Document:

tm2019206-1_s3asr_DIV_05-ex4_4 - none - 7.7717828s

    
      
        TABLE OF CONTENTS
      

      
        
           
          

        

      

      
        
          Exhibit 4.4​

        
          PENN NATIONAL GAMING, INC. 
        

        
          ​

        

        
          INDENTURE 
        

        
          Dated as of            , 20    
        

        
          ​

        

        
          Wells Fargo Bank, National Association, as Trustee 
        

        
          Debt Securities 
        

      

      
        
           
          

        

      

      

    

    
      
        TABLE OF CONTENTS​
      

      
        
           
          

        

      

      
        
          TABLE OF CONTENTS 
        

        	​	​	​	
              
                Page 
              

            	​
	
              
                
                  ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE 
              

            	​	​	​	​	
              1 
            	​	​
	
              
                
                  Section 1.1.
                  

                
              

              
                
                  Definitions. 
              

              
                ​
              

            	​	​	​	​	
              1 
            	​	​
	
              
                
                  Section 1.2.
                  

                
              

              
                
                  Other Definitions. 
              

              
                ​
              

            	​	​	​	​	
              3 
            	​	​
	
              
                
                  Section 1.3.
                  

                
              

              
                
                  Incorporation by Reference of Trust Indenture Act. 
              

              
                ​
              

            	​	​	​	​	
              4 
            	​	​
	
              
                
                  Section 1.4.
                  

                
              

              
                
                  Rules of Construction. 
              

              
                ​
              

            	​	​	​	​	
              4 
            	​	​
	
              
                
                  ARTICLE II. THE SECURITIES 
              

            	​	​	​	​	
              5 
            	​	​
	
              
                
                  Section 2.1.
                  

                
              

              
                
                  Issuable in Series. 
              

              
                ​
              

            	​	​	​	​	
              5 
            	​	​
	
              
                
                  Section 2.2.
                  

                
              

              
                
                  Establishment of Terms of Series of Securities. 
              

              
                ​
              

            	​	​	​	​	
              5 
            	​	​
	
              
                
                  Section 2.3.
                  

                
              

              
                
                  Execution and Authentication. 
              

              
                ​
              

            	​	​	​	​	
              7 
            	​	​
	
              
                
                  Section 2.4.
                  

                
              

              
                
                  Registrar and Paying Agent. 
              

              
                ​
              

            	​	​	​	​	
              7 
            	​	​
	
              
                
                  Section 2.5.
                  

                
              

              
                
                  Paying Agent to Hold Money in Trust. 
              

              
                ​
              

            	​	​	​	​	
              8 
            	​	​
	
              
                
                  Section 2.6.
                  

                
              

              
                
                  Securityholder Lists. 
              

              
                ​
              

            	​	​	​	​	
              8 
            	​	​
	
              
                
                  Section 2.7.
                  

                
              

              
                
                  Transfer and Exchange. 
              

              
                ​
              

            	​	​	​	​	
              8 
            	​	​
	
              
                
                  Section 2.8.
                  

                
              

              
                
                  Mutilated, Destroyed, Lost and Stolen Securities. 
              

              
                ​
              

            	​	​	​	​	
              8 
            	​	​
	
              
                
                  Section 2.9.
                  

                
              

              
                
                  Outstanding Securities. 
              

              
                ​
              

            	​	​	​	​	
              9 
            	​	​
	
              
                
                  Section 2.10.
                  

                
              

              
                
                  Treasury Securities. 
              

              
                ​
              

            	​	​	​	​	
              9 
            	​	​
	
              
                
                  Section 2.11.
                  

                
              

              
                
                  Temporary Securities. 
              

              
                ​
              

            	​	​	​	​	
              9 
            	​	​
	
              
                
                  Section 2.12.
                  

                
              

              
                
                  Cancellation. 
              

              
                ​
              

            	​	​	​	​	
              10 
            	​	​
	
              
                
                  Section 2.13.
                  

                
              

              
                
                  Defaulted Interest. 
              

              
                ​
              

            	​	​	​	​	
              10 
            	​	​
	
              
                
                  Section 2.14.
                  

                
              

              
                
                  Global Securities. 
              

              
                ​
              

            	​	​	​	​	
              10 
            	​	​
	
              
                
                  Section 2.15.
                  

                
              

              
                
                  CUSIP Numbers. 
              

              
                ​
              

            	​	​	​	​	
              11 
            	​	​
	
              
                
                  ARTICLE III. REDEMPTION 
              

            	​	​	​	​	
              11 
            	​	​
	
              
                
                  Section 3.1.
                  

                
              

              
                
                  Notice to Trustee. 
              

              
                ​
              

            	​	​	​	​	
              11 
            	​	​
	
              
                
                  Section 3.2.
                  

                
              

              
                
                  Selection of Securities to be Redeemed. 
              

              
                ​
              

            	​	​	​	​	
              11 
            	​	​
	
              
                
                  Section 3.3.
                  

                
              

              
                
                  Notice of Redemption. 
              

              
                ​
              

            	​	​	​	​	
              12 
            	​	​
	
              
                
                  Section 3.4.
                  

                
              

              
                
                  Effect of Notice of Redemption. 
              

              
                ​
              

            	​	​	​	​	
              12 
            	​	​
	
              
                
                  Section 3.5.
                  

                
              

              
                
                  Deposit of Redemption Price. 
              

              
                ​
              

            	​	​	​	​	
              13 
            	​	​
	
              
                
                  Section 3.6.
                  

                
              

              
                
                  Securities Redeemed in Part. 
              

              
                ​
              

            	​	​	​	​	
              13 
            	​	​
	
              
                
                  ARTICLE IV. COVENANTS 
              

            	​	​	​	​	
              13 
            	​	​
	
              
                
                  Section 4.1.
                  

                
              

              
                
                  Payment of Principal and Interest. 
              

              
                ​
              

            	​	​	​	​	
              13 
            	​	​
	
              
                
                  Section 4.2.
                  

                
              

              
                
                  SEC Reports. 
              

              
                ​
              

            	​	​	​	​	
              13 
            	​	​
	
              
                
                  Section 4.3.
                  

                
              

              
                
                  Compliance Certificate. 
              

              
                ​
              

            	​	​	​	​	
              13 
            	​	​
	
              
                
                  Section 4.4.
                  

                
              

              
                
                  Stay, Extension and Usury Laws. 
              

              
                ​
              

            	​	​	​	​	
              13 
            	​	​
	
              
                
                  ARTICLE V. SUCCESSORS 
              

            	​	​	​	​	
              14 
            	​	​
	
              
                
                  Section 5.1.
                  

                
              

              
                
                  When Company May Merge, Etc. 
              

              
                ​
              

            	​	​	​	​	
              14 
            	​	​
	
              
                
                  Section 5.2.
                  

                
              

              
                
                  Successor Corporation Substituted. 
              

              
                ​
              

            	​	​	​	​	
              14 
            	​	​
	
              
                
                  ARTICLE VI. DEFAULTS AND REMEDIES 
              

            	​	​	​	​	
              14 
            	​	​
	
              
                
                  Section 6.1.
                  

                
              

              
                
                  Events of Default. 
              

              
                ​
              

            	​	​	​	​	
              14 
            	​	​
	
              
                
                  Section 6.2.
                  

                
              

              
                
                  Acceleration of Maturity; Rescission and Annulment. 
              

              
                ​
              

            	​	​	​	​	
              15 
            	​	​

      

      
        
           
          

        

      

      
        
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                Page 
              

            	​
	
              
                
                  Section 6.3.
                  

                
              

              
                
                  Collection of Indebtedness and Suits for Enforcement by Trustee. 
              

              
                ​
              

            	​	​	​	​	
              16 
            	​	​
	
              
                
                  Section 6.4.
                  

                
              

              
                
                  Trustee May File Proofs of Claim. 
              

              
                ​
              

            	​	​	​	​	
              16 
            	​	​
	
              
                
                  Section 6.5.
                  

                
              

              
                
                  Trustee May Enforce Claims Without Possession of Securities. 
              

              
                ​
              

            	​	​	​	​	
              17 
            	​	​
	
              
                
                  Section 6.6.
                  

                
              

              
                
                  Application of Money Collected. 
              

              
                ​
              

            	​	​	​	​	
              17 
            	​	​
	
              
                
                  Section 6.7.
                  

                
              

              
                
                  Limitation on Suits. 
              

              
                ​
              

            	​	​	​	​	
              17 
            	​	​
	
              
                
                  Section 6.8.
                  

                
              

              
                
                  Unconditional Right of Holders to Receive Principal and Interest. 
              

              
                ​
              

            	​	​	​	​	
              18 
            	​	​
	
              
                
                  Section 6.9.
                  

                
              

              
                
                  Restoration of Rights and Remedies. 
              

              
                ​
              

            	​	​	​	​	
              18 
            	​	​
	
              
                
                  Section 6.10.
                  

                
              

              
                
                  Rights and Remedies Cumulative. 
              

              
                ​
              

            	​	​	​	​	
              18 
            	​	​
	
              
                
                  Section 6.11.
                  

                
              

              
                
                  Delay or Omission Not Waiver. 
              

              
                ​
              

            	​	​	​	​	
              18 
            	​	​
	
              
                
                  Section 6.12.
                  

                
              

              
                
                  Control by Holders. 
              

              
                ​
              

            	​	​	​	​	
              18 
            	​	​
	
              
                
                  Section 6.13.
                  

                
              

              
                
                  Waiver of Past Defaults. 
              

              
                ​
              

            	​	​	​	​	
              18 
            	​	​
	
              
                
                  Section 6.14.
                  

                
              

              
                
                  Undertaking for Costs. 
              

              
                ​
              

            	​	​	​	​	
              19 
            	​	​
	
              
                
                  ARTICLE VII. TRUSTEE 
              

            	​	​	​	​	
              19 
            	​	​
	
              
                
                  Section 7.1.
                  

                
              

              
                
                  Duties of Trustee. 
              

              
                ​
              

            	​	​	​	​	
              19 
            	​	​
	
              
                
                  Section 7.2.
                  

                
              

              
                
                  Rights of Trustee. 
              

              
                ​
              

            	​	​	​	​	
              20 
            	​	​
	
              
                
                  Section 7.3.
                  

                
              

              
                
                  Individual Rights of Trustee. 
              

              
                ​
              

            	​	​	​	​	
              21 
            	​	​
	
              
                
                  Section 7.4.
                  

                
              

              
                
                  Trustee’s Disclaimer. 
              

              
                ​
              

            	​	​	​	​	
              21 
            	​	​
	
              
                
                  Section 7.5.
                  

                
              

              
                
                  Notice of Defaults. 
              

              
                ​
              

            	​	​	​	​	
              21 
            	​	​
	
              
                
                  Section 7.6.
                  

                
              

              
                
                  Reports by Trustee to Holders. 
              

              
                ​
              

            	​	​	​	​	
              21 
            	​	​
	
              
                
                  Section 7.7.
                  

                
              

              
                
                  Compensation and Indemnity. 
              

              
                ​
              

            	​	​	​	​	
              21 
            	​	​
	
              
                
                  Section 7.8.
                  

                
              

              
                
                  Replacement of Trustee. 
              

              
                ​
              

            	​	​	​	​	
              22 
            	​	​
	
              
                
                  Section 7.9.
                  

                
              

              
                
                  Successor Trustee by Merger, Etc. 
              

              
                ​
              

            	​	​	​	​	
              23 
            	​	​
	
              
                
                  Section 7.10.
                  

                
              

              
                
                  Eligibility; Disqualification. 
              

              
                ​
              

            	​	​	​	​	
              23 
            	​	​
	
              
                
                  Section 7.11.
                  

                
              

              
                
                  Preferential Collection of Claims Against Company. 
              

              
                ​
              

            	​	​	​	​	
              23 
            	​	​
	
              
                
                  ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE 
              

            	​	​	​	​	
              23 
            	​	​
	
              
                
                  Section 8.1.
                  

                
              

              
                
                  Satisfaction and Discharge of Indenture. 
              

              
                ​
              

            	​	​	​	​	
              23 
            	​	​
	
              
                
                  Section 8.2.
                  

                
              

              
                
                  Application of Trust Funds; Indemnification. 
              

              
                ​
              

            	​	​	​	​	
              24 
            	​	​
	
              
                
                  Section 8.3.
                  

                
              

              
                
                  Legal Defeasance of Securities of any Series. 
              

              
                ​
              

            	​	​	​	​	
              24 
            	​	​
	
              
                
                  Section 8.4.
                  

                
              

              
                
                  Covenant Defeasance. 
              

              
                ​
              

            	​	​	​	​	
              25 
            	​	​
	
              
                
                  Section 8.5.
                  

                
              

              
                
                  Repayment to Company. 
              

              
                ​
              

            	​	​	​	​	
              26 
            	​	​
	
              
                
                  Section 8.6.
                  

                
              

              
                
                  Reinstatement. 
              

              
                ​
              

            	​	​	​	​	
              29 
            	​	​
	
              
                
                  ARTICLE IX. AMENDMENTS AND WAIVERS 
              

            	​	​	​	​	
              27 
            	​	​
	
              
                
                  Section 9.1.
                  

                
              

              
                
                  Without Consent of Holders. 
              

              
                ​
              

            	​	​	​	​	
              27 
            	​	​
	
              
                
                  Section 9.2.
                  

                
              

              
                
                  With Consent of Holders. 
              

              
                ​
              

            	​	​	​	​	
              27 
            	​	​
	
              
                
                  Section 9.3.
                  

                
              

              
                
                  Limitations. 
              

              
                ​
              

            	​	​	​	​	
              28 
            	​	​
	
              
                
                  Section 9.4.
                  

                
              

              
                
                  Compliance with Trust Indenture Act. 
              

              
                ​
              

            	​	​	​	​	
              28 
            	​	​
	
              
                
                  Section 9.5.
                  

                
              

              
                
                  Revocation and Effect of Consents. 
              

              
                ​
              

            	​	​	​	​	
              28 
            	​	​
	
              
                
                  Section 9.6.
                  

                
              

              
                
                  Notation on or Exchange of Securities. 
              

              
                ​
              

            	​	​	​	​	
              29 
            	​	​
	
              
                
                  Section 9.7.
                  

                
              

              
                
                  Trustee Protected. 
              

              
                ​
              

            	​	​	​	​	
              29 
            	​	​
	
              
                
                  ARTICLE X. MISCELLANEOUS 
              

            	​	​	​	​	
              29 
            	​	​
	
              
                
                  Section 10.1.
                  

                
              

              
                
                  Trust Indenture Act Controls. 
              

              
                ​
              

            	​	​	​	​	
              29 
            	​	​

      

      
        
           
          

        

      

      
        
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                Page 
              

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                  Section 10.2.
                  

                
              

              
                
                  Notices. 
              

              
                ​
              

            	​	​	​	​	
              29 
            	​	​
	
              
                
                  Section 10.3.
                  

                
              

              
                
                  Communication by Holders with Other Holders. 
              

              
                ​
              

            	​	​	​	​	
              30 
            	​	​
	
              
                
                  Section 10.4.
                  

                
              

              
                
                  Certificate and Opinion as to Conditions Precedent. 
              

              
                ​
              

            	​	​	​	​	
              30 
            	​	​
	
              
                
                  Section 10.5.
                  

                
              

              
                
                  Statements Required in Certificate or Opinion. 
              

              
                ​
              

            	​	​	​	​	
              30 
            	​	​
	
              
                
                  Section 10.6.
                  

                
              

              
                
                  Rules by Trustee and Agents. 
              

              
                ​
              

            	​	​	​	​	
              30 
            	​	​
	
              
                
                  Section 10.7.
                  

                
              

              
                
                  Legal Holidays. 
              

              
                ​
              

            	​	​	​	​	
              31 
            	​	​
	
              
                
                  Section 10.8.
                  

                
              

              
                
                  No Recourse Against Others. 
              

              
                ​
              

            	​	​	​	​	
              31 
            	​	​
	
              
                
                  Section 10.9.
                  

                
              

              
                
                  Counterparts. 
              

              
                ​
              

            	​	​	​	​	
              31 
            	​	​
	
              
                
                  Section 10.10.
                  

                
              

              
                
                  Governing Law; Waiver of Jury Trial; Consent to Jurisdiction. 
              

              
                ​
              

            	​	​	​	​	
              31 
            	​	​
	
              
                
                  Section 10.11.
                  

                
              

              
                
                  No Adverse Interpretation of Other Agreements. 
              

              
                ​
              

            	​	​	​	​	
              31 
            	​	​
	
              
                
                  Section 10.12.
                  

                
              

              
                
                  Successors. 
              

              
                ​
              

            	​	​	​	​	
              31 
            	​	​
	
              
                
                  Section 10.13.
                  

                
              

              
                
                  Severability. 
              

              
                ​
              

            	​	​	​	​	
              32 
            	​	​
	
              
                
                  Section 10.14.
                  

                
              

              
                
                  Table of Contents, Headings, Etc. 
              

              
                ​
              

            	​	​	​	​	
              32 
            	​	​
	
              
                
                  Section 10.15.
                  

                
              

              
                
                  Securities in a Foreign Currency. 
              

              
                ​
              

            	​	​	​	​	
              32 
            	​	​
	
              
                
                  Section 10.16.
                  

                
              

              
                
                  Judgment Currency. 
              

              
                ​
              

            	​	​	​	​	
              32 
            	​	​
	
              
                
                  Section 10.17.
                  

                
              

              
                
                  Force Majeure. 
              

              
                ​
              

            	​	​	​	​	
              33 
            	​	​
	
              
                
                  Section 10.18.
                  

                
              

              
                
                  U.S.A. Patriot Act. 
              

              
                ​
              

            	​	​	​	​	
              33 
            	​	​
	
              
                
                  ARTICLE XI. SINKING FUNDS 
              

            	​	​	​	​	
              33 
            	​	​
	
              
                
                  Section 11.1.
                  

                
              

              
                
                  Applicability of Article. 
              

              
                ​
              

            	​	​	​	​	
              33 
            	​	​
	
              
                
                  Section 11.2.
                  

                
              

              
                
                  Satisfaction of Sinking Fund Payments with Securities. 
              

              
                ​
              

            	​	​	​	​	
              33 
            	​	​
	
              
                
                  Section 11.3.
                  

                
              

              
                
                  Redemption of Securities for Sinking Fund. 
              

              
                ​
              

            	​	​	​	​	
              34
            	​	​

        
           
        

      

      
        
           
          

        

      

      
        
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        TABLE OF CONTENTS
      

      
        
           
          

        

      

      
        
          PENN NATIONAL GAMING, INC. 
        

        
          Reconciliation and tie between Trust Indenture Act of 1939 and
          

          Indenture, dated as of                  , 20    
        

        	​	
              
                § 310(a)(1) 
              

            	​	​	
              7.10 
            	​
	​	
              
                (a)(2) 
              

            	​	​	
              7.10 
            	​
	​	
              
                (a)(3) 
              

            	​	​	
              
                Not Applicable 
              

            	​
	​	
              
                (a)(4) 
              

            	​	​	
              
                Not Applicable 
              

            	​
	​	
              
                (a)(5) 
              

            	​	​	
              7.10 
            	​
	​	
              
                (b) 
              

            	​	​	
              7.10 
            	​
	​	
              
                § 311(a) 
              

            	​	​	
              7.11 
            	​
	​	
              
                (b) 
              

            	​	​	
              7.11 
            	​
	​	
              
                (c) 
              

            	​	​	
              
                Not Applicable 
              

            	​
	​	
              
                § 312(a) 
              

            	​	​	
              2.6 
            	​
	​	
              
                (b) 
              

            	​	​	
              10.3 
            	​
	​	
              
                (c) 
              

            	​	​	
              10.3 
            	​
	​	
              
                § 313(a) 
              

            	​	​	
              7.6 
            	​
	​	
              
                (b)(1) 
              

            	​	​	
              7.6 
            	​
	​	
              
                (b)(2) 
              

            	​	​	
              7.6 
            	​
	​	
              
                (c)(1) 
              

            	​	​	
              7.6 
            	​
	​	
              
                (d) 
              

            	​	​	
              7.6 
            	​
	​	
              
                § 314(a) 
              

            	​	​	
              4.2, 10.5 
            	​
	​	
              
                (b) 
              

            	​	​	
              
                Not Applicable 
              

            	​
	​	
              
                (c)(1) 
              

            	​	​	
              10.4 
            	​
	​	
              
                (c)(2) 
              

            	​	​	
              10.4 
            	​
	​	
              
                (c)(3) 
              

            	​	​	
              
                Not Applicable 
              

            	​
	​	
              
                (d) 
              

            	​	​	
              
                Not Applicable 
              

            	​
	​	
              
                (e) 
              

            	​	​	
              10.5 
            	​
	​	
              
                (f) 
              

            	​	​	
              
                Not Applicable 
              

            	​
	​	
              
                § 315(a) 
              

            	​	​	
              7.1 
            	​
	​	
              
                (b) 
              

            	​	​	
              7.5 
            	​
	​	
              
                (c) 
              

            	​	​	
              7.1 
            	​
	​	
              
                (d) 
              

            	​	​	
              7.1 
            	​
	​	
              
                (e) 
              

            	​	​	
              6.14 
            	​
	​	
              
                § 316(a) 
              

            	​	​	
              2.10 
            	​
	​	
              
                (a)(1)(A) 
              

            	​	​	
              6.12 
            	​
	​	
              
                (a)(1)(B) 
              

            	​	​	
              6.13 
            	​
	​	
              
                (b) 
              

            	​	​	
              6.8 
            	​
	​	
              
                § 317(a)(1) 
              

            	​	​	
              6.3 
            	​
	​	
              
                (a)(2) 
              

            	​	​	
              6.4 
            	​
	​	
              
                (b) 
              

            	​	​	
              2.5 
            	​
	​	
              
                § 318(a) 
              

            	​	​	
              10.1
            	​

      

      
        
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          Note:
          

        

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

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          Indenture dated as of                  , 20       between Penn National Gaming, Inc., a company incorporated under the laws of Pennsylvania(“Company”), and Wells Fargo Bank, National Association, a national banking association organized under the laws of the United States. (“Trustee”). 
        

        
          Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture. 
        

        
          ARTICLE I.
          

          DEFINITIONS AND INCORPORATION BY REFERENCE 
        

        
          Section 1.1.
          

        

        
          Definitions. 
        

        ​

        
          “Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or under common control with such specified person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise. 
        

        
          “Agent” means any Registrar, Paying Agent or Notice Agent. 
        

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

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

        
          “Business Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York, New York (or in connection with any payment, the place of payment) on which banking institutions are authorized or required by law, regulation or executive order to close. 
        

        
          “Capital Stock” means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock. 
        

        
          “Company” means the party named as such above until a successor replaces it and thereafter means the successor. 
        

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

        
          “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business related to this Indenture shall be principally administered, which office at the date hereof is located at 600 South Fourth Street, 6th Floor, Minneapolis, MN 55415 Attention: Corporate Trust Services — Penn National Gaming Administrator, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company). With respect to registration for transfer or exchange, presentation at maturity or for redemptions, such office shall also mean the office or agency of the Trustee located at the date hereof at Corporate Trust Operations, MAC N9300-070, 600 South Fourth Street, 7th Floor, Minneapolis, MN 55415. 
        

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

        
          “Depositary” means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series. 
        

      

      
        
           
          

        

      

      

    

    
      
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          “Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2. 
        

        
          “Dollars” and “$” means the currency of The United States of America. 
        

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

        
          “Foreign Currency” means any currency or currency unit issued by a government other than the government of The United States of America. 
        

        
          “Foreign Government Obligations” means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof. 
        

        
          “GAAP” means accounting principles generally accepted in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination. 
        

        
          “Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee. 
        

        
          “Holder” or “Securityholder” means a person in whose name a Security is registered. 
        

        
          “Indenture” means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder. 
        

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

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

        
          “Officer” means the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary, and any Vice President of the Company. 
        

        
          “Officer’s Certificate” means a certificate signed by any Officer. 
        

        
          “Opinion of Counsel” means a written opinion of legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company. The opinion may contain customary limitations, conditions and exceptions. 
        

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

        
          “principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, the Security. 
        

        
          “Responsible Officer” means any officer of the Trustee in its Corporate Trust Office including any vice president, assistant vice president, trust officer or any other officer of such Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers having responsibility for administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject. 
        

        
          “SEC” means the Securities and Exchange Commission. 
        

      

      
        
           
          

        

      

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

        
          “Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 
        

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

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

        
          “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act 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 the Trustee with respect to Securities of that Series. 
        

        
          “U.S. Government Obligations” means securities which are direct obligations of, or guaranteed by, The United States of America for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depositary receipt. 
        

        
          Section 1.2.
          

        

        
          Other Definitions. 
        

        ​

        	
              
                TERM 
              

            	​	​	
              
                DEFINED IN
                

                SECTION 
              

            	​
	
              
                “Bankruptcy Law” 
              

            	​	​	​	​	6.1	​	​
	
              
                “Custodian” 
              

            	​	​	​	​	6.1	​	​
	
              
                “Event of Default” 
              

            	​	​	​	​	6.1	​	​
	
              
                “Judgment Currency” 
              

            	​	​	​	​	10.16	​	​
	
              
                “Legal Holiday” 
              

            	​	​	​	​	10.7	​	​
	
              
                “mandatory sinking fund payment” 
              

            	​	​	​	​	11.1	​	​
	
              
                “New York Banking Day” 
              

            	​	​	​	​	10.16	​	​
	
              
                “Notice Agent” 
              

            	​	​	​	​	2.4	​	​
	
              
                “optional sinking fund payment” 
              

            	​	​	​	​	11.1	​	​
	
              
                “Paying Agent” 
              

            	​	​	​	​	2.4	​	​
	
              
                “Registrar” 
              

            	​	​	​	​	2.4	​	​
	
              
                “Required Currency” 
              

            	​	​	​	​	10.16	​	​
	
              
                “Specified Courts” 
              

            	​	​	​	​	10.10	​	​
	
              
                “successor person” 
              

            	​	​	​	​	5.1	​	​

      

      
        
           
          

        

      

      
        
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          Section 1.3.
          

        

        
          Incorporation by Reference of Trust Indenture Act. 
        

        ​

        
          Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
        

        
          “Commission” means the SEC. 
        

        
          “indenture securities” means the Securities. 
        

        
          “indenture security holder” means a Securityholder. 
        

        
          “indenture to be qualified” means this Indenture. 
        

        
          “indenture trustee” or “institutional trustee” means the Trustee. 
        

        
          “obligor” on the indenture securities means the Company and any successor obligor upon the Securities. 
        

        
          All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined. 
        

        
          Section 1.4.
          

        

        
          Rules of Construction. 
        

        ​

        
          Unless the context otherwise requires: 
        

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

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

        
          (c)   “or” is not exclusive; 
        

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

        
          (e)   provisions apply to successive events and transactions. 
        

      

      
        
           
          

        

      

      
        
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          ARTICLE II.
          

          THE SECURITIES 
        

        
          Section 2.1.
          

        

        
          Issuable in Series. 
        

        ​

        
          The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, a supplemental indenture or an Officer’s Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture. 
        

        
          Section 2.2.
          

        

        
          Establishment of Terms of Series of Securities. 
        

        ​

        
          At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture hereto or Officer’s Certificate: 
        

        
          2.2.1.   the title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking (including the terms of any subordination provisions) of the Series; 
        

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

        
          2.2.3.   any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6); 
        

        
          2.2.4.   the date or dates on which the principal of the Securities of the Series is payable; 
        

        
          2.2.5.   the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; 
        

        
          2.2.6.   the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities of such 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 such Series and this Indenture may be delivered, and the method of such payment, if by wire transfer, mail or other means; 
        

        
          2.2.7.   if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 
        

        
          2.2.8.   the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
        

      

      
        
           
          

        

      

      
        
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          2.2.9.   the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 
        

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

        
          2.2.11.   the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities; 
        

        
          2.2.12.   if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2; 
        

        
          2.2.13.   the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency; 
        

        
          2.2.14.   the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities of the Series will be made; 
        

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

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

        
          2.2.17.   the provisions, if any, relating to any security provided for the Securities of the Series; 
        

        
          2.2.18.   any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; 
        

        
          2.2.19.   any addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities of the Series; 
        

        
          2.2.20.   any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein; 
        

        
          2.2.21.   the provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the conversion or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed; 
        

        
          2.2.22.   any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of Securities of that Series; and 
        

        
          2.2.23.   whether any of the Company’s direct or indirect Subsidiaries will guarantee the Securities of that Series, including the terms of subordination, if any, of such guarantees. 
        

        
          All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above. 
        

      

      
        
           
          

        

      

      
        
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          Section 2.3.
          

        

        
          Execution and Authentication. 
        

        ​

        
          An Officer shall sign the Securities for the Company by manual or facsimile signature. 
        

        
          If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid. 
        

        
          A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
        

        
          The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of its authentication. 
        

        
          The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8. 
        

        
          Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4. 
        

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

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

        
          Section 2.4.
          

        

        
          Registrar and Paying Agent. 
        

        ​

        
          The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice Agent”) . The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands; provided, however, that any appointment of the Trustee as the Notice Agent shall exclude the appointment of the Trustee or any office of the Trustee as an agent to receive the service of legal process on the Company. 
        

        
          The Company may also from time to time designate one or more co-registrars, additional paying agents or additional notice agents 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 obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 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 name or address of any such co-registrar, additional paying agent or additional notice agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” 
        

      

      
        
           
          

        

      

      
        
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          includes any additional paying agent; and the term “Notice Agent” includes any additional notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent. 
        

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

        
          Section 2.5.
          

        

        
          Paying Agent to Hold Money in Trust. 
        

        ​

        
          The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee in writing of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying Agent for the Securities. 
        

        
          Section 2.6.
          

        

        
          Securityholder Lists. 
        

        ​

        
          The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish, or shall cause the Registrar to furnish, to the Trustee at least ten days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities. 
        

        
          Section 2.7.
          

        

        
          Transfer and Exchange. 
        

        ​

        
          Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6). 
        

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

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

        
          Section 2.8.
          

        

        
          Mutilated, Destroyed, Lost and Stolen Securities. 
        

        ​

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

        
          If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by each of 
        

      

      
        
           
          

        

      

      
        
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          them to hold itself and any of its agents 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 written request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
        

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

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

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

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

        
          Section 2.9.
          

        

        
          Outstanding Securities. 
        

        ​

        
          The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. 
        

        
          If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser. 
        

        
          If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds by 11 a.m. New York City time on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue. 
        

        
          The Company may purchase or otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below). 
        

        
          In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2. 
        

        
          Section 2.10.
          

        

        
          Treasury Securities. 
        

        ​

        
          In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. 
        

        
          Section 2.11.
          

        

        
          Temporary Securities. 
        

        ​

        
          Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for 
        

      

      
        
           
          

        

      

      
        
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          temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee upon written request shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities. 
        

        
          Section 2.12.
          

        

        
          Cancellation. 
        

        ​

        
          The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities (subject to the record retention requirement of the Exchange Act and the Trustee’s customary procedures) and deliver evidence of such cancellation to the Company upon the written request of the Company. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation. 
        

        
          Section 2.13.
          

        

        
          Defaulted Interest. 
        

        ​

        
          If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least 10 days before the special record date, the Company shall send to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner. 
        

        
          Section 2.14.
          

        

        
          Global Securities. 
        

        ​

        
          2.14.1.   Terms of Securities.   A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities. 
        

        
          2.14.2.   Transfer and Exchange.   Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officer’s Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. 
        

        
          Except as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary. 
        

        
          2.14.3.   Legends.   Any Global Security issued hereunder shall bear a legend in substantially the following form: 
        

        
          “THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY 
        

      

      
        
           
          

        

      

      
        
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          OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.” 
        

        
          In addition, so long as the Depository Trust Company (“DTC”) is the Depositary, each Global Note registered in the name of DTC or its nominee shall bear a legend in substantially the following form: 
        

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

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

        
          2.14.5.   Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 
        

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

        
          Section 2.15.
          

        

        
          CUSIP Numbers. 
        

        ​

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

        
          ARTICLE III.
          

          REDEMPTION 
        

        
          Section 3.1.
          

        

        
          Notice to Trustee. 
        

        ​

        
          The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal amount of Series of Securities to be redeemed. 
        

        
          Section 3.2.
          

        

        
          Selection of Securities to be Redeemed. 
        

        ​

        
          Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, if less than all the Securities of a Series are to be redeemed, the Securities of the Series to be redeemed will be selected as follows: (a) if the Securities are in the form of Global Securities, in accordance with the procedures of the Depositary, (b) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on 
        

      

      
        
           
          

        

      

      
        
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          which the Securities are listed, or (c) if not otherwise provided for under clause (a) or (b) in the manner that the Trustee deems fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject, in the case of Global Securities, to the applicable rules and procedures of the Depositary. The Securities to be redeemed shall be selected from Securities of the Series outstanding not previously called for redemption. Portions of the principal of Securities of the Series that have denominations larger than $1,000 may be selected for redemption. Securities of the Series and portions of them it selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption. 
        

        
          Section 3.3.
          

        

        
          Notice of Redemption. 
        

        ​

        
          Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at least 10 days but not more than 60 days before a redemption date, the Company shall send or cause to be sent by first-class mail or electronically, in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose Securities are to be redeemed. 
        

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

        
          (a)   the redemption date; 
        

        
          (b)   the redemption price (or if not then ascertainable, the manner of calculation thereof); 
        

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

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

        
          (e)   that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless the Company defaults in the deposit of the redemption price; 
        

        
          (f)   the CUSIP number, if any; and 
        

        
          (g)   any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed. 
        

        
          Any notice of redemption of Securities may, at the Company’s discretion, be subject to one or more conditions precedent with respect to completion of a corporate transaction (including, but not limited to, any merger, acquisition, disposition, asset sale or corporate restructuring or reorganization) or financing (including, but not limited to, any incurrence of indebtedness (or entering into a commitment with respect thereto), sale and leaseback transaction, issuance of securities, equity offering or contribution, liability management transaction or other capital raise) and may be given prior to the completion thereof. At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense, provided, however, that the Company has delivered to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice. The Company shall provide written notice to the Trustee prior to the close of business two Business Days prior to the Redemption Date if any such redemption has been rescinded or delayed, and upon receipt the Trustee shall provide such notice to each Holder of the Notes in the same manner in which the notice of redemption was given. 
        

        
          Section 3.4.
          

        

        
          Effect of Notice of Redemption. 
        

        ​

        
          Once notice of redemption is sent as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price, subject to the satisfaction of any condition precedent to such redemption set forth therein. If money sufficient to pay the redemption price of and accrued interest on the Securities to be redeemed is deposited with the Trustee on or before the redemption date, on or after the redemption date interest will cease to accrue on the Securities (or such 
        

      

      
        
           
          

        

      

      
        
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          portions thereof) called for redemption. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date. 
        

        
          Section 3.5.
          

        

        
          Deposit of Redemption Price. 
        

        ​

        
          On or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date. 
        

        
          Section 3.6.
          

        

        
          Securities Redeemed in Part. 
        

        ​

        
          Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered. 
        

        
          ARTICLE IV.
          

          COVENANTS 
        

        
          Section 4.1.
          

        

        
          Payment of Principal and Interest. 
        

        ​

        
          The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before 11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture. 
        

        
          Section 4.2.
          

        

        
          SEC Reports. 
        

        ​

        
          To the extent any Securities of a Series are outstanding, the Company shall make available to the Trustee within 15 days after it files them with the SEC 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 SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. Reports, information and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee as of the time of such filing via EDGAR for purposes of this Section 4.2. 
        

        
          Delivery of reports, information and documents to the Trustee under this Section 4.2 are for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). The Trustee shall not have any liability or responsibility for the filing, timeliness or content of such reports. 
        

        
          Section 4.3.
          

        

        
          Compliance Certificate. 
        

        ​

        
          Section 4.4. To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officer’s Certificate, which shall be signed by the principal executive, principal financial or principal accounting officer, stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which the Officer may have knowledge and the nature thereof). 
        

        
          Section 4.5.
          

        

        
          Stay, Extension and Usury Laws. 
        

        ​

        
          The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or 
        

      

      
        
           
          

        

      

      
        
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          usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 
        

        
          ARTICLE V.
          

          SUCCESSORS 
        

        
          Section 5.1.
          

        

        
          When Company May Merge, Etc. 
        

        ​

        
          The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of the properties or assets owned by the Company and its Subsidiaries, taken as a whole, to, any person (a “successor person”) unless: 
        

        
          (a)   the Company is the surviving corporation or the successor person (if other than the Company) is a corporation, partnership, limited liability company, trust or other entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes by supplemental indenture the Company’s obligations on the Securities and under this Indenture; and 
        

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

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

        
          Notwithstanding the above, (i) a merger between the Company and an Affiliate solely for the purpose of reincorporating the Company in another jurisdiction or (ii) consolidation or merger, or any sale, lease, transfer, conveyance or other disposition of assets between or among the Company and its Subsidiaries. 
        

        
          Section 5.2.
          

        

        
          Successor Corporation Substituted. 
        

        ​

        
          Upon any consolidation or merger, or any sale, lease, transfer, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor person formed by such consolidation or into or with which the Company is merged or to which such sale, lease, transfer, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such sale, lease, transfer, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the successor person and not the Company), and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities. 
        

        
          ARTICLE VI.
          

          DEFAULTS AND REMEDIES 
        

        
          Section 6.1.
          

        

        
          Events of Default. 
        

        ​

        
          “Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event of Default: 
        

        
          (a)   default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to 11:00 a.m., New York City time, on the 30th day of such period); or 
        

        
          (b)   default in the payment of principal of any Security of that Series at its Maturity; or 
        

      

      
        
           
          

        

      

      
        
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          (c)   default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than defaults pursuant to paragraphs (a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities other than that Series), which default continues uncured for a period of 90 days after there has been given, by registered or certified mail, or overnight courier service to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
        

        
          (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, 
        

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

        
          (v)   generally is unable to pay its debts as the same become due; or 
        

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

        
          (i)   is for relief against the Company in an involuntary case, 
        

        
          (ii)   appoints a Custodian of the Company or 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 60 days; or 
        

        
          (f)   any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18. 
        

        
          The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
        

        
          The Company will provide the Trustee written notice of any Default or Event of Default within 30 days of becoming aware of the occurrence of such Default or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and what action the Company is taking or proposes to take in respect thereof. 
        

        
          Section 6.2.
          

        

        
          Acceleration of Maturity; Rescission and Annulment. 
        

        ​

        
          If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of more than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on 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) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 
        

        
          At any time after such a declaration of acceleration with respect to 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 
        

      

      
        
           
          

        

      

      
        
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          in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences. 
        

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

        
          Section 6.3. Collection of Indebtedness and Suits for Enforcement by Trustee. 
        

        
          The Company covenants that if 
        

        
          (a)   default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or 
        

        
          (b)   default is made in the payment of principal of any Security at the Maturity, thereof, or 
        

        
          (c)   default is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security, 
        

        
          then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and 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 compensation, reasonable 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 deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 
        

        
          If an Event of Default with respect to any 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 6.4.
          

        

        
          Trustee May File Proofs of Claim. 
        

        ​

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

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

        
          (b)   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 the Holders, to pay to the 
        

      

      
        
           
          

        

      

      
        
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          Trustee any amount due it for the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee hereunder. 
        

        
          Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
        

        
          Section 6.5.
          

        

        
          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 compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
        

        
          Section 6.6.
          

        

        
          Application of Money Collected. 
        

        ​

        
          Any money or property collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money or property on account of principal 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 the Indenture; and 
        

        
          Second:   To the payment of the amounts then due and unpaid for principal of 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 interest, respectively; and 
        

        
          Third:   To the Company. 
        

        
          Section 6.7.
          

        

        
          Limitation on Suits. 
        

        ​

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

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

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

        
          (c)   such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs, losses, expenses and liabilities which might be incurred by the Trustee in compliance with such request; 
        

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

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

        
          it being understood, intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee 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 
        

      

      
        
           
          

        

      

      
        
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          or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders of the applicable Series. 
        

        
          Section 6.8.
          

        

        
          Unconditional Right of Holders to Receive Principal 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 interest, if any, on such Security on the Maturity of such Security, including the 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 6.9.
          

        

        
          Restoration of Rights and Remedies. 
        

        ​

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

        
          Section 6.10.
          

        

        
          Rights and Remedies Cumulative. 
        

        ​

        
          Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy. 
        

        
          Section 6.11.
          

        

        
          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 6.12.
          

        

        
          Control by Holders. 
        

        ​

        
          The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that 
        

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

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

        
          (c)   subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, and 
        

        
          (d)   prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity satisfactory to it against losses, costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 
        

        
          Section 6.13.
          

        

        
          Waiver of Past Defaults. 
        

        ​

        
          The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series, by written notice to the Trustee and the 
        

      

      
        
           
          

        

      

      
        
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          Company, waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
        

        
          Section 6.14.
          

        

        
          Undertaking for Costs. 
        

        ​

        
          All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered 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 Company, to any suit instituted by the Trustee, to 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, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date). 
        

        
          ARTICLE VII.
          

          TRUSTEE 
        

        
          Section 7.1.
          

        

        
          Duties of Trustee. 
        

        ​

        
          (a)   If an Event of Default has occurred and is continuing, the Trustee shall exercise 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 person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
        

        
          (b)   Except during the continuance of an Event of Default: 
        

        
          (i)   The Trustee need perform only those duties that are specifically set forth in this Indenture and no others. 
        

        
          (ii)   In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officer’s Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions of Counsel to determine whether or not they conform to the form requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
        

        
          (c)   The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
        

        
          (i)   This paragraph does not limit the effect of paragraph (b) of this Section. 
        

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

        
          (iii)   The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to 
        

      

      
        
           
          

        

      

      
        
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          the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance with Section 6.12. 
        

        
          (d)   Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section. 
        

        
          (e)   The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against losses, costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power. 
        

        
          (f)   The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
        

        
          (g)   No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers. 
        

        
          (h)   The Paying Agent, the Registrar, any conversion agent and any authenticating agent shall be entitled to the protections and immunities as are set forth in in this Article 7, each with respect to the Trustee. 
        

        
          Section 7.2.
          

        

        
          Rights of Trustee. 
        

        ​

        
          (a)   The Trustee may rely on and shall be protected in acting or refraining from acting upon any document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 
        

        
          (b)   Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 
        

        
          (c)   The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent or professionals (including attorneys) appointed with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary. 
        

        
          (d)   The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers. 
        

        
          (e)   The Trustee may consult with counsel and the verbal or 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., and in reliance thereon. 
        

        
          (f)   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 of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against, losses, costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 
        

        
          (g)   The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 
        

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

      

      
        
           
          

        

      

      
        
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          (i)   In no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
        

        
          (j)   The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do so. 
        

        
          (k)   The Trustee shall have no obligation to pursue any action that is not in accordance with applicable law. 
        

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

        
          (m)   Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Securities. 
        

        
          Section 7.3.
          

        

        
          Individual Rights of Trustee. 
        

        ​

        
          The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11. 
        

        
          Section 7.4.
          

        

        
          Trustee’s Disclaimer. 
        

        ​

        
          The Trustee makes no representation as to and shall not be responsible for the validity, adequacy or sufficiency of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, and it shall not be responsible for any statement of the Company in this Indenture, the Securities or any other document in connection with the issuance of the notes other than its authentication which shall be taken as the statement of the Company, and the Trustee assumes no responsibility for their correctness. 
        

        
          Section 7.5.
          

        

        
          Notice of Defaults. 
        

        ​

        
          If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall send to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is in the interests of Securityholders of that Series. 
        

        
          Section 7.6.
          

        

        
          Reports by Trustee to Holders. 
        

        ​

        
          Within 60 days after each anniversary of the date of this Indenture, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register kept by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA § 313. 
        

        
          A copy of each report at the time of its delivery to Securityholders of any Series shall be filed with the SEC and each national securities exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on any national securities exchange. 
        

        
          Section 7.7.
          

        

        
          Compensation and Indemnity. 
        

        ​

        
          The Company shall pay to the Trustee (acting in any capacity hereunder) from time to time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The 
        

      

      
        
           
          

        

      

      
        
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          Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. 
        

        
          The Company shall indemnify each of the Trustee (acting in any capacity hereunder) and any predecessor Trustee and their agents and to hold them harmless against (including for the cost of defending itself) any and all loss, damage, claims, cost, expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), arising out of or in connection with the acceptance or administration of the Indenture except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent, including without limitation expenses and costs (including reasonable attorneys’ fees and expenses and court costs) incurred in connection with any action, claim or suit brought to enforce the Trustee’s right to indemnification and including the costs and expenses of defending itself against any claim (whether asserted by the Company, or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, or in connection with enforcing the provisions of this Section. The Company shall defend any such claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee. 
        

        
          The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through its own willful misconduct or negligence, as finally adjudicated by a court of competent jurisdiction. 
        

        
          To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series. 
        

        
          When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(d) or (e) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
        

        
          The provisions of this Section shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 
        

        
          Section 7.8.
          

        

        
          Replacement of Trustee. 
        

        ​

        
          A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. 
        

        
          The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series if: 
        

        
          (a)   the Trustee fails to comply with Section 7.10; 
        

        
          (b)   the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
        

        
          (c)   a Custodian or public officer takes charge of the Trustee or its property; or 
        

        
          (d)   the Trustee becomes incapable of acting. 
        

        
          If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
        

        
          If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the 
        

      

      
        
           
          

        

      

      
        
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          Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
        

        
          A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement. 
        

        
          Section 7.9.
          

        

        
          Successor Trustee by Merger, Etc. 
        

        ​

        
          If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee, subject to Section 7.10.
        

        
          Section 7.10.
          

        

        
          Eligibility; Disqualification. 
        

        ​

        
          This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b). 
        

        
          Section 7.11.
          

        

        
          Preferential Collection of Claims Against Company. 
        

        ​

        
          The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 
        

        
          ARTICLE VIII.
          

          SATISFACTION AND DISCHARGE; DEFEASANCE 
        

        
          Section 8.1.
          

        

        
          Satisfaction and Discharge of Indenture. 
        

        ​

        
          This Indenture shall upon Company Order be discharged with respect to the Securities of any Series and cease to be of further effect as to all Securities of such Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute instruments acknowledging satisfaction and discharge of this Indenture, when 
        

        
          (a)   either 
        

        
          (i)   all Securities of such Series theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or 
        

        
          (ii)   all such Securities of such Series not theretofore delivered to the Trustee for cancellation 
        

        
          (1)   have become due and payable by reason of sending a notice of redemption or otherwise, or 
        

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

        
          (3)   have been called for redemption or 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, or 
        

        
          (4)   are deemed paid and discharged pursuant to Section 8.3, as applicable; 
        

        
          and the Company, in the case of (1), (2) or (3) above, shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount of money or U.S. Government Obligations, or 
        

      

      
        
           
          

        

      

      
        
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          combination thereof, which amount shall be sufficient for the purpose of paying and discharging each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series on the dates such installments of principal or interest are due; 
        

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

        
          (c)   the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the satisfaction and discharge contemplated by this Section have been complied with. 
        

        
          Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive. 
        

        
          Section 8.2.
          

        

        
          Application of Trust Funds; Indemnification. 
        

        ​

        
          (a)   Subject to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4, 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 interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.1, 8.3 or 8.4. 
        

        
          (b)   The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders. 
        

        
          (c)   The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture. 
        

        
          Section 8.3.
          

        

        
          Legal Defeasance of Securities of any Series. 
        

        ​

        
          Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging the same), except as to: 
        

        
          (a)   the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series; 
        

        
          (b)   the provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and 
        

      

      
        
           
          

        

      

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

        
          provided that, the following conditions shall have been satisfied: 
        

        
          (d)   the Company shall have irrevocably deposited or caused to be deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments of principal or interest and such sinking fund payments are due; 
        

        
          (e)   such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 
        

        
          (f)   no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date; 
        

        
          (g)   the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the 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; 
        

        
          (h)   the Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 
        

        
          (i)   the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with. 
        

        
          Section 8.4.
          

        

        
          Covenant Defeasance. 
        

        ​

        
          Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1 and, unless otherwise specified therein, any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby; provided that the following conditions shall have been satisfied: 
        

        
          (a)   with reference to this Section 8.4, the Company has irrevocably deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for 
        

      

      
        
           
          

        

      

      
        
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          the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series on the dates such installments of principal or interest are due; 
        

        
          (b)   such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 
        

        
          (c)   no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit; 
        

        
          (d)   the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that the 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 times as would have been the case if such deposit and covenant defeasance had not occurred; 
        

        
          (e)   The Company shall have delivered to the Trustee an Officer’s Certificate stating the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 
        

        
          (f)   The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with. 
        

        
          Section 8.5.
          

        

        
          Repayment to Company. 
        

        ​

        
          Subject to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person. 
        

        
          Section 8.6.
          

        

        
          Reinstatement. 
        

        ​

        
          If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with Section 8.1 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 with respect to the Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.1; provided, however, that if the Company has made any payment of principal of or interest on any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders. 
        

      

      
        
           
          

        

      

      
        
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          ARTICLE IX.
          

          AMENDMENTS AND WAIVERS 
        

        
          Section 9.1.
          

        

        
          Without Consent of Holders. 
        

        ​

        
          The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder: 
        

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

        
          (b)   to comply with Article V; 
        

        
          (c)   to provide for uncertificated Securities in addition to or in place of certificated Securities; 
        

        
          (d)   to add guarantees with respect to Securities of any Series or secure Securities of any Series; 
        

        
          (e)   to surrender any of the Company’s rights or powers under this Indenture; 
        

        
          (f)   to add covenants or events of default for the benefit of the holders of Securities of any Series; 
        

        
          (g)   to comply with the applicable procedures of the applicable depositary; 
        

        
          (h)   to make any change that does not adversely affect the rights of any Securityholder; 
        

        
          (i)   to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture; 
        

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

        
          (k)   to conform any provision of this Indenture, the Securities of any Series or any related guarantees or security documents to the description of such Securities contained in the Company’s prospectus, prospectus supplement, offering memorandum or similar document with respect to the offering of the Securities of such Series to the extent that such description was intended to be a verbatim recitation of a provision in the Indenture, such Securities or any related guarantees or security documents; or 
        

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

        
          Section 9.2.
          

        

        
          With Consent of Holders. 
        

        ​

        
          The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), 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 the rights of the Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series. 
        

        
          It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. Upon the request of the Company and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Securities as aforesaid, and upon receipt by the Trustee of the documents described in 10.4 hereof, the Trustee will join with the Company in the execution of such amended or supplemental indenture unless such amended or supplemental indenture affects 
        

      

      
        
           
          

        

      

      
        
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          the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental indenture. After a supplemental indenture or waiver under this section becomes effective, the Company shall send to the Holders of Securities affected thereby, a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver. 
        

        
          Section 9.3.
          

        

        
          Limitations. 
        

        ​

        
          Without the consent of each Securityholder affected, an amendment or waiver may not: 
        

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

        
          (b)   reduce the rate of or extend the time for payment of interest (including default interest) on any Security; 
        

        
          (c)   reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation; 
        

        
          (d)   reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof; 
        

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

        
          (f)   make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security; 
        

        
          (g)   make any change in Sections 6.8, 6.13 or 9.3 (this sentence); or 
        

        
          (h)   waive a redemption payment with respect to any Security, provided that such redemption is made at the Company’s option. 
        

        
          Section 9.4.
          

        

        
          Compliance with Trust Indenture Act. 
        

        ​

        
          Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect. 
        

        
          Section 9.5.
          

        

        
          Revocation and Effect of Consents. 
        

        ​

        
          Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective. 
        

        
          Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security. 
        

        
          The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the second immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously 
        

      

      
        
           
          

        

      

      
        
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          given or take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 
        

        
          Section 9.6.
          

        

        
          Notation on or Exchange of Securities. 
        

        ​

        
          The Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon receipt of a Company Order in accordance with Section 2.3 new Securities of that Series that reflect the amendment or waiver. 
        

        
          Section 9.7.
          

        

        
          Trustee Protected. 
        

        ​

        
          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 7.1) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel complying with Section 10.4 as conclusive evidence that any supplemental indenture executed pursuant to this Article IX complies with the applicable provisions of this Indenture, is authorized or permitted under the terms of the Indenture and is the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Trustee shall sign all supplemental indentures upon delivery of such Officer’s Certificate and Opinion of Counsel, except that the Trustee need not sign any supplemental indenture that adversely affects its rights, duties, liabilities or immunities under this Indenture. 
        

        
          ARTICLE X.
          

          MISCELLANEOUS 
        

        
          Section 10.1.
          

        

        
          Trust Indenture Act Controls. 
        

        ​

        
          If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall control. 
        

        
          Section 10.2.
          

        

        
          Notices. 
        

        ​

        
          Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile transmission, email or overnight air courier guaranteeing next day delivery, to the others’ address: 
        

        
          if to the Company: 
        

        
          Penn National Gaming, Inc.  
Wyomissing Professional Center  
825 Berkshire Boulevard, Suite 200 
Wyomissing, PA 19610  
Attention: Carl Sottosanti  
Telephone: (610) 378-8214 

        
          with a copy to: 
        

        
          Wachtell, Lipton, Rosen & Katz  
51 West 52nd Street  
New York, NY 10019  
Attention: Zachary S. Podolsky, Emily D. Johnson 
Telephone: (212) 403-1000 

        
          if to the Trustee: 
        

        
          Wells Fargo Bank, National Association  
600 S. Fourth Street, 6th Floor 
Minneapolis, MN 55415 
Attention: Corporate Trust Services — Penn National Gaming 
Administrator Telephone: (612) 667-8485 

      

      
        
           
          

        

      

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

        
          Any notice or communication to a Securityholder shall be sent electronically or by first-class mail to his, her or its address shown on the register kept by the Registrar, in accordance with the procedures of the Depositary. Failure to send a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series. 
        

        
          If a notice or communication is sent or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it. 
        

        
          If the Company sends a notice or communication to Securityholders, it shall send a copy to the Trustee and each Agent at the same time. 
        

        
          Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary. 
        

        
          Section 10.3.
          

        

        
          Communication by Holders with Other Holders. 
        

        ​

        
          Securityholders of any Series may communicate pursuant to TIA § 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
        

        
          Section 10.4.
          

        

        
          Certificate and Opinion as to Conditions Precedent. 
        

        ​

        
          Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee: 
        

        
          (a)   an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
        

        
          (b)   an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
        

        
          Section 10.5.
          

        

        
          Statements Required in Certificate or Opinion. 
        

        ​

        
          Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 
        

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

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

        
          (c)   a statement that, in the opinion of such person, 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 
        

        
          (d)   a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with. 
        

        
          Section 10.6.
          

        

        
          Rules by Trustee and Agents. 
        

        ​

        
          The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements for its functions. 
        

      

      
        
           
          

        

      

      
        
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          Section 10.7.
          

        

        
          Legal Holidays. 
        

        ​

        
          A “Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 
        

        
          Section 10.8.
          

        

        
          No Recourse Against Others. 
        

        ​

        
          A director, officer, employee or stockholder (past or present), as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 
        

        
          Section 10.9.
          

        

        
          Counterparts. 
        

        ​

        
          This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
        

        
          Section 10.10.
          

        

        
          Governing Law; Waiver of Jury Trial; Consent to Jurisdiction. 
        

        ​

        
          THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
        

        
          THE COMPANY, THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
        

        
          Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated hereby may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the non exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The Company, the Trustee and the Holders (by their acceptance of the Securities) each hereby irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. 
        

        
          Section 10.11.
          

        

        
          No Adverse Interpretation of Other Agreements. 
        

        ​

        
          This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
        

        
          Section 10.12.
          

        

        
          Successors. 
        

        ​

        
          All agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor. 
        

      

      
        
           
          

        

      

      
        
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          Section 10.13.
          

        

        
          Severability. 
        

        ​

        
          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 10.14.
          

        

        
          Table of Contents, Headings, Etc. 
        

        ​

        
          The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
        

        
          Section 10.15.
          

        

        
          Securities in a Foreign Currency. 
        

        ​

        
          Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in more than one currency, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be at the spot rate for the purchase of the designated currency as published in The Financial Times in the “Currency Rates” section (or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source as may be selected in good faith by the Company) on any date of determination. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 
        

        
          All decisions and determinations provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders. 
        

        
          Section 10.16.
          

        

        
          Judgment Currency. 
        

        ​

        
          The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close. 
        

      

      
        
           
          

        

      

      
        
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          Section 10.17.
          

        

        
          Force Majeure. 
        

        ​

        
          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 or other recognized public emergency, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
        

        
          Section 10.18.
          

        

        
          U.S.A. Patriot Act. 
        

        ​

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

        
          ARTICLE XI.
          

          SINKING FUNDS 
        

        
          Section 11.1.
          

        

        
          Applicability of Article. 
        

        ​

        
          The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by the terms of such Securities pursuant to Section 2.2 and except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture. 
        

        
          The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such 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 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series. 
        

        
          Section 11.2.
          

        

        
          Satisfaction of Sinking Fund Payments with Securities. 
        

        ​

        
          The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officer’s Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the 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. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company. 
        

      

      
        
           
          

        

      

      
        
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          Section 11.3.
          

        

        
          Redemption of Securities for Sinking Fund. 
        

        ​

        
          Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Securities to be redeemed upon such sinking fund payment date will be selected in the manner specified in Section 3.2 and the Company shall send or cause to be sent a notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in and in accordance with Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6. 
        

      

      
        
           
          

        

      

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

        
          PENN NATIONAL GAMING, INC. 
        

        
          By: 
        

        
          ​

        

        
          Name: 
        

        
          Title: 
        

        
          Wells Fargo Bank, National Association,         
          

          as Trustee 
        

        
          By: 
        

        
          ​

        

        
          Name: 
        

        
          Title:
        

      

      
        
           
          

        

      

      
        
          35ex_184184.htm

Exhibit 10.1

 

EXECUTION VERSION

 

 

 

April 7, 2020

 

Michael Frenz

4611 12th Avenue, Suite 1L

Brooklyn, New York 11219

 

	
			Re:

				
			Terms of Employment

			

 

Dear Michael,

 

This letter (this “Letter”) sets forth the term of your employment with Clipper Realty L.P., a Maryland limited partnership (the “Company”).

 

	
			1.

				
			Commencement Date

			

 

This Letter is being entered into in connection with your appointment as Chief Financial Officer of Clipper Realty Inc., a Maryland corporation (“Parent”). Your employment under this Letter is effective as of June 30, 2019 (the “Commencement Date”).

 

	
			2.

				
			Term

			

 

Your employment under this Letter is effective as of the Commencement Date and will continue until either you or the Company terminates such employment. Your employment with the Company will be for an unspecified duration and constitutes “at will” employment. Your employment may be terminated at any time for any reason or no reason, at the option of you or the Company, subject to the obligations under this Letter. Upon termination of your employment with the Company, at the request of the Company you will promptly resign from any officer position, directorship or any other position in which you act as a fiduciary of or for the Company, Parent or any of their subsidiaries (collectively, the “Group”).

 

	
			3.

				
			Position and Duties

			

 

	
			3.1

				
			Position and Reporting. You will serve the Company and Parent in the position of Chief Financial Officer (your “Position”). In those capacities, you will report directly to the Company’s Chief Executive Officer. You understand, acknowledge and agree that you will be employed by the Company but will be providing services to both the Company and, to the extent appropriate or necessary, Parent.

			

 

 

 

 

Michael Frenz

April 7, 2020

Page 2

 

	
			3.2

				
			Duties and Responsibilities. You are required to perform the duties that are customarily associated with and appropriate to the Position, or which are delegated to you, from time to time, by the Company’s Chief Executive Officer or the Company’s Board of Directors (the “Board”). Unless otherwise designated by the Company’s Chief Executive Officer or the Board, you will primarily perform such duties at the Company’s office in Brooklyn, New York (your “Primary Work Site”), subject to required travel where appropriate to execute such duties and such other terms and conditions provided in this Letter.

			

 

	
			3.3

				
			Performance. You will devote substantially all of your business time and attention to the Group and will use good faith efforts to discharge your responsibilities under this Letter to the best of your ability. Unless you have the Company’s written consent, you may not: (i) engage in any activities, including but not limited to directorships or personal business activities, where a conflict might arise as between those activities and the Group’s interests; or (ii) perform any other work which interferes with your ability to perform your duties for the Group, whether or not a conflict of interest might arise as between that other work and the Group’s interests. You also understand, acknowledge and agree that you will comply with the Investment Policy while you are employed by the Company.

			

 

	
			4.

				
			Compensation

			

 

	
			4.1

				
			Salary. Your annual base salary is $225,000 (as may be increased or decreased from time to time, your “Salary”), payable in accordance with the Company’s normal practices for senior executives. The Compensation Committee of the Board will review your Salary at least annually and may increase it at any time for any reason. However, your Salary may not be decreased at any time (including after any increase) other than as part of an across-the-board salary reduction that applies in the same manner to all senior executives, and any increase in your Salary will not reduce or limit any other obligation to you under this Letter.

			

 

	
			4.2

				
			Future Annual Cash Bonus. Beginning with the calendar year ending December 31, 2019, you will be entitled to earn an annual cash incentive bonus (your “Bonus”) for each calendar year of the Company ending during your employment (for the avoidance of doubt, your Bonus for 2019 will not be subject to proration). Your target Bonus opportunity will be 66.7% of your Salary (e.g., $150,000 for 2019), and your actual Bonus will range from 0% to 100% of your target bonus opportunity based on actual performance against performance metrics established by the Compensation Committee of the Board and be paid within two and one half months after the end of the calendar year to which it relates. The Compensation Committee of the Board, in its sole discretion, will establish the specific performance targets for each calendar year. Your Bonus will be subject to the terms of the Group plan under which it is awarded (including applicable performance metrics and any deferral requirements) and any Group clawback or recoupment policy in effect from time to time. You expressly agree to comply with any such policy in all regards.

			

 

	
			4.3

				
			Equity Awards.

			

 

Beginning in 2019 and for any future calendar years during your employment, you will be eligible to receive a long-term incentive compensation award (“LTI Award”) in form, including vesting restrictions, and amount determined in the sole discretion of the Board (or the Compensation Committee of the Board). Your LTI Awards, including the LTI Award granted in 2019, will be subject to the terms of the Parent equity plan under which it is granted and the applicable award agreement.

 

 

 

 

Michael Frenz

April 7, 2020

Page 3

 

	
			5.

				
			Benefits

			

 

During your employment, you will be entitled to participate in each of the Group’s employee benefit and welfare plans, including plans providing retirement benefits or medical, dental, hospitalization, life or disability insurance, on a basis that is at least as favorable as that generally provided to other senior executives of the Group. You will be entitled to paid time off and other types of leave on a basis that is at least as favorable as that provided to other senior executives of the Group. You will be reimbursed for all reasonable business and entertainment expenses incurred by you in performing your responsibilities under this Letter that are submitted in accordance with the Group’s policy.

 

	
			6.

				
			Indemnification and Advancement of Expenses

			

 

To the extent permitted by law and subject to the Parent’s articles of incorporation and bylaws, the Company will indemnify you against any actual or threatened action, suit or proceeding against you, whether civil, criminal, administrative or investigative, arising by reason of your status as a director, officer, employee and/or agent of the Group during your employment. In addition, to the extent permitted by law and subject to the Parent’s articles of incorporation and bylaws, the Company will advance or reimburse any expenses, including reasonable attorney’s fees, you incur in investigating and defending any actual or threatened action, suit or proceeding for which you may be entitled to indemnification under this Section 6. However, you agree to repay any expenses paid or reimbursed by the Company if it is ultimately determined that you are not legally entitled to be indemnified by the Company.

 

	
			7.

				
			Company Property

			

 

	
			7.1

				
			All material, including but not limited to written material whether in hard copy or electronic format, created by you or which comes into your possession or control in the course of your employment with the Group, is the property of the Group.

			

 

	
			7.2

				
			When your employment with the Company ends, or when otherwise directed by the Company, you must return all of the Group’s property in your possession or control including, but not limited to, all material (whether written material in hard copy or electronic format), keys, access cards, vehicles owned or leased by the Group, phones, computers or discs. When directed by the Company, instead of returning such property to the Group, you must destroy it and certify in writing to the Company that you have done so.

			

 

 

 

 

Michael Frenz

April 7, 2020

Page 4

 

	
			7.3

				
			You agree that any intellectual property created or developed by you (whether by yourself or with others) in the course of your employment with the Group will belong exclusively to the Group. By signing this Letter you: (i) assign to the Group all rights in any intellectual property (including all rights of copyright and patent) created or developed by you (whether by yourself or with others) in the course of your employment, including the right to develop, make, use, sell, license or otherwise benefit from the intellectual property; and (ii) agree to execute any documents necessary or desirable to give effect to your obligations in this Section 7.3.

			

 

	
			7.4

				
			You consent to the Group doing or omitting to do anything that would otherwise infringe your rights in any copyright works created or developed by you (whether alone or with others) in the course of your employment with the Company.

			

 

	
			8.

				
			Confidential Information

			

 

	
			8.1

				
			You agree that during your employment with the Company, and after your employment with the Company ends, you must not use or disclose to any person any Proprietary Information which you acquire during your employment with the Company, except if that use or disclosure is in the proper course of your employment for the Group’s benefit, with the Company’s written consent, or as required by law. You agree that during your employment you will use your best endeavors to maintain proper and secure custody of any Proprietary Information and to prevent the publication, use or disclosure of any Proprietary Information, including by a third party.

			

 

“Proprietary Information” means confidential or proprietary information, knowledge or data concerning (i) the Group’s businesses, strategies, operations, financial affairs, organizational matters, personnel matters, budgets, business plans, marketing plans, studies, policies, procedures, products, ideas, processes, software systems, trade secrets and technical know-how, (ii) any other matters relating to the Group and (iii) any matter relating to clients of the Group or other third parties having relationships with the Group. Proprietary Information includes (i) information regarding any aspect of your tenure as an employee of the Group or the termination of your employment, (ii) the names, addresses, and phone numbers and other information concerning clients and prospective clients of the Group, (iii) investment techniques and trading strategies used in, and the performance records of, client accounts or other investment products, and (iv) information and materials concerning the personal affairs of employees of the Group. In addition, Proprietary Information may include information furnished to you orally or in writing (whatever the form or storage medium) or gathered by inspection, in each case before or after the date of this Letter.

 

	
			8.2

				
			These obligations do not apply to Proprietary Information which is publicly available, unless that information is publicly available because you have, directly or indirectly, breached any of your obligations with respect to that information. If it is uncertain whether any information is publicly available, the information is deemed not to be publicly available, unless the Company informs you in writing to the contrary.

			

 

 

 

 

Michael Frenz

April 7, 2020

Page 5

 

	
			8.3

				
			Nothing in this Letter prohibits you from providing truthful testimony concerning the Group to governmental, regulatory or self-regulatory authorities, including your right to make disclosures under the whistleblower provisions of federal law or regulation, so long as you give the Company written notice of such testimony (if legally permitted) as soon as practicable under the circumstances to enable the Group to seek a protective order, confidential treatment or other appropriate relief and cooperate with the Group in seeking to do so.

			

 

	
			9.

				
			Termination of Employment

			

 

	
			9.1

				
			Related Definitions.

			

 

	 	
			(a)

				
			“Cause” means the occurrence of any of the following: (i) your conviction of, or plea of guilty or no contest to, any felony or any crime involving fraud or moral turpitude under the laws of the United States or any state thereof or under the laws of any other jurisdiction; (ii) your engagement in gross misconduct that causes material financial or reputational harm to the Group; (iii) your material violation of this Letter or any written Company policy (including, but not limited to, the Investment Policy) or (iv) your disqualification or bar by any governmental or self-regulatory authority from serving in the capacity required by your job description or your loss of any governmental or self-regulatory license that is reasonably necessary for you to perform your duties or responsibilities, in each case as an employee of the Group. The Group may place you on unpaid leave for up to 60 consecutive days while it is determining whether there is a basis to terminate your employment for Cause.

			

 

	 	
			(b)

				
			“Disability” will have the meaning provided in the Group’s disability policy, as may be amended from time to time.

			

 

	
			9.2

				
			Without Cause. If the Company terminates your employment without Cause, subject to Section 9.5, the only further obligations the Group will have to you are:

			

 

	 	
			(a)

				
			The Company will:

			

 

	 	
			(i)

				
			within 30 days of your termination, pay you (A) your unpaid Salary; (B) your Salary for any accrued but unused paid time off; and (C) reimbursement of any business expenses submitted in accordance with the Group’s policy; and

			

 

	 	
			(ii)

				
			provide to you, in accordance with the then-existing employee benefit plans, policies and practices of the Group, all other accrued and vested benefits

			

 

((i) and (ii) together, your “Accrued Compensation”).

 

	 	
			(b)

				
			The Company will pay you your Earned Bonus, as hereinafter defined, at the time such Earned Bonus would otherwise have been paid had your employment not ended. Your “Earned Bonus” means any earned but unpaid Bonus for any calendar year ending before the end of your employment and, to the extent it has not been determined before the end of your employment, determined based on actual performance consistent with this Letter and the Group plan under which it was awarded.

			

 

 

 

 

Michael Frenz

April 7, 2020

Page 6

 

	 	
			(c)

				
			The Company will pay you your Prorated Bonus, as hereinafter defined, at the time such Prorated Bonus would otherwise have been paid had your employment not ended. Your “Prorated Bonus” means the Bonus for the calendar year in which your termination occurs based on the actual performance of the Company consistent with this Letter and the Group plan under which it was awarded, and prorated for the number of days you worked for the Company during such year.

			

 

	 	
			(d)

				
			The Company will pay you cash severance under, and pursuant to the terms of, the Company’s general severance plan or policy as in effect on your termination date (the “Severance Payment”).

			

 

	 	
			(e)

				
			The Company will, at the Company’s election, either (i) continue to provide to you benefits under the Company’s group health insurance, vision and dental plans at the level provided to you immediately prior to your termination date through the 12-month anniversary date of such termination date, at which time you may be eligible to elect to continue health care and dental coverage under COBRA, or (ii) pay you a lump-sum cash payment equal to 12 times the monthly COBRA cost of continued health and medical coverage for you and, as applicable, your covered spouse and/or dependents at the level provided to you immediately prior your termination date, with such payment grossed up for applicable taxes.

			

 

	 	
			(f)

				
			Any outstanding LTI Awards will continue to vest on the vesting date(s) specified in the applicable award agreement, as if you had remained employed through such date(s), subject to your continued compliance with the restrictive covenants contained in Sections 8 and 11 of this Letter and in any other agreement with the Group.

			

 

	
			9.3

				
			For Cause or Resignation for Any Reason. If the Company terminates your employment for Cause or you terminate your employment for any reason, the Company will pay you your Accrued Compensation. The Group will have no further obligations to you, and you will forfeit your Earned Bonus, Prorated Bonus, and any unvested portion of your LTI Awards.

			

 

	
			9.4

				
			Death or Disability. If your employment terminates as a result of your death or Disability, the only further obligations the Group will have to you are: (i) the Company will pay you your Accrued Compensation, your Earned Bonus and your Prorated Bonus, and (ii) your LTI Awards will vest in accordance with the terms of the applicable award agreement, subject to your continued compliance with the restrictive covenants contained in Sections 8 and 11 of this Letter and in any other agreement with the Group.

			

 

 

 

 

Michael Frenz

April 7, 2020

Page 7

 

	
			9.5

				
			Release. Notwithstanding anything to the contrary, the Company will not be required to make the payments and provide the benefits in Sections 9.2 (other than the Accrued Compensation) unless you execute and deliver to the Company an agreement releasing from all liability each member of the Group and any of their respective past or present officers, directors, employees or agents (the “Release”). For the avoidance of doubt, the parties acknowledge that your right to elect COBRA coverage is not subject to your execution of a Release. The Release will be in the form normally used by the Company for senior executives at the time and will be provided to you no later than two days after your separation from service, and must be executed by you and become effective (i.e., the period for revocation must have expired) and not be revoked by you by the 55th day following your separation of service (the period following your termination until the Release becomes effective, the “Release Period”). Any payments or benefits that would have been paid or provided to you during the Release Period will be paid or provided on the next regularly scheduled Company payroll date following the Release Period.

			

 

	
			9.6

				
			If you violate any of the restrictive covenants contained in Sections 8 and 11 of this Letter, you will (i) forfeit any LTI Awards to the extent that they have not vested at the time of such violation and (ii) forfeit any unpaid Severance Payment. Nothing in this Section 9.6 will be construed as prohibiting the Company from pursuing any other remedies available to it in the event of a violation of Sections 8 or 11.

			

 

	
			10.

				
			Deductions 

			

 

Either during your employment or when your employment with the Company ends, you authorize the Group to deduct any amount of money that you owe the Group from any amount of money the Group owes you.

 

	
			11.

				
			Post-Employment Obligations

			

 

	
			11.1

				
			Non-Competition and Non-Solicitation. You agree that during your employment with the Group and for a period of 3 months from the date your employment with the Group ends for any reason, you must not, without the Company’s prior written consent (a) engage in a Competitive Enterprise or (b) directly or indirectly (including via a corporate entity) Solicit or entice, or endeavor to Solicit or entice, from the Group any officer or employee of the Group with whom you have had direct or indirect contact or dealings, or knowledge of, during the 12 months prior to your termination date.

			

 

	
			11.2

				
			Related Definitions.

			

 

	 	
			(a)

				
			“Competitive Enterprise” means any (i) multi-family or commercial property located in the metropolitan New York City area or (ii) business enterprise that holds a 25% or greater equity, voting or profit participation interest in any such property; provided that a Competitive Enterprise will not include (1) any “Excluded Assets” (as defined in the Investment Policy) or (2) any investment opportunity which has been offered to the Company and the Board (or an independent committee of the Board), and either (A) such offeree has determined that the Company will not pursue such investment opportunity or (B) such offeree has not responded to indicate that the Company shall pursue such investment opportunity within 30 days after such offer was made.

			

 

 

 

 

Michael Frenz

April 7, 2020

Page 8

 

	 	
			(b)

				
			“Solicit” means any direct or indirect communication, regardless of who initiates it, that in any way invites, advises, encourages or requests any person to take or refrain from taking any action.

			

 

	
			11.3

				
			Notice to New Employers. Before you either apply for or accept employment with any other person or entity while Section 11.1 is in effect, you will provide the prospective employer with written notice of the provisions of this Section 11 and will deliver a copy of the notice to the Company.

			

 

	
			11.4

				
			Future Cooperation. You agree that, upon the Company’s reasonable request following your termination of employment, you will use reasonable best efforts to assist and cooperate with the Company in connection with the defense or prosecution of any claim that may be made against or by the Group arising out of events occurring during your employment, or in connection with any ongoing or future investigation or dispute or claim of any kind involving the Group, including any proceeding before any arbitral, administrative, regulatory, self-regulatory, judicial, legislative, or other body or agency. You will be entitled to reimbursement for reasonable out-of-pocket expenses (including travel expenses) incurred in connection with providing such assistance.

			

 

	
			11.5

				
			Non-Disparagement. You agree that you will not at any time publicly disparage or encourage or induce others to publicly disparage the Group (or any of its employees, officers, directors, shareholders, owners, representatives, independent contractors, agents, businesses or services) and/or engage in any conduct that is in any way injurious to the reputation or interests of the Group, including without limitation, any negative or derogatory statements or writings.

			

 

	
			11.6

				
			Your Importance to the Group and the Effect of this Section 11. You acknowledge that:

			

 

	 	
			(a)

				
			In the course of your involvement in the Group’s activities, you will have access to Proprietary Information and the Group’s client base and will profit from the goodwill associated with the Group. In light of your access to Proprietary Information and your importance to the Group, if you compete with the Group for some time after your employment, the Group will likely suffer significant harm. In return for the benefits you will receive from the Group and to induce the Group to enter into this Letter, and in light of the potential harm you could cause the Group, you agree to the provisions of this Section 11. The Company would not have entered into this Letter if you did not agree to this Section 11.

			

 

	 	
			(b)

				
			This Section 11 limits your ability to earn a livelihood in a Competitive Enterprise and your relationships with clients. You acknowledge, however, that complying with this Section 11 will not result in severe economic hardship for you or your family.

			

 

 

 

 

Michael Frenz

April 7, 2020

Page 9

 

	
			12.

				
			Effect of 280G Excise Tax

			

 

	
			12.1

				
			In the event that the payments and other benefits provided for in this Letter or otherwise payable to you (collectively, “Benefits”) (i) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986 (the “Code”) and (ii) but for this Section 12.1, would be subject to the excise tax imposed by Section 4999 of the Code, then your Benefits will be either:

			

 

	 	
			(a)

				
			delivered in full, or

			

 

	 	
			(b)

				
			delivered as to such lesser extent which would result in no portion of such Benefits being subject to the excise tax under Section 4999 of the Code,

			

 

whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999 of the Code, results in the receipt by you, on an after-tax basis, of the greatest amount of Benefits. The Benefits to be reduced under this Section 12.1 will be determined in a manner which has the least economic cost to you and, to the extent the economic cost is equivalent, will be reduced in the inverse order of when the Benefits would have been made to you.

 

	
			12.2

				
			The determinations to be made with respect to Section 12.1 will be made by a certified public accounting firm (the “Accountant”) designated by the Company. As part of such determinations, the Accountant will conduct a valuation of any restrictions on your ability to compete. The Company will be responsible for all charges of the Accountant.

			

 

	
			13.

				
			Section 409A

			

 

	
			13.1

				
			This Letter is intended to comply with Section 409A of the Code (“Section 409A”) to the extent it is subject thereto, and the Letter will be interpreted on a basis consistent with such intent. If and to the extent that any payment or benefit under this Letter, or any plan, award agreement or arrangement of the Group, constitutes “non-qualified deferred compensation” subject to Section 409A, such payments and benefits may only be made or satisfied under this Letter upon an event and in a manner permitted by Section 409A. Each payment of compensation under this Letter will be treated as a separate payment of compensation for purposes of Section 409A to the extent Section 409A applies to such payments.

			

 

	
			13.2

				
			Notwithstanding anything in this Letter to the contrary, if you are considered a “specified employee” for purposes of Section 409A, (i) if payment of any amounts under this Letter is required to be delayed for a period of six months after separation from service pursuant to Section 409A, payment of such amounts will be delayed as required by Section 409A and will, subject to Section 9.5, be paid in a lump sum payment within fifteen days after the end of the six-month period and (ii) in the event any equity-based awards held by you that vest upon termination of your employment constitute “non-qualified deferred compensation” subject to Section 409A, the delivery of shares or cash (as applicable) in settlement of such awards will be made on the earliest permissible payment date (including the date that is six months after separation from service pursuant to Section 409A) or event under Section 409A on which the shares or cash would otherwise be delivered or paid. If you die during the postponement period prior to the payment of any amounts or benefits or delivery of shares, the amounts and entitlements delayed on account of Section 409A will be paid or provided to the personal representative of your estate within 60 days after the date of your death.

			

 

 

 

 

Michael Frenz

April 7, 2020

Page 10

 

	
			13.3

				
			All payments to be made upon a termination of employment under this Letter that constitute “non-qualified deferred compensation” subject to Section 409A may only be made upon a “separation from service” under Section 409A. In no event may you, directly or indirectly, designate the calendar year of a payment. All reimbursements and in-kind benefits provided under this Letter will be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (ii) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred; and (iii) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

			

 

	
			14.

				
			Dispute Resolution

			

 

	
			14.1

				
			Mandatory Arbitration. Subject to the provisions of this Section 14, any dispute involving your employment or this Letter will be finally settled by binding arbitration in the County of Manhattan administered by the American Arbitration Association, the FINRA, JAMS/Endispute, or any other similar association mutually agreed to by the Company and you. The award of the arbitrators will be final and binding and judgment upon the award may be entered in any court having jurisdiction thereof. This procedure will be the exclusive means of settling any disputes that may arise under this Letter. Each party will bear its own attorney’s fees and legal expenses and will share equally the fees and expenses of the arbitration; provided that if you prevail on any material issue (as determined by the arbitrators), the Company will reimburse you for reasonable attorney’s fees and legal expenses incurred in connection with such claim.

			

 

	
			14.2

				
			Injunctions and Enforcement of Arbitration Awards. You or the Group may bring an action or special proceeding in a state or federal court of competent jurisdiction sitting in the County of Manhattan to enforce any arbitration award under Section 14.1. Also, the Group may bring such an action or proceeding, in addition to its rights under Section 14.1 and whether or not an arbitration proceeding has been or is ever initiated, to temporarily, preliminarily or permanently enforce any part of Sections 8 and 11. You agree that (i) your violating any part of Sections 8 and 11 would cause damage to the Group that cannot be measured or repaired, (ii) the Group therefore is entitled to an injunction, restraining order or other equitable relief restraining any actual or threatened violation of those Sections, (iii) no bond will need to be posted for the Group to receive such an injunction, order or other relief, (iv) no proof will be required that monetary damages for violations of those Sections would be difficult to calculate and that remedies at law would be inadequate and (v) that the General Counsel of the Company is irrevocably appointed as your agent for service of process in connection with any such action or proceeding (the General Counsel will promptly advise you of any such service of process).

			

 

 

 

 

Michael Frenz

April 7, 2020

Page 11

 

	
			14.3

				
			Waiver of Jury Trial. To the extent permitted by law, you and the Group waive any and all rights to a jury trial with respect to any dispute involving your employment or this Letter.

			

 

	
			14.4

				
			Governing Law. This Letter is governed by the laws of the State of New York.

			

 

	
			15.

				
			General Provisions

			

 

	
			15.1

				
			Effect on Other Agreements. This Letter is the entire agreement between you and the Company with respect to the relationship contemplated by this Letter and supersedes any earlier agreement, written or oral, with respect to the subject matter of this Letter. In entering into this Letter, no party has relied on or made any representation, warranty, inducement, promise or understanding that is not in this Letter.

			

 

	
			15.2

				
			Withholding. You and the Group will treat all payments to you under this Letter as compensation for services. Accordingly, the Group may withhold from any payment any taxes that are required to be withheld under any law, rule or regulation.

			

 

	
			15.3

				
			No Mitigation. You do not need to seek other employment or take any other action to mitigate any amounts owed to you under this Letter, and those amounts will not be reduced if you do obtain other employment.

			

 

	
			15.4

				
			Survival. Upon any termination of your employment with the Group or of this Letter, this Letter will continue in full force and effect as is necessary or appropriate to enforce the covenants and agreements in Sections 8 and 11.

			

 

	
			15.5

				
			Notices. All notices, requests, demands and other communications under this Letter must be in writing and will deemed given (i) on the business day sent, when delivered by hand or facsimile transmission (with confirmation) during normal business hours, (ii) on the business day after the business day sent, if delivered by a nationally recognized overnight courier or facsimile transmission (with confirmation) outside normal business hours or (iii) on the third business day after the business day sent if delivered by registered or certified mail, return receipt requested, in each case to the following address or number (or to such other addresses or numbers as may be specified by notice that conforms to this Section 15.5):

			

 

If to you, then to your last address on the payroll records of the Company unless otherwise directed in writing by you by notice that conforms to this Section 15.5.

 

If to the Company or any other member of the Group, to:

 

     Clipper Realty L.P.

     4611 12th Avenue, Suite 1L

     Brooklyn, New York 11219

 

     Attention: Chief Executive Officer

     Facsimile: (718) 435-3848

 

 

 

 

Michael Frenz

April 7, 2020

Page 12

 

	
			15.6

				
			Consideration. This Letter is in consideration of the mutual covenants contained in it. You and the Group acknowledge the receipt and sufficiency of the consideration to this Letter and intend this Letter to be legally binding.

			

 

	
			15.7

				
			Waiver and Exercise of Rights. Any provision of this Letter may be amended or waived but only if the amendment or waiver is in writing and signed, in the case of an amendment, by you and the Company or, in the case of a waiver, by the party that would have benefited by the provision waived. Except as this Letter otherwise provides, no failure or delay by you or the Company to exercise any right or remedy under this Letter will operate as a waiver, and no partial exercise of any right or remedy will preclude any further exercise.

			

 

	
			15.8

				
			Severability. Every term of this Letter is an independent and severable term. If any provision of this Letter is found by any court of competent jurisdiction (or legally empowered agency) to be illegal, invalid or unenforceable for any reason, then (i) the provision will be amended automatically to the minimum extent necessary to cure the illegality or invalidity and permit enforcement and (ii) the remainder of this Letter will not be affected.

			

 

	
			15.9

				
			Successors. You may not assign this Letter without the Company’s consent. Any attempt to effect any of the preceding in violation of this Section 15.9, whether voluntary or involuntary, will be void. The Company may assign this Letter to any of its affiliates or a successor of the Company, in which case the affiliate or successor, as applicable, will be treated for all purposes as the Company under this Letter. If you die and any amounts become payable under this Letter, we will pay those amounts to your estate.

			

 

	
			15.10

				
			Third Party Beneficiaries. This Letter will be binding on, inure to the benefit of and be enforceable by the parties and their respective heirs, personal representatives, successors and assigns. In addition, Parent shall be a third party beneficiary to all the rights of the Company set forth herein and may assert them as if it were the Company. This Letter does not confer any rights, remedies, obligations or liabilities to any entity or person other than you, the Company and Parent and your and the Company’s and Parent’s permitted successors and assigns, although this Letter will inure to the benefit of the Group.

			

 

	
			15.11

				
			Counterparts. This Letter may be executed in counterparts, each of which will constitute an original and all of which, when taken together, will constitute one agreement.

			

 

 

 

 

THIS CONTRACT CONTAINS AN ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES.

 

A copy of this Letter is enclosed for your records. Please sign the acknowledgement below, and return this Letter to me. Please do not hesitate to contact me if you have any questions.

 

Yours sincerely,

 

 

 

Clipper Realty L.P.

 

/s/ David Bistricer 

By:        David Bistricer

Title:     Co-Chairman and Chief Executive Officer

 

 

Acceptance

 

I acknowledge that I have read and understood this Letter. I accept the Position with Clipper Realty L.P., on the terms set out in this Letter and acknowledge that I have not relied on any representations other than those set out in this Letter.

 

	
			Signed:

			
	 
	
			/s/ Michael Frenz

			
	
			Name: Michael Frenz

			
	 
	
			Date: April 7, 2020

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