Document:

FORM OF SUBORDINATED DEBT INDENTURE

 Exhibit 4.5 
  

PILGRIM’S PRIDE CORPORATION 
  
 AND 
  
                                       
  , 
 TRUSTEE 
  

  
 INDENTURE 
  
 DATED AS OF 
  
                     ,              
  
 SUBORDINATED DEBT SECURITIES 
  

 PILGRIM’S PRIDE CORPORATION 
 RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939 
 AND INDENTURE, DATED AS OF
                    ,               
  

  

			
	 Section of
 Trust Indenture

ACT OF 1939

	  	 Section(s) of
 INDENTURE

	 ss. 310 (a) (1)
	  	609
	             (a) (2)
	  	609
	             (a) (3)
	  	Not Applicable
	             (a) (4)
	  	Not Applicable
	             (b)
	  	608, 610
	 ss. 311 (a)
	  	613
	             (b)
	  	613
	             (c)
	  	Not Applicable
	 ss. 312 (a)
	  	701, 702 (a)
	             (b)
	  	702 (b)
	             (c)
	  	702 (b)
	 ss. 313 (a)
	  	703 (a)
	             (b)
	  	703 (a)
	             (c)
	  	703 (a)
	             (d)
	  	703 (b)
	 ss. 314 (a)
	  	704, 1005
	             (b)
	  	Not Applicable
	             (c) (1)
	  	103
	             (c) (2)
	  	103
	             (c) (3)
	  	Not Applicable
	             (d)
	  	Not Applicable
	             (e)
	  	103
	 ss. 315 (a)
	  	601 (a)
	             (b)
	  	602
	             (c)
	  	601 (b)
	             (d)
	  	601 (c)
	             (d) (1)
	  	601 (c) (1)
	             (d) (2)
	  	601 (c) (2)
	             (d) (3)
	  	601 (c) (3)
	             (e)
	  	514
	 ss. 316 (a) (1) (A)
	  	502, 512
	             (a) (1) (B)
	  	513
	             (a) (2)
	  	Not Applicable
	             (a) (last sentence)
	  	101
	             (b)
	  	508
	 ss. 317 (a) (1)
	  	503
	             (a) (2)
	  	504
	             (b)
	  	1003
	 ss. 318 (a)
	  	108

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

 TABLE OF CONTENTS 
  
  

			
	 	  	Page

	 PARTIES
	  	1
		
	 RECITALS OF THE COMPANY
	  	1
		
	ARTICLE ONE	  	 
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	 
		
	 SECTION 101.      DEFINITIONS
	  	1
		
	 Act
	  	2
		
	 Additional Amounts
	  	2
		
	 Affiliate
	  	2
		
	 Authenticating Agent
	  	2
		
	 Authorized Newspaper
	  	2
		
	 Board of Directors
	  	2
		
	 Board Resolution
	  	2
		
	 Book-Entry Security
	  	2
		
	 Business Day
	  	2
		
	 Capital Stock
	  	3
		
	 Commission
	  	3
		
	 Company
	  	3
		
	 Company Request
	  	3
		
	 Conversion Event
	  	3
		
	 Corporate Trust Office
	  	3
		
	 Default
	  	3
		
	 Defaulted Interest
	  	3
		
	 Depositary
	  	3

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

			
	 	  	Page

		
	 Dollar
	  	4
		
	 Event of Default
	  	4
		
	 Exchange Rate
	  	4
		
	 Holder
	  	4
		
	 Indenture
	  	4
		
	 interest
	  	4
		
	 Interest Payment Date
	  	4
		
	 Judgment Currency
	  	4
		
	 Maturity
	  	4
		
	 Officers’ Certificate
	  	4
		
	 Opinion of Counsel
	  	4
		
	 Original Issue Discount Security
	  	4
		
	 Outstanding
	  	4
		
	 Paying Agent
	  	5
		
	 Person
	  	5
		
	 Place of Payment
	  	5
		
	 Predecessor Security
	  	6
		
	 Redemption Date
	  	6
		
	 Redemption Price
	  	6
		
	 Registered Security
	  	6
		
	 Regular Record Date
	  	6
		
	 Representative
	  	6
		
	 Required Currency
	  	6
		
	 Responsible Officer
	  	6

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

			
	 	  	Page

		
	 Securities
	  	6
		
	 Security Register
	  	6
		
	 Senior Indebtedness
	  	6
		
	 Special Record Date
	  	6
		
	 Stated Maturity
	  	7
		
	 Subsidiary
	  	7
		
	 Trustee
	  	7
		
	 Trust Indenture Act
	  	7
		
	 United States
	  	7
		
	 United States Alien
	  	7
		
	 U.S. Government Obligations
	  	7
		
	 Vice President
	  	7
		
	 Wholly-Owned Subsidiary
	  	7
		
	 Yield to Maturity
	  	8
		
	 SECTION 102.      INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT
	  	8
		
	 SECTION 103.      COMPLIANCE CERTIFICATES AND OPINIONS
	  	8
		
	 SECTION 104.      FORM OF DOCUMENTS DELIVERED TO TRUSTEE
	  	9
		
	 SECTION 105.      ACTS OF HOLDERS; RECORD DATES
	  	9
		
	 SECTION 106.      NOTICES, ETC., TO TRUSTEE AND COMPANY
	  	10
		
	 SECTION 107.      NOTICE TO HOLDERS; WAIVER
	  	11
		
	 SECTION 108.      CONFLICT WITH TRUST INDENTURE ACT
	  	11
		
	 SECTION 109.      EFFECT OF HEADINGS AND TABLE OF CONTENTS
	  	11
		
	 SECTION 110.      SUCCESSORS AND ASSIGNS
	  	11

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

			
	 	  	Page

		
	 SECTION 111.      SEPARABILITY CLAUSE
	  	11
		
	 SECTION 112.      BENEFITS OF INDENTURE
	  	12
		
	 SECTION 113.      GOVERNING LAW
	  	12
		
	 SECTION 114.      LEGAL HOLIDAYS
	  	12
		
	 SECTION 115.      CORPORATE OBLIGATION
	  	12
		
	ARTICLE TWO	  	 
	SECURITY FORMS	  	 
		
	 SECTION 201.      FORMS GENERALLY
	  	12
		
	 SECTION 202.      FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	  	13
		
	 SECTION 203.      SECURITIES IN GLOBAL FORM
	  	13
		
	 SECTION 204.      BOOK-ENTRY SECURITIES
	  	14
		
	ARTICLE THREE	  	 
	THE SECURITIES	  	 
		
	 SECTION 301.      AMOUNT UNLIMITED; ISSUABLE IN SERIES
	  	16
		
	 SECTION 302.      DENOMINATIONS
	  	18
		
	 SECTION 303.      EXECUTION, AUTHENTICATION, DELIVERY AND DATING
	  	18
		
	 SECTION 304.      TEMPORARY SECURITIES
	  	20
		
	 SECTION 305.      REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE
	  	20
		
	 SECTION 306.      MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES
	  	22
		
	 SECTION 307.      PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED
	  	23
		
	 SECTION 308.      PERSONS DEEMED OWNERS
	  	24
		
	 SECTION 309.      CANCELLATION
	  	24
		
	 SECTION 310.      COMPUTATION OF INTEREST
	  	24
		
	 SECTION 311.      CUSIP NUMBERS
	  	25

  

 -iv- 

 TABLE OF CONTENTS 
 (continued) 
  

			
	 	  	Page

	ARTICLE FOUR	  	 
	SATISFACTION AND DISCHARGE	  	 
		
	 SECTION 401.      SATISFACTION AND DISCHARGE OF INDENTURE
	  	25
		
	 SECTION 402.      APPLICATION OF TRUST MONEY
	  	26
		
	 SECTION 403.      DISCHARGE OF LIABILITY ON SECURITIES OF ANY SERIES
	  	27
		
	 SECTION 404.      REINSTATEMENT
	  	27
		
	ARTICLE FIVE	  	 
	REMEDIES	  	 
		
	 SECTION 501.      EVENTS OF DEFAULT
	  	28
		
	 SECTION 502.      ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT
	  	29
		
	 SECTION 503.      COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE
	  	31
		
	 SECTION 504.      TRUSTEE MAY FILE PROOFS OF CLAIM
	  	31
		
	 SECTION 505.      TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES OR COUPONS
	  	32
		
	 SECTION 506.      APPLICATION OF MONEY COLLECTED
	  	32
		
	 SECTION 507.      LIMITATION ON SUITS
	  	33
		
	 SECTION 508.      UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST
	  	34
		
	 SECTION 509.      RESTORATION OF RIGHTS AND REMEDIES
	  	34
		
	 SECTION 510.      RIGHTS AND REMEDIES CUMULATIVE
	  	34
		
	 SECTION 511.      DELAY OR OMISSION NOT WAIVER
	  	34
		
	 SECTION 512.      CONTROL BY HOLDERS
	  	34
		
	 SECTION 513.      WAIVER OF PAST DEFAULTS
	  	35
		
	 SECTION 514.      UNDERTAKING FOR COSTS
	  	35
		
	 SECTION 515.      WAIVER OF STAY OR EXTENSION LAWS
	  	36

  

 -v- 

 TABLE OF CONTENTS 
 (continued) 
  

			
	 	  	Page

	ARTICLE SIX	  	 
	THE TRUSTEE	  	 
		
	 SECTION 601.      CERTAIN DUTIES AND RESPONSIBILITIES
	  	36
		
	 SECTION 602.      NOTICE OF DEFAULTS
	  	37
		
	 SECTION 603.      CERTAIN RIGHTS OF TRUSTEE
	  	37
		
	 SECTION 604.      NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES
	  	39
		
	 SECTION 605.      MAY HOLD SECURITIES
	  	39
		
	 SECTION 606.      MONEY HELD IN TRUST
	  	39
		
	 SECTION 607.      COMPENSATION AND REIMBURSEMENT
	  	39
		
	 SECTION 608.      DISQUALIFICATION; CONFLICTING INTERESTS
	  	40
		
	 SECTION 609.      CORPORATE TRUSTEE REQUIRED; ELIGIBILITY
	  	40
		
	 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
	  	43
		
	 SECTION 614.      APPOINTMENT OF AUTHENTICATING AGENT
	  	43
		
	ARTICLE SEVEN	  	 
	HOLDER’S LISTS AND REPORTS BY TRUSTEE AND COMPANY	  	 
		
	 SECTION 701.      COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS
	  	45
		
	 SECTION 702.      PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS
	  	46
		
	 SECTION 703.      REPORTS BY TRUSTEE
	  	46
		
	 SECTION 704.      REPORTS BY COMPANY
	  	46

  

 -vi- 

 TABLE OF CONTENTS 
 (continued) 
  

			
	 	  	Page

	ARTICLE EIGHT	  	 
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	  	 
		
	 SECTION 801.      COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS
	  	46
		
	 SECTION 802.      SUCCESSOR PERSON SUBSTITUTED
	  	47
		
	ARTICLE NINE	  	 
	SUPPLEMENTAL INDENTURES	  	 
		
	 SECTION 901.      SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS
	  	47
		
	 SECTION 902.      SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS
	  	48
		
	 SECTION 903.      EXECUTION OF SUPPLEMENTAL INDENTURES
	  	50
		
	 SECTION 904.      EFFECT OF SUPPLEMENTAL INDENTURES
	  	50
		
	 SECTION 905.      CONFORMITY WITH TRUST INDENTURE ACT
	  	50
		
	 SECTION 906.      REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES
	  	50
		
	ARTICLE TEN	  	 
	COVENANTS	  	 
		
	 SECTION 1001.      PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST
	  	50
		
	 SECTION 1002.      MAINTENANCE OF OFFICE OR AGENCY
	  	50
		
	 SECTION 1003.      MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST
	  	51
		
	 SECTION 1004.      EXISTENCE
	  	52
		
	 SECTION 1005.      STATEMENT BY OFFICERS AS TO DEFAULT
	  	52
		
	 SECTION 1006.      WAIVER OF CERTAIN COVENANTS
	  	53
		
	 SECTION 1007.      ADDITIONAL AMOUNTS
	  	53

  

 -vii- 

 TABLE OF CONTENTS 
 (continued) 
  

			
	 	  	Page

	ARTICLE ELEVEN	  	 
	REDEMPTION OF SECURITIES	  	 
		
	 SECTION 1101.      APPLICABILITY OF ARTICLE
	  	54
		
	 SECTION 1102.      ELECTION TO REDEEM; NOTICE TO TRUSTEE
	  	54
		
	 SECTION 1103.      SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED
	  	54
		
	 SECTION 1104.      NOTICE OF REDEMPTION
	  	54
		
	 SECTION 1105.      DEPOSIT OF REDEMPTION PRICE
	  	55
		
	 SECTION 1106.      SECURITIES PAYABLE ON REDEMPTION DATE
	  	55
		
	 SECTION 1107.      SECURITIES REDEEMED IN PART
	  	56
		
	 SECTION 1108.      PURCHASE OF SECURITIES
	  	56
		
	ARTICLE TWELVE	  	 
	SINKING FUNDS	  	 
		
	 SECTION 1201.      APPLICABILITY OF ARTICLE
	  	56
		
	 SECTION 1202.      SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES
	  	57
		
	 SECTION 1203.      REDEMPTION OF SECURITIES FOR SINKING FUND
	  	57
		
	ARTICLE THIRTEEN	  	 
	MEETINGS OF HOLDERS OF SECURITIES	  	 
		
	 SECTION 1301.      PURPOSES FOR WHICH MEETINGS MAY BE CALLED
	  	57
		
	 SECTION 1302.      CALL, NOTICE AND PLACE OF MEETINGS
	  	57
		
	 SECTION 1303.      PERSONS ENTITLED TO VOTE AT MEETINGS
	  	58
		
	 SECTION 1304.      QUORUM; ACTION
	  	58
		
	 SECTION 1305.      DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF MEETINGS
	  	59
		
	 SECTION 1306.      COUNTING VOTES AND RECORDING ACTION OF MEETINGS
	  	59
		
	ARTICLE FOURTEEN	  	 
	SUBORDINATION	  	 
		
	 SECTION 1401.      AGREEMENT TO SUBORDINATE
	  	60
		
	 SECTION 1402.      LIQUIDATION, DISSOLUTION, BANKRUPTCY
	  	60

  

 -viii- 

 TABLE OF CONTENTS 
 (continued) 
  

			
	 	  	Page

	 SECTION 1403.      DEFAULT ON SENIOR INDEBTEDNESS
	  	60
		
	 SECTION 1404.      WHEN DISTRIBUTION MUST BE PAID OVER
	  	61
		
	 SECTION 1405.      SUBROGATION
	  	61
		
	 SECTION 1406.      RELATIVE RIGHTS
	  	61
		
	 SECTION 1407.      SUBORDINATION MAY NOT BE IMPAIRED BY COMPANY
	  	61
		
	 SECTION 1408.      RIGHTS OF TRUSTEE AND PAYING AGENT
	  	61
		
	 SECTION 1409.      DISTRIBUTION OR NOTICE TO REPRESENTATIVE
	  	62
		
	 SECTION 1410.      ARTICLE FOURTEEN NOT TO PREVENT EVENTS OF DEFAULT OR LIMIT RIGHT TO
                            ACCELERATE
	  	62
		
	 SECTION 1411.      TRUST MONEYS NOT SUBORDINATED
	  	62
		
	 SECTION 1412.      TRUSTEE ENTITLED TO RELY
	  	62
		
	 SECTION 1413.      TRUSTEE TO EFFECTUATE SUBORDINATION
	  	63
		
	 SECTION 1414.      TRUSTEE NOT FIDUCIARY FOR HOLDERS OF SENIOR INDEBTEDNESS
	  	63
		
	 SECTION 1415.      RELIANCE BY HOLDERS OF SENIOR INDEBTEDNESS ON SUBORDINATION PROVISIONS
	  	63
		
	 SECTION 1416.      ADDITIONAL SUBORDINATION TERMS
	  	63

  

 -ix- 

 INDENTURE 
  

THIS Indenture, dated as of
                        ,              between
Pilgrim’s Pride Corporation, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”), having its principal office at 110 South Texas Street, Pittsburg, Texas 75686-0093, and
                        , as Trustee (herein called the “Trustee”), the office of the Trustee at which at the
date hereof its corporate trust business is principally administered being                         . 
  
 RECITALS OF THE COMPANY 
  
 The Company has duly authorized the execution and delivery of this Indenture
to provide for the issuance from time to time of its unsecured debentures, notes or other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as in this Indenture provided. 
  
 This Indenture is subject to the provisions of the Trust Indenture Act and
the rules and regulations of the Commission promulgated thereunder that are required to be part of this Indenture and, to the extent applicable, shall be governed by such provisions. 
  
 All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

  
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

 
 For and in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows: 
  
 ARTICLE ONE 
  
 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 have the meanings assigned to them in this Article 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 generally accepted accounting
principles in the United States, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted 

  

 1 

 
hereunder shall mean such accounting principles as are generally accepted in the United States at the date of such computation; and 
  
 (3) 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. 
  
 Certain terms, used principally in Article Six, are defined in Section 102. 
  
 “Act,” when used with respect to any Holder, has the meaning specified in Section 105. 
  
 “Additional Amounts” means any additional amounts that are required
by the express terms of a Security or by or pursuant to a Board Resolution, under circumstances specified therein or pursuant thereto, to be paid by the Company with respect to certain taxes, assessments or other governmental charges imposed on
certain Holders and that are owing to such Holders. 
  
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition,
“control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 “Authenticating Agent” means any Person authorized by the Trustee to act on behalf of the Trustee pursuant to Section 614 to authenticate
Securities of one or more series. 
  
 “Authorized
Newspaper” means a newspaper, in the English language or in an official language of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation
in the place in connection with which the term is used or in the financial community of such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different
newspapers in the same city meeting the foregoing requirements and in each case on any Business Day. 
  
 “Board of Directors” means either the board of directors of the Company or any duly authorized committee of that board. 
  
 “Board Resolution” means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
  
 “Book-Entry Security” has the meaning specified in Section 204.

  
 “Business Day” when used with respect to any Place
of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in that Place of Payment or the city in which the Corporate Trust Office is located are authorized or obligated by law or
executive order to close. 
  

 2 

 “Capital Stock,” means: 
  
 (i) in the case of a corporation, corporate stock; 
  
 (ii) in the case of an association or business entity, any
and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
  
 (iii) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

  
 (iv) any other interest or participation that
confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
  
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934,
as amended, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 
  
 “Company” means the Person named as the “Company” in the
first paragraph of this instrument 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” and “Company Order” mean, respectively,
a written request or order signed in the name of the Company by its Chairman of the Board, its President or a Vice President, and by its Treasurer, an Assistant Treasurer, its Controller, an Assistant Controller, its Secretary or an Assistant
Secretary, and delivered to the Trustee. 
  
 “Conversion
Event” has the meaning specified in Section 501. 
  
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which office at the date hereof is that indicated in the introductory
paragraph of this Indenture. 
  
 “Default” means any
event, act or condition that is, or after notice or the passage of time or both would be, an Event of Default. 
  
 “Defaulted Interest” has the meaning specified in Section 307. 
  
 “Depositary” means, with respect to the Securities of any series issuable or issued in the form of a global
Security, the Person designated as Depositary by the Company pursuant to Section 301 until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or
include each Person who is then a Depositary hereunder, and if at any time there is more than one such person, “Depositary” as used with respect to the Securities of any series shall mean the Depositary with respect to the Securities of
that series. 
  

 3 

 “Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of
the United States as at the time shall be legal tender for the payment of public and private debts. 
  
 “Event of Default” has the meaning specified in Section 501. 
  
 “Exchange Rate” has the meaning specified in Section 302. 
  
 “Holder,” when used with respect to any Security, means the Person
in whose name the Security is registered in the Security Register. 
  
 “Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall
include the terms of particular series of Securities established as contemplated by Section 301 and the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument. 
  
 “interest,” when used with respect to an Original Issue Discount
Security that by its terms bears interest only after Maturity, means interest payable after Maturity. 
  
 “Interest Payment Date” when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

  
 “Judgment Currency” has the meaning specified in
Section 506. 
  
 “Maturity,” when used with respect to
any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or
otherwise. 
  
 “Officers” Certificate” means a
certificate signed by the Chairman of the Board, the President or a Vice President, and by the Treasurer, the Controller, the Secretary or an Assistant Treasurer, Assistant Controller or Assistant Secretary, of the Company, and delivered to the
Trustee, which certificate shall be in compliance with Section 103 hereof. 
  
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for or an employee of the Company, rendered, if applicable, in accordance with Section 314(c) of the Trust Indenture Act, which
opinion shall be in compliance with Section 103 hereof. 
  
 “Original Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502.

  
 “Outstanding” when used with respect to Securities,
means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, EXCEPT: 
  
 (i) Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
  

 4 

 (ii) Securities for whose payment or redemption money in the necessary amount has been
theretofore irrevocably deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities;
PROVIDED that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and 
  
 (iii) Securities that have been paid pursuant to Section 306
or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that
such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company; 
  
 PROVIDED, HOWEVER, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, or whether a quorum is present at a meeting of Holders of Securities, (a) the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding for such purposes shall be
the principal amount thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof pursuant to Section 502, (b) the principal amount of a Security denominated in a foreign currency shall be the
U.S. Dollar equivalent, determined by the Company on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the U.S. Dollar equivalent, determined on the date of original
issuance of such Security, of the amount determined as provided in (a) above), of such Security and (c) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver or upon any such determination as to the
presence of a quorum, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. 
  
 “Paying Agent” means any Person, which may include the Company,
authorized by the Company to pay the principal of (and premium, if any) or interest on any one or more series of Securities on behalf of the Company. 
  
 “Person” means any individual, corporation, partnership, limited liability company, joint venture, incorporated or unincorporated association,
joint stock company, trust, unincorporated organization or government or other agency or political subdivision thereof or other entity of any kind. 
  
 “Place of Payment” when used with respect to the Securities of any series, means the place or places where the principal of (and premium, if
any) and interest on the Securities of that series are payable as specified in accordance with Section 301 subject to the provisions of Section 1002. 
  

 5 

 “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 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” when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this
Indenture. 
  
 “Redemption Price” when used with respect
to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 
  
 “Registered Security” means any Security in the form established pursuant to Section 201 which is registered in the Security Register.

  
 “Regular Record Date” for the interest payable on
any Interest Payment Date on the Registered Securities of any series means the date specified for that purpose as contemplated by Section 301, or, if not so specified, the last day of the calendar month preceding such Interest Payment Date if such
Interest Payment Date is the fifteenth day of the calendar month or the fifteenth day of the calendar month preceding such Interest Payment Date if such Interest Payment Date is the first day of a calendar month, whether or not such day shall be a
Business Day. 
  
 “Representative” means the trustee,
agent or representative expressly authorized to act in such capacity, if any, for an issue of Senior Indebtedness. 
  
 “Required Currency” has the meaning specified in Section 506. 
  
 “Responsible Officer” when used with respect to the Trustee, means any officer of the Trustee with direct
responsibility for the administration of the Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject.

  
 “Securities” has the meaning stated in the first
recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture. 
  
 “Security Register” and “Security Registrar” have the respective meanings specified in Section 305. 
  
 “Senior Indebtedness” of the Company means, as to any series of
Securities subordinated pursuant to the provisions of Article Fourteen, any obligation of the Company to its creditors (other than obligations evidenced by the Securities) whether now outstanding or subsequently incurred of the Company that is
identified as Senior Indebtedness in the Board Resolution and accompanying Officers’ Certificate or in an indenture supplemental hereto setting forth the terms, including as to subordination, of such series. 
  
 “Special Record Date” for the payment of any Defaulted Interest on
the Registered Securities of any series means a date fixed by the Trustee pursuant to Section 307. 
  

 6 

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

  
 (i) any corporation, association or other
business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 
  
 (ii) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person
or (b) the only general partners of which are such Person or one or more Subsidiaries of such Person (or any combination thereof). 
  
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument 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 that series. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed, except as provided
in Section 905. 
  
 “United States” means the United
States of America (including the States and the District of Columbia) and its “possessions,” which include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 
  
 “United States Alien” means any Person who, for United States
federal income tax purposes, is a foreign corporation, a nonresident alien individual, a nonresident alien or foreign fiduciary of an estate or trust, or a foreign partnership. 
  
 “U.S. Government Obligations” has the meaning specified in Section 401. 
  
 “Vice President” when used with respect to the Company or the
Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president”. 
  
 “Wholly-Owned Subsidiary” of any specified Person means a Subsidiary of such Person all of the outstanding Capital Stock or other ownership
interests of which (other than directors’ qualifying shares and shares issued to other Persons to comply with local law that collectively do not constitute more than 5% of all of the Capital Stock ordinarily having the power to vote for the
election of directors of such Subsidiary) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person and one or more Wholly Owned Subsidiaries of such Person. 
  

 7 

 “Yield to Maturity” when used with respect to any Original Issue Discount Security, means the
yield to maturity, if any, set forth on the face thereof. 
  
 SECTION 102.
INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT. 
  
 Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture. The following Trust Indenture Act terms used in this Indenture have the following
meanings: 
  
 “Bankruptcy Act” means the Bankruptcy Act
or Title 11 of the United States Code. 
  
 “indenture
securities” means the Securities. 
  
 “indenture
securityholder” means a Holder. 
  
 “indenture to be
qualified” means this Indenture. 
  
 “indenture
trustee” or “institutional trustee” means the Trustee. 
  
 “obligor” on the indenture securities means the Company or any other obligor on the Securities. 
  
 All terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by
Commission rule under the Trust Indenture Act and not otherwise defined herein have the meanings assigned to them therein. 
  
 SECTION 103. COMPLIANCE CERTIFICATES AND OPINIONS. 
  
 Except as otherwise expressly provided by this Indenture, upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any (including any covenants the compliance with which constitutes a condition precedent), 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 (including any covenants the compliance with which constitutes a
condition precedent), 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 shall include 
  
 (1) a statement that each Person 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; 
  

 8 

 (3) a statement that, in the opinion of each such Person, such Person has made such
examination or investigation as is necessary to enable such Person 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 or not, in the opinion of each such Person, such condition or covenant has
been complied with. 
  
 SECTION 104. 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 of the Company may be based, insofar
as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the
matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers
of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous. 
  
 Where any Person
is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  
 SECTION 105. ACTS OF HOLDERS; RECORD DATES. 
  
 (1) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in
writing. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument
or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments and so voting at any such meeting. Proof of
execution of any such instrument or of a writing appointing any such agent, or the holding of any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the
Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 1306. 
  
 The Company may set in advance a record date for purposes of determining the identity of Holders of Registered Securities
entitled to vote or consent to any action by vote or consent 

  

 9 

 
authorized or permitted under this Indenture, which record date shall be the later of 30 days prior to the first solicitation of such consent or the date of
the most recent list of Holders furnished to the Trustee prior to such solicitation. If a record date is fixed, those Persons who were Holders of Outstanding Registered Securities at such record date (or their duly designated proxies), and only
those Persons, shall be entitled with respect to such Securities to take such action by vote or consent or to revoke any vote or consent previously given, whether or not such Persons continue to be Holders after such record date. Promptly after any
record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice thereof to be given to the Trustee in writing in the manner provided in Section 106 and to the relevant Holders as set forth in Section 107.

  
 (2) The fact and date of the execution by any
Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority.
The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
  
 (3) The principal amount and serial numbers of Registered
Securities held by any Person, and the date of holding the same, shall be proved by the Security Register. 
  
 (4) 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 or the Company
in reliance thereon, whether or not notation of such action is made upon such Security. Any Holder or subsequent Holder may revoke the request, demand, authorization, direction, notice, consent or other Act as to his Security or portion of his
Security; PROVIDED, HOWEVER, that such revocation shall be effective only if the Trustee receives the notice of revocation before the date the Act becomes effective. 
  
 SECTION 106. NOTICES, ETC., TO TRUSTEE AND COMPANY. 
  
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or
permitted by this Indenture to be made upon, given or furnished to, or filed with, 
  
 (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in
writing to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Department, or 
  
 (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this Indenture or at any other address previously furnished in writing to the
Trustee by the Company, Attention: Corporate Secretary. 
  

 10 

 SECTION 107. NOTICE TO HOLDERS; WAIVER. 
  
 Where this Indenture provides for notice to Holders of Securities of any event, such notice shall be sufficiently given
(unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at the address of such Holder as it appears in the Security Register, not later than the latest date, and not
earlier than the earliest date, prescribed for the giving of such notice. 
  
 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 to Holders of Registered Securities by mail, then such notification as shall
be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. In any case in which notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Holder of a Registered Security, shall affect the sufficiency of such notice with respect to other Holders of Registered Securities. 
  
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such waiver. 
  
 SECTION 108. CONFLICT WITH TRUST
INDENTURE ACT. 
  
 If any provision hereof limits, qualifies
or conflicts with any provision of the Trust Indenture Act or another provision hereof required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such provision of the Trust Indenture Act shall control. If any
provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the former provision shall be deemed to apply to this Indenture as so modified or to be excluded. 
  
 SECTION 109. EFFECT OF HEADINGS AND TABLE OF CONTENTS. 
  
 The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
  
 SECTION 110.
SUCCESSORS AND ASSIGNS. 
  
 All covenants and agreements in
this Indenture by the Company shall bind its successors and assigns, whether or not so expressed. 
  
 SECTION 111. 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. 
  

 11 

 SECTION 112. 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, any Authenticating Agent, Paying Agent and Security Registrar, and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  
 SECTION 113. GOVERNING LAW. 
  
 This Indenture and the Securities shall be governed by and construed in
accordance with the laws of the State of New York, but without giving effect to applicable principles of conflicts of law to the extent the application of the laws of another jurisdiction would be required thereby. 
  
 SECTION 114. LEGAL HOLIDAYS. 
  
 In any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities) payment of principal and interest (and premium and Additional Amounts, if any) need not
be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity,
PROVIDED that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be. 
  
 SECTION 115. CORPORATE OBLIGATION. 
  
 No recourse may be taken, directly or indirectly, against any incorporator, subscriber to the capital stock, stockholder, officer, director or employee of
the Company or the Trustee or of any predecessor or successor of the Company or the Trustee with respect to the Company’s obligations on the Securities or the obligations of the Company or the Trustee under this Indenture or any certificate or
other writing delivered in connection herewith. 
  
 ARTICLE TWO

  
 SECURITY FORMS 
  
 SECTION 201. FORMS GENERALLY. 
  
 The Securities of each series shall be Registered Securities and shall be in
substantially such form or forms (including temporary or permanent global form) as shall be established by or pursuant to a Board 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 the rules of any
securities exchange or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the Securities. If temporary Securities of any series are issued in global form as permitted by Section
304, the form thereof shall be established as provided in the preceding sentence. A copy of the Board Resolution establishing the form or forms of Securities of any series (or any such temporary global Security) 

  

 12 

 
shall be 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 (or any such temporary global Security). 
  
 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 executing such Securities, as evidenced by their execution thereof. 
  
 SECTION 202. FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION. 
  
 The Trustee’s certificate of authentication shall be in substantially
the following form: 
  
 “This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
		
	By	 	 
	 	 	AUTHORIZED OFFICER”.

  
 SECTION 203. SECURITIES IN
GLOBAL FORM. 
  
 If Securities of a series are issuable in
global form, as contemplated by Section 301, then, notwithstanding clause (10) of Section 301 and the provisions of Section 302, any such Security shall represent such of the Outstanding Securities of such series as shall be specified therein and
may provide that it shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced to reflect exchanges.
Any endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented thereby shall be made by the Trustee in such manner and upon instructions given by such Person or
Persons as shall be specified in such Security or in a Company Order to be delivered to the Trustee pursuant to Section 303 or Section 304. Subject to the provisions of Section 303 and, if applicable, Section 304, the Trustee shall deliver and
redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified in such Security or in the applicable Company Order. If a Company Order pursuant to Section 303 or 304 has been, or
simultaneously is, delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need not comply with Section 103 and need not be accompanied by an Opinion of
Counsel. 
  
 The provisions of the last sentence of Section 303
shall apply to any Security in global form if such Security was never issued and sold by the Company and the Company delivers to the Trustee the Security in global form together with written instructions (which need not comply with Section 103 and
need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 303. 
  

 13 

 Notwithstanding the provisions of Sections 201 and 307, unless otherwise specified as contemplated by
Section 301, payment of principal of (and premium, if any) and interest on any Security in permanent global form shall be made to the Person or Persons specified therein. 
  
 Notwithstanding the provisions of Section 308 and except as provided in the preceding paragraph, the Company, the Trustee
and any agent of the Company or of the Trustee shall treat a Person as the Holder of such principal amount of Outstanding Securities represented by a global Security as shall be specified in a written statement, if any, of the Holder of such global
Security, which is produced to the Security Registrar by such Holder. 
  
 Global Securities may be issued in either temporary or permanent form. Permanent global Securities will be issued in definitive form. 
  
 SECTION 204. BOOK-ENTRY SECURITIES. 
  
 Notwithstanding any provision of this Indenture to the contrary: 
  

(a) At the discretion of the Company, any Registered Security may be issued from time to time, in whole or in part, in permanent global form registered
in the name of a Depositary, or its nominee. Each such Registered Security in permanent global form is hereafter referred to as a “Book-Entry Security.” Subject to Section 303, upon such election, the Company shall execute, and the Trustee
or an Authenticating Agent shall authenticate and deliver, one or more Book-Entry Securities that (i) are denominated in an amount equal to the aggregate principal amount of the Outstanding Securities of such series if elected in whole or such
lesser amount if elected in part, (ii) are registered in the name of the Depositary or its nominee, (iii) are delivered by the Trustee or an Authenticating Agent to the Depositary or pursuant to the Depositary’s instructions and (iv) bear a
legend in substantially the following form (or such other form as the Depositary and the Company may agree upon): 
  
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITARY], TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [NOMINEE OF THE DEPOSITARY] OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITARY] (AND ANY PAYMENT IS MADE TO [NOMINEE OF THE DEPOSITARY] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITARY]), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [NOMINEE OF THE
DEPOSITARY], HAS AN INTEREST HEREIN. 
  
 (b) Any Book-Entry
Security shall be initially executed and delivered as provided in Section 303. Notwithstanding any other provision of this Indenture, unless and until it is exchanged in whole or in part for Registered Securities not issued in global form, a
Book-Entry Security may not be transferred except as a whole by the Depositary to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such 

  

 14 

 
Depositary, or by such Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 
  
 (c) If at any time the Depositary notifies the Company or the Trustee that it
is unwilling or unable to continue as Depositary for any Book-Entry Securities, the Company shall appoint a successor Depositary, whereupon the retiring Depositary shall surrender or cause the surrender of its Book-Entry Security or Securities to
the Trustee. The Trustee shall promptly notify the Company upon receipt of such notice. If a successor Depositary has not been so appointed by the effective date of the resignation of the Depositary, the Book-Entry Securities will be issued as
Registered Securities not issued in global form, in an aggregate principal amount equal to the principal amount of the Book-Entry Security or Securities theretofore held by the Depositary. 
  
 The Company may at any time and in its sole discretion determine that the
Securities shall no longer be Book-Entry Securities represented by a global certificate or certificates, and will so notify the Depositary. Upon receipt of such notice, the Depositary shall promptly surrender or cause the surrender of its Book-Entry
Security or Securities to the Trustee. Concurrently therewith, Registered Securities not issued in global form will be issued in an aggregate principal amount equal to the principal amount of the Book-Entry Security or Securities theretofore held by
the Depositary. 
  
 Upon any exchange of Book-Entry Securities for
Registered Securities not issued in global form as set forth in this Section 204(c), such Book-Entry Securities shall be cancelled by the Trustee, and Securities issued in exchange for such Book-Entry Securities pursuant to this Section shall be
registered in such names and in such authorized denominations as the Depositary for such Book-Entry Securities, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee or any
Authenticating Agent shall deliver such Securities to the Persons in whose names such Securities are so registered. 
  
 (d) The Company and the Trustee shall be entitled to treat the Person in whose name any Book-Entry Security is registered as the Holder thereof for all
purposes of the Indenture and any applicable laws, notwithstanding any notice to the contrary received by the Trustee or the Company; and the Trustee and the Company shall have no responsibility for transmitting payments to, communication with,
notifying, or otherwise dealing with any beneficial owners of any Book-Entry Security. Neither the Company nor the Trustee shall have any responsibility or obligations, legal or otherwise, to the beneficial owners or to any other party including the
Depositary, except for the Holder of any Book-Entry Security; PROVIDED HOWEVER, notwithstanding anything herein to the contrary, (i) for the purposes of determining whether the requisite principal amount of Outstanding Securities have given, made or
taken any request, demand, authorization, direction, notice, consent, waiver, instruction or other action hereunder as of any date, the Trustee shall treat any Person specified in a written statement of the Depositary with respect to any Book-Entry
Securities as the Holder of the principal amount of such Securities set forth therein and (ii) nothing herein shall prevent the Company, the Trustee, or any agent of the Company or Trustee, from giving effect to any written certification, proxy or
other authorization furnished by a Depositary with respect to any Book-Entry Securities, or impair, as between a Depositary and holders of beneficial interests in such Securities, the operation of customary practices governing the exercise of the
rights of the Depositary as Holder of such Securities. 
  

 15 

 (e) So long as any Book-Entry Security is registered in the name of a Depositary or its nominee, all
payments of the principal of (and premium, if any) and interest on such Book-Entry Security and redemption thereof and all notices with respect to such Book-Entry Security shall be made and given, respectively, in the manner provided in the
arrangements of the Company with such Depositary. 
  
 ARTICLE
THREE 
  
 THE SECURITIES 
  
 SECTION 301. AMOUNT UNLIMITED; ISSUABLE IN SERIES. 
  
 The aggregate principal amount of Securities that may be authenticated and
delivered under this Indenture is unlimited. 
  
 The Securities
may be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities
of any series: 
  
 (1) the title of the
Securities of the series (which shall distinguish the Securities of the series from all other Securities); 
  
 (2) any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906 or 1107); 
  
 (3) whether Securities of the series are to be issuable as
Registered Securities, whether any Securities of the series are to be issuable initially in temporary global form and whether any Securities of the series are to be issuable in permanent global form, as Book-Entry Securities or otherwise, and, if
so, whether beneficial owners of interests in any such permanent global Security may exchange such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges
may occur, if other than in the manner provided in Section 305, and the Depositary for any global Security or Securities; 
  
 (4) the manner in which any interest payable on a temporary global Security on any Interest Payment Date will be paid if other than in the
manner provided in Section 304; 
  
 (5) the date
or dates on which the principal of (and premium, if any, on) the Securities of the series is payable or the method of determination thereof; 
  
 (6) the rate or rates, or the method of determination thereof, at which the Securities of the series shall bear interest, if any, whether
and under what circumstances Additional Amounts with respect to such Securities shall be payable, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and, if other than as set
forth in Section 101, the Regular Record Date for the interest payable on any Registered Securities on any Interest Payment Date; 
  

 16 

 (7) the place or places where, subject to the provisions of Section 1002, the principal
of (and premium, if any), any interest on and any Additional Amounts with respect to the Securities of the series shall be payable; 
  
 (8) the period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at which and the terms
and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if the Company is to have that option, and the manner in which the Company must exercise any such option; 
  
 (9) the obligation, if any, of the Company to redeem or
purchase Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at which
and the terms and conditions upon which Securities of the series shall be redeemed or purchased in whole or in part pursuant to such obligation; 
  
 (10) the denomination in which any Registered Securities of that series shall be issuable, if other than denominations of $1,000 and any
integral multiple thereof; 
  
 (11) the currency
or currencies (including composite currencies) in which payment of the principal of (and premium, if any), any interest on and any Additional Amounts with respect to the Securities of the series shall be payable if other than the currency of the
United States of America; 
  
 (12) if the
principal of (and premium, if any) or interest on the Securities of the series are to be payable, at the election of the Company or a Holder thereof, in a currency or currencies (including composite currencies) other than that in which the
Securities are stated to be payable, the currency or currencies (including composite currencies) in which payment of the principal of (and premium, if any) and interest on and any Additional Amounts with respect to Securities of such series as to
which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made; 
  
 (13) if the amount of payments of principal of (and premium, if any), any interest on and any Additional Amounts with respect to the
Securities of the series may be determined with reference to any commodities, currencies or indices, or values, rates or prices, the manner in which such amounts shall be determined; 
  
 (14) if other than the entire principal amount thereof, the portion of the principal amount of Securities of
the series that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502; 
  
 (15) any additional means of satisfaction and discharge of this Indenture with respect to Securities of the series pursuant to Section
401, any additional conditions to discharge pursuant to Section 401 or 403 and the application, if any, of Section 403; 
  

 17 

 (16) any deletions or modifications of or additions to the Events of Default set forth in
Section 501, 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, or covenants of the Company set forth in Article Ten pertaining to the
Securities of the series; 
  
 (17) the terms, if
any, on which the Securities of any series may be converted into or exchanged for stock or other securities of the Company or other entities, any specific terms relating to the adjustment thereof and the period during which such Securities may be so
converted or exchanged; 
  
 (18) additional
provisions relating to the subordination of the Securities pursuant to Section 1403 or other provisions of Article Fourteen; and 
  
 (19) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture). 
  
 All Securities of any one series shall be substantially identical except, in
the case of Registered Securities, as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the
Officers’ Certificate referred to above or in any such indenture supplemental hereto. 
  
 At the option of the Company, interest on the Registered Securities of any series that bears interest may be paid by mailing a check to the address of any Holder as such address shall appear in the Security Register.

  
 If any of the terms of the series are established by action
taken pursuant to a Board Resolution, a copy of an appropriate record of such action together with such Board Resolution shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the
delivery of the Officers’ Certificate setting forth the terms of the series. 
  
 SECTION 302. DENOMINATIONS. 
  
 The Securities of
each series shall be issuable in such denominations as shall be specified as contemplated by Section 301. In the absence of any such provisions with respect to the Securities of any series, the Registered Securities of such series denominated in
Dollars shall be issuable in denominations of $1,000 and any integral multiple thereof. Unless otherwise provided as contemplated by Section 301 with respect to any series of Securities, any Securities of a series denominated in a currency other
than Dollars shall be issuable in denominations that are the equivalent, as determined by the Company by reference to the noon buying rate in The City of New York for cable transfers for such currency (“Exchange Rate”), as such rate is
reported or otherwise made available by the Federal Reserve Bank of New York, on the applicable issue date for such Securities, of $1,000 and any integral multiple thereof. 
  
 SECTION 303. EXECUTION, AUTHENTICATION, DELIVERY AND DATING. 
  
 The Securities shall be executed on behalf of the Company by its Chairman of the Board, its President, its Treasurer or one
of its Vice Presidents, under its corporate seal reproduced 

  

 18 

 
thereon or affixed thereto attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities may be
manual or facsimile. Coupons shall bear the facsimile signature of the Chairman of the Board, President, Treasurer or any Vice President of the Company. 
  
 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 as in this Indenture provided and not otherwise. 
  
 If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions or Officer’s Certificate
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 (in addition to the other documents
required by Section 103 hereof), and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating, 
  
 (a) if the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 201, that such form has
been established in conformity with the provisions of this Indenture; 
  
 (b) if the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 301, that such terms have been established in conformity with the provisions of this Indenture; and

  
 (c) that such Securities, when authenticated
and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legal, valid and binding obligations of the Company, enforceable in accordance with their terms,
except as such enforcement is subject to the effect of bankruptcy, insolvency, fraudulent conveyance, reorganization or other laws relating to or affecting creditors’ rights, and general principles of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law). 
  
 If such form
or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and
this Indenture or otherwise in a manner not reasonably acceptable to the Trustee. 
  
 Each Registered Security shall be dated the date of its authentication. 
  
 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate 

  

 19 

 
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
together with a written statement (which need not comply with Section 103 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such
Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 
  
 SECTION 304. TEMPORARY SECURITIES. 
  
 Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and
deliver, temporary Securities that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered
form and with such appropriate insertions, omissions, substitutions and other variations as the officers of the Company executing such Securities may determine, as evidenced by their execution of such Securities. 
  
 Except in the case of temporary Securities in global form (which shall be
exchanged in accordance with the provisions of the following paragraphs), if temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation
of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a
Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a
like principal amount of definitive Securities of the same series of authorized denominations. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive
Securities of such series. 
  
 All Outstanding temporary
Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of the same series and of like tenor authenticated and delivered hereunder. 
  
 SECTION 305. REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE. 
  
 The Company shall cause to be kept for each series of Securities at one of
the offices or agencies maintained pursuant to Section 1002 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 Registered Securities and of transfers of Registered Securities of such series. The Trustee is
hereby initially appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. 
  

 20 

 Upon surrender for registration of transfer of any Registered Security of any series at the office or
agency in a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Securities of the same series and of like
tenor, of any authorized denominations and of a like aggregate principal amount. 
  
 At the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series and of like tenor, of any authorized denominations and of a like aggregate 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 that the Holder
making the exchange is entitled to receive. 
  
 Notwithstanding
the foregoing, except as otherwise specified as contemplated by Section 301, any permanent global Security shall be exchangeable only as provided in this paragraph. If the beneficial owners of interests in a permanent global Security are entitled to
exchange such interest for Securities of such series and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated by Section 301, then without unnecessary delay but in any event not later than the
earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive Securities of that series in an aggregate principal amount equal to the principal amount of such permanent global Security, executed by
the Company. On or after the earliest date on which such interests may be so exchanged, such permanent global Security shall be surrendered from time to time in accordance with instructions given to the Trustee and the Depositary (which instructions
shall be in writing but need not comply with Section 103 or be accompanied by an Opinion of Counsel) or such other depositary as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such
purpose, to be exchanged, in whole or in part, for definitive Securities of the same series without charge and the Trustee shall authenticate and deliver, in exchange for each portion of such permanent global Security, a like aggregate principal
amount of other definitive Securities of the same series of authorized denominations and of like tenor as the portion of such permanent global Security to be exchanged; PROVIDED, HOWEVER, that no such exchanges may occur during a period beginning at
the opening of business 15 days before any selection of Securities of that series is to be redeemed and ending on the relevant Redemption Date. Promptly following any such exchange in part, such permanent global Security marked to evidence the
partial exchange shall be returned by the Trustee to the Depositary or such other depositary referred to above in accordance with the instructions of the Company referred to above. If a Registered Security is issued in exchange for any portion of a
permanent global Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any
Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or
proposed date for payment, as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion
of such permanent global Security is payable in accordance with the provisions of this Indenture. 
  

 21 

 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid
obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
  
 Every Registered Security presented or surrendered for registration of transfer or for exchange shall (if so required by the
Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney 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
exchange pursuant to Section 304, 906 or 1107 not involving any transfer. 
  
 The Company shall not be required (i) to issue, register the transfer of or exchange Securities of any series during a period beginning at the opening of business 15 days before the day of the mailing of a notice of
redemption of Securities of such series selected for redemption and ending at the close of business on the day of the mailing of the relevant notice of redemption or (ii) to register the transfer of or exchange any Registered Security so selected
for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 
  
 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 (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii)
such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the
Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount 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, 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 fee and expenses of the Trustee) connected therewith. 
  

 22 

 Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen
Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Securities of that series duly issued hereunder. 
  
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities. 
  
 SECTION 307.
PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED. 
  
 Interest
on any Registered Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest. Unless otherwise provided with respect to the Securities of any series, payment of interest may be made at the option of the Company by check mailed or delivered to the address of any Person
entitled thereto as such address shall appear in the Security Register. 
  
 Any interest on any Registered 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 to the Persons in whose names the Registered Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be
fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed payment, 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 mailed, first-class postage prepaid, to each Holder of
Registered Securities of such series at his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. The Trustee may, in its discretion, in the name and at the expense of the Company, cause a similar
notice to be published at least once in an Authorized Newspaper, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the 

  

 23 

 
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 Registered Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). 

 
 (2) The Company may make payment of any Defaulted
Interest on the Registered Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if,
after notice given by the Company to the Trustee of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee. 
  
 Subject to the foregoing provisions of this Section, each Security delivered under this Indenture, upon registration of
transfer of, in exchange for or in lieu of, any other Security, shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 
  
 SECTION 308. PERSONS DEEMED OWNERS. 
  
 Prior to due presentment of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name such Registered Security is registered as the owner of such Registered Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Sections 305 and 307) interest on such
Registered Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 
  
 SECTION 309. CANCELLATION. 
  
 All Securities surrendered for payment, redemption, registration of transfer
or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee. All Registered Securities so delivered shall be promptly cancelled by the Trustee. The Company may at
any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and 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, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of as
directed by a Company Order; PROVIDED that the Trustee shall not be required to destroy such Securities. 
  
 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 year comprising twelve 30-day months.

  

 24 

 SECTION 311. CUSIP NUMBERS. 
  
 The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee
shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; PROVIDED that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as
contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. 
  
 ARTICLE FOUR 
  
 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 Securities of a series, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to Securities of such series, when 
  
 (1) either 
  
 (A) all Securities of such series theretofore authenticated
and delivered (other than (i) Securities that have been destroyed, lost or stolen and that 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; 
  
 (B) with respect to all Outstanding Securities of such series not theretofore delivered to the Trustee for
cancellation, the Company has deposited or caused to be deposited with the Trustee as trust funds, under the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustee, for the purpose money or U.S. Government
Obligations maturing as to principal and interest in such amounts and at such times as will, together with the income to accrue thereon, without consideration of any reinvestment thereof, be sufficient to pay and discharge the entire indebtedness on
all Outstanding Securities of such series not theretofore delivered to the Trustee for cancellation for principal (and premium and Additional Amounts, if any) and interest to the Stated Maturity or any Redemption Date contemplated by the penultimate
paragraph of this Section, as the case may be; or 
  
 (C) the Company has properly fulfilled such other means of satisfaction and discharge as is specified, as contemplated by Section 301, to be applicable to the Securities of such series; 
  

 25 

 (2) the Company has paid or caused to be paid all other sums payable hereunder by the
Company with respect to the Outstanding Securities of such series; 
  
 (3) the Company has complied with any other conditions specified pursuant to Section 301 to be applicable to the discharge of Securities of such series pursuant to this Section 401; 
  
 (4) the Company has delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Outstanding Securities of such series have been
complied with; and 
  
 (5) if the conditions set
forth in Section 401(1)(A) have not been satisfied, and unless otherwise specified pursuant to Section 301 for the Securities of such series, the Company has delivered to the Trustee an Opinion of Counsel to the effect that the Holders of Securities
of such series will not recognize income, gain or loss for United States federal income tax purposes as a result of such deposit, satisfaction and discharge and will be subject to United States federal income tax on the same amount and in the same
manner and at the same time as would have been the case if such deposit, satisfaction and discharge had not occurred. 
  
 For the purposes of this Indenture, “U.S. Government Obligations” means direct noncallable obligations of, or noncallable obligations the
payment of principal of and interest on which is guaranteed by, the United States of America, or to the payment of which obligations or guarantees the full faith and credit of the United States of America is pledged, or beneficial interests in a
trust the corpus of which consists exclusively of money or such obligations or a combination thereof. 
  
 If any Outstanding Securities of such series are to be redeemed prior to their Stated Maturity, whether pursuant to any optional redemption provisions or
in accordance with any mandatory sinking fund requirement, the trust agreement referred to in subclause (B) of clause (1) of this Section 401 shall provide therefor and the Company shall make such arrangements as are satisfactory to the Trustee for
the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
  
 Notwithstanding the satisfaction and discharge of this Indenture with respect to the Outstanding Securities of such series pursuant to this Section 401,
the obligations of the Company to the Trustee under Section 607, the obligations of the Trustee to any Authenticating Agent under Section 614 and, except for a discharge pursuant to subclause (A) of clause (1) of this Section 401, the obligations of
the Company under Sections 305, 306, 404, 610(e), 701, 1001 and 1002 and 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 Securities, and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may 

  

 26 

 
determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest and Additional Amounts for the payment of which such money
has been deposited with the Trustee. 
  
 SECTION 403. DISCHARGE OF LIABILITY ON
SECURITIES OF ANY SERIES. 
  
 If this Section is specified,
as contemplated by Section 301, to be applicable to Securities of any series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the Outstanding Securities of such series, the obligation of the Company under this
Indenture and the Securities of such series to pay the principal of (and premium, if any) and interest on Securities of such series shall cease, terminate and be completely discharged and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging such satisfaction and discharge, when 
  
 (1) the Company has complied with the provisions of Section 401 of this Indenture (other than any additional conditions specified pursuant to Sections 301 and 401(3) and except that the Opinion of Counsel referred to
in Section 401(5) shall state that it is based on a ruling by the Internal Revenue Service or other change since the date hereof under applicable Federal income tax law) with respect to all Outstanding Securities of such series; 
  
 (2) the Company has delivered to the Trustee a Company
Request requesting such satisfaction and discharge; 
  
 (3) the Company has complied with any other conditions specified pursuant to Section 301 to be applicable to the discharge of Securities of such series pursuant to this Section 403; and 
  
 (4) the Company has delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the discharge of the indebtedness on the Outstanding Securities of such series have been complied with. 
  
 Upon the satisfaction of the conditions set forth in this Section with
respect to all the Outstanding Securities of any series, the terms and conditions of such series, including the terms and conditions with respect thereto set forth in this Indenture, shall no longer be binding upon, or applicable to, the Company;
PROVIDED that the Company shall not be discharged from any payment obligations in respect of Securities of such series that are deemed not to be Outstanding under clause (iii) of the definition thereof if such obligations continue to be valid
obligations of the Company under applicable law or pursuant to Section 305 or 306. 
  
 SECTION 404. REINSTATEMENT. 
  
 If the Trustee or
Paying Agent is unable to apply any money or U.S. Government Obligations deposited with respect to Securities of any series in accordance with Section 401 by reason of any legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture with respect to the Securities of such series and the Securities of such series shall be revived and
reinstated as though no deposit had occurred pursuant to Section 401 until such time as the Trustee or Paying Agent is permitted to apply all 

  

 27 

 
such money or U.S. Government Obligations in accordance with Section 401; PROVIDED, HOWEVER, that if the Company has made any payment of principal of (or
premium, if any), or interest on and any Additional Amounts with respect to any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from
the money or U.S. Government Obligations held by the Trustee or Paying Agent. 
  
 ARTICLE FIVE 
  
 REMEDIES

  
 SECTION 501. EVENTS OF DEFAULT. 
  
 “Event of Default,” wherever used herein with respect to
Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental body), unless it is either inapplicable to a particular series or it is specifically deleted or modified in or pursuant to the supplemental indenture or Board Resolution
establishing such series of Securities or in the form of Security for such series: 
  
 (1) default in the payment of any interest or any Additional Amounts upon any Security of that series when such interest or Additional
Amounts become due and payable, and continuance of such default for a period of 30 days; 
  
 (2) default in the payment of the principal of (or premium, if any, on) any Security of that series at its Maturity; 
  
 (3) default in the deposit of any sinking fund payment, when
and as due by the terms of a Security of that series and continuance of such default for a period of 30 days; 
  
 (4) default in the performance or breach of any covenant of the Company in this Indenture (other than a covenant a default in whose
performance or whose breach is elsewhere in this Section 501 specifically dealt with or which has expressly been included in this Indenture solely for the benefit of one or more series of Securities other than that series), and continuance of such
default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of all Outstanding Securities a
written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
  

(5) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an
involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition
seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of

  

 28 

 
the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or
order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or 
  
 (6) the commencement by the Company of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency,
reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under
any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it, of a petition or answer or consent seeking
reorganization or relief under any applicable federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar
official of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of
corporate action by the Company in furtherance of any such action; or 
  
 (7) any other Event of Default provided with respect to Securities of that series. 
  
 Notwithstanding the foregoing provisions of this Section 501, if the principal of (and premium, if any) or any interest on or Additional Amounts with
respect to any Security is payable in a currency or currencies (including a composite currency) other than Dollars and such currency (or currencies) is (or are) not available to the Company for making payment thereof due to the imposition of
exchange controls or other circumstances beyond the control of the Company (a “Conversion Event”), the Company will be entitled to satisfy its obligations to Holders of the Securities by making such payment in Dollars in an amount equal to
the Dollar equivalent of the amount payable in such other currency, as determined by the Company by reference to the Exchange Rate, as such Exchange Rate is certified for customs purposes by the Federal Reserve Bank of New York on the date of such
payment, or, if such rate is not then available, on the basis of the most recently available Exchange Rate. Notwithstanding the foregoing provisions of this Section 501, any payment made under such circumstances in Dollars where the required payment
is in a currency other than Dollars will not constitute an Event of Default under this Indenture. 
  
 Promptly after the occurrence of a Conversion Event, the Company shall give written notice thereof to the Trustee; and the Trustee, promptly after receipt
of such notice, shall give notice thereof in the manner provided in Section 107 to the Holders. Promptly after the making of any payment in Dollars as a result of a Conversion Event, the Company shall give notice in the manner provided in Section
107 to the Holders, setting forth the applicable Exchange Rate and describing the calculation of such payments. 
  
 SECTION 502. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT. 
  
 If an Event of Default with respect to any Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee
or the Holders of not less than 25% 

  

 29 

 
in principal amount of the Outstanding Securities of (i) the series affected by such default (in the case of an Event of Default described in clause (1),
(2), (3) or (7) of Section 501) or (ii) all series of Securities (subject to the immediately following sentence, in the case of an Event of Default described in clause (4) of Section 501) may declare the principal amount (or, if any such Securities
are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of all of the Securities of the series affected by such default or all series, as the case may be, to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. If an Event of Default described in
clause (5) or (6) of Section 501 shall occur, the principal amount of the Outstanding Securities of all series IPSO FACTO shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

  
 At any time after such a declaration of acceleration with
respect to Securities of any series (or of all series, as the case may be) has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority
in principal amount of the Outstanding Securities of that series (or of all series, as the case may be), by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if 
  
 (1) the Company has paid or deposited with the Trustee a sum
sufficient to pay 
  
 (A) all overdue interest
on, and any Additional Amounts with respect to, all Securities of that series (or of all series, as the case may be), 
  
 (B) the principal of (and premium, if any, on) any Securities of that series (or of all series, as the case may be) which have become due
otherwise than by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities (in the case of Original Issue Discount Securities, the Securities’ Yield to Maturity), 
  
 (C) to the extent that payment of such interest is lawful,
interest upon overdue interest and any Additional Amounts at the rate or rates prescribed therefor in such Securities (in the case of Original Issue Discount Securities, the Securities’ Yield to Maturity), and 
  
 (D) all sums paid or advanced by the Trustee hereunder, the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due the Trustee under Section 607 hereof; 
  
 and 
  
 (2) all Events of Default with respect to Securities of that series (or of all series, as the case may be), other than the nonpayment of
the principal of Securities of that series (or of all series, as the case may be) which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 
  
 No such rescission shall affect any subsequent default or impair any right consequent
thereon. 
  

 30 

 SECTION 503. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE. 
  
 The Company covenants that if 
  
 (1) default is made in the payment of any installment of
interest on, or any Additional Amounts with respect to, any Security of any series when such interest or Additional Amounts shall have become due and payable and such default continues for a period of 30 days, or 
  
 (2) default is made in the payment of the principal of (or
premium, if any, on) any Security at the Maturity thereof, the Company will, upon demand of the Trustee, pay to it, 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 Additional Amounts and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal (and premium, if any) and on any overdue interest and Additional Amounts, at the
rate or rates prescribed therefor in such Securities (or in the case of Original Issue Discount Securities, the Securities’ Yield to Maturity), and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or
decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 
  
 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
  
 SECTION 504. TRUSTEE MAY FILE PROOFS OF CLAIM. 
  
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal (or lesser amount in the case of Original
Issue Discount Securities) of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal
(premium, if any), interest or Additional Amounts) shall be entitled and empowered, by intervention in such proceeding or otherwise, 
  

 31 

 (i) to file and prove a claim for the whole amount of principal (or lesser amount in the
case of Original Issue Discount Securities) (and premium, if any) and interest and any Additional Amounts owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable to have the claims of
the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
  
 (ii) to collect and receive any monies or other property
payable or deliverable on any such claims and to distribute the same; 
  
 and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder 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 it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 607. 
  
 Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee
to vote in respect of the claim of any Holder in any such proceedings; PROVIDED, HOWEVER, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official. 
  
 SECTION 505. TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES OR COUPONS.

  
 All rights of action and claim under this Indenture or
the Securities may be prosecuted and enforced by the Trustee without possession of any of the Securities or the production thereof in any proceeding relating thereto; any such proceeding instituted by the Trustee shall be brought in its own name as
trustee of an express trust; and, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, any recovery of judgment shall 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 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),
interest or any Additional Amounts, 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 under Section 607; 
  
 SECOND: To the payment of the amounts then due and unpaid
for principal of (and premium, if any) and interest and any Additional Amounts on the Securities in 

  

 32 

 
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), interest and Additional Amounts, respectively; and 
  
 THIRD: The balance, if any, to the Company. 
  
 To the fullest extent allowed under applicable law, if for the purpose of obtaining judgment against the Company in any court it is necessary to convert
the sum due in respect of the principal of (or premium, if any) or interest on the Securities of any series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of
exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Business Day next preceding that on which final
judgment is given. Neither the Company nor the Trustee shall be liable for any shortfall nor shall it benefit from any windfall in payments to Holders of Securities under this Section caused by a change in exchange rates between the time the amount
of a judgment against it is calculated as above and the time the Trustee converts the Judgment Currency into the Required Currency to make payments under this Section to Holders of Securities, but payment of such judgment shall discharge all amounts
owed by the Company on the claim or claims underlying such judgment. 
  
 SECTION 507. LIMITATION ON SUITS. 
  
 Subject to
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 or trustee, or for any other remedy hereunder, unless

  
 (1) an Event of Default with respect to
Securities of such series shall have occurred and be continuing and such Holder has previously given written notice to the Trustee of such continuing Event of Default; 
  
 (2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall
have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
  
 (3) such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request; 
  
 (4) the Trustee
for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
  
 (5) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a
majority in principal amount of the Outstanding Securities of that series; 
  
 it
being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders,
or to obtain or to seek to obtain priority or 

  

 33 

 
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. 
  
 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 and any Additional Amounts with respect to such Security on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment on or
after such respective dates, and such rights shall not be impaired or affected without the consent of such Holder. 
  
 SECTION 509. RESTORATION OF RIGHTS AND REMEDIES. 
  
 If the Trustee or any Holder of any Security has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has
been discontinued or abandoned for any reason, then and in every such case the Company, the Trustee and the Holders shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder,
and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
  
 SECTION 510. 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 511. 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 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 512. CONTROL BY HOLDERS. 
  
 With respect to Securities of any series, the Holders of a majority in
principal amount of the Outstanding Securities of such 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,
relating to or arising under an Event of Default described in 

  

 34 

 
clause (1), (2), (3) or (7) of Section 501, and with respect to all Securities the Holders of a majority in principal amount of all Outstanding Securities
shall have the right to direct the time, method and place of conducting any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, not relating to or arising under such an Event of Default, PROVIDED that in each
such case: 
  
 (1) the Trustee shall have the
right to decline to follow any such direction if the Trustee, being advised by counsel, determines that the action so directed may not lawfully be taken or would conflict with this Indenture or if the Trustee in good faith shall, by a Responsible
Officer, determine that the proceedings so directed would involve it in personal liability or be unjustly prejudicial to the Holders not taking part in such direction, and 
  
 (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such
direction. 
  
 SECTION 513. WAIVER OF PAST DEFAULTS. 
  
 Subject to Sections 508 and 902, the Holders of a majority in principal
amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, and the Holders of a majority in principal amount
of all Outstanding Securities may on behalf of the Holders of all Securities waive any other past default hereunder and its consequences, except in each case a default: 
  
 (1) in the payment of the principal of (or premium, if any) or interest on or any Additional Amounts with
respect to any Security, or 
  
 (2) in respect of
a covenant or provision hereof that under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security affected. 
  
 Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
  
 SECTION 514. UNDERTAKING FOR COSTS. 
  
 All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to
pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant. The provisions of this Section shall not apply to any suit instituted by the Company, by the Trustee, by any Holder or group of Holders holding in the aggregate more than 10% in principal amount of the
Outstanding Securities of any series, or by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest on or any 

  

 35 

 
Additional Amounts with respect to any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on
or after the Redemption Date). 
  
 SECTION 515. WAIVER OF STAY OR EXTENSION
LAWS. 
  
 The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  
 ARTICLE SIX 
  
 THE TRUSTEE 
  
 SECTION 601. CERTAIN DUTIES AND RESPONSIBILITIES. 
  
 (a) Except during the continuance of an Event of Default with respect to the Securities of any series: 
  
 (1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required
to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether they conform to the requirements of this Indenture. 
  

(b) In case an Event of Default has occurred and is continuing with respect to the Securities of any series, the Trustee shall exercise
such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
  
 (c) 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: 
  
 (1) this Subsection shall not be construed to limit the effect of Subsection (a) of this Section; 
  

 36 

 (2) 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; 
  
 (3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with the direction of
the Holders of a majority in principal amount of the Outstanding Securities of any series or of all series, determined as provided in Section 512, 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; and 
  
 (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 indemnity satisfactory to it against such risk or liability is not
assured to it. 
  
 (d) 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. 
  
 SECTION 602. NOTICE OF DEFAULTS. 
  
 Within 90 days after the occurrence of any Default or Event of Default with
respect to the Securities of any series, the Trustee shall give notice of such Default or Event of Default known to the Trustee to all Holders of Securities of such series in the manner provided in Section 107 and in compliance with the Trust
Indenture Act, unless such Default or Event of Default shall have been cured or waived; PROVIDED, HOWEVER, that, except in the case of a Default or Event of Default in the payment of the principal of (or premium, if any) or interest on or any
Additional Amounts with respect to any Security of such series or in the payment of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of
directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders of Securities of such series; and
PROVIDED, FURTHER, that in the case of any Default or Event of Default of the character specified in Section 501(4) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence
thereof. 
  
 SECTION 603. CERTAIN RIGHTS OF TRUSTEE. 
  
 Subject to the provisions of Section 601: 
  
 (a) the Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon, other evidence of indebtedness or other paper or document believed by it to
be genuine and to have been signed or presented by the proper party or parties; 
  

 37 

 (b) 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 Board of Directors may be sufficiently evidenced by a Board Resolution; 
  
 (c) 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, rely upon an Officers’ Certificate; 
  
 (d) the Trustee may consult with counsel and the written
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; 
  
 (e) 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 satisfactory to it against the costs,
expenses and liabilities that might be incurred by it in compliance with such request or direction; 
  
 (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon, 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, personally or by agent or attorney;

  
 (g) 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, except for any Affiliates of the Trustee, 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; 
  
 (h) the Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Securities of any series for which it is acting as Trustee unless either (1) a Responsible Officer shall have actual knowledge of
such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been given to the Trustee by the Company or any other obligor on such Securities or by any Holder of such Securities; and 
  
 (i) the Trustee shall not be liable for any action taken,
suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture. 
  

 38 

 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 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. The Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds thereof. 
  
 SECTION 605. MAY HOLD SECURITIES. 
  
 The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not the Trustee, Authenticating Agent, Paying Agent, Security Registrar
or such other agent. 
  
 SECTION 606. MONEY HELD IN TRUST. 
  
 Money held by the Trustee in trust hereunder need not be segregated from
other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company. 
  
 SECTION 607. COMPENSATION AND REIMBURSEMENT. 
  
 The Company agrees: 
  
 (1) to pay to the Trustee from time to time compensation 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 compensation and the reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as
may be attributable to its negligence or bad faith; and 
  
 (3) to indemnify the Trustee and each of its directors, officers, employees, agents and/or representatives for, and to hold each of them harmless against, any loss, liability or expense incurred without negligence or
bad faith on each of their part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending themselves against any claim or liability in connection with the
exercise or performance of any of the Trustee’s powers or duties hereunder. 
  
 As security for the performance of the obligations of the Company under this Section 607, the Trustee shall have a lien prior to the Securities on all property and funds held or collected by the Trustee as such,
except funds held in trust for the payment of principal of, 

  

 39 

 
premium, if any, or interest, if any, on or any Additional Amounts with respect to particular Securities. 
  
 Any expenses and compensation for any services rendered by the Trustee after
the occurrence of an Event of Default specified in clause (5) or (6) of Section 501 shall constitute expenses and compensation for services of administration under all applicable federal or state bankruptcy, insolvency, reorganization or other
similar laws. 
  
 The provisions of this Section 607 and any lien
arising hereunder shall survive the resignation or removal of the Trustee or the discharge of the Company’s obligations under this Indenture and the termination of this Indenture. 
  
 SECTION 608. DISQUALIFICATION; CONFLICTING INTERESTS. 
  
 (a) If the Trustee has or shall acquire any conflicting interest, as defined in this Section 608, with
respect to the Securities of any series, it shall, within 90 days after ascertaining that it has such conflicting interest, either eliminate such conflicting interest or resign with respect to the Securities of that series in the manner and with the
effect hereinafter specified in this Article. 
  
 (b) In the event that the Trustee shall fail to comply with the provisions of Subsection (a) of this Section 608 with respect to the Securities of any series, the Trustee shall, within 10 days after the expiration of such 90-day period,
transmit by mail to all Holders of Securities of that series, as their names and addresses appear in the Security Register, notice of such failure in compliance with the Trust Indenture Act. 
  
 (c) For the purposes of this Section, the term
“conflicting interest” shall have the meaning specified in Section 310(b) of the Trust Indenture Act and the Trustee shall comply with Section 310(b) of the Trust Indenture Act; PROVIDED, that there shall be excluded from the operation of
Section 310(b)(1) of the Trust Indenture Act with respect to the Securities of any series any indenture or indentures under which other securities, or certificates of interest or participation in other securities, of the Company are outstanding, if
the requirements for such exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are met. For purposes of the preceding sentence, the optional provision permitted by the second sentence of Section 310(b)(1) of the Trust Indenture Act
shall be applicable. 
  
 SECTION 609. CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

  
 There shall at all times be a Trustee hereunder which
shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus
of at least $50 million and subject to supervision or examination by Federal or State (or the District of Columbia) authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section 609, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. If at any time the Trustee shall cease to be eligible in 

  

 40 

 
accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

  
 The Indenture shall always have a Trustee who satisfies the
requirements of Sections 310(a)(1), 310(a)(2) and 310(a)(5) of the Trust Indenture Act. 
  
 SECTION 610. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. 
  
 (a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611. 
  
 (b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the
Company. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the resigning Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
  
 (c) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. 
  
 (d) If at any time: 
  
 (1) the Trustee shall fail to comply with Section 608(a) after written request therefor by the Company or by 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 or by any such Holder of Securities, or 
  
 (3) the Trustee shall become incapable of acting or shall be
adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, then, in any such case, (i) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (ii) subject to Section 513, any Holder who has been a bona fide Holder of a Security for at least six months may,
on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 
  
 (e) If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to
the Securities of that or those series (it 

  

 41 

 
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 such successor Trustee or Trustees shall comply with the applicable requirements of Section 611. If no successor Trustee with respect to the Securities of
any series shall have been so appointed by the Company and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
  
 (f) The Company shall give notice of each resignation and each removal of the Trustee with respect to the
Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to all Holders of Securities of such series as their
names and addresses appear in the Security Register. 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. 
  
 (a) In case of the appointment hereunder of a successor
Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of
the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or
the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and
deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 
  
 (b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee and (3) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such
Trustees co-trustees of the same trust and that each such Trustee shall be 

  

 42 

 
trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution
and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates. 
  
 (c) Upon request of any such
successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case
may be. 
  
 (d) No successor Trustee shall accept
its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 
  
 SECTION 612. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS. 
  

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation
shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto; PROVIDED, HOWEVER, that in the case of a corporation succeeding to all or
substantially all the corporate trust business of the Trustee, such successor corporation shall expressly assume all of the Trustee’s liabilities hereunder. In case any Securities shall have been authenticated, but not delivered, by the Trustee
then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated
such Securities. 
  
 SECTION 613. PREFERENTIAL COLLECTION OF CLAIMS AGAINST
COMPANY. 
  
 The Trustee shall comply with Section 311(a) of
the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent indicated
therein. 
  
 SECTION 614. APPOINTMENT OF AUTHENTICATING AGENT. 

 
 The Trustee may appoint an Authenticating Agent or Agents that shall be
authorized to act on behalf of the Trustee to authenticate Securities issued upon original issue and upon exchange, registration of transfer or partial redemption or pursuant to Section 306, and Securities 

  

 43 

 
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on
behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation
organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia having a combined capital and surplus of not less than $50 million or equivalent amount expressed in a foreign currency and
subject to supervision or examination by Federal or State (or the District of Columbia) authority or authority of such country. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of
said supervising or examining authority, then for the purposes of this Section 614, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 614, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this
Section 614. 
  
 Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, PROVIDED such corporation shall be otherwise eligible under this Section 614, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent. 
  
 An
Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent
and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 614, the Trustee may appoint a
successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders as their names and addresses appear in the Security Register. Any
successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of this Section 614. 
  
 The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 614, and the Trustee
shall be entitled to be reimbursed for such payments, subject to the provisions of Section 607. 
  

 44 

 If an appointment is made pursuant to this Section 614, the Securities may have endorsed thereon, in
addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 
  
 “This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

					
		
	 	 	,
	 AS TRUSTEE
	 	 
			
	By	 	 	 	,
	 	 	AS AUTHENTICATING AGENT	 	 
			
	By	 	 	 	 
	 	 	AUTHORIZED SIGNATORY”.	 	 

  
 Notwithstanding
any provision of this Section 614 to the contrary, if at any time any Authenticating Agent appointed hereunder with respect to any series of Securities shall not also be acting as the Security Registrar hereunder with respect to any series of
Securities, then, in addition to all other duties of an Authenticating Agent hereunder, such Authenticating Agent shall also be obligated (i) to furnish to the Security Registrar promptly all information necessary to enable the Security Registrar to
maintain at all times an accurate and current Security Register and (ii) prior to authenticating any Security denominated in a foreign currency, to ascertain from the Company the units of such foreign currency that are required to be determined by
the Company pursuant to Section 302. 
  
 ARTICLE SEVEN

  
 HOLDER’S LISTS AND REPORTS BY TRUSTEE AND COMPANY

  
 SECTION 701. COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.

  
 With respect to each series of Securities, the Company
will furnish or cause to be furnished to the Trustee: 
  
 (a) semi-annually, not more than 15 days after each Regular Record Date relating to that series (or, if there is no Regular Record Date relating to that series, on January 1 and July 1), a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders of that series as of such dates, and 
  
 (b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list
of similar form and content, such list to be dated as of a date not more than 15 days prior to the time such list is furnished; 
  
 PROVIDED, that so long as the Trustee is the Security Registrar, the Company shall not be required to furnish or cause to be furnished such a list to the Trustee. The
Company shall otherwise comply with Section 312(a) of the Trust Indenture Act. 
  

 45 

 SECTION 702. PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS. 
  
 (a) The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Holders of each series contained in the most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders of each series received by the Trustee in its
capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list so furnished. The Trustee shall otherwise comply with Section 312(a) of the Trust Indenture Act. 
  
 (b) Holders of Securities may communicate pursuant to
Section 312(b) of the Trust Indenture Act with other Holders with respect to their rights under this Indenture or under the Securities. The Company, the Trustee, the Security Registrar and any other Person shall have the protection of Section 312(c)
of the Trust Indenture Act. 
  
 SECTION 703. REPORTS BY TRUSTEE.

  
 (a) Within 60 days after May 15 of each
year commencing with the year             , the Trustee shall transmit by mail to Holders a brief report dated as of such May 15 that complies with Section 313(a) of the Trust
Indenture Act. The Trustee shall comply with Section 313(b) of the Trust Indenture Act. The Trustee shall transmit by mail all reports as required by Sections 313(c) and 313(d) of the Trust Indenture Act. 
  
 (b) A copy of each report pursuant to Subsection (a) of this
Section 703 shall, at the time of its transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and with the Company. The Company will notify the Trustee when any Securities
are listed on any stock exchange. 
  
 SECTION 704. REPORTS BY COMPANY.

  
 The Company shall file with the Trustee, within 15 days
after the Company is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules
and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, and shall otherwise comply with Section 314(a) of the Trust
Indenture Act. 
  
 ARTICLE EIGHT 
  
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
  
 SECTION 801. COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS. 
  
 The Company shall not consolidate with or merge into any other Person or
convey, transfer or lease its properties and assets substantially as an entirety to any Person, unless: 
  
 (1) the Person formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or
which leases, the properties and assets of the Company substantially as an entirety shall be a corporation, partnership or trust and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest (including all Additional Amounts, if any) on all the Securities and the performance of every covenant of this Indenture on the part of
the Company to be performed or observed; 
  

 46 

 (2) immediately after giving effect to such transaction, no Default or Event of Default
shall have happened and be continuing; and 
  
 (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection
with such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 
  
 SECTION 802. SUCCESSOR PERSON SUBSTITUTED. 
  

Upon any consolidation by the Company with or merger by the Company into any other Person or any conveyance, transfer or lease of the properties and
assets of the Company substantially as an entirety in accordance with Section 801, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of such lease, the predecessor
Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 
  
 ARTICLE NINE 
  
 SUPPLEMENTAL INDENTURES 
  
 SECTION 901. SUPPLEMENTAL
INDENTURES WITHOUT CONSENT OF HOLDERS. 
  
 Without the
consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following
purposes: 
  
 (1) to evidence the succession of
another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Securities; 
  

 47 

 (2) to add to the covenants of the Company for the benefit of the Holders of all or any
series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series), to convey, transfer, assign, mortgage or
pledge any property to or with the Trustee or otherwise secure any series of the Securities or to surrender any right or power herein conferred upon the Company; 
  
 (3) to add any additional Events of Default with respect to all or any series of the Securities (and, if
such Event of Default is applicable to less than all series of Securities, specifying the series to which such Event of Default is applicable); 
  
 (4) to change or eliminate any of the provisions of this Indenture; PROVIDED that any such change or elimination shall become effective
only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is adversely affected by such change in or elimination of such provision; 
  
 (5) to establish the form or terms of Securities of any
series as permitted by Sections 201 and 301; 
  
 (6) to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of Securities pursuant to Section 401; PROVIDED, HOWEVER, that any such action
shall not adversely affect the interest of the Holders of Securities of such series or any other series of Securities in any material respect; 
  
 (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(b);

  
 (8) to cure any ambiguity, to correct or
supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture; PROVIDED such other provisions as may be made
shall not adversely affect the interests of the Holders of Securities of any series in any material respect; or 
  
 (9) to add a guarantor of the Securities. 
  
 SECTION 902. SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS. 
  
 With the consent of the Holders of a majority in principal amount of the Outstanding Securities of all series affected by such supplemental indenture
(acting as one class), by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto 

  

 48 

 
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner
the rights of the Holders of Securities of such series under this Indenture; PROVIDED, HOWEVER, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby, 
  
 (1) change the Stated Maturity of the principal of, or any
installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon, any Additional Amounts with respect thereto or any premium payable upon the redemption thereof, or change any
obligation of the Company to pay Additional Amounts (except as contemplated by Section 801(1) and permitted by Section 901(1)), or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 502, or change any Place of Payment where, or the coin or currency or currencies (including composite currencies) in which, any Security or any premium or any interest thereon
or Additional Amounts with respect thereto is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date);

  
 (2) reduce the percentage in principal amount
of Outstanding Securities, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences) provided for in this Indenture; or 
  
 (3) modify any of the provisions of this Section, Section 512 or Section 1007, except to increase any such percentage or to provide with respect to any particular series the right to condition the effectiveness of any
supplemental indenture as to that series on the consent of the Holders of a specified percentage of the aggregate principal amount of Outstanding Securities of such series (which provision may be made pursuant to Section 301 without the consent of
any Holder) 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 and Section 1007, or the deletion of this proviso, in accordance with the requirements of Sections 611(b)
and 901(7). 
  
 A supplemental indenture that changes or eliminates any covenant
or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or 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 to approve the particular form of any proposed supplemental indenture, but it shall be
sufficient if such Act shall approve the substance thereof. 
  

 49 

 SECTION 903. EXECUTION OF SUPPLEMENTAL INDENTURES. 
  
 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article 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, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by 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, immunities or liabilities under this Indenture or
otherwise. 
  
 SECTION 904. EFFECT OF SUPPLEMENTAL INDENTURES. 

 
 Upon the execution of any supplemental indenture under this Article, this
Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby. 
  
 SECTION 905. CONFORMITY WITH TRUST INDENTURE ACT. 

 
 Every supplemental indenture executed pursuant to this Article shall
conform to the requirements of the Trust Indenture Act as then in effect. 
  
 SECTION 906. REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES. 
  
 Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the
Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
  
 ARTICLE TEN 
  
 COVENANTS 
  
 SECTION 1001. PAYMENT OF PRINCIPAL, PREMIUM 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), interest on and any Additional Amounts with respect to the
Securities of that series in accordance with the terms of the Securities and this Indenture. 
  
 SECTION 1002. MAINTENANCE OF OFFICE OR AGENCY. 
  
 If Securities of a series are issuable only as Registered Securities, the Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be
presented or surrendered for payment, where Securities of that 

  

 50 

 
series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be served. 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 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. 
  
 SECTION
1003. MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST. 
  
 If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of (and premium, if any) or interest on or any Additional Amounts with respect to
any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 
  
 Whenever the Company shall have one or more Paying Agents for any series of Securities, the Company will, on or before each due date of the principal of
(and premium, if any) or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
  
 The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 
  
 (1) hold all sums held by it for the payment of the principal of (and premium, if any), interest on or any Additional Amounts with respect
to Securities of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
  
 (2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of that
series) in the making of any payment of principal (and premium, if any), interest on or any Additional Amounts with respect to the Securities of that series; and 
  

 51 

 (3) at any time during the continuance of any such default, upon the written request of
the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
  
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums
held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which 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. 
  
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium, if any) or interest on any Security of any series and remaining
unclaimed for three years after such principal (and premium, if any) or interest has become due and payable shall, unless otherwise required by mandatory provisions of applicable escheat, or abandoned or unclaimed property law, 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; PROVIDED, HOWEVER, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper in The Borough of Manhattan, The City of New York and in such other Authorized Newspapers as the Trustee shall deem appropriate, notice that such
money remains unclaimed and that, after a date specified herein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will, unless otherwise required by mandatory provisions of
applicable escheat, or abandoned or unclaimed property law, be repaid to the Company. 
  
 SECTION 1004. EXISTENCE. 
  
 Subject to Article
Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. 
  
 SECTION 1005. STATEMENT BY OFFICERS AS TO DEFAULT. 
  
 The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof so long as any
Security is outstanding hereunder, an Officers’ Certificate, complying with Section 314(a)(4) of the Trust Indenture Act and stating that a review of the activities of the Company during such year and of performance under this Indenture has
been made under the supervision of the signers thereof and whether or not to the best of their knowledge, based upon such review, the Company is in default in the performance, observance or fulfillment of any of its covenants and other obligations
under this Indenture, and if the Company shall be in default, specifying each such default known to them and the nature and status thereof. One of the officers signing the Officers’ Certificate delivered pursuant to this Section 1005 shall be
the principal executive, financial or accounting officer of the Company. 
  

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 For purposes of this Section, such compliance shall be determined without regard to any period of grace
or requirement of notice provided under this Indenture. 
  
 SECTION 1006.
WAIVER OF CERTAIN COVENANTS. 
  
 The Company may omit in any
particular instance to comply with any covenant or condition set forth in Section 1005, or any covenant added for the benefit of any series of Securities as contemplated by Section 301 (unless otherwise specified pursuant to Section 301) if before
or after the time for such compliance the Holders of a majority in principal amount of the Outstanding Securities of all series affected by such omission (acting as one class) shall, by Act of such Holders, either waive such compliance in such
instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations
of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in full force and effect. 
  
 SECTION 1007. ADDITIONAL AMOUNTS. 
  
 If the Securities of a series expressly provide for the payment of Additional Amounts, the Company will pay to the Holder of any Security of such series
Additional Amounts as expressly provided therein. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series or the net proceeds received
from the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided for in this Section 1007 to the extent that, in such context, Additional Amounts are, were or
would be payable in respect thereof pursuant to the provisions of this Section 1007 and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those
provisions hereof where such express mention is not made. 
  
 If
the Securities of a series provide for the payment of Additional Amounts, at least 10 days prior to the first Interest Payment Date with respect to that series of Securities (or if the Securities of that series will not bear interest prior to
Maturity, the first day on which a payment of principal and any premium is made), and at least 10 days prior to each date of payment of principal and any premium or interest if there has been any change with respect to the matters set forth in the
below-mentioned Officers’ Certificate, the Company shall furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than the Trustee, with an Officers’ Certificate instructing the Trustee and such Paying
Agent or Paying Agents whether such payment of principal of and any premium or interest on the Securities of that series shall be made to Holders of Securities of that series who are United States Aliens without withholding for or on account of any
tax, assessment or other governmental charge described in the Securities of that series. If any such withholding shall be required, then such Officers’ Certificate shall specify by country the amount, if any, required to be withheld on such
payments to such Holders of Securities and the Company will pay to such Paying Agent the Additional Amounts required by this Section. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against any
loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers’ Certificate furnished pursuant to this
Section 1007. 
  

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 ARTICLE ELEVEN 
  
 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 Securities of any series) in accordance with this Article. 
  
 SECTION 1102. ELECTION TO REDEEM; NOTICE TO TRUSTEE. 
  
 The election of the Company to redeem any Securities shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company of less than all the Securities of any series, the Company shall,
a reasonable period prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed.
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 Officers’
Certificate 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, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not
previously called for redemption, by such method as the Trustee shall deem fair and appropriate and that may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any
integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series or of the principal amount of global Securities of such series.

  
 The Trustee shall promptly notify the Company and the Security
Registrar in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 
  
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of
Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 
  
 SECTION 1104. NOTICE OF REDEMPTION. 
  
 Notice of redemption shall be given in the manner provided in Section 107 to
each Holder of Securities to be redeemed not less than 30 nor more than 60 days prior to the Redemption Date. 
  
 All notices of redemption shall state: 
  
 (1) the Redemption Date, 
  

 54 

 (2) the Redemption Price, 
  
 (3) if less than all the Outstanding Securities of any series are to be redeemed, the identification (and,
in the case of partial redemption, the principal amounts) of the particular Securities 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 such Securities are to be surrendered for payment of the Redemption Price, 
  
 (6) that the redemption is for a sinking fund, if such is
the case, and 
  
 (7) the “CUSIP”
number, if applicable. 
  
 A notice of redemption as contemplated
by Section 107 need not identify particular Registered Securities to be redeemed. Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the
name and at the expense of the Company. 
  
 SECTION 1105. DEPOSIT OF REDEMPTION
PRICE. 
  
 On or before 10:00 a.m., New York City time, on
any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the
Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on and any Additional Amounts with respect to all the Securities to be redeemed on that date. 
  
 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 with accrued interest (and any Additional Amounts) to the
Redemption Date; PROVIDED, HOWEVER, that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close
of business on the relevant Record Dates according to their terms and the provisions of Section 307. 
  

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 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the
principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security or, in the case of Original Issue Discount Securities, the Securities’ Yield to Maturity. 
  
 SECTION 1107. SECURITIES REDEEMED IN PART. 
  
 Any Registered 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 his
attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Registered Security or Securities of the same series and Stated
Maturity, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 
  
 SECTION 1108. PURCHASE OF SECURITIES. 
  
 Unless otherwise specified as contemplated by Section 301, the Company and
any Affiliate of the Company may at any time purchase or otherwise acquire Securities in the open market or by private agreement. Such acquisition shall not operate as or be deemed for any purpose to be a redemption of the indebtedness represented
by such Securities. Any Securities purchased or acquired by the Company may be delivered to the Trustee and, upon such delivery, the indebtedness represented thereby shall be deemed to be satisfied. Section 309 shall apply to all Securities so
delivered. 
  
 ARTICLE TWELVE 
  
 SINKING FUNDS 
  
 SECTION 1201. APPLICABILITY OF ARTICLE. 
  
 The provisions of this Article shall be applicable to any sinking fund for
the retirement of Securities of a series except as otherwise specified as contemplated by Section 301 for Securities of such series. 
  
 The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking
fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment”. Unless otherwise provided by the terms of Securities of
any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of
such series. 
  

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 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 the Securities of such series required to be made pursuant to the terms of such Securities as
provided for by the terms of such series; PROVIDED that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for
redemption through operation of the sinking fund and the amount of such sinking payment shall be reduced accordingly. 
  
 SECTION 1203. REDEMPTION OF SECURITIES FOR SINKING FUND. 
  
 Not less than 45 days prior (unless a shorter period shall be satisfactory to the Trustee) to each sinking fund payment date for any series of Securities,
the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by
payment of cash and the portion thereof, if any, which is to be satisfied by delivery of or by crediting Securities of that series pursuant to Section 1202 and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days
before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 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. 
  
 ARTICLE THIRTEEN 
  
 MEETINGS OF HOLDERS OF SECURITIES 
  
 SECTION 1301. PURPOSES FOR WHICH MEETINGS MAY BE CALLED. 
  
 A meeting of Holders of Securities of any or all series may be called at any
time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities of such
series. 
  
 SECTION 1302. CALL, NOTICE AND PLACE OF MEETINGS. 

 
 (a) The Trustee may at any time call a meeting of Holders
of Securities of any series for any purpose specified in Section 1301, to be held at such time and at such place in Dallas, Texas, in The Borough of Manhattan, The City of New York, or in any other location, as the Trustee shall determine. Notice of
every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in 

  

 57 

 
Section 107, not less than 20 nor more than 180 days prior to the date fixed for the meeting. 
  
 (b) In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in
aggregate principal amount of the Outstanding Securities of any series, shall have requested the Trustee for any such series to call a meeting of the Holders of Securities of such series for any purpose specified in Section 1301, by written request
setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 30 days after receipt of such request or shall not thereafter proceed
to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the time and the place in Dallas, Texas or in The Borough of Manhattan,
The City of New York for such meeting and may call such meeting for such purposes by giving notice thereof as provided in Subsection (a) of this Section. 
  
 SECTION 1303. PERSONS ENTITLED TO VOTE AT MEETINGS. 
  
 To be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such
series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any
meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 
  
 SECTION 1304. QUORUM; ACTION. 
  
 The Persons entitled to vote a majority in aggregate principal amount of the
Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities of such series. In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of Securities of such series, be dissolved. In any other case, the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the
absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Subject to
Section 1305(d), notice of the reconvening of any adjourned meeting shall be given as provided in Section 1302(a), except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be
reconvened. Notice of the reconvening of an adjourned meeting shall state expressly that Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series shall constitute a quorum. 
  
 Except as limited by the proviso to Section 902, any resolution presented to
a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted by the affirmative vote of the Holders of a majority in aggregate principal amount of the Outstanding Securities of that series; PROVIDED,
HOWEVER, that, except as limited by the proviso to Section 902, any resolution with respect to any request, demand, authorization, direction, notice, consent or waiver which this Indenture expressly provides may be made, given 

  

 58 

 
or taken by the Holders of a specified percentage that is less than a majority in aggregate principal amount of the Outstanding Securities of a series may be
adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in aggregate principal amount of the Outstanding Securities of that
series. 
  
 Except as limited by the proviso to Section 902, any
resolution passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders of Securities of such series, whether or not present or represented at the
meeting. 
  
 SECTION 1305. DETERMINATION OF VOTING RIGHTS; CONDUCT AND
ADJOURNMENT OF MEETINGS. 
  
 (a) The holding
of Securities shall be proved in the manner specified in Section 105 and the appointment of any proxy shall be proved in the manner specified in Section 105. Such regulations may provide that written instruments appointing proxies, regular on their
face, may be presumed valid and genuine without the proof specified in Section 105 or other proof. 
  
 (b) The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Company or by Holders of Securities as provided in Section 1302(b), in which case the Company or the Holders of Securities of the series calling the meeting, as the case may be, shall appoint a temporary chairman. A permanent chairman and a
permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of such series represented at the meeting. 
  
 (c) At any meeting each Holder of a Security of such series
and each proxy shall be entitled to one vote for each $1,000 principal amount of the Outstanding Securities of such series held or represented by him; PROVIDED, HOWEVER, that no vote shall be cast or counted at any meeting in respect of any Security
challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or as a proxy. 
  
 (d) Any meeting of Holders of Securities of any series duly
called pursuant to Section 1302 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of such series represented at the meeting; and the
meeting may be held as so adjourned without further notice. 
  
 SECTION 1306.
COUNTING VOTES AND RECORDING ACTION OF MEETINGS. 
  
 The vote
upon any resolution submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the
principal amounts and serial numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at 

  

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the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all
votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Securities of any series shall be prepared by the secretary of the meeting and there shall be attached to such record the original reports
of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that such notice was given as provided in Section 1302
and, if applicable, Section 1304. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company, and another to the Trustee to be preserved by the
Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
  
 ARTICLE FOURTEEN 
  
 SUBORDINATION 
  
 SECTION 1401. AGREEMENT TO SUBORDINATE. 
  
 The Company agrees, and each Holder by accepting a Security agrees, that the payment of principal of, premium, if any, and interest on, and all other
amounts payable in respect of, the Securities is subordinated in right of payment, to the extent and in the manner provided in this Article Fourteen and subject to the provisions of Article Four hereof, to the payment when due in cash of all Senior
Indebtedness of the Company and that the subordination is for the benefit of and enforceable by the holders of such Senior Indebtedness. All provisions of this Article Fourteen shall be subject to Section 1411. All references to “Senior
Indebtedness” in this Article Fourteen are to Senior Indebtedness of the Company. 
  
 SECTION 1402. LIQUIDATION, DISSOLUTION, BANKRUPTCY. 
  
 (a) Upon any payment or distribution of the assets of the Company to creditors upon a liquidation, dissolution or winding up of the Company or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the
Company or its property or upon an assignment for the benefit of the Company’s creditors or the marshaling of its assets and liabilities, the holders of Senior Indebtedness will be entitled to receive payment in full in cash before the Holders
of the Securities are entitled to receive any payment of principal of, premium, if any, or interest on, the Securities, except that Holders of Securities may receive and retain such payments from the trust described in Article Four hereof; and

  
 (b) Until the Senior Indebtedness is paid in full in cash, any
distribution to which Holders of the Securities would be entitled but for this Article Fourteen will be made to holders of the Senior Indebtedness as their interests may appear, except that Holders of Securities may receive and retain payments and
other distributions made from the trust described in Article Four hereof and Holders may receive shares of stock and any debt securities that are subordinated to Senior Indebtedness to at least the same extent as the Securities. 
  
 SECTION 1403. DEFAULT ON SENIOR INDEBTEDNESS. 
  
 Pursuant to Section 301, an indenture supplemental hereto to which
Securities are issued or the Board Resolution by which the terms of the Securities are set forth shall set forth the terms 

  

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and conditions under which, if any, the Company shall not make or pay, and the Holder of Securities shall not accept or receive, payments with respect to the
Securities upon the occurrence of an event of default or other circumstances arising under or with respect to Senior Indebtedness. 
  
 SECTION 1404. WHEN DISTRIBUTION MUST BE PAID OVER. 
  
 If a payment or distribution is made to Holders that because of this Article Fourteen should not have been made to them, the Trustee or the Holders who
receive the distribution shall hold it in trust for holders of Senior Indebtedness (pro rata as to each of such holders of Senior Indebtedness on the basis of the respective amounts of Senior Indebtedness paid to them) and pay it over to them or
their Representative as their interests may appear. 
  
 SECTION 1405.
SUBROGATION. 
  
 After all Senior Indebtedness is paid in
full and until the Securities are paid in full, Holders shall be subrogated to the rights of holders of Senior Indebtedness to receive distributions applicable to Senior Indebtedness to the extent that distributions otherwise payable to the Holders
have been applied to the payment of Senior Indebtedness. A distribution made under this Article Fourteen to holders of Senior Indebtedness that otherwise would have been made to Holders is not, as between the Company and Holders, a payment by the
Company on such Senior Indebtedness. 
  
 SECTION 1406. RELATIVE RIGHTS.

  
 This Article Fourteen defines the relative rights of
Holders and holders of Senior Indebtedness. Nothing in this Indenture shall: 
  
 (a) impair, as between the Company and Holders, the obligation of the Company, which is absolute and unconditional, to pay principal of, premium, if any, and interest on, the Securities in accordance with their terms;

  
 (b) affect the relative rights of Holders and
creditors of the Company other then their rights in relation to holders of Senior Indebtedness; or 
  
 (c) prevent the Trustee or any Holder from exercising its available remedies upon a Default or an Event of Default, subject to the rights
of holders of Senior Indebtedness to receive distributions otherwise payable to Holders. 
  
 SECTION 1407. SUBORDINATION MAY NOT BE IMPAIRED BY COMPANY. 
  
 No right of any holder of Senior Indebtedness to enforce the subordination of the indebtedness evidenced by the Securities shall be impaired by any act or
failure to act by the Company or by its failure to comply with this Indenture. 
  
 SECTION 1408. RIGHTS OF TRUSTEE AND PAYING AGENT. 
  
 Notwithstanding Section 1403, the Trustee or Paying Agent may continue to make payments on the Securities and shall not be charged with knowledge of the existence of facts that 

  

 61 

 
would prohibit the making of any such payments unless, not less than two Business Days prior to the date of such payment, a Responsible Officer receives
written notice satisfactory to it that payments may not be made under this Article Fourteen. The Company, the Registrar or co-registrar, the Paying Agent, a Representative or a holder of Senior Indebtedness may give the notice; provided, however,
that, if an issue of Senior Indebtedness has a Representative, only the Representative may give the notice. 
  
 The Trustee in its individual or any other capacity may hold Senior Indebtedness with the same rights it would have if it were not Trustee. The Registrar
and co-registrar and the Paying Agent may do the same with like rights. The Trustee shall be entitled to all the rights set forth in this Article Fourteen with respect to any Senior Indebtedness that may at any time be held by it, to the same extent
as any other holder of Senior Indebtedness; and nothing in Article Six shall deprive the Trustee of any of its rights as such holder. Nothing in this Article Fourteen shall apply to claims of, or payments to, the Trustee under or pursuant to Section
607. 
  
 SECTION 1409. DISTRIBUTION OR NOTICE TO REPRESENTATIVE.

  
 Whenever a distribution is to be made or a notice given
to holders of Senior Indebtedness, the distribution may be made and the notice given to their Representative (if any). 
  
 SECTION 1410. ARTICLE FOURTEEN NOT TO PREVENT EVENTS OF DEFAULT OR LIMIT RIGHT TO ACCELERATE. 
  
 Nothing in this Article Fourteen shall prevent an Event of Default in accordance with Article Five or have any effect on the
right of the Holders or the Trustee to accelerate the maturity of the Securities or to exercise the rights and remedies in Article Five. 
  
 SECTION 1411. TRUST MONEYS NOT SUBORDINATED. 
  
 Notwithstanding anything contained herein to the contrary, payments from cash or the proceeds of non-callable U.S. Government Obligations held in trust
under Article Four by the Trustee for the payment of principal of and interest on the Securities shall not be subordinated to the prior payment of any Senior Indebtedness or subject to the restrictions set forth in this Article Fourteen, and none of
the Holders shall be obligated to pay over any such amount to the Company or any holder of Senior Indebtedness or any other creditor of the Company. 
  
 SECTION 1412. TRUSTEE ENTITLED TO RELY. 
  
 Upon any payment or distribution pursuant to this Article Fourteen, the Trustee and the Holders shall be entitled to rely (a) upon any order or decree of
a court of competent jurisdiction in which any proceedings of the nature referred to in Section 1402 are pending, (b) upon a certificate of the liquidating trustee or agent or other Person making such payment or distribution to the Trustee or to the
Holders or (c) upon a certificate of the Representative of the holders of Senior Indebtedness or, if there is no Representative, the holders of Senior Indebtedness for the purpose of ascertaining the Persons entitled to participate in such payment
or distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Fourteen. In
the event that the Trustee determines, in good faith, that evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to 

  

 62 

 
participate in any payment or distribution pursuant to this Article Fourteen, the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of such Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and other facts pertinent to the rights of such Person under
this Article Fourteen, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. The provisions of Sections 601 and 603 shall be
applicable to all actions or omissions of actions by the Trustee pursuant to this Article Fourteen. 
  
 SECTION 1413. TRUSTEE TO EFFECTUATE SUBORDINATION. 
  
 Each Holder by accepting a Security authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination between the Holders and the
holders of Senior Indebtedness as provided in this Article Fourteen and appoints the Trustee as attorney-in-fact for any and all such purposes. 
  
 SECTION 1414. TRUSTEE NOT FIDUCIARY FOR HOLDERS OF SENIOR INDEBTEDNESS. 
  

The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and shall not be liable to any such holders if it shall
mistakenly pay over or distribute to Holders or the Company or any other Person, money or assets to which any holders of Senior Indebtedness shall be entitled by virtue of this Article Fourteen or otherwise, except if such mistake was the result of
the Trustee’s gross negligence or willful misconduct. 
  
 SECTION 1415.
RELIANCE BY HOLDERS OF SENIOR INDEBTEDNESS ON SUBORDINATION PROVISIONS. 
  
 Each Holder by accepting a Security acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness, whether
such Senior Indebtedness was created or acquired before or after the issuance of the Securities, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness and such holder of such Senior Indebtedness shall be deemed
conclusively to have relied on, and is a third party beneficiary of, such subordination provisions in acquiring and continuing to hold, or in continuing to hold, such Senior Indebtedness. 
  
 SECTION 1416. ADDITIONAL SUBORDINATION TERMS. 
  
 Pursuant to Section 301, the indenture supplemental hereto pursuant to which Securities are issued or the Board Resolutions
in which the terms of the Securities are set forth may set forth additional subordination provisions and term. 
  
 * * * 
  
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
  

 63 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and their
respective corporate seals to be hereunto affixed and attested, as of the day and year first above written. 
  

											
	 	 	 	 	 PILGRIM’S PRIDE CORPORATION
	 	 
					
	[CORPORATE SEAL]	 	 	 	 By
	 	 	 	 
	 	 	 	 	 	 	 Name:
	 	 	 	 
	 	 	 	 	 	 	 Title:
	 	 	 	 
						
	 	 	 	 	 	 	 	 	 	 	 ,

	 	 	 	 	 	 	 TRUSTEE
	 	 
					
	[CORPORATE SEAL]	 	 	 	 By
	 	 	 	 
	 	 	 	 	 	 	 Name:
	 	 	 	 
	 	 	 	 	 	 	 Title:
	 	 	 	 

  

					
	STATE OF	 	___________	 	)
	 	 	 	 	)
	COUNTY OF	 	___________	 	)

  
 On the
     day of                         ,
            , before me personally came                     , to me known,
who, being by me duly sworn, did depose and say that he is                      of Pilgrim’s Pride Corporation, one of the corporations
described in and which executed the foregoing instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation,
and that he signed his name thereto by like authority. 
  

	
	 
	
	 
	Notary Public

  
 [NOTARIAL SEAL] 
  

 64 

					
	STATE OF	 	___________	 	)
	 	 	 	 	)
	COUNTY OF	 	___________	 	)

  
 On the
     day of                 ,             , before me personally
came                     , to me known, who, being by me duly sworn, did depose and say that he is
                     of
                                        ,
one of the corporations described in and which executed the foregoing instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of
Directors of said corporation, and that he signed his name thereto by like authority. 
  

	
	
	 
	Notary Public

  
 [NOTARIAL SEAL] 
  

 65REGISTRATION RIGHTS AND TRANSFER RESTRICTION AGREEMENT

 Exhibit 4.8 
  

REGISTRATION RIGHTS AND TRANSFER RESTRICTION AGREEMENT 
  
 THIS REGISTRATION RIGHTS AND TRANSFER RESTRICTION AGREEMENT (the “Agreement”) is made and entered into as of
November 23, 2003 by and between Pilgrim’s Pride Corporation, a Delaware corporation (the “Company”), Lonnie A. Pilgrim, Lonnie K. Pilgrim and ConAgra Foods, Inc., a Delaware corporation (“Stockholder”). 
  
 RECITALS 
  
 The Stockholder is the holder of              shares of
Class A common stock of the Company acquired pursuant to a certain Stock Purchase Agreement dated June 7, 2003 (the “Shares”) by and between the Company and Stockholder (the “Purchase Agreement”). 
  
 Lonnie A. Pilgrim and Lonnie K. Pilgrim collectively control a substantial
majority of the shares of common stock of the Company. 
  
 The
parties desire to provide for certain registration rights and transfer limitations with respect to common stock of the Company. 
  
 AGREEMENT 
  
 1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 
  
 Class A Common Stock: the Class A common stock, $0.01
par value, of the Company. 
  
 Class B Common
Stock: the Class B common stock, $0.01 par value, of the Company. 
  
 Commission: the Securities and Exchange Commission. 
  
 Common Stock: collectively, the Class A Common Stock and Class B Common Stock. 
  
 Exchange Act: the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 Pilgrim Family: Lonnie A. Pilgrim, his spouse, his issue, his estate and any trust, partnership, including Pilgrim Interest, Ltd.,
or other entity primarily for the benefit of his spouse and/or issue. 
  
 Prospectus: the prospectus included in any Registration Statement, as amended or supplemented by any amendment or prospectus supplement, including post-effective 

  

 
amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus. 
  
 Registrable Securities: shares of Class A Common
Stock acquired by the Stockholder pursuant to the Purchase Agreement, all other shares of Common Stock, if any, held by the Stockholder on the date hereof, and securities of the Company issued or issuable with respect to any such shares by way of a
dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise. 
  
 Registration Statement: any registration statement of the Company under the Securities Act which covers resales of the Registrable
Securities pursuant to the provisions of this Agreement, including the prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits, and all material incorporated by reference or deemed to
be incorporated by reference in such registration statement. 
  
 Rule 144: Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission. 
  
 Securities Act: the Securities Act of 1933, as
amended, and the rules and regulations promulgated by the Commission thereunder. 
  
 2. Registration. 
  
 2.1
Registration. The Company shall file a Registration Statement (on Form S-3 if available to the Company) to cover the offer and sale of all of the Registrable Securities, and shall use its reasonable best efforts to cause such Registration
Statement to become effective no later than twelve months following the date hereof. The Company shall promptly, upon the written request of the Stockholder, file additional Registration Statements (on Form S-3 if available to the Company), if
required, to cover the offer and sale of securities of the Company subsequently issued with respect to such Registrable Securities by way of a dividend or stock split or in connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization or otherwise. The offering and sale of Registrable Securities shall be pursuant to a plan of distribution proposed by the Stockholder and approved by the Company (with such approval not to be unreasonably
withheld), and may include underwritten offerings and the sale of Registrable Securities from time to time. The managing lead underwriter or underwriters in connection with any underwritten offering of the Registrable Securities shall be proposed by
the Stockholder and approved by the Company (with such approval not to be unreasonably withheld). The Company shall have the right to appoint its own underwriter to participate as a manager in any such underwritten offering. 
  
 2.2 Piggyback Registration. 
  
 (a) If the Company at any time proposes to register Common
Stock under the Securities Act either for its own account or for the account of others, other than a registration on Form S-8 or Form S-4 (or successor forms relating to employee stock plans and business combinations), and the form to be used for
such registration may be used for registration of 

  

 2 

 
the Registrable Securities, it shall promptly give written notice to the Stockholder of its intention to effect such registration (an “Incidental
Registration”). Within 15 days after delivery of any such notice by the Company, the Stockholder may make a written request (a “piggyback request”) that the Company include in such Incidental Registration the number of shares of
Registrable Securities requested by the Stockholder. Such piggyback request shall set forth the Registrable Securities the Stockholder intends to dispose of and the intended method of disposition thereof. 
  
 (b) The Company will use its best efforts to include in any
Incidental Registration all Registrable Securities which the Company has been requested to register pursuant to any timely piggyback request to the extent required to permit the disposition (in accordance with the intended methods thereof as
aforesaid) of the Registrable Securities so to be registered, provided the Stockholder agrees, in the case of an underwritten offering, to sell such Registrable Securities on the basis provided in any underwriting arrangements reasonably approved by
the Company and to enter into such agreements with the underwriter as are customary in such offerings. 
  
 (c) Notwithstanding the preceding Sections 2.2(a) and (b): 
  
 (i) the Company shall not be obligated pursuant to this Section 2.2 to effect a registration of Registrable
Securities requested pursuant to a piggyback request if the Company discontinues the related Incidental Registration at any time prior to the effective date of any Registration Statement filed in connection therewith; and 
  
 (ii) the Company may exclude from an Incidental Registration
some or all of the Registrable Securities to the extent a managing underwriter advises the Company that, in its opinion, the inclusion of all of the Registrable Securities shares proposed to be included in such registration would interfere with the
successful marketing of the Common Stock proposed to be registered by the Company. 
  
 The Company shall advise the Stockholder of any exclusion of Registrable Securities from an Incidental Registration pursuant to clause (ii) above, in which case: (x) the Company shall include in such Incidental
Registration first the securities the Company proposes to sell for its own account in such registration; (y) the Common Stock held by officers and directors of the Company and the Pilgrim Family shall be excluded from such registration and
underwriting to the extent required by such limitation before any Registrable Securities are excluded; and (z) any other shares to be registered for the account of persons other than the Company shall be excluded on a pro rata basis to the extent
any Registrable Securities are to be excluded. 
  
 (d) If and whenever the Company proposes to register any of its equity securities under the Securities Act for its own account (other than on Form S-4 or S-8 or any successor form) or is required to use reasonable efforts to effect the
registration of any Registrable Securities under the Securities Act pursuant to Section 2.2, Stockholder agrees not to effect any public sale or distribution, including any sale pursuant to Rule 144, of any Registrable Securities, any other equity
securities of the Company, or any securities convertible into or exchangeable for any equity securities of the Company, within 15 days prior to and 60 days (unless advised in writing by the managing underwriter that a longer period, not to exceed 90

  

 3 

 
days, is required) after the effective date of the Registration Statement relating to such registration, except as part of such registration or with the
prior written consent of the Company and the managing underwriter, if any. 
  
 2.3 Tag-Along by Company. 
  
 (a) If the Stockholder at any time intends to sell some or all of the Registrable Securities pursuant to an underwritten offering that is not initiated by the Company on its own behalf (“Stockholder
Offering”), it shall promptly (and in no event less than 15 days prior to the commencement of such offering) give written notice to the Company of its intention to effect such offering. Within five days after delivery of any such notice by the
Stockholder, the Company may make a written request that the Company be permitted to sell in such Stockholder Offering the number of shares of Common Stock requested by the Company. 
  
 (b) The Stockholder will use its best efforts to permit the Company to offer and sell in the Stockholder
Offering all Common Stock which the Company has requested to include in such offering, to the extent required to permit the disposition of such Common Stock, provided the Company agrees to sell such Common Stock on the basis provided in any
underwriting arrangements reasonably approved by the Stockholder and to enter into such agreements with the underwriter as are customary in such offerings. 
  
 (c) Notwithstanding the preceding Sections 2.3(a) and (b), the Stockholder may exclude from participation in a Stockholder Offering some
or all of the Common Stock requested by the Company to be included therein to the extent a managing underwriter advises the Stockholder that, in its opinion, the inclusion of all of the shares proposed to be included in such offering by the Company
would interfere with the successful marketing of the Common Stock proposed to be offered and sold therein by the Stockholder. 
  
 2.4 Period of Effectiveness. The Company shall use its reasonable best efforts to maintain the effectiveness of any Registration Statement filed
pursuant to Section 2.1 hereof until the earlier of: 
  
 (a) the time when the Registrable Securities covered by such Registration Statement have been sold, or 
  
 (b) the later of five years following the date hereof or the time the Stockholder may sell such Registrable Securities as a non-affiliate
within the safe harbor provided by Rule 144(k). 
  
 2.5 Allowed
Delay. 
  
 (a) Notwithstanding anything to
the contrary herein, if the Company determines in good faith that the filing of a Registration Statement with respect to Registrable Securities pursuant to this Section 2: (i) may interfere with or affect the negotiation or completion of any
transaction that is being contemplated by the Company (whether or not a final decision has been made to undertake such transaction), or (ii) would require the disclosure of material information the 

  

 4 

 
disclosure of which at the time is not, in the good faith determination of the Company, in the best interests of the Company, or which the Company has a
specific short-term need for preserving as confidential, the Company shall not be required to file a Registration Statement pursuant to this Section 2, or may withhold efforts to cause a Registration Statement to become effective, until the earlier
of (x) the date upon which such material information is disclosed to the public (it being understood that nothing herein shall require such disclosure) or, in the good faith determination of the Company, ceases to be material and (y) sixty (60) days
after the Company makes such good faith determination. 
  
 (b) Notwithstanding anything to the contrary herein, for not more than thirty (30) consecutive days or for a total of not more than forty-five (45) days in any twelve (12) month period, the Company may delay the disclosure of material
non-public information concerning the Company, by suspending the use of any Prospectus included in any Registration Statement contemplated by this Section containing such information, the disclosure of which at the time is not, in the good faith
determination of the Company, in the best interests of the Company. 
  
 (c) The occurrence of the circumstances described in subsections (a) and (b) above shall constitute an “Allowed Delay.” In the event of an Allowed Delay, the Company shall promptly (i) notify the Stockholder
in writing of the existence of (but in no event, without the prior written consent of Stockholder, shall the Company disclose to Stockholder any of the facts or circumstances regarding) material non-public information giving rise to an Allowed
Delay, and (ii) advise Stockholder in writing to cease all sales under the Registration Statement until the end of the Allowed Delay. 
  
 3. Registration Procedures. Whenever the Company is under an obligation to effect the registration of the Registrable Securities, the Company
shall: 
  
 (a) ensure that: 
  
 (i) any Registration Statement and any amendment thereto and
any Prospectus forming part thereof and any amendment or supplement thereto complies in all material respects with the Securities Act and the rules and regulations thereunder, and 
  
 (ii) any Registration Statement and any amendment thereto does not, when it becomes effective, contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; 
  

(b) before filing the Registration Statement or Prospectus or any amendments or supplements thereto (other than documents that would be
incorporated or deemed to be incorporated therein by reference), furnish to the Stockholder and its counsel copies of all such documents proposed to be filed, which documents will be subject to the review of the Stockholder and its counsel, and the
Company shall use its reasonable best efforts to reflect in each such document, when so filed with the Commission, such comments as are reasonably proposed by the Stockholder; 
  

 5 

 (c) use its reasonable best efforts to prepare and file with the Commission such
amendments and post-effective amendments to the Registration Statement as may be necessary to keep the Registration Statement continuously effective for the periods provided herein; cause the related Prospectus to be supplemented by any required
supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act; and comply in all material respects with the provisions of the Securities Act with respect to the disposition of
the Registrable Securities, including dispositions by underwritten offerings; 
  
 (d) notify the Stockholder 
  
 (i) when the Prospectus or the Registration Statement has been filed with the Commission, and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective,

  
 (ii) of any request by the Commission or any
other federal or state governmental authority for amendments or supplements to the Registration Statement or Prospectus or for additional information, 
  
 (iii) of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the
effectiveness of the Registration Statement or the initiation of any proceedings for that purpose, 
  
 (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, 
  
 (v) of the existence of any fact or happening of any event which makes any statement of a material fact in the Registration Statement or
Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue or which would require the making of any changes in the Registration Statement or Prospectus in order that, in the case of the Registration Statement,
it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and 
  
 (vi) of the Company’s determination that a
post-effective amendment to the Registration Statement would be appropriate; 
  
 (e) use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of the Registration Statement, or the lifting of any suspension of the qualification (or exemption from
qualification) of any of the Registrable Securities for sale in any jurisdiction, as promptly as practicable; 
  

 6 

 (f) furnish to the Stockholder and its counsel, without charge, and when filed a
conformed copy of the Registration Statement and any amendment thereto, including financial statements but excluding schedules, all documents incorporated or deemed to be incorporated therein by reference and all exhibits (unless requested in
writing by the Stockholder); 
  
 (g) deliver to
the Stockholder and underwriter, without charge, as many copies of the Prospectus (including a preliminary prospectus, if any) and any amendment or supplement thereto as reasonably requested; and the Company hereby consents to the use of such
Prospectus or each amendment or supplement thereto by the Stockholder and the underwriter in connection with the offering and sale of the Registrable Securities in the manner described in the Prospectus; 
  
 (h) use its reasonable best efforts, prior to any public
offering of Registrable Securities, to register or qualify or cooperate with the Stockholder in connection with the registration or qualification (or exemption from such registration or qualification) of the Registrable Securities for offer and sale
under the securities or Blue Sky laws of such jurisdictions as the Stockholder or the underwriter reasonably request; keep each such registration or qualification (or exemption therefrom) effective during the period the Registration Statement is
required to be kept effective and do any and all other acts or things necessary or advisable to enable the disposition of the Registrable Securities in such jurisdictions, provided, that the Company will not be required to (i) qualify
generally to do business in any jurisdiction where it is not then so qualified or (ii) take any action that would subject it to general service of process in suits or to taxation in any such jurisdiction where it is not then so subject; 

 
 (i) cause the Registrable Securities to be registered
with or approved by such other governmental agencies or authorities within the United States, as may be necessary to enable the Stockholder to consummate the disposition of the Registrable Securities, subject to the proviso contained in (h) above;

  
 (j) immediately upon the existence of any
fact or the occurrence of any event as a result of which the Registration Statement shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein
not misleading, or a Prospectus shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, promptly prepare and file a post-effective amendment to each Registration Statement or a supplement to the related Prospectus or any document incorporated therein by reference or file any other required document (such as a
Current Report on Form 8-K) that would be incorporated by reference into the Registration Statement so that the Registration Statement shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading, and so that the Prospectus will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, and, in the case of a post-effective amendment to the
Registration Statement, use its best efforts to cause it to become effective as soon as practicable; 
  

 7 

 (k) in connection with an underwritten offering of Registrable Securities, enter into an
underwriting agreement in form, scope and substance as is customary in underwritten offerings and take all such other reasonable actions in connection therewith as may be reasonably requested by the underwriter in order to expedite or facilitate the
disposition of the Registrable Securities and in such connection, 
  
 (i) make such representations and warranties to the Stockholder and the underwriter with respect to the business of the Company and its subsidiaries, the Registration Statement, Prospectus and documents incorporated
by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if and when requested, 
  
 (ii) obtain the opinion of counsel to the Company, which
opinions (in form, scope and substance) shall be reasonably satisfactory to the underwriter and shall be addressed to the underwriter covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as
may be reasonably requested by such underwriter, 
  
 (iii) obtain “cold comfort” letters and updates thereof from the independent certified public accountants of the Company (and, if necessary, any other certified public accountants of any subsidiary of the Company or any business
acquired or to be acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement), addressed to the underwriter, such letters to be in customary form and covering matters
of the type customarily covered in “cold comfort” letters in connection with underwritten offerings, and 
  
 (iv) deliver such documents and certificates as may be reasonably requested by the underwriter to evidence the continued validity of the
representations and warranties of the Company and its subsidiaries made pursuant to clause (i) above and to evidence compliance with any customary conditions contained in the underwriting agreement entered into by the Company; 
  
 (l) if requested in connection with a disposition of
Registrable Securities pursuant to the Registration Statement, make reasonably available for inspection by the Stockholder and the underwriter and any attorney or accountant retained by the Stockholder or underwriter, financial and other records,
corporate documents and properties of the Company and its subsidiaries, and cause the executive officers, directors and employees of the Company and its subsidiaries to supply all information reasonably requested by any such representative,
underwriter, attorney or accountant in connection with such disposition; subject to reasonable written assurances by each such person that such information will be kept confidential, will not be used as the basis for any transactions in the
Company’s securities, and will only be used in connection with such person’s reasonable investigation in connection with the Registration Statement; 
  

 8 

 (m) comply in all material respects with all applicable rules and regulations of the
Commission and make generally available to its security holders earning statements (which need not be audited) satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the
Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year), commencing on the first day of the first fiscal quarter of the Company commencing after the
effective date of a Registration Statement, which statements shall cover said 12-month periods; 
  
 (n) cooperate with the Stockholder to facilitate the timely preparation and delivery of certificates representing the Registrable
Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations and registered in such names as the Stockholder may reasonably request; and 
  
 (o) if the Registrable Securities are to be sold in an
underwritten offering, cause such executive or executives as the managing underwriter or the Stockholder may reasonably request (including, if so requested, the Company’s Chief Executive Officer and Chief Financial Officer) to attend any
analyst and investment preparations, including any “roadshow” for up to three business days in any twelve month period. The Stockholder will reimburse the reasonable travel expenses of the executive or executives. 
  
 Stockholder shall be deemed to have agreed that upon receipt of any notice
from the Company of the commencement of an Allowed Delay or the occurrence of an event described in Sections 3(d)(v) or (vi), Stockholder will promptly discontinue such Stockholder’s disposition of Registrable Securities pursuant to a
Registration Statement covering such Registrable Securities until such Stockholder shall have received notice from the Company that such Allowed Delay has concluded or Registration Statement has been amended and/or copies of the supplemented or
amended Prospectus contemplated by Sections 3(d)(v) or (vi) have been furnished. If so directed by the Company, Stockholder will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, in such
Stockholder’s possession of the Prospectus covering such Registrable Securities at the time of receipt of such notice. 
  
 4. Stockholder Information. The Stockholder agrees to promptly upon the Company’s request, furnish such information regarding the Stockholder
and the distribution of the Registrable Securities as the Company may from time to time reasonably request and as may be required in connection with the preparation of a Registration Statement. The Stockholder also agrees to furnish promptly to the
Company all information required to be disclosed in order to make the information previously furnished to the Company by such Stockholder not materially false or misleading. The receipt by the Company of information pursuant to this Section 4 shall
be a condition precedent to the Company’s obligations under Sections 2 and 3. 
  
 5. Fees and Expenses. All fees and expenses incurred by the Company in performance of or compliance with this Agreement shall be borne by the Company. Such fees and expenses shall include, without limitation,
(i) all registration and filing fees (including, without limitation, fees and expenses of compliance with federal securities or Blue Sky laws), (ii) printing expenses, (iii) fees and disbursements of counsel for the Company, and (iv) fees and
disbursements 

  

 9 

 
of all independent certified public accountants (including the expenses of any special audit and “cold comfort” letters required by or incident to
such performance). In addition, the Company shall pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit, the fees and
expenses incurred in connection with the listing of the securities to be registered on any securities exchange on which similar securities issued by the Company are then listed and the fees and expenses of any person, including special experts,
retained by the Company. Notwithstanding the provisions of this Section, the Stockholder shall pay all of its transfer taxes, if any, relating to the sale of Registrable Securities, underwriting discounts, concessions and commissions (including fees
and expenses of underwriter’s counsel) with respect to the Registrable Securities, and the fees and expenses of Stockholder’s own counsel. 
  
 6. Indemnification. 
  
 (a) The Company agrees to indemnify and hold harmless the Stockholder, and its officers, employees and agents and each person who controls
the Stockholder within the meaning of either the Securities Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Securities Act, the Exchange
Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement as originally filed or in any amendment thereof, or in any preliminary Prospectus or the Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other
expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any case to the extent that any such loss, claim,
damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with information furnished to the Company by the Stockholder or
the Stockholder’s representatives specifically for inclusion therein. This indemnity agreement will be in addition to any liability which the Company may otherwise have. 
  
 The Company also agrees to indemnify losses of any underwriter of any Registrable Securities, registered
under a Registration Statement, their directors, officers, employees or agents and each Person who controls such underwriter (within the meaning of the Securities Act or the Exchange Act) on substantially the same basis as that of the
indemnification of the Stockholder provided above and shall, if requested by the Stockholder, enter into an underwriting agreement reflecting such agreement. 
  

(b) The Stockholder agrees to indemnify and hold harmless the Company and its directors and officers who sign such Registration
Statement and each person who controls the Company within the meaning of either the Securities Act or the Exchange Act, to the same extent as the foregoing indemnity from the Company to the Stockholder, but only 

  

 10 

 
with reference to information relating to the Stockholder furnished to the Company by the Stockholder or Stockholder’s representatives specifically for
inclusion in a Registration Statement. This indemnity agreement will be in addition to any liability which the Stockholder may otherwise have. 
  
 The Stockholder also agrees to indemnify losses of any underwriter of any Registrable Securities, registered under a Registration
Statement, their directors, officers, employees or agents and each Person who controls such underwriter (within the meaning of the Securities Act or the Exchange Act) on substantially the same basis as that of the indemnification of the Company
provided above and shall, if requested by the Company, enter into an underwriting agreement reflecting such agreement. 
  
 (c) Promptly after receipt by an indemnified party of notice of the commencement of any action, such indemnified party will, if a claim in
respect thereof is to be made against the indemnifying party under this Section, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under
paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses; and (ii) will not, in any event, relieve the
indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party’s choice at
the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel
retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel
to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel
if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the
indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the
indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the
indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or
consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or
potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding. 
  

 11 

 (d) If the indemnification provided for in this Section is held by a court of competent
jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the
amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on
the other in connection with the statements or omissions which resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified
party shall be determined by reference to, among other things, whether the untrue (or alleged untrue) statement of a material fact or the omission (or alleged omission) to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
  
 7. Rule 144 Reporting. 
  
 With a view to making available the benefits of certain rules and regulations of the Commission which may permit the sale of restricted securities to the
public without registration, the Company agrees to use its reasonable best efforts to: 
  
 (i) make and keep public information available as those terms are understood and defined in Rule 144 under the Securities Act (“Rule
144”), at all times; 
  
 (ii) file with the
Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and 
  
 (iii) so long as the Stockholder owns any Registrable Securities, furnish to the Stockholder upon request, a written statement by the
Company as to its compliance with the reporting requirements of Rule 144, a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as the Stockholder may reasonably request in availing itself
of any rule or regulation of the Commission allowing the Stockholder to sell any such securities without registration. 
  
 8. Transfer Limitations. 
  
 (a) Without the prior written consent of the Company, the Stockholder agrees that it will not, and will cause each of its Affiliates not
to, directly or indirectly, 
  
 (i) except
pursuant to a third party tender offer, offer, pledge, sell, contract to sell, grant or otherwise transfer or dispose of, or enter into any swap, short position or other arrangement that transfers all or a portion of the economic consequences
associated with the ownership of (regardless of whether any of the transactions described is to be settled by the delivery of Common Stock, or other securities convertible into or exercisable or exchangeable for Common Stock, in cash or otherwise)
(x) any shares of Common Stock, or any securities convertible into or exercisable or exchangeable for Common Stock, prior to 12 months following the date hereof, or (y) during any 12 month period a number of shares of Common 

  

 12 

 
Stock greater in number than 33 1/3% of the Class A Common Stock issued by the Company pursuant to the Purchase Agreement, or 
  
 (ii) (A) acquire, offer to acquire or agree to acquire
beneficial ownership of any voting securities of the Company, except pursuant to stock splits, reverse stock splits, stock dividends or distributions, or combinations or any similar recapitalization, on or after the date hereof; 
  
 (B) acquire, offer to acquire or agree to acquire any
business or material assets of the Company or any of its subsidiaries; 
  
 (C) initiate or propose any offer by any third party to acquire beneficial ownership of voting securities of the Company, other than an acquisition of Shares; 
  
 (D) initiate or propose any merger, tender offer, business
combination or other extraordinary transaction involving the Company or any of its subsidiaries; 
  
 (E) form, join or in any way participate in a group of persons acquiring, holding, voting or disposing of any voting securities of the
Company which would be required under Section 13(d) of the Exchange Act and the rules and regulations thereunder to file a statement on Schedule 13D with the SEC as a “person” within the meaning of Section 13(d)(3) of the Exchange Act (or
any successor statute or regulation); or 
  
 (F)
propose, or agree to, or enter into any discussions, negotiations or arrangements with, or provide any confidential information to, any third party with respect to any of the foregoing. 
  
 (b) Lonnie A. Pilgrim and Lonnie K. Pilgrim agree that they shall not, and shall not allow Pilgrim Interest,
Ltd. to, offer, sell or otherwise dispose of, directly or indirectly, any shares of Common Stock during the time that the Stockholder owns 5% or more of the number of shares of outstanding Common Stock without the consent of the Stockholder. A
legend reflecting the forgoing restriction shall be placed on the shares. The restriction shall not (i) apply to transfers of Common Stock as a bona fide gift to a member of the Pilgrim Family or to a trust or other entity for their benefit for
estate planning purposes, provided the transferees, beneficiaries and trustees thereof agree in writing to be bound by such restriction or (ii) restrict the sale of up to 120,000 shares of Common Stock by the Pilgrim Family during any 12 month
period. 
  
 (c) The number of shares referred to
in this section shall be adjusted to reflect any subsequent stock split, share dividend, recapitalization, reclassification or similar transaction effected by the Company 
  

 13 

 9. Miscellaneous. 
  
 (a) No Conflicting Agreements. The Company has not, as of the date hereof, and shall not, on or after
the date of this Agreement, enter into any agreement with respect to its securities which conflicts with the rights granted to the Stockholder in this Agreement. The Company represents and warrants that the rights granted to the Stockholder
hereunder do not in any way conflict with the rights granted to the Stockholders of the Company’s securities under any other agreements. 
  
 (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, except by written consent of the parties. 
  
 (c) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing and shall be deemed
given (i) when made, if made by hand delivery, (ii) upon confirmation, if made by telecopier or (iii) one business day after being deposited with a reputable next-day courier, postage prepaid, to the parties as follows: 
  

	 	(x)	if to the Stockholder, to: 

 ConAgra Foods, Inc.

 One ConAgra Drive 
 Omaha, NE
68102 
 Attn: James P. O’Donnell 
 Executive Vice President and 
 Chief Financial Officer 
  
 with a copy to: 
  
 McGrath North Mullin & Kratz, PC LLO 
 Suite 3700, First National Tower 
 1601 Dodge Street 
 Omaha, NE 68102 
 Fax No. 402-341-0216 
 Attn: Roger Wells 
  

	 	(y)	if to the Company, to: 

  
 Pilgrim’s Pride Corporation 
 110 South
Texas Street 
 Pittsburg, Texas 75686 
 Fax: (903) 856-7505 
 Attention: Chief Financial Officer 
  

 14 

 with a copy to: 
  
 Baker & McKenzie 
 2300 Trammell Crow Center 
 2001 Ross Avenue 
 Dallas, Texas 75201 
 Fax: (214) 978-3099 
 Attention: Alan G. Harvey 
  
 or to such other address as such person may have furnished to the other persons identified in this section in writing in accordance herewith. 
  
 (d) Successors and Assigns. This Agreement shall
inure to the benefit of and be binding upon the successors and assigns of each of the parties. The Stockholder may assign all or any part of its registration rights under this Agreement to any person or entity to whom the Stockholder sells,
transfers or assigns at least 10% of the Shares, provided that any such purchaser, transferee or assignee expressly agrees in writing to be bound by the terms and conditions of this Agreement and subject to Stockholder’s obligations hereunder.
In the event the Stockholder shall assign its registration rights pursuant to this Agreement in connection with the transfer of less than all of its Registrable Securities to another holder, the Stockholder shall also retain its registration rights
with respect to the remaining Registrable Securities. 
  
 (e) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be original and all of which taken together shall
constitute one and the same agreement. 
  
 (f)
Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, AS
APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. 
  
 (h) Consent to Jurisdiction. THE PARTIES HERETO HEREBY IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF ANY UNITED STATES
FEDERAL OR DELAWARE STATE COURT SITTING IN WILMINGTON, DELAWARE IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING
SHALL BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVIENT FORUM. 

 

 15 

 (i) Severability. If any term, provision, covenant or restriction of this
Agreement is held to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated
thereby, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated
and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such which may be hereafter declared invalid, illegal, void or unenforceable.

  
 (j) Entire Agreement. This Agreement
is intended by the parties as a final expression of their agreement and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and the
registration rights granted by the Company to the Stockholder. This Agreement supersedes all prior agreements and understandings among the parties with respect to such registration rights. 
  
 (k) Further Assurances. Each of the parties hereto
shall use all best efforts to take, or cause to be taken, all appropriate action, do or cause to be done all things reasonably necessary, proper or advisable under applicable law, and execute and deliver such documents and other papers, as may be
required to carry out the provisions of this Agreement and the other documents contemplated hereby and consummate and make effective the transactions contemplated hereby. 
  

 16 

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

  

			
	PILGRIM’S PRIDE CORPORATION
		
	By:	 	/s/    RICHARD A.
COGDILL        
	 Name:
	 	Richard A. Cogdill
	 Title:
	 	Executive Vice President

  

			
	CONAGRA FOODS, INC.
		
	By:	 	/s/    DWIGHT J. GOSLEE        
	 Name:
	 	Dwight J. Goslee
	 Title:
	 	Executive Vice President

  

	
	LONNIE A. PILGRIM
	
	/s/    LONNIE A. PILGRIM        

  

	
	LONNIE K. PILGRIM
	
	/s/    LONNIE KEN
PILGRIM        

  

 17

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