Document:

Exhibit 4.3

 

 

HERITAGE COMMERCE CORP

 

Issuer

 

and

 

 

 

Trustee

 

 

 

INDENTURE

 

Dated as of

 

 

 

SUBORDINATED DEBT SECURITIES

 

 

 

     

     

    

 

HERITAGE COMMERCE CORP

 

CERTAIN SECTIONS OF THIS INDENTURE RELATING
TO

SECTIONS 310 THROUGH 318, INCLUSIVE, OF
THE

TRUST INDENTURE ACT OF 1939:

 

	Trust Indenture	 	 	 
	
    Act Section
	 	Indenture Section	 
	§310(a)(1)	 	 	609	 
	(a)(2)	 	 	609	 
	(a)(3)	 	 	Not Applicable	 
	(a)(4)	 	 	Not Applicable	 
	(b)	 	 	608; 610	 
	§311(a)	 	 	613	 
	(b)	 	 	613	 
	§312(a)	 	 	701; 702	 
	(b)	 	 	702	 
	(c)	 	 	702	 
	§313(a)	 	 	703	 
	(b)	 	 	703	 
	(c)	 	 	703	 
	(d)	 	 	703	 
	§314(a)	 	 	704	 
	(a)(4)	 	 	1004	 
	(b)	 	 	Not Applicable	 
	(c)(1)	 	 	102	 
	(c)(2)	 	 	102	 
	(c)(3)	 	 	Not Applicable	 
	(d)	 	 	Not Applicable	 
	(e)	 	 	102	 
	§315(a)	 	 	601, 603	 
	(b)	 	 	602	 
	(c)	 	 	601	 
	(d)	 	 	601	 
	(e)	 	 	514	 
	§316(a)	 	 	101	 
	(a)(1)(A)	 	 	502; 512	 
	(a)(1)(B)	 	 	513	 
	(a)(2)	 	 	Not Applicable	 
	(b)	 	 	508	 
	(c)	 	 	104	 
	§317(a)(1)	 	 	503	 
	(a)(2)	 	 	504	 
	(b)	 	 	1003	 
	§318(a)	 	 	107	 

 

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

 

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TABLE OF CONTENTS

 

Page  

	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	 	 
	Section 101.	Definitions	1
	Section 102.	Compliance Certificates and Opinions	6
	Section 103.	Form of Documents Delivered to Trustee	7
	Section 104.	Acts of Holders; Record Dates	7
	Section 105.	Notices, Etc., to Trustee and the Company	8
	Section 106.	Notice to Holders; Waiver	9
	Section 107.	Conflict with Trust Indenture Act	9
	Section 108.	Effect of Headings and Table of Contents	9
	Section 109.	Successors and Assigns	9
	Section 110.	Separability Clause	9
	Section 111.	Benefits of Indenture	9
	Section 112.	Governing Law	9
	Section 113.	Legal Holidays	10
	Section 114.	Language of Notices, Etc.	10
	Section 115.	Interest Limitation	10
	Section 116.	No Personal Liability of Officers, Directors, Employees or Shareholders	10
	Section 117.	Applicability of Depositary	11
	 	 
	ARTICLE II SECURITY FORMS	11
	 	 	 
	Section 201.	Forms Generally	11
	Section 202.	Form of Face of Security	11
	Section 203.	Form of Reverse of Security	13
	Section 204.	Global Securities	17
	Section 205.	Form of Trustee’s Certificate and Authorization	17
	 	 
	ARTICLE III THE SECURITIES	18
	 	 	 
	Section 301.	Amount Unlimited; Issuable in Series	18
	Section 302.	Denominations	20
	Section 303.	Execution, Authentication, Delivery and Dating	20
	Section 304.	Temporary Securities	22
	Section 305.	Registration, Registration of Transfer and Exchange	22
	Section 306.	Mutilated, Destroyed, Lost and Stolen Securities	23
	Section 307.	Payment of Interest; Interest Rights Preserved	24
	Section 308.	Persons Deemed Owners	25
	Section 309.	Cancellation	25

 

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	Section 310.	Computation of Interest	25
	Section 311.	CUSIP Numbers	25
	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE	26
	 	 	 
	Section 401.	Satisfaction and Discharge of Indenture	26
	Section 402.	Application of Trust Money	27
	 	 
	ARTICLE V REMEDIES	27
	 	 	 
	Section 501.	Events of Default	27
	Section 502.	Acceleration of Maturity; Rescission and Annulment	28
	Section 503.	Collection of Indebtedness and Suits for Enforcement by Trustee	28
	Section 504.	Trustee May File Proofs of Claim	29
	Section 505.	Trustee May Enforce Claims Without Possession of Securities	29
	Section 506.	Application of Money Collected	29
	Section 507.	Limitation on Suits	30
	Section 508.	Unconditional Right of Holders to Receive Principal, Premium and Interest	30
	Section 509.	Restoration of Rights and Remedies	30
	Section 510.	Rights and Remedies Cumulative	30
	Section 511.	Delay or Omission Not Waiver	31
	Section 512.	Control by Holders	31
	Section 513.	Waiver of Past Defaults	31
	Section 514.	Undertaking for Costs	31
	 	 
	ARTICLE VI THE TRUSTEE	32
	 	 	 
	Section 601.	Certain Duties and Responsibilities	32
	Section 602.	Notice of Defaults	32
	Section 603.	Certain Rights of Trustee	33
	Section 604.	Not Responsible for Recitals or Issuance of Securities	34
	Section 605.	May Hold Securities	34
	Section 606.	Money Held in Trust	34
	Section 607.	Compensation and Reimbursement	34
	Section 608.	Disqualification; Conflicting Interests	35
	Section 609.	Corporate Trustee Required; Eligibility	35
	Section 610.	Resignation and Removal; Appointment of Successor	35
	Section 611.	Acceptance of Appointment by Successor	36
	Section 612.	Merger, Conversion, Consolidation or Succession to Business	37
	Section 613.	Preferential Collection of Claims Against the Company	37
	Section 614.	Appointment of Authenticating Agent	37
	 	 
	ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY	38
	 	 	 
	Section 701.	The Company to Furnish Trustee Names and Addresses of Holders	38

 

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	Section 702.	Preservation of Information; Communications to Holders	38
	Section 703.	Reports by Trustee	39
	Section 704.	Reports by the Company	39
	 	 
	ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	39
	 	 	 
	Section 801.	The Company May Consolidate, Etc., Only on Certain Terms	39
	Section 802.	Successor Substituted	40
	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	40
	 	 	 
	Section 901.	Supplemental Indentures Without Consent of Holders	40
	Section 902.	Supplemental Indentures with Consent of Holders	41
	Section 903.	Execution of Supplemental Indentures	41
	Section 904.	Effect of Supplemental Indentures	42
	Section 905.	Conformity with Trust Indenture Act	42
	Section 906.	Reference in Securities to Supplemental Indentures	42
	 	 
	ARTICLE X COVENANTS	42
	 	 	 
	Section 1001.	Payment of Principal, Premium and Interest	42
	Section 1002.	Maintenance of Office or Agency	42
	Section 1003.	Money for Securities Payments to Be Held in Trust	43
	Section 1004.	Statement by Officers as to Default	43
	Section 1005.	Waiver of Certain Covenants	44
	 	 
	ARTICLE XI REDEMPTION OF SECURITIES	44
	 	 	 
	Section 1101.	Applicability of Article	44
	Section 1102.	Election to Redeem; Notice to Trustee	44
	Section 1103.	Selection by Trustee of Securities to be Redeemed	44
	Section 1104.	Notice of Redemption	45
	Section 1105.	Deposit of Redemption Price	45
	Section 1106.	Securities Payable on Redemption Date	45
	Section 1107.	Securities Redeemed in Part	46
	 	 
	ARTICLE XII SINKING FUNDS	46
	 	 	 
	Section 1201.	Applicability of Article	46
	Section 1202.	Satisfaction of Sinking Fund Payments with Securities	46
	Section 1203.	Redemption of Securities for Sinking Fund	46
	 	 
	ARTICLE XIII DEFEASANCE	47
	 	 	 
	Section 1301.	Applicability of Article	47
	Section 1302.	Legal Defeasance	47
	Section 1303.	Covenant Defeasance	48
	Section 1304.	Application by Trustee of Funds Deposited for Payment of Securities	49
	Section 1305.	Repayment to the Company	49

 

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	Section 1306.	Reinstatement	49
	 	 
	ARTICLE XIV SUBORDINATION OF SECURITIES	50
	 	 	 
	Section 1401.	Agreement to Subordinate	50
	Section 1402.	Liquidation; Dissolution; Bankruptcy	50
	Section 1403.	Default on Senior Debt	50
	Section 1404.	Acceleration of Securities	51
	Section 1405.	When Distribution Must Be Paid Over	51
	Section 1406.	Notice by Company	51
	Section 1407.	Subrogation	51
	Section 1408.	Relative Rights	51
	Section 1409.	Subordination May Not Be Impaired By Company	51
	Section 1410.	Distribution or Notice to Representative	51
	Section 1411.	Rights of Trustee and Paying Agent	52

 

    v 

     

    

 

 

INDENTURE dated as of
_____________, between HERITAGE COMMERCE CORP, a California corporation (the “Company”), having its
principal office at 224 Airport Parkway, San Jose, California, 95110 and ____________________, a ____________________ (the
 “Trustee”), having its principal office at ____________________.

 

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 subordinated debentures, notes or other
evidences of indebtedness (the “Securities”), to be issued in one or more series as provided in this Indenture.

 

All things necessary to make this Indenture a
valid agreement of the Company, in accordance with its terms, have been done.

 

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

 

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 agreed, for the equal and proportionate benefit of all Holders of the
Securities or of any series thereof, as follows:

 

ARTICLE I

 

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 other terms used herein which are
defined in the Trust Indenture Act, either directly, or by reference therein, have the meanings assigned to them therein;

 

(3) 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 hereunder shall mean such accounting principles as are generally accepted in the United States at
the date of such computation;

 

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

 

(5) the words “Article”
and “Section” refer to an Article and Section, respectively, of this Indenture.

 

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

 

“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.

 

    1

     

    

 

“Authenticating Agent”
means any Person authorized by the Trustee pursuant to Section 614 to act on behalf of the Trustee to authenticate Securities
of one or more series.

 

“Authorized Newspaper”
means a newspaper, in the English language or in an official language of the country of publication, customarily published on each Business
Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the
term is used or in the financial community of such place.

 

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

 

“Board of Directors”
means the board of directors of the Company, or the executive or any other committee of that board duly authorized to act in respect thereof.

 

“Board Resolution” means
a copy of a resolution certified by the Corporate Secretary of the Company, the principal financial officer of the Company or any other
authorized officer of the Company or a Person duly authorized by any of them, to have been duly adopted by the Board of Directors and
to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Business Day”, when
used with respect to any Place of Payment or other location, means, except as otherwise provided as contemplated by Section 301
with respect to any series of Securities, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions
in that Place of Payment or other location are authorized or obligated by law, executive order or regulation to close.

 

“Commission” means the
Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act 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” or
 “Company Order” means a written request or order signed in the name of the Company by the Chairman of the Board,
the Vice Chairman, the President or a Vice President of the Company, and by the Treasurer or Secretary of the Company, and delivered to
the Trustee.

 

“Corporate Trust Office”
means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which
at the date hereof is ____________________.

 

“Corporation” includes
corporations, associations, partnerships (general or limited), limited liability companies, joint-stock companies and business trusts.

 

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

 

“Custodian” means any
receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Debt” means any debt
for money borrowed.

 

“Default” means, with
respect to a series of Securities, any event which is, or after notice or lapse of time or both would become, an Event of Default with
respect to Securities of such series.

 

    2

     

    

 

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

 

“Defeasance” has the
meaning specified in Section 1302.

 

“Definitive Security”
means a Security other than a Global Security or a temporary Security.

 

“Depositary” means,
with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing agency
registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 301,
until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter shall mean
or include each Person which is then a Depositary hereunder, and if at any time there is more than one such Person, shall be a collective
reference to such Persons.

 

“Dollar” or “$”
means the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private
debts.

 

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

 

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

 

“Fiscal Year” means,
with respect to the Company, each 12-month period beginning on January 1 and ending on December 31; provided, however,
that, with respect to a series of Securities, the first fiscal year will begin on the date such series of Securities is authenticated
and delivered under this Indenture. The Company will notify the Trustee if its fiscal year changes.

 

“Global Security” means
a Security in global form that evidences all or part of the Securities of any series and is registered in the name of the Depositary for
such Securities or a nominee thereof.

 

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

 

“Indenture” means this
instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument, and any such supplemental indenture,
the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture,
respectively. The term “Indenture” also shall include the terms of particular series of Securities established
as contemplated by Section 301.

 

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

 

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

 

“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.

 

“Notice of Default”
means a written notice of the kind specified in Section 501(3).

 

“Officers’ Certificate”
of a Person means a certificate signed by any two of the Chairman of the Board, the Vice Chairman, the President or a Vice President,
or if such Person is a partnership, of its general partner, and delivered to the Trustee. One of the officers or such other Persons (as
applicable) signing an Officers’ Certificate given pursuant to Section 1004 shall be the principal executive, financial
or accounting officer of the Person, or if such Person is a partnership, of its general partner.

 

    3

     

    

 

“Opinion of Counsel”
means a written opinion of legal counsel, who may be an employee of or counsel for the Company, which opinion shall comply with the provisions
of Sections 102 and 103. Such counsel shall be acceptable to the Trustee, whose acceptance shall not be unreasonably
withheld.

 

“Original Issue Discount Security”
means any Security which provides for an amount less than the stated 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 canceled by the
Trustee or delivered to the Trustee for cancellation;

 

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

 

(iii) Securities which 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; and

 

(iv) Securities, except to the extent provided
in Sections 1302 and 1303, with respect to which the Company has effected defeasance or covenant defeasance as provided
in Article XIII;

 

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, (A) the principal amount of an Original Issue Discount
Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable as of the
date of such determination upon acceleration of the Maturity thereof on such date pursuant to Section 502, (B) the
principal amount of a Security denominated in one or more currencies or currency units other than U.S. dollars shall be the U.S.
dollar equivalent of such currencies or currency units, determined in the manner provided as contemplated by Section 301
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 (as so determined) on the date of original issuance of such Security, of the amount determined as
provided in Clause (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, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so
owned as described in Clause (C) above which have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that
the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other
obligor.

 

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

 

“Periodic Offering”
means an offering of Securities of a series from time to time, the specific terms of which Securities, including, without limitation,
the rate or rates of interest or formula for determining the rate or rates of interest thereon, if any, the Stated Maturity or Stated
Maturities thereof, the original issue date or dates thereof, the redemption provisions, if any, with respect thereto, and any other terms
specified as contemplated by Section 301 with respect thereto, are to be determined by the Company upon the issuance of such
Securities.

 

    4

     

    

 

“Person” means any individual,
corporation, partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof.

 

“Place of Payment”,
when used with respect to the Securities of any series, means, unless otherwise specifically provided for with respect to such series
as contemplated by Section 301, the office or agency of the Company in ____________________ and such other place or places
where, subject to the provisions of Section 1002, the principal of and any premium and interest on the Securities of that
series are payable as specified as contemplated by Section 301.

 

“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.

 

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

 

“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 Debt” means
the principal, premium, if any, unpaid interest (including interest accruing on or after the filing of any petition in bankruptcy or for
reorganization relating to the Company whether or not a claim for post-filing interest is allowed in such proceeding), fees, charges,
expenses, reimbursement and indemnification obligations, and all other amounts payable under or in respect of the following indebtedness
of the Company for money borrowed, whether any such indebtedness exists as of the date of the Indenture or is created, incurred, assumed
or guaranteed after such date:

 

(i) any debt (a) for money borrowed
by the Company, or (b) evidenced by a bond, note, debenture, or similar instrument (including purchase money obligations) given in
connection with the acquisition of any business, property or assets, whether by purchase, merger, consolidation or otherwise, but shall
not include any account payable or other obligation created or assumed in the ordinary course of business in connection with the obtaining
of materials or services, or (c) which is a direct or indirect obligation which arises as a result of banker’s acceptances
or bank letters of credit issued to secure obligations of the Company, or to secure the payment of revenue bonds issued for the benefit
of the Company whether contingent or otherwise;

 

(ii) any debt of others described in the
preceding clause (i) which the Company has guaranteed or for which it is otherwise liable;

 

(iii) the obligation of the Company as lessee
under any lease of property which is reflected on the Company’s balance sheet as a capitalized lease; and

 

(iv) any deferral, amendment, renewal, extension,
supplement or refunding of any liability of the kind described in any of the preceding clauses (i), (ii) and (iii);

 

provided, however,
that, in determining the indebtedness of the Company, there shall be excluded any particular indebtedness if, upon or prior to the
maturity thereof, there shall have been deposited with a depository in trust money (or evidence of indebtedness if permitted by the
instrument creating such indebtedness) in the necessary

 

    5

     

    

 

amount to pay, redeem or satisfy such
indebtedness as it becomes due, and the amount so deposited shall not be included in any determination of the indebtedness of the
Company provided, further, that in determining the indebtedness of the Company hereunder, there shall be excluded
(1) any such indebtedness, obligation or liability referred to in clauses (i) through (iv) above
as to which, in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that
such indebtedness, obligation or liability is not superior in right of payment to the Securities, or ranks pari passu with
the Securities, (2) any such indebtedness, obligation or liability which is subordinated to indebtedness of the Company to
substantially the same extent as or to a greater extent than the Securities are subordinated, (3) any indebtedness to a
subsidiary of the Company and (4) the Securities. There is no limit on the amount of Senior Debt that the Company may
incur.

 

Notwithstanding the foregoing, if the Federal
Reserve Board (or other competent regulatory agency or authority) promulgates any rule or issues any interpretation that defines
general creditor(s), the main purpose of which is to establish a criteria for determining whether the subordinated debt of a bank holding
company is to be included in its capital, then the term “general creditors” as used herein the definition of Senior Debt will
have the meaning as described in that rule or interpretation.

 

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

 

“Stated Maturity”, when
used with respect to the principal of 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 Person, any entity of which more than 50% of the total voting power of the equity interests entitled, without regard
to the occurrence of any contingency, to vote in the election of directors, managers or trustees thereof; or any partnership of which
more than 50% of the partners’ equity interests, considering all partners’ equity interests as a single class, is at the time
owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or combination thereof.

 

“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 otherwise provided in
Section 905; provided, however, that if the Trust Indenture Act of 1939 is amended after such date, “Trust
Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

“Trustee” means the
Person named as the “Trustee” in the first paragraph of this 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 each Trustee with respect to Securities of that series.

 

“U.S. Government Obligations”
means securities which are (i) direct obligations of the United States for the payment of which its full faith and credit is pledged,
or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States, the
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, each of which are not callable
or redeemable at the option of the issuer thereof.

 

“Vice President”, when
used with respect to the Company, means any vice president of the Company, or when used with respect to the Trustee, means any vice president
of the Trustee.

 

Section 102. Compliance Certificates and
Opinions

 

Upon any application or request by the Company
to the Trustee to take or refrain from taking any action under any provision of this Indenture, the Company shall furnish to the Trustee
an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers,
all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with,
and an

 

    6

     

    

 

Opinion of Counsel in form and substance reasonably satisfactory to
the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. Each such certificate
or opinion shall be given in the form of an Officers’ Certificate, if to be given by officers of the Company, or an Opinion of Counsel,
if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this
Indenture.

 

Every Officers’ Certificate or Opinion of
Counsel (except for certificates provided for in Section 1004) shall include:

 

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

 

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

 

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

 

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

 

Section 103. Form of Documents Delivered
to Trustee

 

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

 

Any certificate or opinion of an officer 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 that
the certificate or opinion or representations with respect to such matters are erroneous.

 

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

 

Section 104. Acts of Holders; Record Dates

 

Any request, demand, authorization, direction,
notice, consent, waiver or other action provided or permitted by this Indenture to be given or taken by Holders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed (either physically or by means of a facsimile or an electronic transmission, provided that such electronic
transmission is transmitted through the facilities of a Depositary) by such Holders in person or by an agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered
(either physically or by means of a facsimile or an electronic transmission, provided that such electronic transmission is transmitted
through the facilities of a Depositary) to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders
signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee and
the Company, if made in the manner provided in this Section.

 

    7

     

    

 

Without limiting the generality of the foregoing,
a Holder, including a Depositary that is a Holder of a Global Security, may make, give or take, by a proxy or proxies, duly appointed
in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made,
given or taken by Holders, and a Depositary that is a Holder of a Global Security may provide its proxy or proxies to the beneficial owners
of interests in any such Global Security.

 

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.

 

The ownership, principal amount and serial numbers
of Securities held by any Person, and the date of commencement of such Person’s holding the same, shall be proved by the Security
Register.

 

Any request, demand, authorization, direction,
notice, consent, waiver or other action 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.

 

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

 

The Company may set any day as the record date
for the purpose of determining the Holders of Outstanding Securities of any series entitled to give or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given or taken by Holders of Securities
of such series, but the Company shall have no obligation to do so. With regard to any record date set pursuant to this paragraph, the
Holders of Outstanding Securities of the relevant series on such record date (or their duly appointed agents), and only such Persons,
shall be entitled to give or take the relevant action, whether or not such Holders remain Holders after such record date.

 

Section 105. Notices, Etc., to Trustee
and the 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 in writing and actually received by the Trustee at its office at ____________________,
or at any other address previously furnished in writing by the Trustee, 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 150 Almaden Boulevard, San Jose, California, 95113, to the attention of the Corporate
Secretary, or at any other address previously furnished in writing to the Trustee by the Company.

 

    8

     

    

 

Section 106. Notice to Holders; Waiver

 

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

 

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.

 

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

 

Section 107. Conflict with Trust Indenture
Act

 

If any provision hereof limits, qualifies or conflicts
with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the latter provision
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 latter provision shall be deemed to apply to this Indenture as so modified or excluded, as the case may be.

 

Section 108. Effect of Headings and Table
of Contents

 

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

 

Section 109. Successors and Assigns

 

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

 

Section 110. Separability Clause

 

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

 

Section 111. Benefits of Indenture

 

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

 

Section 112. Governing Law

 

This Indenture and the Securities shall be governed
by and construed in accordance with the law of the state of New York.

 

    9

     

    

 

Section 113. 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 (other than a provision of the Securities of any series which specifically states that such provision
shall apply in lieu of this Section)) payment of interest or principal (and premium, 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 114. Language of Notices, Etc.

 

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

 

Section 115. Interest Limitation

 

It is the intention of the
Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof.
Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding
anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration
which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount
allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of
such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in
the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such
consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable
law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall
be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of
interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by
applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the
full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by
the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all
periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law
during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to
permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law,
references in this Indenture or any Security to “applicable law” when used in the context of determining
the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow
the greater amount or rate of interest.

 

The right to accelerate maturity of any Security
does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however,
that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture
and such Security.

 

Section 116. No Personal Liability of
Officers, Directors, Employees or Shareholders

 

Obligations of the Company under this Indenture
and the Securities hereunder are payable only out of cash flow and assets of the Company. The Trustee, and each Holder of a Security by
its acceptance thereof, will be deemed to have agreed in this Indenture that no director, officer, employee, or shareholder, as such,
of the Company, the Trustee, or any Affiliate of any of the foregoing entities shall have any personal liability in respect of the obligations
of the Company under this Indenture or such Securities by reason of his, her or its status. The agreements set forth in this Section are
part of the consideration for the issuance of the Securities.

 

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Section 117. Applicability of Depositary

 

Notwithstanding any other provision of this Indenture,
so long as a series of Securities is a Global Security, the parties hereto will be bound at all times by the applicable procedures of
the Depositary with respect to such series.

 

ARTICLE II

 

SECURITY FORMS

 

Section 201. Forms Generally

 

The Securities of each series shall be in substantially
the form set forth in this Article, or in such other 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 applicable laws or the rules of any securities exchange or automated quotation system on
which the Securities of such series may be listed or traded or of any Depositary therefor or as may, consistently herewith, be determined
by the officers executing such Securities, as evidenced by their execution of the Securities. If the form of Securities of any series
is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by an
authorized officer or other authorized Person on behalf of the Company and delivered to the Trustee at or prior to the delivery of the
Company Order contemplated by Section 303 for the authentication and delivery of such Securities. Any form of Security approved
by or pursuant to a Board Resolution must be acceptable as to form by the Trustee, such acceptance to be evidenced by the Trustee’s
authentication of Securities in that form.

 

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 of such Securities.

 

Section 202. Form of Face of Security

 

[Insert any legend required by the United States
Internal Revenue Code and the regulations thereunder.]

 

[If a Global Security, insert legend required
by Section 204 of the Indenture]

 

[If applicable, insert—UNLESS THIS SECURITY
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

 

    11

     

    

 

 

HERITAGE COMMERCE CORP

 

[TITLE OF SECURITY]

 

	NO.	 	U.S. $[*]
	 	 
	[CUSIP No.            ]	 	 

 

HERITAGE COMMERCE CORP, a California corporation
(herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to _____________, or registered assigns, the principal sum of _____________ United States Dollars [state
other currency] on _____________ [if the Security is to bear interest prior to Maturity, insert—, and to pay interest thereon from
_____________, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on _____________
and _____________ in each year, commencing _____________, at the rate of _____________% per annum, until the principal hereof is paid
or made available for payment [if applicable, insert—, and at the rate of _____________% per annum on any overdue principal and
premium and on any overdue installment of interest]. [If applicable, insert — The amount of interest payable for any period shall
be computed on the basis of twelve 30-day months and a 360-day year. The amount of interest payable for any partial period shall be computed
on the basis of a 360-day year of twelve 30-day months and the days elapsed in any partial month. In the event that any date on which
interest is payable on this Security is not a Business Day, then a payment of the interest payable on such date will be made on the next
succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and
effect as if made on the date the payment was originally payable. A “Business Day” shall mean, when used with respect to any
Place of Payment, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place
of Payment are authorized or obligated by law, executive order or regulation to close.] The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall
be the _____________ or _____________ (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close
of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given
to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Securities of this
series may be listed or traded, and upon such notice as may be required by such exchange or automated quotation system, all as more fully
provided in such Indenture].

 

[If the Security is not to bear interest prior
to Maturity, insert—The principal of this Security shall not bear interest except in the case of a default in payment of principal
upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal of this Security shall bear interest at
the rate of _____________% per annum, which shall accrue from the date of such default in payment to the date payment of such principal
has been made or duly provided for. Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal
that is not so paid on demand shall bear interest at the rate of _____________% per annum, which shall accrue from the date of such demand
for payment to the date payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.]

 

[If a Global Security, insert—Payment of
the principal of [(and premium, if any)] and [if applicable, insert—any such] interest on this Security will be made by transfer
of immediately available funds to a bank account in _____________ designated by the Holder in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts [state other currency].]

 

[If a Definitive Security, insert—Payment
of the principal of [(and premium, if any)] and [if applicable, insert—any such] interest on this Security will be made at the office
or agency of the Company maintained for that purpose in _____________, [in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts] [state other currency] [or subject to any laws or regulations

 

    12

     

    

 

applicable thereto and to the right of the Company (as provided in
the Indenture) to rescind the designation of any such Paying Agent, at the [main] offices of _____________ in _____________ and _____________
in _____________, or at such other offices or agencies as the Company may designate, by [United States Dollar] [state other currency]
check drawn on, or transfer to a [United States Dollar] account maintained by the payee with, a bank in _____________ (so long as the
applicable Paying Agent has received proper transfer instructions in writing at least _____________ days prior to the payment date)] [if
applicable, insert—; provided, however, that payment of interest may be made at the option of the Company by [United States Dollar]
[state other currency] check mailed to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register]
[or by transfer to a [United States Dollar] [state other currency] account maintained by the payee with a bank in _____________ [state
other Place of Payment] (so long as the applicable Paying Agent has received proper transfer instructions in writing by the Record Date
prior to the applicable Interest Payment Date)].]

 

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

 

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

 

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

 

Dated:__________________

 

	 	HERITAGE COMMERCE CORP

 

		By:	 

		Name:	 

		Title:	 

 

Section 203. Form of Reverse of Security

 

This Security is one of a duly authorized issue
of securities of the Company (the “Securities”), issued and to be issued in one or more series under an Indenture dated as
of _____________, 20__ (the “Indenture”), between the Company and ____________________, as Trustee (the “Trustee”,
which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Company,
the Trustee, the Holders of the Senior Debt and the Holders of the Securities and of the terms upon which the Securities are, and are
to be, authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at different rates,
may be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may
be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided or permitted. This Security
is one of the series designated on the face hereof [if applicable, insert—, limited in aggregate principal amount to U.S.$ _____________].

 

[If applicable, insert—The Securities of
this series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, [if applicable, insert—(1) on
in any year commencing with the year _____________ and ending with the year _____________ through operation of the sinking fund for this
series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time [if applicable, insert—on or after _____________],
as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount):
If redeemed [if applicable, insert—on or before _____________, ____%, and if redeemed] during the 12-month period beginning _____________
of the years indicated,

 

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	Year	 	Redemption Price	 	Year	 	Redemption Price
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

and thereafter at a Redemption Price equal to _____% of the principal
amount, together in the case of any such redemption [if applicable, insert—(whether through operation of the sinking fund or otherwise)]
with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will
be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant
Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

[If applicable, insert—The Securities of
this series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, (1) on _____________ in
any year commencing with the year _____________ and ending with the year _____________ through operation of the sinking fund for this
series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount)
set forth in the table below, and (2) at any time [if applicable, insert—on or after _____________], as a whole or in part,
at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed
as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning _____________ of
the years indicated,

 

	Year	 	
    Redemption Price for

    Redemption Through Operation

    of the Sinking Fund
	 	Redemption Price for Redemption

Otherwise Than Through Operation of

the Sinking Fund
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

and thereafter at a Redemption Price equal to _____% of the principal
amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest
to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the
Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred
to on the face hereof, all as provided in the Indenture.]

 

[If applicable, insert—The sinking
fund for this series provides for the redemption on _____________ in each year beginning with the year _____________ and ending with
the year _____________ of [if applicable,—not less than $_____________ (“mandatory sinking fund”) and not more
than] $_____________ aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the
Company otherwise than through [if applicable,—mandatory] sinking fund payments may be credited against subsequent [if
applicable,—mandatory] sinking fund payments otherwise required to be made [if applicable,—in the inverse order in which
they become due].]

 

[If the Security is subject to redemption in part
of any kind, insert—In the event of redemption of this Security in part only, a new Security or Securities of this series and of
like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.]

 

[If applicable, insert—The Securities of
this series are not redeemable prior to Stated Maturity.]

 

[If the Security is not an Original Issue Discount
Security, insert—If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of
the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.]

 

[If the Security is an Original Issue Discount
Security, insert—If an Event of Default with respect to Securities of this series shall occur and be continuing, an amount of principal
of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount
shall be equal to—insert formula for determining the amount. Upon payment (1) of the amount of principal so declared due and
payable, and (2) of interest on any overdue principal and overdue interest, all of the Company’s obligations in respect of
the payment of the principal of and interest, if any, on the Securities of this series shall terminate.]

 

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

 

As provided in and subject to the provisions of
the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written
notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders
of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and
shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or [any premium
or] interest hereon on or after the respective due dates expressed herein.

 

No reference herein to the Indenture and no provision
of this Security or of the Indenture shall, without the consent of the Holder, alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and [any premium and] interest on this Security at the times, place(s) and rate,
and in the coin or currency, herein prescribed, except for Section 115 of the Indenture (which limits interest to the maximum
amount permissible by law), the provisions of which are incorporated herein by reference.

 

[If a Global Security, insert—This Global
Security or portion hereof may not be exchanged for Definitive Securities of this series except in the limited circumstances provided
in the Indenture.

 

The holders of beneficial interests in this Global
Security will not be entitled to receive physical delivery of Definitive Securities except as described in the Indenture and will not
be considered the Holders thereof for any purpose under the Indenture.]

 

[If a Definitive Security, insert—As provided
in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company in [if applicable, insert —
any place where the principal of and any premium and interest on this Security are payable] [if applicable, insert— _____________
[, or, subject to any laws or regulations applicable thereto and to the right of the Company (limited as provided in the Indenture) to
rescind the designation of any such transfer agent, at the [main] offices of _____________ in _____________ and in _____________ or at
such other offices or agencies as the Company may designate]], duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.]

 

    15

     

    

 

The Securities of this series are issuable only
in registered form without coupons in denominations of U.S.$ [state other currency] and any integral multiple thereof. As provided in
the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.

 

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

 

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

 

This Security is subordinated in right of payment
to Senior Debt, to the extent provided in the Indenture.

 

Obligations of the Company under the Indenture
and the Securities thereunder, including this Security, are payable only out of cash flow and assets of the Company. The Trustee, and
each Holder of a Security by its acceptance hereof, will be deemed to have agreed in the Indenture that no director, officer, employee,
or shareholder, as such, of the Company, the Trustee, or any Affiliate of any of the foregoing entities shall have any personal liability
in respect of the obligations of the Company under the Indenture or such Securities by reason of his, her or its status.

 

The Indenture contains provisions that relieve
the Company from the obligation to comply with certain restrictive covenants in the Indenture and for satisfaction and discharge at any
time of the entire indebtedness upon compliance by the Company with certain conditions set forth in the Indenture.

 

This Security shall be governed by and construed
in accordance with the laws of the state of New York.

 

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

 

[If a Definitive Security, insert as a separate
page—

 

FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto _______________________ (Please Print or Typewrite Name and Address of Assignee)
the within instrument of HERITAGE COMMERCE CORP, and does hereby irrevocably constitute and appoint __________________________
Attorney to transfer said instrument on the books of the within-named Company, with full power of substitution in the premises.

 

Please Insert Social Security or 

Other Identifying Number of Assignee:

 

	Dated:	 	 	 	 	(Signature)

 

Signature Guarantee:

 

(Participant in a Recognized Signature 

Guaranty Medallion Program)

 

NOTICE: The signature to this assignment must
correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any
change whatever.]

 

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Section 204. Global Securities

 

Every Global Security authenticated and delivered
hereunder shall bear a legend in substantially the following form:

 

THIS SECURITY IS A GLOBAL SECURITY
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY
OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY
SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL
SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

 

If Securities of a series are issuable in whole
or in part in the form of one or more Global Securities, as contemplated by Section 301, then, notwithstanding Clause (9) of
Section 301 and the provisions of Section 302, any Global 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
or increased, as the case may be, to reflect exchanges. Any endorsement of a Global Security to reflect the amount, or any reduction or
increase in the amount, of Outstanding Securities represented thereby shall be made in such manner and upon instructions given by such
Person or Persons as shall be specified therein or in a Company Order. Subject to the provisions of Sections 303, 304
and 305, the Trustee shall deliver and redeliver any Global Security in the manner and upon instructions given by the Person or
Persons specified therein or in the applicable Company Order. Any instructions by the Company with respect to endorsement or delivery
or redelivery of a Global Security shall be in a Company Order (which need not comply with Section 102 and need not be accompanied
by an Opinion of Counsel).

 

The provisions of the last sentence of Section 303
shall apply to any Security represented by a Global Security if such Security was never issued and sold by the Company and the Company
delivers to the Trustee the Global Security together with a Company Order (which need not comply with Section 102 and need
not be accompanied by an Opinion of Counsel) with regard to the reduction or increase, as the case may be, in the principal amount of
Securities represented thereby, together with the written statement contemplated by the last sentence of Section 303.

 

Section 205. Form of Trustee’s
Certificate and Authorization

 

The Trustee’s certificates of authentication
shall be in substantially the following form:

 

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

 

	 	
	 	As Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

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ARTICLE III

 

THE SECURITIES

 

Section 301. Amount Unlimited; Issuable
in Series

 

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

 

The Securities may be issued in one or more series.
There shall be established in or pursuant to a Board Resolution (and, subject to Section 303, to the extent established pursuant
to rather than set forth in a Board Resolution, in an Officers’ Certificate or Company Order setting forth, or determining the manner
of, such establishment) or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series,

 

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

 

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

 

(3) the Person to whom any interest on a
Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities)
is registered at the close of business on the Regular Record Date for such interest;

 

(4) the date or dates on which the Securities
will be issued and on which the principal of, and premium, if any, on the Securities of the series is payable or the method of determination
thereof;

 

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

 

(6) the place or places where, subject to
the provisions of Section 1002, the principal of and any premium and interest on Securities of the series shall be payable,
Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered for exchange and
notices, and demands to or upon the Company in respect of the Securities of the series and this Indenture may be served;

 

(7) the period or periods, if any, within
which, the price or prices 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 or otherwise, if the Company is to have that option;

 

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

 

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

 

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(10) whether payment of principal of and
premium, if any, and interest, if any, on the Securities of the series shall be without deduction for taxes, assessments or governmental
charges paid by Holders of the series;

 

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

 

(12) if the amount of payments of principal of
or any premium or interest on any Securities of the series may be determined with reference to an index, the manner in which such amounts
shall be determined;

 

(13) if the principal of or any premium or interest
on any Securities of the series is to be payable, at the election of the Company or a Holder thereof, in one or more currencies or currency
units other than that or those in which the Securities are stated to be payable, the currency, currencies or currency units in which payment
of the principal of and any premium and interest on 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;

 

(14) the right, if any, of the Company to defer
payments of interest by extending the interest payment periods and specify the duration of such extension, the Interest Payment Dates
on which such interest shall be payable and whether and under what circumstances additional interest on amounts deferred shall be payable;

 

(15) if other than the principal amount thereof,
the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the Maturity
thereof pursuant to Section 502 or provable in bankruptcy pursuant to Section 504 or the method of determination
thereof;

 

(16) if and as applicable, that the Securities
of the series shall be issuable in whole or in part in the form of one or more Global Securities (and whether in temporary or permanent
global form) and, in such case, the Depositary or Depositaries for such Global Security or Global Securities and any circumstances other
than those set forth in Section 305 in which any such Global Security may be transferred to, and registered and exchanged
for Securities registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and in which
any such transfer may be registered;

 

(17) any deletions from, modifications of or additions
to the Events of Default set forth in Section 501 or the covenants of the Company set forth in Article X pertaining
to the Securities of the series;

 

(18) if and the terms and conditions upon which
any Securities of the series may be converted into or exchanged for securities, which may include, without limitation, capital stock,
of any class or series of the Company or any other issuer;

 

(19) if the amount of payments of principal of
or any premium or interest on any Securities of the series may be determined with reference to an index, including, but not limited to
an index based on a currency or currencies other than that in which the Securities of that series are payable, or any other type of index,
the manner in which such amounts shall be determined;

 

(20) if other than as provided in Sections 1302
and 1303, the terms and conditions upon which and the manner in which such series of Securities may be defeased or discharged;

 

(21) if other than the Trustee, the identity of
any other trustee, the Security Registrar and any Paying Agent;

 

(22) any restrictions or other provisions with
respect to the transfer or exchange of the Securities; and

 

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(23) any other terms of the Securities of the
series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 901(3)).

 

All Securities of any one series shall be substantially
identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution or Officers’
Certificate referred to above or in any such indenture supplemental hereto.

 

Any such Board Resolution or Officers’ Certificate
referred to above with respect to Securities of any series filed with the Trustee on or before the initial issuance of the Securities
of such series shall be incorporated herein by reference with respect to Securities of such series and shall thereafter be deemed to be
a part of the Indenture for all purposes relating to Securities of such series as fully as if such Board Resolution or Officers’
Certificate were set forth herein in full.

 

All Securities of any one series need not be issued
at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for increases in the aggregate
principal amount of such series of Securities and issuances of additional Securities of such series or for the establishment of additional
terms with respect to the Securities of such series.

 

If any of the terms of the series are established
by action taken by or pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by an authorized
officer or other authorized person of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate
setting forth, or providing the manner for determining, the terms of the series.

 

With respect to Securities of a series subject
to a Periodic Offering, such Board Resolution or Officers’ Certificate may provide general terms for Securities of such series and
provide either that the specific terms of particular Securities of such series shall be specified in a Company Order, or that such terms
shall be determined by the Company, or one or more of the Company’s agents designated in an Officers’ Certificate, in accordance
with a Company Order.

 

Section 302. Denominations

 

The Securities of each series shall be issuable
only in registered form without coupons in such denominations as shall be specified as contemplated by Section 301. In the
absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall be issuable
in denominations of $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 the Chairman of the Board, Vice Chairman, Chief Executive Officer, Chief Financial Officer, President or any Vice President
of the Company and need not be attested. The signature of any of these officers on the Securities may be manual or facsimile.

 

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

 

At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order
shall authenticate and deliver such Securities; provided, however, that in the case of Securities offered in a Periodic
Offering, the Trustee shall authenticate and deliver such Securities from time to time in accordance with such other procedures (including,
without limitation, the receipt by the Trustee of oral or electronic instructions from the Company or its duly authorized agents, thereafter
promptly confirmed in writing) acceptable to the Trustee as may be specified by or pursuant to a Company Order delivered to the Trustee
prior to the time of the first authentication

 

    20

     

    

 

of Securities of such series. If the form or terms of the Securities
of the series have been established in or pursuant to one or more Board Resolutions as permitted by Sections 201 and 301,
in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities,
the Trustee shall be entitled to receive, in addition to any Officers’ Certificate and Opinion of Counsel required to be furnished
to the Trustee pursuant to Section 102, and (subject to Section 601) shall be fully protected in relying upon,
an Opinion of Counsel stating,

 

(1) the form and terms (or the manner of
determining the terms) of such Securities have been established by or pursuant to Board Resolution as permitted by Section 201,
that such form or forms have been established in conformity with the provisions of this Indenture;

 

(2) if the terms of such Securities have
been, or in the case of Securities of a series offered in a Periodic Offering, will be, established by or pursuant to a Board Resolution
as permitted by Section 301, that such terms have been, or in the case of Securities of a series offered in a Periodic Offering,
will be, established in conformity with the provisions of this Indenture, subject, in the case of Securities of a series offered in a
Periodic Offering, to any conditions specified in such Opinion of Counsel (which conditions are reasonably acceptable to the Trustee);

 

(3) 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,
which conditions are reasonably acceptable to the Trustee, will constitute valid and legally binding obligations of the Company enforceable
in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors’ rights and to general equity principles and entitled to the benefits of
this Indenture, equally and ratably with all other Securities, if any, of such series Outstanding; and

 

(4) such other matters as the Trustee may
reasonably request;

 

and, if the authentication and delivery relates to a new series of
Securities created by an indenture supplemental hereto, also stating that all conditions precedent to the execution of the supplemental
indenture with respect to that series of Securities have been complied with, the Company has the power to execute and deliver any such
supplemental indenture and has taken all necessary action for those purposes and any such supplemental indenture has been executed and
delivered and constitutes the legal, valid and binding obligation of the Company enforceable in accordance with its terms (subject, as
to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or other laws and
legal principles affecting creditors’ rights generally from time to time in effect and to general equitable principles, whether
applied in an action at law or in equity).

 

If such form or forms 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 which is not reasonably
acceptable to the Trustee.

 

Notwithstanding the provisions of Section 301
and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to
deliver the Officers’ Certificate otherwise required pursuant to Section 301 or the Company Order and Opinion of Counsel
or Board Resolution or supplemental indenture otherwise required pursuant to such preceding paragraph at or prior to the time of authentication
of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first
Security of such series to be issued.

 

With respect to Securities of a series not to
be originally issued at one time, the Trustee may rely upon the Opinion of Counsel and the other documents delivered pursuant to Sections 201
and 301 and this Section, as applicable, in connection with the first authentication of Securities of such series and any subsequent
request by the Company to the Trustee to authenticate Securities of such series upon original issuance shall constitute a representation
and warranty by the Company that as of the date of such request, the statements made in the Officers’ Certificate shall be true
and correct as if made on such date.

 

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Each Security shall be dated the date of its authentication.

 

No Security shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual signature of an authorized signatory, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and
is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered
hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided
in Section 309 for all purposes of this Indenture, such Security shall be deemed never to have been authenticated and delivered
hereunder and shall never be entitled to the benefits of this Indenture.

 

Section 304. Temporary Securities

 

Pending the preparation of Definitive Securities
of any series, the Company may execute, and upon receipt of the documents required by Section 303, together with a Company
Order, the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor of the Definitive Securities of like series in lieu of
which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such
Securities may determine, as evidenced by their execution of such Securities.

 

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 maintained pursuant to Section 1002
for the purpose of exchanges of Securities of such series, without charge to the Holder. Upon surrender for cancellation of any one or
more temporary Securities of any series the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor
one or more Definitive Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor.
Until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture
as Definitive Securities of such series and tenor.

 

Section 305. Registration, Registration
of Transfer and Exchange

 

The Company shall cause to be kept at the Corporate
Trust Office of the Trustee a register (the register maintained in such office or in any other office or agency of the Company in a Place
of Payment being herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations
as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Company shall, prior
to the issuance of any Securities hereunder, appoint the Trustee as the initial “Security Registrar” for the purpose of registering
Securities and transfers of Securities as herein provided. The Company may at any time replace such Security Registrar, change such office
or agency or act as its own Security Registrar. The Company will give prompt written notice to the Trustee of any change of the Security
Registrar or of the location of such office or agency. At all reasonable times the Security Register shall be available for inspection
by the Trustee.

 

Upon surrender for registration of transfer of
any Security of any series at the office or agency of the Company maintained pursuant to Section 1002 for such purpose, the
Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or
more new Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor.

 

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

 

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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 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 exchanges pursuant to
Section 304 or 1107 not involving any transfer.

 

Neither the Trustee nor the Company shall be required
(1) to issue, register the transfer of or exchange Securities of any series (or of any series and specified tenor, as the case may
be) during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of Securities of
that series selected for redemption under Section 1103 and ending at the close of business on the day of such mailing, or
(2) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion
of any Security being redeemed in part.

 

Notwithstanding any other provision in this
Indenture and except as otherwise specified as contemplated by Section 301, no Global Security may be transferred to, or
registered or exchanged for Securities registered in the name of, any Person other than the Depositary for such Global Security or
any nominee thereof, and no such transfer may be registered, except as provided in this paragraph. Every Security authenticated and
delivered upon registration or transfer of, or in exchange for or in lieu of, a Global Security shall be a Global Security, except
as provided in this paragraph. If (1) (A) the Depositary for a Global Security notifies the Company that it is unwilling
or unable to continue as Depositary for such Global Security or ceases to be a clearing agency registered under the Exchange Act,
and (B) a successor Depositary is not appointed by the Company within 90 days, (2) an Event of Default has occurred and is
continuing with respect to the Securities of such series and the Security Registrar has received a request from the Depositary to
issue certificated securities in lieu of all or a portion of the Global Securities of such series (in which case the Company shall
deliver certificated securities within 30 days of such request) or (3) the Company determines in its sole discretion that
Securities of a series issued in global form shall no longer be represented by a Global Security, then such Global Security may be
exchanged by such Depositary for Definitive Securities of the same series, of any authorized denomination and of a like aggregate
principal amount and tenor, registered in the names of, and the transfer of such Global Security or portion thereof may be
registered to, such Persons as such Depositary shall direct.

 

Section 306. Mutilated, Destroyed, Lost
and Stolen Securities

 

If any mutilated Security is surrendered to the
Trustee, together with such security or indemnity as may be required by the Company or the Trustee to save each of them and any agent
of either of them harmless, the Company shall execute and upon its request the Trustee shall authenticate and deliver in exchange therefor
a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously Outstanding.

 

If there shall be delivered to the Company and
the Trustee (1) evidence to their satisfaction of the destruction, loss or theft of any Security and (2) such security or indemnity
as 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. If, after the delivery of such new Security, a bona
fide purchaser of the original Security in lieu of which such new Security was issued presents for payment or registration such original
Security, the Trustee shall be entitled to recover such new Security from the party to whom it was delivered or any party taking therefrom,
except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss,
damage, cost or expense incurred by the Company and the Trustee in connection therewith.

 

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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 fees and expenses of the Trustee) connected therewith. Every new Security of any
series issued pursuant to this Section in exchange for any mutilated Security or in lieu of any destroyed, lost or stolen Security
shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen
Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of 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

 

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

 

Any interest on any Security of any series which
is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”)
shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted
Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or (2) below:

 

(1) The Company may elect to make payment
of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such
series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal
to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee
for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment
of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and
not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company
of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at
his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment
of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons
in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following Clause (2).

 

(2) The Company may make payment of any Defaulted
Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange
or automated quotation system on which such Securities may be listed or traded, 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.

 

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Subject to the foregoing provisions of this Section and
Section 305, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of
any other Security, shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

For each series of Securities, the Company shall,
prior to 10:30 a.m. (________ time) on each payment date for principal and premium, if any, and interest, if any, deposit with the
Trustee money in immediately available funds sufficient to make cash payments due on the applicable payment date.

 

Section 308. Persons Deemed Owners

 

Except as otherwise provided as contemplated by
Section 301 with respect to any series of Securities, prior to due presentment of a 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 Security is registered as
the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Sections 305
and 307) any interest on such Security and for all other purposes whatsoever, whether or not such Security is overdue, and neither
the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

No holder of any beneficial interest in any Global
Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such Global Security, and such
Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner of such Global Security
for all purposes whatsoever. None of the Company, the Trustee nor any agent of the Company or the Trustee will have any responsibility
or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security
or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

 

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 and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation
any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may
deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder
which the Company has not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall
be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly permitted by this
Indenture. All canceled Securities held by the Trustee shall be disposed of in accordance with its customary procedures, and the Trustee
shall thereafter, from time to time upon written request, deliver to the Company a certificate with respect to such disposition.

 

Section 310. Computation of Interest

 

Except as otherwise specified as contemplated
by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a
360-day year of twelve 30-day months and interest on the Securities of each series for any partial period shall be computed on the basis
of a 360-day year of twelve 30-day months and the number of days elapsed in any partial month.

 

Section 311. CUSIP Numbers

 

The Company in issuing the Securities may use
 “CUSIP” numbers (in addition to the other identification numbers printed on the Securities), and, if so, the Trustee
shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided, however, that
any such notice may state that no representation is made as to the correctness of such “CUSIP” 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 “CUSIP”
numbers. The Company will promptly notify the Trustee of any change in the “CUSIP” numbers.

 

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ARTICLE IV

 

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 any series (except as to any surviving rights of registration of transfer or exchange
of such Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to such Securities, when

 

(1) either

 

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

 

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

 

(i) have become due and payable,

 

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

 

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

 

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

 

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

 

(3) 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 such Securities have been complied with.

 

Notwithstanding the satisfaction and discharge
of this Indenture with respect to Securities of any series, (i) the obligations of the Company to the Trustee under Section 607,
the obligations of the Trustee to any Authenticating Agent under Section 614 and the right of the Trustee to resign under
Section 610 shall survive, and (ii) if money shall have been deposited with the Trustee pursuant to subclause (B) of
Clause (1) of this Section, the obligations of the Company and/or the Trustee under Sections 402, 606,
701 and 1002 and the last paragraph of Section 1003 shall survive.

 

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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 determine, to the Persons entitled thereto, of the principal
and any premium and interest for whose payment such money has been deposited with the Trustee.

 

ARTICLE V

 

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):

 

(1) default in the payment of any interest
upon any Security of that series when it becomes due and payable, and continuance of such default for a period of 30 days (whether or
not such payment is prohibited by the provisions of Article XIV hereof); or

 

(2) default in the payment of the principal
of (or premium, if any, on) any Security of that series at its Maturity (whether or not such payment is prohibited by the provisions of
Article XIV hereof); or

 

(3) default in the payment of any sinking
fund payment, when and as due by the terms of any Security of that series (whether or not such payment is prohibited by the provisions
of Article XIV hereof); or

 

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

 

(5) the Company pursuant to or within the
meaning of any Bankruptcy Law (A) commences a voluntary case, (B) consents to the entry of any order for relief against it in
an involuntary case, (C) consents to the appointment of a Custodian of it or for all or substantially all of its property, or (D) makes
a general assignment for the benefit of its creditors; or

 

(6) a court of competent jurisdiction enters
an order or decree under any Bankruptcy Law that (A) is for relief against the Company in an involuntary case, (B) appoints
a Custodian of the Company or for all or substantially all of its property, or (C) orders the liquidation of the Company; and the
order or decree remains unstayed and in effect for 90 days; or

 

(7) any other Event of Default provided contemplated
by Section 301 with respect to the Securities of that series.

 

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Section 502. Acceleration of Maturity;
Rescission and Annulment

 

If an Event of Default specified in Section 5.01(5),
Section 5.01(6), with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every
such case the Trustee or Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the
principal amount of (or, if any of the Securities of that series are Original Issue Discount Securities, such portion of the principal
amount of such Securities as may be specified in the terms thereof) all of the Securities of that series to be due and payable immediately,
by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or
specified amount) shall become immediately due and payable.

 

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

 

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

 

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

 

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

 

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

 

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

 

and

 

(2) all Events of Default with respect to
Securities of that series, other than the non-payment of the principal of Securities of that series 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.

 

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

 

The Company covenants that if

 

(1) default is made in the payment of any
interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days (whether or not
such payment is prohibited by the provisions of Article XIV hereof), or

 

(2) default is made in the payment of the
principal of (or premium, if any, on) any Security at the Maturity thereof (whether or not such payment is prohibited by the provisions
of Article XIV hereof), the Company will, upon demand of the Trustee, pay to it, for the benefit of Holders of such Securities,
the whole amount then due and payable on such Securities for principal and any premium and interest and, to the extent that payment of
such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or
rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel.

 

If 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.

 

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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 any judicial proceeding relative to
the Company, or any other obligor upon the Securities, their property or their creditors, the Trustee shall be entitled and empowered,
by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have
claims of Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive
any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make
such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to 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.

 

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

 

Section 505. Trustee May Enforce
Claims Without Possession of Securities

 

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

 

Section 506. Application of Money Collected

 

Any money or property collected or to be applied
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 or property on account of principal or any premium or interest, upon presentation of the Securities
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment of all amounts due the Trustee
(acting in any capacity hereunder) under Section 607;

 

SECOND: Subject to Article XIV, to
the payment of the amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of which or
for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts
due and payable on such Securities for principal and any premium and interest, respectively; and

 

THIRD: The balance, if any, to the Company.

 

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Section 507. Limitation on Suits

 

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

 

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

 

(2) 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 and,
if requested, provided to the Trustee reasonable security or 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 and, if requested, provision of security or 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 Holders of a majority in principal amount of the Outstanding Securities
of that series;

 

it being understood and intended that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to
enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all 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 any premium
and (subject to Sections 305 and 307) interest on such Security on the respective Stated Maturity 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, and such
rights shall not be impaired without the consent of such Holder.

 

Section 509. Restoration of Rights and
Remedies

 

If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then in every such case, subject to any determination in such proceeding,
the Company, the Trustee and Holders shall be restored severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of the Trustee and 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 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.

 

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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

 

Subject to the provisions of Section 603,
Holders of a majority in aggregate principal amount of the Outstanding Securities of any series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the
Trustee, with respect to the Securities of such series; provided, however, that

 

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

 

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

 

(3) subject to the provisions of Section 601,
the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall determine that the proceeding
so directed would involve the Trustee in personal liability or would otherwise be contrary to applicable law.

 

Section 513. Waiver of Past Defaults

 

Holders of a majority in aggregate principal amount
of the Outstanding Securities of any series may on behalf of Holders of all the Securities of such series waive any past default hereunder
with respect to such series and its consequences, except

 

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

 

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

 

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

 

Section 514. Undertaking for Costs

 

In any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may
require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs against any such party
litigant, in the manner and to the extent provided in the Trust Indenture Act; provided, however, that neither this Section nor
the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit
instituted by the Trustee, in any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal
amount of the Outstanding Securities of any series to which the suit relates, or in any suit instituted by any Holder for the enforcement
of the payment of the principal of (or premium, if any) or interest on any Security on or after the respective Stated Maturity expressed
by such Security (or, in the case of redemption or repayment, on or after the Redemption Date).

 

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ARTICLE VI

 

THE TRUSTEE

 

Section 601. Certain Duties and Responsibilities

 

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

 

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

 

(2) in the absence of bad faith on its part,
the Trustee may, with respect to Securities of such series, 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 conforming to the requirements of this Indenture;
but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine the same to determine whether or not they conform on their face to the requirements of this
Indenture.

 

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

 

(c) No provisions 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;

 

(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 taken or omitted to be taken by it in good faith in accordance with the direction of the Holders or a majority in
principal amount of the Outstanding Securities of any series relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to 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 adequate indemnity against such risk or liability is not reasonably 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

 

If a Default occurs and is continuing with respect
to the Securities of any series, the Trustee shall, within 90 days after it occurs, transmit, in the manner and to the extent provided
in Section 313(c) of the Trust Indenture Act, notice of all uncured or unwaived Defaults known to it; provided,
however, that, except in the case of a Default in payment on the Securities of any series, the Trustee shall be protected in withholding
the notice if and so long as the board of directors, the executive committee or a trust committee of directors or responsible officers
of the Trustee determine in good faith that withholding such notice is in the interests of Holders of Securities of such series;

 

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provided,
further, however, that, in the case of any default or breach of the character specified in Section 501(3) with
respect to the Securities of such series, no such notice to Holders shall be given until at least 90 days after the occurrence thereof.

 

The Trustee shall not be deemed to have notice
or be charged with knowledge of any Default, except a Default under Sections 501(1) or 501(2) herein, unless
the Trustee shall have received from the Company or from any Holder written notice thereof at its Corporate Trust Office, and such notice
references the Securities in this Indenture. In the absence of any such notice, the Trustee may conclusively assume that no such Default
exists.

 

Section 603. Certain Rights of Trustee

 

Subject to the provisions of Section 601:

 

(1) the Trustee may rely on 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, 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;

 

(2) any request, direction, order or demand
of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (or in the case of a Periodic Offering,
as agreed in procedures set forth in a Company Order pursuant to Section 303) and any resolution of the Board of Directors
shall be sufficiently evidenced by a Board Resolution;

 

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

 

(4) 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;

 

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

 

(6) the Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion,
may, without obligation to do so, 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;

 

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

 

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

 

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

 

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 or any Authenticating
Agent assumes no responsibility for their correctness. Neither the Trustee nor any Authenticating Agent makes any representations as to
the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall 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 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
such compensation for all services rendered by it hereunder as shall be mutually agreed upon by the Company and the Trustee in writing
(which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

(2) to reimburse the Trustee upon its request
for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture
(including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to its gross negligence or bad faith; and

 

(3) to indemnify the Trustee for, and to
hold it harmless against, any loss, liability or expense incurred without gross negligence or bad faith on its 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 itself
against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.

 

The obligations of the Company under this Section to
compensate the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute additional indebtedness
hereunder.

 

Without limiting any rights available to the Trustee
under applicable law, when the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 501(4) or
Section 501(5), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for such
services are intended to constitute expenses of administration under any applicable Bankruptcy Law.

 

The provisions of this Section shall survive
the satisfaction and discharge of this Indenture and the defeasance of the Securities.

 

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Section 608. Disqualification; Conflicting
Interests

 

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

 

Section 609. Corporate Trustee Required;
Eligibility

 

There shall at all times be one or more Trustees
hereunder with respect to the Securities of each series, at least one of which shall be a Person that is eligible pursuant to the Trust
Indenture Act to act as such and has a combined capital and surplus required by the Trust Indenture Act. If such Person publishes reports
of condition at least annually, pursuant to law or to the requirements of a supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

Section 610. Resignation and Removal;
Appointment of Successor

 

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

 

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 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.

 

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. If an instrument of acceptance by a successor Trustee shall not have been delivered to the
Trustee within 30 days after the giving of such notice of removal, the removed Trustee may petition any court of competent jurisdiction
for the appointment of a successor Trustee.

 

If at any time:

 

(1) the Trustee shall fail to comply with
Section 608 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, 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, (A) the Company, acting pursuant to the authority of a Board Resolution, may remove the Trustee with respect
to all Securities, or (B) subject to Section 514, 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.

 

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

 

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series (it being understood that any such successor Trustee may be
appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 611. If,
within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to
the Securities of any series shall be appointed by Act of Holders of a majority in principal amount of the Outstanding Securities of such
series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the
Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect
to the Securities of any series shall have been so appointed by the Company or Holders 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.

 

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 to all Holders of Securities of such series in the manner provided in Section 106. Each notice
shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.

 

Section 611. Acceptance of Appointment
by Successor

 

(1) 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.

 

(2) 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 (A) 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, (B) 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 (C) 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 as co-trustees of
the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor Trustee relates, but, on request of the Company, or any
successor Trustee, such retiring Trustee shall, upon payment of its charges, 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.

 

(3) 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

 

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Trustee all such rights, powers and trusts referred to in paragraph
(1) or (2) of this Section, as the case may be.

 

(4) 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. 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 the Company

 

If and when the Trustee shall be or become a creditor
of the Company, or any other obligor upon the Securities, the Trustee shall be subject to the provisions of the Trust Indenture Act regarding
the collection of claims against the Company or any such other obligor.

 

Section 614. Appointment of Authenticating
Agent

 

The Trustee (upon notice to the Company) may appoint
an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee
to authenticate Securities of such series issued upon original issue (in accordance with procedures acceptable to the Trustee) and upon
exchange, registration of transfer or partial redemption thereof or pursuant to Section 306, and Securities so authenticated
shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. 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, authorized under such laws to act as Authenticating Agent, having a combined
capital and surplus of not less than $500,000,000 and subject to supervision or examination by Federal or State authority. 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, 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, such Authenticating Agent shall resign immediately in the manner and
with the effect specified in this Section.

 

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 all or substantially all of the
corporate agency or corporate trust business of such Authenticating Agent, shall continue to be an Authenticating Agent, provided
such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on
the part of the Trustee or such 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, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to

 

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the Company. 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.

 

Except with respect to an Authenticating Agent
appointed at the request of the Company, the Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation
for its services under this Section.

 

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

 

	Date:                             	By:	 
	 	 	        As Authenticating Agent
	 	 	 
	 	By:	 
	 	 	        Authorized Signatory

 

ARTICLE VII

 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE
AND THE COMPANY

 

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

 

The Company will furnish or cause to be furnished
to the Trustee

 

(1) semi-annually, not later than each Interest
Payment Date in each year, a list for each series of Securities, in such form as the Trustee may reasonably require, of the names and
addresses of the Holders of Securities of such series as of the preceding Regular Record Date, and

 

(2) 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 as of a date
not more than 15 days prior to the time such list is furnished;

 

provided,
however, that if and so long as the Trustee shall be the Security Registrar for Securities of a series, no such list need be furnished
with respect to such series of Securities.

 

Section 702. Preservation of Information;
Communications to Holders

 

The Trustee shall comply with the obligations
imposed upon it pursuant to Section 312 of the Trust Indenture Act.

 

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

 

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

 

Section 703. Reports by Trustee

 

As promptly as practicable after each
May 15 beginning with the May 15 following the date of this Indenture, and in any event prior to July 15 in each
year, the Trustee shall mail to each Holder a brief report dated as of May 15 that complies with Trust Indenture Act Section 313(a) (but
if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need
be transmitted). The Trustee also shall comply with Trust Indenture Act Section 313(b). Prior to delivery to the
Holders, the Trustee shall deliver to the Company a copy of any report it delivers to Holders pursuant to this Section 703; provided, however,
that no recourse may be taken against the Trustee for its failure to deliver a copy of such report to the Company prior to its
delivery of the report to the Holders.

 

A copy of each such report shall, at the time
of such 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 the Company

 

The Company shall file with the Trustee and the
Commission, and transmit to Holders, in accordance with rules and regulations prescribed from time to time by the Commission, such
information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may
be required from time to time by such rules and regulations.

 

ARTICLE VIII

 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER
OR LEASE

 

Section 801. The 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, shall be organized and validly existing under
the laws of the United States of America, any State thereof or the District of Columbia 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
any premium and interest on all the Securities and the performance or observance of every other covenant of this Indenture on the part
of the Company to be performed or observed;

 

(2) immediately after giving effect to such
transaction and treating any indebtedness which becomes an obligation of the Company or a Subsidiary as a result of such transaction as
having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after
notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing;

 

(3) if, as a result of any such consolidation
or merger or such conveyance, transfer or lease, properties or assets of the Company would become subject to a mortgage, pledge, lien,
security interest or other encumbrance which would not be permitted by this Indenture, the Company or such successor Person, as the case
may be, shall take such steps as shall be necessary effectively to secure the Securities equally and ratably with (or prior to) all indebtedness
secured thereby; and

 

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(4) 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 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 Substituted

 

Upon any consolidation of the Company with, or
merger of 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 a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture
and the Securities and coupons and may liquidate and dissolve.

 

ARTICLE IX

 

SUPPLEMENTAL INDENTURES

 

Section 901. Supplemental Indentures Without
Consent of Holders

 

Without the consent of any Holders of Securities,
the Company 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 under this Indenture and the Securities and the assumption by such successor Person of the obligations of the Company
hereunder;

 

(2) to add covenants and Events of Default
for the benefit of the Holders of all or any series of such Securities or to surrender any right or power conferred by this Indenture
upon the Company or to make any change that does not adversely affect the legal rights hereunder of any Holder in any material respect;

 

(3) to add to, change or eliminate any of
the provisions of this Indenture, provided that any such addition, change or elimination shall become effective only after there
are no such Securities of any series entitled to the benefit of such provision outstanding;

 

(4) to establish the forms or terms of the
Securities of any series issued hereunder;

 

(5) to cure any ambiguity or correct any
defect or inconsistency in this Indenture;

 

(6) to evidence the acceptance of appointment
by a successor Trustee with respect to one or more series of Securities or otherwise;

 

(7) to qualify this Indenture under the Trust
Indenture Act;

 

(8) to provide for uncertificated securities
in addition to certificated securities;

 

(9) to supplement any provisions of this
Indenture necessary to permit or facilitate the defeasance and discharge of any series of Securities, provided that such action
does not adversely affect the interests of the Holders of Securities of such series or any other series; and

 

(10) to comply with the rules or regulations
of any securities exchange or automated quotation system on which any of the Securities may be listed or traded.

 

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Section 902. Supplemental Indentures with
Consent of Holders

 

With the consent of the Holders of not less than
a majority in aggregate principal amount of all Outstanding Securities affected by such supplemental indenture (voting as one class),
the Company and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to,
or changing in any manner or eliminating any of the provisions of, this Indenture, or modifying in any manner the rights of Holders of
Securities of such series under this Indenture; provided that the Company and the Trustee may not, 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, if any, on, any Security, or reduce the principal amount thereof or premium, if any,
on or the rate of interest thereon or adversely affect any right to convert or exchange any Security into any other security, or alter
the method of computation of interest;

 

(2) reduce the percentage in principal amount
of Securities required for any such supplemental indenture or for any waiver provided for in this Indenture;

 

(3) change the Company’s obligation
to maintain an office or agency for payment of Securities and the other matters specified herein;

 

(4) impair the right to institute suit for
the enforcement of any payment of principal of, premium, if any, or interest on, any Security;

 

(5) modify the provisions of this Indenture
with respect to the subordination of any Security in a manner adverse to the Holder thereof; or

 

(6) modify any of the provisions of this
Indenture relating to the execution of supplemental indentures with the consent of Holders of Securities which are discussed in this Section or
modify any provisions relating to the waiver by Holders of Securities of past defaults and covenants, except to increase any required
percentage or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Security affected thereby.

 

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

 

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

 

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 Officers’
Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.
The Trustee shall enter into any supplemental indenture which does not adversely affect the Trustee’s own rights, duties or immunities
under this Indenture or otherwise. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which adversely
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

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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 Trustee and the Company, to any such supplemental indenture may be prepared
and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. Failure
to make a notation or issue a new Security shall not affect the validity and effect of any amendment, supplement or waiver.

 

ARTICLE X

 

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 any premium and interest on the Securities of that
series in accordance with the terms of the Securities and this Indenture.

 

Section 1002. Maintenance of Office or
Agency

 

The Company will maintain in each Place of Payment
for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities
of that 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, and the Company hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands.

 

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

 

Except as otherwise specified with respect to
a series of Securities as contemplated by Section 301, the Company hereby initially designates as the Place of Payment for
each series of Securities to be the Corporate Trust Office of the Trustee, and initially appoints the Trustee as Paying Agent at its
office at                                                     ,
as the Company’s office or agency for each such purpose in such city.

 

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

 

If the Company or any of its Subsidiaries shall
at any time act as Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any
premium or interest on 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 any premium and 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, it will, on or prior to each due date of the principal of or any premium or interest on any Securities
of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture
Act, 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) or interest, if any, on 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) or interest, if any, on the Securities of that series; and (3) during the continuance of any such default, upon the written
request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities
of that series.

 

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

 

Any money deposited with the Trustee or any Paying
Agent in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for
two years after such principal, premium or interest has become due and payable shall be paid to the state which escheat laws control and
the Trustee or any Paying Agent shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured
general creditor, look only to the state which escheat laws control 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 payment, may at the expense of the Company cause to be published
once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be
less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be paid to the state whose
escheat laws control.

 

Section 1004. Statement by Officers as
to Default

 

The Company will deliver to the Trustee, within
150 days after the end of each Fiscal Year of the Company ending after the date hereof, an Officers’ Certificate, stating whether
or not to the best knowledge of the signer or signers thereof the Company is in default in the performance and observance of any of the
terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder)
and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge.

 

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Section 1005. Waiver of Certain Covenants

 

The Company may omit in any particular instance
to comply with any term, provision or condition set forth in Sections 1002 through 1004 with respect to the Securities
of any series if before the time for such compliance Holders of at least a majority in aggregate principal amount of the Outstanding Securities
of all affected series (voting as one class) shall, by Act of such Holders, either waive such compliance in such instance or generally
waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition
except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties
of the Trustee in respect of any such term, provision or condition shall remain in full force and effect.

 

A waiver which changes or eliminates any term,
provision or condition 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 term, provision or condition,
shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

 

ARTICLE XI

 

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, not less than 30 nor more than 60 days 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, of the principal amount of Securities of such
series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities (1) prior
to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, or (2) pursuant
to an election of the Company which is subject to a condition specified in the terms of such Securities, the Company shall furnish the
Trustee with an Officers’ Certificate evidencing compliance with such restriction or condition.

 

Section 1103. Selection by Trustee of
Securities to be Redeemed

 

If less than all the Securities of any series
are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed), the particular Securities to
be redeemed shall be selected not more than 30 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such
series not previously called for redemption, on a pro rata basis or by lot or such similar method in accordance with the procedures
of DTC or by any other method which complies with any securities exchange or other applicable requirements 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.

 

The Trustee shall promptly notify the Company
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.

 

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Section 1104. Notice of Redemption

 

Notice of redemption shall be given by first-class
mail (if international mail, by air mail), postage prepaid, mailed not less than 15 nor more than 60 days prior to the Redemption Date,
to each Holder of Securities to be redeemed, at his address appearing in the Security Register.

 

All notices of redemption shall state:

 

(1) the Redemption Date,

 

(2) the Redemption Price,

 

(3) if less than all the Outstanding Securities
of any series and of a specified tenor are to be redeemed, the identification (and, in the case of partial redemption of any Securities,
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 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, and

 

(6) that the redemption is for a sinking
fund, if such is the case.

 

Notice of redemption of Securities to be redeemed
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 prior to 10:30 a.m. (Eastern Daylight
Savings 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, all the Securities which
are 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 to the Redemption Date; provided, however, that,
unless otherwise specified as contemplated by Section 301, installments of interest whose Stated Maturity is on or prior to
the Redemption Date 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.

 

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

 

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Section 1107. Securities Redeemed in Part

 

Any Security which is to be redeemed only in part
shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or 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 Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder,
in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

 

ARTICLE XII

 

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.” If provided for 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.

 

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 fund payment shall be reduced accordingly.

 

Section 1203. Redemption of Securities
for Sinking Fund

 

Not less than 45 days prior to each sinking fund
payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee), 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 delivering and crediting Securities of that series pursuant to Section 1202 and stating the basis for
such credit and that such Securities have not been previously so credited, 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.

 

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ARTICLE XIII

 

DEFEASANCE

 

Section 1301. Applicability of Article

 

The provisions of this Article shall be applicable
to each series of Securities except as otherwise specified as contemplated by Section 301 for Securities of such series.

 

Section 1302. Legal Defeasance

 

In addition to discharge of the Indenture pursuant
to Section 401, the Company shall be deemed to have paid and discharged the entire indebtedness on all the Securities of such
a series on the 91st day after the date of the deposit referred to in Clause (1) below, and the provisions of this Indenture
with respect to the Securities of such series shall no longer be in effect (except as to (i) rights of registration of transfer and
exchange of Securities of such series and the Company’s right of optional redemption, if any, (ii) substitution of mutilated,
destroyed, lost or stolen Securities, (iii) rights of Holders of Securities to receive payments of principal thereof and interest
thereon, upon the original stated due dates therefor or on the specified redemption dates therefor (but not upon acceleration), and remaining
rights of the holders to receive mandatory sinking fund payments, if any, (iv) the rights, obligations, duties and immunities of
the Trustee hereunder, and the Company’s obligations in connection therewith (including, but not limited to, Section 607),
(v) the rights, if any, to convert or exchange the Securities of such series, (vi) the rights of Holders of Securities of such
series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them, and (vii) the
obligations of the Company under Section 1002), and the Trustee, at the expense of the Company, shall, upon a Company Request,
execute proper instruments acknowledging the same, if the conditions set forth below are satisfied (hereinafter, “defeasance”):

 

(1) The Company has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust, for the purposes of making the following payments, specifically pledged
as security for, and dedicated solely to, the benefit of Holders of the Securities of such series (A) cash in an amount, or (B) in
the case of any series of Securities the payments on which may only be made in legal coin or currency of the United States, U.S. Government
Obligations, maturing as to principal and interest at such times and in such amounts as will insure the availability of cash, or (C) a
combination thereof, certified to be sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed
in a written certification thereof delivered to the Trustee, to pay (i) the principal and interest and premium, if any, on all Securities
of such series on each date that such principal, interest or premium, if any, is due and payable or on any Redemption Date established
pursuant to Clause (3) below, and (ii) any mandatory sinking fund payments on the dates on which such payments are
due and payable in accordance with the terms of the Indenture and the Securities of such series;

 

(2) The Company has delivered to the Trustee
an Opinion of Counsel based on the fact that (A) the Company has received from, or there has been published by, the Internal Revenue
Service a ruling, or (B) since the date hereof, there has been a change in the applicable federal income tax law, in either case
to the effect that, and such opinion shall confirm that, Holders of the Securities of such series will not recognize income, gain or loss
for federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to federal income tax on the
same amount and in the same manner and at the same times, as would have been the case if such deposit, defeasance and discharge had not
occurred;

 

(3) If the Securities are to be redeemed
prior to Stated Maturity (other than from mandatory sinking fund payments or analogous payments), notice of such redemption shall have
been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made;

 

(4) No Event of Default or event which with
notice or lapse of time or both would become an Event of Default shall have occurred and be continuing on the date of such deposit;

 

(5) Such defeasance shall not cause the Trustee
to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning
of such Act);

 

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(6) Such defeasance shall not result in a
breach or violation of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which it
is bound;

 

(7) Such defeasance shall not result in the
trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act of 1940, as amended,
unless such trust shall be registered under such Act or exempt from registration thereunder; and

 

(8) The Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance
contemplated by this provision have been complied with.

 

For this purpose, such defeasance means that the
Company and any other obligor upon the Securities of such series shall be deemed to have paid and discharged the entire debt represented
by the Securities of such series, which shall thereafter be deemed to be “Outstanding” only for the purposes
of Section 1304 and the rights and obligations referred to in Clauses (i) through (vii), inclusive,
of the first paragraph of this Section, and to have satisfied all its other obligations under the Securities of such series and this Indenture
insofar as the Securities of such series are concerned.

 

Section 1303. Covenant Defeasance

 

The Company and any other obligor shall be released
on the 91st day after the date of the deposit referred to in Clause (1) below from its obligations under Sections 704
and 801 with respect to the Securities of any series on and after the date the conditions set forth below are satisfied (hereinafter,
 “covenant defeasance”), and the Securities of such series shall thereafter be deemed to be not “Outstanding”
for the purposes of any request, demand, authorization, direction, notice, waiver, consent or declaration or other action or Act of Holders
(and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed Outstanding for all other purposes
hereunder. For this purpose, such covenant defeasance means that, with respect to the Securities of such series, the Company may omit
to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section, whether directly
or indirectly by reason of any reference elsewhere herein to such Section or by reason of any reference in such Section to any
other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under
Section 501, but, except as specified above, the remainder of this Indenture and the Securities of such series shall be unaffected
thereby. The following shall be the conditions to application of this Section 1303:

 

(1) The Company has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged
as security for, and dedicated solely to, the benefit of Holders of the Securities of such series, (A) cash in an amount, or (B) in
the case of any series of Securities the payments on which may only be made in legal coin or currency of the United States, U.S. Government
Obligations, maturing as to principal and interest at such times and in such amounts as will insure the availability of cash, or (C) a
combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay (i) the principal and interest and premium, if any, on all Securities of such
series on each date that such principal, interest or premium, if any, is due and payable or on any Redemption Date established pursuant
to Clause (2) below, and (ii) any mandatory sinking fund payments on the day on which such payments are due and
payable in accordance with the terms of the Indenture and the Securities of such series;

 

(2) If the Securities are to be redeemed
prior to Stated Maturity (other than from mandatory sinking fund payments or analogous payments), notice of such redemption shall have
been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made;

 

(3) No Event of Default or event which with
notice or lapse of time or both would become an Event of Default shall have occurred and be continuing on the date of such deposit;

 

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(4) The Company has delivered to the Trustee
an Opinion of Counsel which shall confirm that Holders of the Securities of such series will not recognize income, gain or loss for federal
income tax purposes as a result of such deposit and covenant defeasance and will be subject to 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 and covenant defeasance had not occurred;

 

(5) Such covenant defeasance shall not cause
the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within
the meaning of such Act);

 

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

 

(7) Such covenant defeasance shall not result
in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act of 1940, as
amended, unless such trust shall be registered under such Act or exempt from registration thereunder; and

 

(8) The Company has delivered to the Trustee
an Officers’ Certificate and Opinion of Counsel stating that all conditions precedent provided for relating to the covenant defeasance
contemplated by this provision have been complied with.

 

Section 1304. Application by Trustee of
Funds Deposited for Payment of Securities

 

Subject to the provisions of the last paragraph
of Section 1003, all moneys or U.S. Government Obligations deposited with the Trustee pursuant to Section 1302
or 1303 (and all funds earned on such moneys or U.S. Government Obligations) shall be held in trust and applied by it to the payment,
either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to Holders of the particular Securities
of such series for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become
due thereon for principal and interest; but such money need not be segregated from other funds except to the extent required by law. Subject
to Sections 1302 and 1303, the Trustee shall promptly pay to the Company upon Company Order any moneys held by it at
any time, which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
delivered to the Trustee, are in excess of the amounts required to effect the defeasance with respect to the Outstanding Securities in
question.

 

Section 1305. Repayment to the Company

 

The Trustee and any Paying Agent promptly shall
pay or return to the Company upon Company Request any money and U.S. Government Obligations held by them at any time that are not required
for the payment of the principal of and any interest on the Securities of any series for which money or U.S. Government Obligations have
been deposited pursuant to Section 1302 or 1303, which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification delivered to the Trustee, are in excess of the amounts required to effect the
defeasance with respect to the Outstanding Securities in question.

 

The provisions of the last paragraph of Section 1003
shall apply to any money held by the Trustee or any Paying Agent under this Article that remains unclaimed for two years after the
Maturity of any series of Securities for which money or U.S. Government Obligations have been deposited pursuant to Section 1302
or 1303.

 

Section 1306. Reinstatement

 

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

 

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ARTICLE XIV

 

SUBORDINATION OF SECURITIES

 

Section 1401. Agreement to Subordinate

 

Except as otherwise provided in a supplemental
indenture or pursuant to Section 301, the Company agrees, and each Holder by accepting a Security agrees, that the indebtedness
evidenced by the Securities is subordinated in right of payment, to the extent and in the manner provided in this Article, to the prior
payment in full of all Senior Debt and that the subordination is for the benefit of the holders of Senior Debt.

 

Section 1402. Liquidation; Dissolution;
Bankruptcy

 

Upon any distribution to creditors of the Company
in a liquidation or dissolution of the Company or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating
to the Company or its property:

 

(1) holders of Senior Debt shall be entitled
to receive payment in full in cash of the principal of and interest (including interest accruing after the commencement of any such proceeding)
to the date of payment on the Senior Debt before Holders shall be entitled to receive any payment of principal of or interest on the Securities;

 

(2) until the Senior Debt is paid in full
in cash, any distribution to which Holders would be entitled but for this Article shall be made to holders of Senior Debt as their
interests may appear, except that Holders may receive securities that are subordinated to Senior Debt to at least the same extent as the
Securities; and

 

(3) the Trustee is entitled to conclusively
rely upon an order or decree of a court of competent jurisdiction or a certificate of a bankruptcy trustee or other similar official for
the purpose of ascertaining the persons entitled to participate in such distribution, the holders of Senior Debt and other Company debt,
the amount thereof or payable thereon and all other pertinent facts relating to the Trustee’s obligations under this Article XIV.

 

Section 1403. Default on Senior Debt

 

The Company may not pay principal of or interest
on the Securities and may not acquire any Securities for cash or property other than capital stock of the Company if:

 

(1) a default on Senior Debt occurs and is
continuing that permits holders of such Senior Debt to accelerate its maturity, and

 

(2) the default is the subject of judicial
proceedings or the Company receives a notice of the default from a person who may give it pursuant to Section 1411. If the
Company receives any such notice, a similar notice received within nine months thereafter relating to the same default on the same issue
of Senior Debt shall not be effective for purposes of this Section.

 

The Company may resume payments on the Securities
and may acquire them when:

 

(b) the default is cured or waived, or

 

(c) 120 days pass after the notice is given
if the default is not the subject of judicial proceedings if this Article otherwise permits the payment or acquisition at that time.

 

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Section 1404. Acceleration of Securities

 

If payment of the Securities is accelerated because
of an Event of Default, the Company shall promptly notify holders of Senior Debt of the acceleration. The Company may pay the Securities
when 120 days pass after the acceleration occurs if this Article permits the payment at that time.

 

Section 1405. When Distribution Must Be
Paid Over

 

If a distribution is made to Holders that because
of this Article should not have been made to them, the Holders who receive the distribution shall hold it in trust for holders of
Senior Debt and pay it over to them as their interests may appear.

 

Section 1406. Notice by Company

 

The Company shall promptly notify the Trustee,
in writing, and any Paying Agent of any facts known to the Company that would cause a payment of principal of or interest on Securities
to violate this Article.

 

Section 1407. Subrogation

 

After all Senior Debt is paid in full and until
the Securities are paid in full, Holders shall be subrogated to the rights of holders of Senior Debt to receive distributions applicable
to Senior Debt to the extent that distributions otherwise payable to the Holders have been applied to the payment of Senior Debt. A distribution
made under this Article to holders of Senior Debt which otherwise would have been made to Holders is not, as between the Company
and Holders, a payment by the Company on Senior Debt.

 

Section 1408. Relative Rights

 

This Article defines the relative rights
of Holders and holders of Senior Debt. Nothing in this Indenture shall:

 

(1) impair, as between the Company and Holders,
the obligation of the Company, which is absolute and unconditional, to pay principal of and interest on the Securities in accordance with
their terms;

 

(2) affect the relative rights of Holders
and creditors of the Company other than holders of Senior Debt; or

 

(3) prevent the Trustee or any Holder from
exercising its available remedies upon an Event of Default, subject to the rights of holders of Senior Debt to receive distributions otherwise
payable to Holders.

 

If the Company fails because of this Article to
pay principal of or interest on a Security on the due date, the failure is still a default.

 

Section 1409. Subordination May Not
Be Impaired By Company

 

No right of any holder of Senior Debt 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 1410. Distribution or Notice to
Representative

 

Whenever a distribution is to be made or a notice
given to holders of Senior Debt, the distribution may be made and the notice given to their Representative.

 

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Section 1411. Rights of Trustee and Paying
Agent

 

The Trustee or any Paying Agent may continue to
make payments on the Securities until a Responsible Officer receives written notice of facts that would cause a payment of principal of
or interest on the Securities to violate this Article. Only the Company, a Representative or a holder of an issue of Senior Debt that
has no Representative may give the written notice.

 

The Trustee has no duty to the holders of Senior
Debt other than as created under this Indenture. The Trustee in its individual or any other capacity may hold Senior Debt with the same
rights it would have if it were not Trustee.

 

The Company’s obligation to pay, and the
Company’s payment of, the amounts required by Section 607 are excluded from the operation of this Article XIV.

 

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IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed in multiple counterparts, each of which so executed shall be deemed to be an original, but all of which
shall together constitute but one and the same instrument, all as of the day and year first above written.

 

	 	HERITAGE COMMERCE CORP

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	                                                        ,
	 	as Trustee

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Indenture]Document

Exhibit 4.5

2SEVENTY BIO, INC.
Issuer
AND
[TRUSTEE],
Trustee
			
	

INDENTURE
Dated as of [l], 202[l]
			
	

Senior Debt Securities
			
	

TABLE OF CONTENTS1
												
	Page
	Article 1 DEFINITIONS	1
				
		Section 1.01	Definitions of Terms.	
				
	Article 2 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	4
				
		Section 2.01	Designation and Terms of Securities.	4
		Section 2.02	Form of Securities and Trustee’s Certificate.	6
		Section 2.03	Denominations:  Provisions for Payment.	7
		Section 2.04	Execution and Authentications.	8
		Section 2.05	Registration of Transfer and Exchange.	8
		Section 2.06	Temporary Securities.	9
		Section 2.07	Mutilated, Destroyed, Lost or Stolen Securities.	9
		Section 2.08	Cancellation.	10
		Section 2.09	Benefits of Indenture.	10
		Section 2.10	Authenticating Agent.	10
		Section 2.11	Global Securities.	11
				
	Article 3 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	12
				
		Section 3.01	Redemption.	12
		Section 3.02	Notice of Redemption.	12
		Section 3.03	Payment Upon Redemption.	13
		Section 3.04	Sinking Fund.	13
		Section 3.05	Satisfaction of Sinking Fund Payments with Securities.	13
		Section 3.06	Redemption of Securities for Sinking Fund.	13
				
	Article 4 COVENANTS	14
				
		Section 4.01	Payment of Principal, Premium and Interest.	14
		Section 4.02	Maintenance of Office or Agency.	14
		Section 4.03	Paying Agents.	14
		Section 4.04	Appointment to Fill Vacancy in Office of Trustee.	15
		Section 4.05	Compliance with Consolidation Provisions.	15
				
	Article 5 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	15
				
		Section 5.01	Company to Furnish Trustee Names and Addresses of Securityholders.	15
		Section 5.02	Preservation Of Information; Communications With Securityholders.	15
		Section 5.03	Reports by the Company.	16
		Section 5.04	Reports by the Trustee.	16
				
	Article 6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	17
				
		Section 6.01	Events of Default.	17
		Section 6.02	Collection of Indebtedness and Suits for Enforcement by Trustee.	18
		Section 6.03	Application of Moneys Collected.	19
		Section 6.04	Limitation on Suits.	19
		Section 6.05	Rights and Remedies Cumulative; Delay or Omission Not Waiver.	20

1 This Table of Contents does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.
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		Section 6.06	Control by Securityholders.	20
		Section 6.07	Undertaking to Pay Costs.	21
				
	Article 7 CONCERNING THE TRUSTEE	21
				
		Section 7.01	Certain Duties and Responsibilities of Trustee.	21
		Section 7.02	Certain Rights of Trustee.	22
		Section 7.03	Trustee Not Responsible for Recitals or Issuance or Securities.	23
		Section 7.04	May Hold Securities.	23
		Section 7.05	Moneys Held in Trust.	24
		Section 7.06	Compensation and Reimbursement.	24
		Section 7.07	Reliance on Officer’s Certificate.	24
		Section 7.08	Disqualification; Conflicting Interests.	24
		Section 7.09	Corporate Trustee Required; Eligibility.	25
		Section 7.10	Resignation and Removal; Appointment of Successor.	25
		Section 7.11	Acceptance of Appointment By Successor.	26
		Section 7.12	Merger, Conversion, Consolidation or Succession to Business.	27
		Section 7.13	Preferential Collection of Claims Against the Company.	27
		Section 7.14	Notice of Default	27
				
	Article 8 CONCERNING THE SECURITYHOLDERS	27
				
		Section 8.01	Evidence of Action by Securityholders.	27
		Section 8.02	Proof of Execution by Securityholders.	28
		Section 8.03	Who May be Deemed Owners.	28
		Section 8.04	Certain Securities Owned by Company Disregarded.	28
		Section 8.05	Actions Binding on Future Securityholders.	29
				
	Article 9 SUPPLEMENTAL INDENTURES	29
				
		Section 9.01	Supplemental Indentures Without the Consent of Securityholders.	29
		Section 9.02	Supplemental Indentures With Consent of Securityholders.	30
		Section 9.03	Effect of Supplemental Indentures.	30
		Section 9.04	Securities Affected by Supplemental Indentures.	30
		Section 9.05	Execution of Supplemental Indentures.	31
				
	Article 10 SUCCESSOR ENTITY	31
				
		Section 10.01	Company May Consolidate, Etc.	31
		Section 10.02	Successor Entity Substituted.	31
				
	Article 11 SATISFACTION AND DISCHARGE	32
				
		Section 11.01	Satisfaction and Discharge of Indenture.	32
		Section 11.02	Discharge of Obligations.	32
		Section 11.03	Deposited Moneys to be Held in Trust.	33
		Section 11.04	Payment of Moneys Held by Paying Agents.	33
		Section 11.05	Repayment to Company.	33
				
	Article 12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	33
				
		Section 12.01	No Recourse.	33
				

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	Article 13 MISCELLANEOUS PROVISIONS	34
		Section 13.01	Effect on Successors and Assigns.	34
		Section 13.02	Actions by Successor.	34
		Section 13.03	Surrender of Company Powers.	34
		Section 13.04	Notices.	34
		Section 13.05	Governing Law.	34
		Section 13.06	Treatment of Securities as Debt.	34
		Section 13.07	Certificates and Opinions as to Conditions Precedent.	34
		Section 13.08	Payments on Business Days.	35
		Section 13.09	Conflict with Trust Indenture Act.	35
		Section 13.10	Counterparts.	35
		Section 13.11	Separability.	35
		Section 13.12	Compliance Certificates.	35

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INDENTURE
INDENTURE, dated as of [l], 202    , among 2SEVENTY BIO, INC., a Delaware corporation (the “Company”), and [TRUSTEE], as trustee (the “Trustee”):
WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the certificate of the Trustee;
WHEREAS, to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture; and
WHEREAS, all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.
NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities:
ARTICLE 1
DEFINITIONS
Section 1.01    Definitions of Terms.
The terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as the singular.  All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument.
“Authenticating Agent” means an authenticating agent with respect to all or any of the series of Securities appointed by the Trustee pursuant to Section 2.10.
“Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.
“Board of Directors” means the Board of Directors (or the functional equivalent thereof) of the Company or any duly authorized committee of such 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.
“Business Day” means, with respect to any series of Securities, any day other than a day on which federal or state banking institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated by law, executive order or regulation to close.
“Certificate” means a certificate signed by any Officer.  The Certificate need not comply with the provisions of Section 13.07.
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“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, 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 2seventy bio, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and, subject to the provisions of Article Ten, shall also include its successors and assigns.
“Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located at                      .
“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.
“Defaulted Interest” has the meaning set forth in Section 2.03.
“Depositary” means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.01 or 2.11.
“Event of Default” means, with respect to Securities of a particular series, any event specified in Section 6.01, continued for the period of time, if any, therein designated.
“Exchange Act” means the United States Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission thereunder.
“Global Security” means a Security issued to evidence all or a part of any series of Securities which is executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee.
“Governmental Obligations” means securities that are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the stated maturity of the Securities, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.
“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.
“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 in accordance with the terms hereof and shall include the terms of particular series of Securities established as contemplated by Section 2.01.
“Interest Payment Date”, when used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto 
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with respect to such series as the fixed date on which an installment of interest with respect to Securities of that series is due and payable.
“Officer” means, with respect to the Company, the chairman of the Board of Directors, a chief executive officer, a president, a chief financial officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer or any assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary.
“Officer’s Certificate” means a certificate signed by any Officer.  Each such certificate shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.
“Opinion of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof.  Each such opinion shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.
“Outstanding”, when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided in Article Three, or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.07.
“Person” means any individual, corporation, partnership, joint venture, joint-stock company, limited liability company, association, trust, unincorporated organization, any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.
“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 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.
“Responsible Officer” when used with respect to the Trustee means any officer of the Trustee assigned by the Trustee to administer its corporate trust matters with respect to this Indenture (which, for the avoidance of doubt, includes without limitation any supplemental indenture hereto).
“Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.
“Securityholder”, “holder of Securities”, “registered holder”, or other similar term, means the Person or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in accordance with the terms of this Indenture.
“Security Register” and “Security Registrar” shall have the meanings as set forth in Section 2.05.
“Subsidiary” means, with respect to any Person:
(1)    any corporation or company a majority of whose capital stock with voting power, under ordinary circumstances, to elect directors is, at the date of determination, directly or indirectly, owned by such Person (a 
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“subsidiary”), by one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such Person;
(2)    a partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general partner of such partnership; or
(3)    any partnership, limited liability company or other Person in which such Person, a subsidiary of such Person or such Person and one or more subsidiaries of such Person, directly or indirectly, at the date of determination, have (x) at least a majority ownership interest or (y) the power to elect or appoint or direct the election or appointment of the managing partner or member of such Person or, if applicable, a majority of the directors or other governing body of such Person.
“Trustee” means                , and, subject to the provisions of Article Seven, shall also include its successors and assigns, and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person.  The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with respect to that series.
“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.
ARTICLE 2
ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES
Section 2.01    Designation and Terms of Securities.
(1)    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 up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto.  Prior to the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto:
(a)    the title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities);
(b)    any limit upon the aggregate principal amount of the Securities of that series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series);
(c)    the date or dates on which the principal of the Securities of the series is payable;
(d)    if the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued is a price other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof, or if applicable, the portion of the principal amount of such Securities that is convertible into another security or the method by which any such portion shall be determined;
(e)    the rate or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if any;
(f)    the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the manner of determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom interest is payable on any such Interest Payment Dates or the manner of determination of such record dates;
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(g)    the right, if any, to extend the interest payment periods and the duration of such extension;
(h)    the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, converted or exchanged, in whole or in part;
(i)    the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory redemption, or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) or at the option of a holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which, Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;
(j)    the form of the Securities of the series including the form of the Certificate of Authentication for such series;
(k)    if other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the Securities of the series shall be issuable;
(l)    any and all other terms (including terms, to the extent applicable, relating to any auction or remarketing of the Securities of that series and any security for the obligations of the Company with respect to such Securities) with respect to such series (which terms shall not be inconsistent with the terms of this Indenture, as amended by any supplemental indenture) including any terms which may be required by or advisable under United States laws or regulations or advisable in connection with the marketing of Securities of that series;
(m)    whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global Security or Securities;
(n)    whether the Securities will be convertible into or exchangeable for shares of common stock, preferred stock or other securities of the Company or any other Person and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option) conversion or exchange features, and the applicable conversion or exchange period;
(o)    if other than the full principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;
(p)    any additional or alternative events of default;
(q)    additional or alternative covenants (which may include, among other restrictions, restrictions on the Company’s ability or the ability of the Company’s Subsidiaries to:  incur additional indebtedness; issue additional securities; create liens; pay dividends or make distributions in respect of the capital stock of the Company or the Company’s Subsidiaries; redeem capital stock; place restrictions on the Company’s Subsidiaries’ ability to pay dividends, make distributions or transfer assets; make investments or other restricted payments; sell or otherwise dispose of assets; enter into sale-leaseback transactions; engage in transactions with stockholders or affiliates; issue or sell stock of the Company’s Subsidiaries; or effect a consolidation or merger) or financial covenants (which may include, among other financial covenants, financial covenants that require the Company and its Subsidiaries to maintain specified 
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interest coverage, fixed charge, cash flow-based, asset-based or other financial ratios) provided for with respect to the Securities of the series;
(r)    the currency or currencies, including composite currencies, in which payment of the principal of (and premium, if any) and interest, if any, on such Securities shall be payable (if other than the currency of the United States of America), which unless otherwise specified shall be the currency of the United States of America as at the time of payment is legal tender for payment of public or private debts;
(s)    if the principal of (and premium, if any) or interest, if any, on such Securities is to be payable, at the election of the Company or any Holder thereof, in a coin or currency other than that in which such Securities are stated to be payable, then the period or periods within which, and the terms and conditions upon which, such election may be made;
(t)    whether interest will be payable in cash or additional Securities at the Company’s or the Securityholders’ option and the terms and conditions upon which the election may be made;
(u)    the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes;
(v)    additional or alternative provisions, if any, related to defeasance and discharge of the offered Securities;
(w)    the applicability of any guarantees;
(x)    any restrictions on transfer, sale or assignment of the Securities of the series; and
(y)    any other terms of the series.
All Securities of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board Resolution or in any indentures supplemental hereto.
If any of the terms of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate of the Company setting forth the terms of the series.
Securities of any particular series may be issued at various times, with different dates on which the principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with different redemption dates.
Section 2.02    Form of Securities and Trustee’s Certificate.
The Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate, and they may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage.
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Section 2.03    Denominations:  Provisions for Payment.
The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(1)(j).  The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series.  Subject to Section 2.01(1)(p), the principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose.  Each Security shall be dated the date of its authentication.  Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months.
The interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest installment.  In the event that any Security of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.03.
Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or clause (2) below:
(1)    The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (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 such Security 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 not be more than 15 nor 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 Securityholder at his or her address as it appears in the Security Register (as hereinafter defined), not less than 10 days prior to such special record date.  Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special record date.
(2)    The Company may make payment of any Defaulted Interest on any Securities 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.
Unless otherwise set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the first day 
7

of a month, or the first day of the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day.
Subject to the foregoing provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security.
Section 2.04    Execution and Authentications.
The Securities shall be signed on behalf of the Company by one of its Officers.  Signatures may be in the form of a manual or facsimile signature.
The Company may use the facsimile signature of any Person who shall have been an Officer, notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company.  The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or usage.  Each Security shall be dated the date of its authentication by the Trustee.
A Security shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent.  Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture.  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 written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee in accordance with such written order shall authenticate and deliver such Securities.
In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, if requested, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the form and terms thereof have been established in conformity with the provisions of this Indenture.
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 that is not reasonably acceptable to the Trustee.
Section 2.05    Registration of Transfer and Exchange.
(1)    Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose, for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section.  In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding.
(2)    The Company shall keep, or cause to be kept, at its office or agency designated for such purpose a register or registers (herein referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee.  The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution (the “Security Registrar”).
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Upon surrender for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security presented for a like aggregate principal amount.
All Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in writing.
(3)    Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption of any series, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(2) and Section 9.04 not involving any transfer.
(4)    The Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption, other than the unredeemed portion of any such Securities being redeemed in part.  The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among depositary participants or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.
Section 2.06    Temporary Securities.
Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed, lithographed or typewritten) of any authorized denomination.  Such temporary Securities shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company.  Every temporary Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities of such series.  Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company designated for the purpose, and the Trustee shall authenticate and such office or agency shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from the Company.  Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder.
Section 2.07    Mutilated, Destroyed, Lost or Stolen Securities.
In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in 
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substitution for the Security so destroyed, lost or stolen.  In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof.  The Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of the Company.  Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.
In case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof.
Every replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder.  All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender.
Section 2.08    Cancellation.
All Securities surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any paying agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture.  On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee.  In the absence of such request the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition to the Company.  If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation.
Section 2.09    Benefits of Indenture.
Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the holders of the Securities.
Section 2.10    Authenticating Agent.
So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Trustee shall have the right to appoint.  Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.  All references in this Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series.  Each Authenticating Agent shall be acceptable to the Company and shall be a 
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corporation that has a combined capital and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by federal or state authorities.  If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately.
Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company.  The Trustee may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company.  Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company.  Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.
Section 2.11    Global Securities.
(1)    If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially to the following effect:  “Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”
(2)    Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company or to a nominee of such successor Depositary.
(3)    If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing and the Company has received a request from the Depositary or from the Trustee, this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.04, the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security.  In addition, the Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series.  In such event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security.  Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee.  Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(3) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee.  The Trustee shall deliver such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered.
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ARTICLE 3
REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS
Section 3.01    Redemption.
The Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to Section 2.01 hereof.
Section 3.02    Notice of Redemption.
(1)    In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the Security Register, unless a shorter period is specified in the Securities to be redeemed.  Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice.  In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series.  In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction.
Each such notice of redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company, upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is from a sinking fund, if such is the case.  If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed.
In case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued.
(2)    If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice (unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part.  The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by an Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may deem advisable.  In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this Section.
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Section 3.03    Payment Upon Redemption.
(1)    If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion thereof.  On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section 2.03).
(2)    Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented.
Section 3.04    Sinking Fund.
The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.01 for Securities of such series.
The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment”.  If provided for 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 3.05.  Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.
Section 3.05    Satisfaction of Sinking Fund Payments with Securities.
The Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that 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 fund payment shall be reduced accordingly.
Section 3.06    Redemption of Securities for Sinking Fund.
Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate, 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 3.02 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 3.02.  Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03.
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ARTICLE 4
COVENANTS
Section 4.01    Payment of Principal, Premium and Interest.
The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and place and in the manner provided herein and established with respect to such Securities.  Payments of principal on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions to the Trustee no later than 15 days prior to the relevant payment date.  Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions in writing to the Security Registrar and the Trustee no later than 15 days prior to the relevant payment date.
Section 4.02    Maintenance of Office or Agency.
So long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency with respect to each such series and at such other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented as herein above authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to such office or agency until the Company shall, by written notice signed by any officer authorized to sign an Officer’s Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of them.  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, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and demands.  The Company initially appoints the Corporate Trust Office of the Trustee as its paying agent with respect to the Securities.
Section 4.03    Paying Agents.
(1)    If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section:
(a)    that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit of the Persons entitled thereto;
(b)    that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;
(c)    that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and
(d)    that it will perform all other duties of paying agent as set forth in this Indenture.
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(2)    If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action.  Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with the 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 this action or failure so to act.
(3)    Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 11.05, and (ii) 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 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 terms and conditions as those upon which such sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money.
Section 4.04    Appointment to Fill Vacancy in Office of Trustee.
The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times be a Trustee hereunder.
Section 4.05    Compliance with Consolidation Provisions.
The Company will not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company is not the survivor of such transaction, or sell or convey all or substantially all of its property to any other Person unless the provisions of Article Ten hereof are complied with.
ARTICLE 5
SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
Section 5.01    Company to Furnish Trustee Names and Addresses of Securityholders.
The Company will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company 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 as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar.
Section 5.02    Preservation Of Information; Communications With Securityholders.
(1)    The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).
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(2)    The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.
(3)    Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act.
Section 5.03    Reports by the Company.
(1)    The Company covenants and agrees to provide (which delivery may be via electronic mail) to the Trustee within 30 days, after the Company files 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) that the Company is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver to the Trustee any materials for which the Company has sought and received confidential treatment by the Commission; and provided further, that so long as such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or Interactive Data Electronic Applications (IDEA), or any successor system, such filings shall be deemed to have been filed with the Trustee for purposes hereof without any further action required by the Company; provided that an electronic link to such filing, together with an electronic notice of such filing have been sent to the Trustee.  For the avoidance of doubt, a failure by the Company to file annual reports, information and other reports with the SEC within the time period prescribed thereof by the Commission shall not be deemed a breach of this Section 5.03.
(2)    Delivery of reports, information and documents to the Trustee under Section 5.03 is for informational purposes only and the information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information contained therein including the Company’s compliance with any of their covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate).
Section 5.04    Reports by the Trustee.
(1)    If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall transmit by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a brief report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture Act.
(2)    The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.
(3)    A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission.  The Company agrees to notify the Trustee when any Securities become listed on any securities exchange.
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ARTICLE 6
REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
Section 6.01    Events of Default.
(1)    Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following events that has occurred and is continuing:
(a)    the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose;
(b)    the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium, if any;
(c)    the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series at the time Outstanding;
(d)    the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property or (iv) makes a general assignment for the benefit of its creditors; or
(e)    a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 days.
(2)    In each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable.  If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities.
(3)    At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of 
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a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if:  (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.06.
No such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.
(4)    In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.
Section 6.02    Collection of Indebtedness and Suits for Enforcement by Trustee.
(1)    The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities of a series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section 7.06.
(2)    If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the Securities of that series, wherever situated.
(3)    In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; 
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and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.06.
(4)    All rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.06, be for the ratable benefit of the holders of the Securities of such series.
In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.
Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any holder thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.
Section 6.03    Application of Moneys Collected.
Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon surrender thereof if fully paid:
FIRST:  To the payment of reasonable costs and expenses of collection and of all amounts payable to the Trustee under Section 7.06;
SECOND:  To the payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively; and
THIRD:  To the payment of the remainder, if any, to the Company or any other Person lawfully entitled thereto.
Section 6.04    Limitation on Suits.
No holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture or any Security to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, any Security or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit 
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or proceeding and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request.
Notwithstanding anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series.  For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Section 6.05    Rights and Remedies Cumulative; Delay or Omission Not Waiver.
(1)    Except as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities.
(2)    No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.
Section 6.06    Control by Securityholders.
The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.04, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion to personal liability.  Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding.  The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to Section 2.01 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with Section 6.01(3)).  Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.
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Section 6.07    Undertaking to Pay Costs.
All parties to this Indenture agree, and each holder of any Securities by such holder’s 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; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture.
ARTICLE 7
CONCERNING THE TRUSTEE
Section 7.01    Certain Duties and Responsibilities of Trustee.
(1)    The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants shall be read into this Indenture against the Trustee.  In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series 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.
(2)    No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:
(a)    prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events of Default with respect to that series that may have occurred:
(A)    the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and
(B)    in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture;
(b)    the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;
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(c)    the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding 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 that series; and
(d)    none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it.
Section 7.02    Certain Rights of Trustee.
Except as otherwise provided in Section 7.01:
(1)    The Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;
(2)    Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically prescribed herein);
(3)    The Trustee may consult with counsel and the written advice of such counsel or, if requested, any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon;
(4)    The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to 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;
(5)    The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;
(6)    The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding.  The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand;
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(7)    The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;
(8)    In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances;
(9)    In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and
(10)    The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such written instructions, subsequent to such transmission of written instructions, shall provide the originally executed instructions or directions to the Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or directions.  If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling.  The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction.  The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.
In addition, the Trustee shall not be deemed to have knowledge of any Default or Event of Default until the Trustee shall have received written notification in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge.
Section 7.03    Trustee Not Responsible for Recitals or Issuance or Securities.
(1)    The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same.
(2)    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 any of the Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other than the Trustee.
Section 7.04    May Hold Securities.
The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, paying agent or Security Registrar.
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Section 7.05    Moneys Held in Trust.
Subject to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law.  The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon.
Section 7.06    Compensation and Reimbursement.
(1)    The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ), except any such expense, disbursement or advance as may arise from its negligence or bad faith and except as the Company and Trustee may from time to time agree in writing.  The Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending itself against any claim of liability in the premises.
(2)    The obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for reasonable expenses, disbursements and advances shall constitute additional indebtedness hereunder.  Such additional indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular Securities.
(3)    To ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all funds or property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular Securities.  When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(1)(d) or (1)(e), the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith are to constitute expenses of administration under any bankruptcy law.  The provisions of this Section 7.06 shall survive the termination of this Indenture and the resignation or removal of the Trustee.
Section 7.07    Reliance on Officer’s Certificate.
Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.
Section 7.08    Disqualification; Conflicting Interests.
If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.
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Section 7.09    Corporate Trustee Required; Eligibility.
There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority.
If such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee.  In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.
Section 7.10    Resignation and Removal; Appointment of Successor.
(1)    The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of such series, as their names and addresses appear upon the Security Register.  Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee.  If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing 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 Securities of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee.  Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.
(2)    In case at any time any one of the following shall occur:
(a)    the Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or
(b)    the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder; or
(c)    the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;  then, in any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee.  Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.
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(3)    The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with the consent of the Company.
(4)    Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11.
(5)    Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.
Section 7.11    Acceptance of Appointment By Successor.
(1)    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.
(2)    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 (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; 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, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture, 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, to the extent contemplated by such supplemental indenture, the 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.
(3)    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.
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(4)    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.
(5)    Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register.  If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.
Section 7.12    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 the corporate trust business of the Trustee, including the administration of the trust created by this Indenture, shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.  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 7.13    Preferential Collection of Claims Against the 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 included therein.
Section 7.14    Notice of Default
If any Event of Default occurs and is continuing and if such Event of Default is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Event of Default within the earlier of 90 days after it occurs and 30 days after it is known to a Responsible Officer of the Trustee or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security, 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 determine that the withholding of such notice is in the interest of the Securityholders.
ARTICLE 8
CONCERNING THE SECURITYHOLDERS
Section 8.01    Evidence of Action by Securityholders.
Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed in writing.
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If the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so.  If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date.
Section 8.02    Proof of Execution by Securityholders.
Subject to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:
(1)    The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.
(2)    The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof.
The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary.
Section 8.03    Who May be Deemed Owners.
Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Company as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.
Section 8.04    Certain Securities Owned by Company Disregarded.
In determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded.  The Securities so owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor.  In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.
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Section 8.05    Actions Binding on Future Securityholders.
At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Security.  Except as aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security.  Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series.
ARTICLE 9
SUPPLEMENTAL INDENTURES
Section 9.01    Supplemental Indentures Without the Consent of Securityholders.
In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes:
(1)    to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series;
(2)    to comply with Article Ten;
(3)    to provide for uncertificated Securities in addition to or in place of certificated Securities;
(4)    to add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power herein conferred upon the Company;
(5)    to add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, authentication, and delivery of Securities, as herein set forth;
(6)    to make any change that does not adversely affect the rights of any Securityholder in any material respect;
(7)    to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the holders of any series of Securities;
(8)    to evidence and provide for the acceptance of appointment hereunder by a successor trustee; or
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(9)    to comply with any requirements of the Commission or any successor in connection with the qualification of this Indenture under the Trust Indenture Act.
The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.
Any supplemental indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.
Section 9.02    Supplemental Indentures With Consent of Securityholders.
With the consent (evidenced as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture.
It shall not be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.
Section 9.03    Effect of Supplemental Indentures.
Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.
Section 9.04    Securities Affected by Supplemental Indentures.
Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets the requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture.  If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.
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Section 9.05    Execution of Supplemental Indentures.
Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture.  The Trustee, subject to the provisions of Section 7.01, shall receive an Officer’s Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by the terms of this Article and that all conditions precedent to the execution of the supplemental indenture have been complied with; provided, however, that such Officer’s Certificate or Opinion of Counsel need not be provided in connection with the execution of a supplemental indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof.
Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall (or shall direct the Trustee to) transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby as their names and addresses appear upon the Security Register.  Any failure of the Company to mail, or cause the mailing of, such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.
ARTICLE 10
SUCCESSOR ENTITY
Section 10.01    Company May Consolidate, Etc.
Nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided, however, (a) the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property and (b) in the event that the Securities of any series then Outstanding are convertible into or exchangeable for shares of common stock or other securities of the Company, such entity shall, by such supplemental indenture, make provision so that the Securityholders of Securities of that series shall thereafter be entitled to receive upon conversion or exchange of such Securities the number of securities or property to which a holder of the number of shares of common stock or other securities of the Company deliverable upon conversion or exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior to such consolidation, merger, sale, conveyance, transfer or other disposition.
Section 10.02    Successor Entity Substituted.
(1)    In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.01 on all of the Securities of all 
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series Outstanding, such successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.
(2)    In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.
(3)    Nothing contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company).
ARTICLE 11
SATISFACTION AND DISCHARGE
Section 11.01    Satisfaction and Discharge of Indenture.
If at any time:  (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07 and Securities for whose payment money or Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05); or (b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series.
Section 11.02    Discharge of Obligations.
If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10 and 11.05 hereof that shall survive until such Securities shall mature and be paid.
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Thereafter, Sections 7.06 and 11.05 shall survive.
Section 11.03    Deposited Moneys to be Held in Trust.
All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.
Section 11.04    Payment of Moneys Held by Paying Agents.
In connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys or Governmental Obligations.
Section 11.05    Repayment to Company.
Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof.
ARTICLE 12
IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
Section 12.01    No Recourse.
No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities.
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ARTICLE 13
MISCELLANEOUS PROVISIONS
Section 13.01    Effect on Successors and Assigns.
All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not.
Section 13.02    Actions by Successor.
Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor of the Company.
Section 13.03    Surrender of Company Powers.
The Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.
Section 13.04    Notices.
Except as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be given, made or served by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being deposited in first class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as follows:                 .  Any notice, election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee.
Section 13.05    Governing Law.
This Indenture and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable.
Section 13.06    Treatment of Securities as Debt.
It is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes.  The provisions of this Indenture shall be interpreted to further this intention.
Section 13.07    Certificates and Opinions as to Conditions Precedent.
(1)    Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture (other than the certificate to be delivered pursuant to Section 13.12) relating to the proposed action have been complied with and, if requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.
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(2)    Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in this Indenture shall include (i) a statement that the Person making such certificate or opinion has read such covenant or condition; (ii) 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; (iii) a statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.
Section 13.08    Payments on Business Days.
Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for the period after such nominal date.
Section 13.09    Conflict with Trust Indenture Act.
If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control.
Section 13.10    Counterparts.
This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.
Section 13.11    Separability.
In case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.
Section 13.12    Compliance Certificates.
The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an officer’s certificate stating whether or not the signers know of any Event of Default that occurred during such fiscal year.  Such certificate shall contain a certification from the principal executive officer, principal financial officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this Indenture.  For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture.  If the officer of the Company signing such certificate has knowledge of such an Event of Default, the certificate shall describe any such Event of Default and its status.
35

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed all as of the day and year first above written.
						
	2SEVENTY BIO, INC.
		
		
	By:	
	Name:	
	Title:	
		
	[TRUSTEE], as Trustee

		
		
	By:	
	Name:	
	Title:	

36

CROSS-REFERENCE TABLE(2)
									
	Section of Trust Indenture Act of 1939, as Amended		Section of Indenture
	310(a)		7.09
	310(b)		7.08
			7.10
	310(c)		Inapplicable
	311(a)		7.13
	311(b)		7.13
	311(c)		Inapplicable
	312(a)		5.01
			5.02(1)
	312(b)		5.02(3)
	312(c)		5.02(3)
	313(a)		5.04(1)
	313(b)		5.04(2)
	313(c)		5.04(1)
			5.04(2)
	313(d)		5.04(3)
	314(a)		5.03
			13.12
	314(b)		Inapplicable
	314(c)		13.07(1)
	314(d)		Inapplicable
	314(e)		13.07(2)
	314(f)		Inapplicable
	315(a)		7.01(1)
			7.01(2)
	315(b)		7.14
	315(c)		7.01
	315(d)		7.01(2)
	315(e)		6.07
	316(a)		6.06
			8.04
	316(b)		6.04
	316(c)		8.01
	317(a)		6.02
	317(b)		4.03
	318(a)		13.09

2 This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.
37

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