 14, each Guarantor hereby agrees that this Indenture shall be executed on behalf of such Guarantor by
an Officer of such Guarantor, and in the case of any New Ares Group Entity that becomes a Guarantor in accordance with this Indenture,
such New Ares Group Entity’s Guarantee shall be evidenced by the execution and delivery on behalf of such New Ares Group Entity
of a supplemental indenture hereto by an Officer of such New Ares Group Entity.

 

    62

     

    

 

Each Guarantor hereby agrees
that its Guarantee set forth in this Article 14 shall remain in full force and effect notwithstanding the absence of the endorsement
of any notation of such Guarantee on any Securities.

 

If an Officer whose signature
is on this Indenture no longer holds that office at the time the Trustee authenticates any Security, the Guarantee shall be valid nevertheless.

 

The delivery of any Security
by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture
on behalf of the Guarantors.

 

*        
*         *

 

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 instrument. The words “execution,” “signed,” “signature,” “delivery,”
and words of like import in or relating to this Indenture or any document to be signed in connection with this Indenture shall be deemed
to include electronic signatures (including, without limitation, any .pdf file, .jpeg file or any other electronic or image file, or any
other “electronic signature” as defined under E-SIGN or ESRA, including Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign,
or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the Trustee), deliveries
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto
consent to conduct the transactions contemplated hereunder by electronic means. The exchange of copies of this Indenture and of signature
pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto
and may be used in lieu of the original Indenture and signature pages for all purposes.

 

[Signature Pages Follow]

 

    63

     

    

 

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

 

		ARES FINANCE CO. IV LLC
	 	 
	 	 
	 	By:	/s/ Naseem Sagati Aghili
	 	Name:	Naseem Sagati Aghili
	 	Title:	Authorized Signatory
	 	 

 

		ARES
FINANCE CO. III LLC, as a Guarantor
	 	 
	 	 
	 	By:	/s/ Naseem Sagati Aghili
	 	Name:	Naseem Sagati Aghili
	 	Title:	Authorized Signatory
	 	 

 

		ARES
FINANCE CO. II LLC, as a Guarantor
	 	 
	 	 
	 	By:	/s/ Naseem Sagati Aghili
	 	Name:	Naseem Sagati Aghili
	 	Title:	Authorized Signatory
	 	 

 

		ARES
FINANCE CO. LLC, as a Guarantor
	 	 
	 	 
	 	By:	/s/ Naseem Sagati Aghili
	 	Name:	Naseem Sagati Aghili
	 	Title:	Authorized Signatory

 

[Signature
Page to Base Indenture]

 

    

     

    

 

		ARES HOLDINGS L.P.,
as Guarantor
	 	 
	 	By: 	Ares Holdco LLC, its general
partner
	 	 	 
	 	 	 
	 	By:	/s/ Naseem Sagati Aghili
	 	Name:	Naseem Sagati Aghili
	 	Title:	Authorized Signatory
	 	 

 

		ARES MANAGEMENT LLC,
as Guarantor
	 	 
	 	 
	 	By:	/s/ Naseem Sagati Aghili
	 	Name:	Naseem Sagati Aghili
	 	Title:	Authorized Signatory
	 	 

 

		ARES INVESTMENTS HOLDINGS LLC,
as Guarantor
	 	 
	 	 
	 	By:	/s/ Naseem Sagati Aghili
	 	Name:	Naseem Sagati Aghili
	 	Title:	Authorized Signatory

 

[Signature Page to Base Indenture]

 

    

     

    

 

		U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 
	 	By:	/s/ Karen R. Beard
	 	Name:	Karen R. Beard
	 	Title:	Vice President

 

[Signature Page to
Base Indenture]

 

    

     

    

 

SCHEDULE I

 

GUARANTORS

 

Ares Holdings L.P.

 

Ares Investments Holdings LLC

 

Ares Management LLC

 

Ares Finance Co. LLC

 

Ares Finance Co. II LLC

 

Ares Finance Co. III LLC

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]