Document:

EXHIBIT 10.01

 

COMPENSATION AGREEMENT

 

This Compensation Agreement
is dated as of July 23, 2013 between FreeSeas Inc., a Marshall Islands corporation (the “Company”), and Marc
J. Ross (the “Consultant”).

 

WHEREAS, the
Company has requested the Consultant to provide the Company with certain SEC-related legal services in connection with its business
(the “Services”) and the Consultant has agreed to provide the Company with the Services through September 30,
2013; and

 

WHEREAS, the
Company wishes to compensate the Consultant with shares of its common stock for such Services through the payment to the Consultant
of a fixed fee of 500,000 shares of its common stock, par value $0.001 per share (the “Shares”).

 

NOW THEREFORE,
in consideration of the mutual covenants hereinafter stated, it is agreed as follows:

 

1.The Company shall issue 500,000
Shares to the Consultant, as consideration for the Services rendered through September 30, 2013. The Company shall register all
500,000 Shares on a Form S-8 under this Compensation Agreement. The registration statement shall be filed promptly following the
execution of this Compensation Agreement.

 

IN
WITNESS WHEREOF, this Compensation Agreement has been executed by the parties as of the date first above written.

 

	 	CONSULTANT
	 	 
	 	 
	 	By: 	/s/ MARC J. ROSS
	 	 	Marc J. Ross

 

	 	The Company:
	 	 
	 	FREESEAS INC.
	 	 
	 	 
	 	By:	/s/ ALEXANDROS MYLONAS
	 	 	Alexandros Mylonas 

    Chief Financial OfficerExhibit 4.5

 

JinkoSolar Holding Co., Ltd. 

 

 

 

INDENTURE

 

Dated as of [      ]

 

 

 

[      ]

 

    	 

    	 

    

 

TABLE OF
CONTENTS

 

	 	 	Page
	 	Article I	 
	 	DEFINITIONS AND INCORPORATION BY REFERENCE	 
	 	 	 
	Section 1.1	Definitions.	1
	 	 	 
	Section 1.2	Other Definitions.	4
	 	 	 
	Section 1.3	Incorporation by Reference of Trust Indenture Act.	5
	 	 	 
	Section 1.4	Rules of Construction.	5
	 	 	 
	 	Article II	 
	 	THE SECURITIES	 
	 	 	 
	Section 2.1	Issuable in Series.	6
	 	 	 
	Section 2.2	Establishment of Terms of Series of Securities.	6
	 	 	 
	Section 2.3	Execution and Authentication.	8
	 	 	 
	Section 2.4	Registrar and Paying Agent.	9
	 	 	 
	Section 2.5	Paying Agent to Hold Money in Trust.	10
	 	 	 
	Section 2.6	Security Holder Lists.	10
	 	 	 
	Section 2.7	Transfer and Exchange.	10
	 	 	 
	Section 2.8	Mutilated, Destroyed, Lost and Stolen Securities.	11
	 	 	 
	Section 2.9	Outstanding Securities.	12
	 	 	 
	Section 2.10	Treasury Securities.	12
	 	 	 
	Section 2.11	Temporary Securities.	12
	 	 	 
	Section 2.12	Cancellation.	13
	 	 	 
	Section 2.13	Defaulted Interest.	13
	 	 	 
	Section 2.14	Global Securities.	13
	 	 	 
	Section 2.15	CUSIP Numbers.	14

 

    	i

    	 

    

 

 

	 	Article III	 
	 	REDEMPTION	 
	 	 	 
	Section 3.1	Notice to Trustee.	15
	 	 	 
	Section 3.2	Selection of Securities to be Redeemed.	15
	 	 	 
	Section 3.3	Notice of Redemption.	15
	 	 	 
	Section 3.4	Effect of Notice of Redemption.	16
	 	 	 
	Section 3.5	Deposit of Redemption Price.	16
	 	 	 
	Section 3.6	Securities Redeemed in Part.	16
	 	 	 
	 	Article IV	 
	 	COVENANTS	 
	 	 	 
	Section 4.1	Payment of Principal and Interest.	16
	 	 	 
	Section 4.2	SEC Reports.	17
	 	 	 
	Section 4.3	Compliance Certificate.	17
	 	 	 
	Section 4.4	Stay, Extension and Usury Laws.	17
	 	 	 
	Section 4.5	Corporate Existence.	17
	 	 	 
	 	Article V	 
	 	SUCCESSORS	 
	 	 	 
	Section 5.1	When Company May Merge, Etc.	18
	 	 	 
	Section 5.2	Successor Corporation Substituted.	18
	 	 	 
	 	Article VI	 
	 	DEFAULTS AND REMEDIES	 
	 	 	 
	Section 6.1	Events of Default.	18
	 	 	 
	Section 6.2	Acceleration of Maturity; Rescission and Annulment.	20
	 	 	 
	Section 6.3	Collection of Indebtedness and Suits for Enforcement by Trustee.	20
	 	 	 
	Section 6.4	Trustee May File Proofs of Claim.	21
	 	 	 
	Section 6.5	Trustee May Enforce Claims Without Possession of Securities.	22
	 	 	 
	Section 6.6	Application of Money Collected.	22

 

    	ii

    	 

    

 

	Section 6.7	Limitation on Suits.	22
	 	 	 
	Section 6.8	Unconditional Right of Holders to Receive Principal and Interest.	23
	 	 	 
	Section 6.9	Restoration of Rights and Remedies.	23
	 	 	 
	Section 6.10	Rights and Remedies Cumulative.	23
	 	 	 
	Section 6.11	Delay or Omission Not Waiver.	24
	 	 	 
	Section 6.12	Control by Holders.	24
	 	 	 
	Section 6.13	Waiver of Past Defaults.	24
	 	 	 
	Section 6.14	Undertaking for Costs.	24
	 	 	 
	 	Article VII	 
	 	TRUSTEE	 
	 	 	 
	Section 7.1	Duties of Trustee.	25
	 	 	 
	Section 7.2	Rights of Trustee.	26
	 	 	 
	Section 7.3	Force Majeure.	27
	 	 	 
	Section 7.4	Individual Rights of Trustee.	28
	 	 	 
	Section 7.5	Trustee’s Disclaimer.	28
	 	 	 
	Section 7.6	Notice of Defaults.	28
	 	 	 
	Section 7.7	Reports by Trustee to Holders.	28
	 	 	 
	Section 7.8	Compensation and Indemnity.	29
	 	 	 
	Section 7.9	Replacement of Trustee.	29
	 	 	 
	Section 7.10	Successor Trustee by Merger, etc.	30
	 	 	 
	Section 7.11	Eligibility; Disqualification.	30
	 	 	 
	Section 7.12	Preferential Collection of Claims Against Company.	31
	 	 	 
	 	Article VIII	 
	 	SATISFACTION AND DISCHARGE; DEFEASANCE	 
	 	 	 
	Section 8.1	Satisfaction and Discharge of Indenture.	31
	 	 	 
	Section 8.2	Application of Trust Funds; Indemnification.	32

 

    	iii

    	 

    

 

	Section 8.3	Legal Defeasance of Securities of any Series.	32
	 	 	 
	Section 8.4	Covenant Defeasance.	34
	 	 	 
	Section 8.5	Repayment to Company.	35
	 	 	 
	 	Article IX	 
	 	SUPPLEMENTAL INDENTURES, AMENDMENTS AND WAIVERS	 
	 	 	 
	Section 9.1	Without Consent of Holders.	35
	 	 	 
	Section 9.2	With Consent of Holders.	36
	 	 	 
	Section 9.3	Limitations.	36
	 	 	 
	Section 9.4	Compliance with Trust Indenture Act.	37
	 	 	 
	Section 9.5	Revocation and Effect of Consents.	37
	 	 	 
	Section 9.6	Notation on or Exchange of Securities.	37
	 	 	 
	Section 9.7	Trustee Protected.	38
	 	 	 
	 	Article X	 
	 	MISCELLANEOUS	 
	 	 	 
	Section 10.1	Trust Indenture Act Controls.	38
	 	 	 
	Section 10.2	Notices.	38
	 	 	 
	Section 10.3	Communication by Holders with Other Holders.	39
	 	 	 
	Section 10.4	Certificate and Opinion as to Conditions Precedent.	39
	 	 	 
	Section 10.5	Statements Required in Certificate or Opinion.	39
	 	 	 
	Section 10.6	Rules by Trustee and Agents.	40
	 	 	 
	Section 10.7	Legal Holidays.	40
	 	 	 
	Section 10.8	No Recourse Against Others.	40
	 	 	 
	Section 10.9	Counterparts.	40
	 	 	 
	Section 10.10	Governing Laws.	40
	 	 	 
	Section 10.11	No Adverse Interpretation of Other Agreements.	40
	 	 	 
	Section 10.12	Successors.	40

 

    	iv

    	 

    

 

	Section 10.13	Severability.	41
	 	 	 
	Section 10.14	Table of Contents, Headings, Etc.	41
	 	 	 
	Section 10.15	Securities in a Foreign Currency or in ECU.	41
	 	 	 
	Section 10.16	Judgment Currency.	42
	 	 	 
	 	Article XI	 
	 	SINKING FUNDS	 
	 	 	 
	Section 11.1	Applicability of Article.	42
	 	 	 
	Section 11.2	Satisfaction of Sinking Fund Payments with Securities.	43
	 	 	 
	Section 11.3	Redemption of Securities for Sinking Fund.	43

 

    	v

    	 

    

 

JinkoSolar Holding Co., Ltd.

 

Reconciliation and tie between Trust Indenture Act of 1939 and
Indenture, dated as of [       ]

 

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

 

	§ 310(a)(1)	7.11
	(a)(2)	7.11
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(a)(5)	7.11
	(b)	7.11
	§ 311(a)	7.12
	(b)	7.12
	§ 312(a)	2.6
	(b)	10.3
	(c)	10.3
	§ 313(a)	7.7
	(b)(1)	7.7
	(b)(2)	7.7
	(c)	7.7
	(d)	7.7
	§ 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)	7.6
	(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

 

    	vi

    	 

    

 

Indenture dated as of [        ]
between JinkoSolar Holding Co., Ltd., an exempted company incorporated in the Cayman Islands (“Company”), and [        ]
(“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.

 

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

 

“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, unless
otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, 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 or a day the Corporate Trust Office is closed.

 

“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.

 

    	1

    	 

    

 

“Company Order” means a
written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal executive officer,
principal financial officer or principal accounting officer.

 

“Company Request” means
a written request signed in the name of the Company by its Chairman, its Chief Executive Officer, or any Vice President and by
its Chief Financial Officer and delivered to the Trustee.

 

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

 

“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.

 

“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.

 

“ECU” means the European
Currency Unit as determined by the Commission of the European Union.

 

“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, (i) direct obligations of the
government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged
or (ii) obligations of a person controlled or supervised by or acting as an agency or instrumentality of such government the
timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either
case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof.

 

“GAAP” means generally
accepted accounting principles 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.

 

    	2

    	 

    

 

“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 “Security
Holder” 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 Chairman,
the Chief Executive Officer, any Vice President, or the Chief Financial Officer of the Company.

 

“Officers’ Certificate”
means a certificate signed by two Officers, one of whom must be the Company’s principal executive officer, principal financial
officer or principal accounting officer.

 

“Opinion of Counsel” means
a written opinion of legal counsel, which opinion, is acceptable to the Trustee. The counsel may be an employee of or counsel to
the Company.

 

“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, and any Additional Amounts in respect of,
the Security.

 

“Responsible Officer” means
any officer of the Trustee in its Corporate Trust Office 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 and who shall in each case have direct responsibility for the administration of this Indenture.

 

“SEC” means the Securities
and Exchange Commission.

 

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

 

    	3

    	 

    

 

“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 (i) direct obligations of The United States of America for the payment of which its full faith
and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality
of The United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by The
United States of America, and which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer
thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such 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 depository receipt from any amount received by the custodian
in respect of the U.S. Government Obligation evidenced by such depository receipt.

 

Section
1.2       Other Definitions.

 

	
        TERM
	
 

	
        DEFINED
        IN SECTION

	“Bankruptcy Law”	 	6.1
	“Custodian”	 	6.1
	“Event of Default”	 	6.1
	“Journal”	 	10.15
	“Judgment Currency”	 	10.16
	“Legal Holiday”	 	10.7
	“mandatory sinking fund payment”	 	11.1
	“Market Exchange Rate”	 	10.15
	“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
	“successor person”	 	5.1

 

    	4

    	 

    

 

 

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 Security Holder.

 

“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

 

    	5

    	 

    

 

(e)          provisions
apply to successive events and transactions.

 

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,
supplemental indenture or Officers’ 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, Officers’
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(a) and either
as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2(a) through 2.2(u)) by
or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution or Officers’
Certificate, and associated supplemental indenture:

 

(a)          the
title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series);

 

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

 

(c)          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);

 

(d)          the
date or dates on which the principal of the Securities of the Series is payable;

 

(e)          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;

 

    	6

    	 

    

 

(f)           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 served, and the method of such payment, if by wire transfer,
mail or other means;

 

(g)          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;

 

(h)          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;

 

(i)          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;

 

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

 

(k)          the
forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;

 

(l)           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;

 

(m)          the
currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, including, but not limited
to, the ECU, and if such currency of denomination is a composite currency other than the ECU, the agency or organization, if any,
responsible for overseeing such composite currency;

 

(n)          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;

 

(o)          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;

 

    	7

    	 

    

 

(p)          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;

 

(q)          the
provisions, if any, relating to any security provided for the Securities of the Series;

 

(r)          any
addition to 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;

 

(s)          any
addition to or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;

 

(t)          any
other terms of the Securities of the Series (which may supplement, modify or delete any provision of this Indenture insofar as
it applies to such Series); and

 

(u)          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.

 

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 Officers’ Certificate referred to above.

 

Section
2.3       Execution and Authentication.

 

Two Officers 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 or facsimile 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 Officers’ Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of
its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.

 

    	8

    	 

    

 

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 Officers’ 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 Officers’ 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 Officers’ 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 by its board of directors or trustees, executive committee
or a trust committee of directors and/or vice-presidents 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 Trustee or Notice Agent, as applicable, shall deliver such notices and demands to the Company in accordance with Section 10.2
hereof. 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 delivered at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.

 

The Company may also from time to time designate
one or more co-registrars, additional paying agents or 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 notice agent. The term “Registrar” includes any co-registrar;
the term “Paying Agent” includes any additional paying agent; and the term “Notice Agent” includes any
additional notice agent.

 

    	9

    	 

    

 

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.

 

The Company hereby appoints The Depository
Trust Company to act as Depositary with respect to the Securities.

 

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 Security Holders 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 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 Security Holders of any Series of Securities
all money held by it as Paying Agent.

 

Section
2.6       Security Holder 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 Security Holders of each Series
of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall 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 Security Holders
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 upon receipt of a Company Order.
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).

 

    	10

    	 

    

 

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 mailing of a notice of redemption of Securities of that Series selected for
redemption and ending at the close of business on the day of such mailing, 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, upon receipt of a Company Order, shall authenticate and deliver in exchange
therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Company
and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security
or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and
the Trustee, upon receipt of a Company Order, 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.

 

    	11

    	 

    

  

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 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.

 

A Security does not cease to be outstanding
because the Company or an Affiliate of the Company holds the Security.

 

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 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, upon receipt of a Company Order, 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 temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee,
upon receipt of a Company Order, 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.

 

    	12

    	 

    

  

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. Upon receipt of written instruction from the Company, the Trustee shall
cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled
Securities and deliver a certificate of such destruction to the Company, unless the Company otherwise directs. 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 Security Holders 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 record date, the Company shall mail to the Trustee and to
each Security Holder of the Series a notice that states the 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.

 

(a)          Terms
of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’ 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.

 

(b)          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 Officers’ 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(b),
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.

 

The Trustee shall have no obligation or duty
to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable
law with respect to any transfer of any interest in any Security other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

    	13

    	 

    

 

(c)          Legend.
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 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.”

 

(d)          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.

 

(e)          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.

 

(f)          Consents,
Declaration and Directions. Except as provided in Section 2.14(e), 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 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.

 

    	14

    	 

    

 

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 of the redemption date and
the principal amount of Series of Securities to be redeemed. The Company shall give the Trustee notice at least 45 days before
the redemption date (or such shorter notice as may be acceptable to the Trustee).

 

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 Officers’ Certificate, if less than all the Securities
of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee
deems fair and appropriate and in accordance with its customary practices or the selection shall be in accordance with DTC procedures,
as applicable. The Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption.
The Trustee may select for redemption portions of the principal of Securities of the Series that have denominations larger than
$1,000. Securities of the Series and portions of them it selects 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(j), the minimum principal
denomination for each Series and 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 Officers’ Certificate, at least 30 days but not more
than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail 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;

 

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

 

    	15

    	 

    

 

(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;

 

(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.

 

At the Company’s request, the Trustee
shall give the notice of redemption prepared by the Company, in the Company’s name and at its expense.

 

Section
3.4       Effect of Notice of Redemption.

 

Once notice of redemption is mailed or published
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. A notice of redemption may not be conditional. 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 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, upon receipt of a Company Order, 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.

 

    	16

    	 

    

  

Section
4.2       SEC Reports.

 

The Company shall deliver 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. The Company also shall comply with the other provisions
of TIA § 314(a).

 

Section
4.3       Compliance Certificate.

 

The Company shall deliver to the Trustee,
within 120 days after the end of each fiscal year (which on the date hereof ends on December 31) of the Company, an Officers’
Certificate 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 he may have knowledge).

 

The Company will, so long as any of the Securities
are outstanding, deliver to the Trustee, forthwith upon becoming aware of any Default or Event of Default, an Officers’ Certificate
specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.

 

Section
4.4       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 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.

 

Section
4.5       Corporate Existence.

 

Subject to Article V, the Company will
do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the rights
(charter and statutory), licenses and franchises of the Company; provided, however, that the Company shall not be required to preserve
any such right, license or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable
in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in
any material respect to the Holders.

 

    	17

    	 

    

 

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 its properties and assets 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 organized and validly
existing under the laws of any U.S. domestic jurisdiction and expressly assumes 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 Officers’ 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, any Subsidiary
of the Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither an Officers’
Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

Section
5.2       Successor Corporation Substituted.

 

Upon any consolidation or merger, or any sale,
lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1,
the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease,
conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture with the same effect as if such successor person 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 Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event
of Default:

 

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(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 the expiration of such period of 30 days); or

 

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

 

(c)          default
in the performance or breach of any covenant or warranty of the Company in this Indenture (other than 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 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written
notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder; 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 Officers’ Certificate, in accordance with Section 2.2(r).

 

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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.

 

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 not less 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 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 if all
Events of Default with respect to Securities of that Series, other than the non-payment of the principal and interest, if any,
of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided
in Section 6.13.

 

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 when and as due by the terms of a Security,

 

    	20

    	 

    

 

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 reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

 

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

 

Notwithstanding any other provision of this
Indenture, 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 pursuing any
available remedy by proceeding at law or in equity 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 reasonable compensation, 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 Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 7.8.

 

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

 

Section
6.6       Application of Money Collected.

 

Any money collected by the Trustee pursuant
to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal or 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 under Section 7.8; 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 or to such party as
a court of competent jurisdiction shall direct.

 

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 satisfactory to the Trustee against the costs, expenses and liabilities
to be incurred in compliance with such request;

 

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

 

Section
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 Stated Maturity or Stated Maturities expressed in such Security (or, in the case
of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, 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.

 

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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 not less than 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, and

 

(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.

 

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
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 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 Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date).

 

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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 man would exercise or use under the circumstances in the
conduct of his 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 Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming
to the requirements of this Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which
by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’
Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture (but need not
confirm or investigate the accuracy of mathematical calculations or other facts 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 the Trustee,
or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.

 

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(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 security or indemnity satisfactory to
it against any loss, liability or expense.

 

(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, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk is not reasonably assured to it.

 

(h)          The
Paying Agent, the Registrar, the Notice Agent, any agent and any authenticating agent shall be entitled to the protections, immunities
and standard of care as are set forth in paragraphs (a), (b) and (c) of this Section 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 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 Officers’ 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 Officers’ Certificate
or Opinion of Counsel. No such Officers’ Certificate or Opinion of Counsel shall be at the expense of the Trustee. Any request
or direction of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate.

 

(c)          The
Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent 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, provided that the Trustee’s conduct does not constitute negligence or bad faith. The Trustee shall
not be liable for any special, punitive or consequential damages, even if they were reasonably foreseeable.

 

(e)          The
Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder, and the Trustee may conclusively
rely on any such advice or Opinion of Counsel.

 

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(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
the Trustee against the 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 (other than a payment default under Section 6.1
or 6.2) unless a Responsible Officer of the Trustee has received written notice of any event which is in fact such a default 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.

 

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

 

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

 

(k)          The
Trustee shall have no duty to inquire as to or monitor the performance of the Issuer with respect to the covenants contained in
Article IV.

 

(l)          The
Trustee shall not be required to give any note, bond or surety in respect of the execution of the trusts and powers under this
Indenture.

 

(m)          Nothing
herein shall be deemed to require the Trustee to submit to the jurisdiction or venue of a non-U.S. court.

 

Section
7.3       Force Majeure.

 

(a)          The
Trustee shall have no liability for delays or inability to perform its duties hereunder due to forces majeures, events
beyond its control, such as (but not exclusively) civil unrest, earthquakes, hurricanes or other natural disasters, floods, utility
failures, transmission interruptions, power failures, wars, governmental declarations or Acts of God; it being understood that
the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance
as soon as practicable under the circumstances.

 

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(b)          Delivery
of reports or information by the Company shall not be deemed to confer actual or constructive knowledge or notice on the Trustee
with respect to a Default or Event of Default, or otherwise.

 

Section
7.4       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 7.11 and 7.12.

 

Section
7.5       Trustee’s Disclaimer.

 

The Trustee makes no representation as to
the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds
from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.

 

Section
7.6       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 known to a Responsible Officer of the Trustee, the Trustee
shall mail (or deliver notice subject to the applicable procedures of the Depositary or relevant clearing system) to each Security
Holder 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 written notice 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, or in the payment of any sinking fund
installment, the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its Responsible
Officers in good faith determines that withholding the notice is in the interests of Security Holders of that Series.

 

Section
7.7       Reports by Trustee to Holders.

 

Within 60 days after May 15 in each
year, the Trustee shall transmit by mail to all Security Holders, as their names and addresses appear on the register kept by the
Registrar, a brief report dated as of such May 15, in accordance with, and to the extent required under, TIA § 313.

 

A copy of each report at the time of its mailing
to Security Holders of any Series shall be filed with the SEC and each stock exchange on which the Securities of that Series are
listed. The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.

 

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Section
7.8       Compensation and Indemnity.

 

The Company shall pay to the Trustee 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 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
and any predecessor Trustee against any loss, liability or expense (including the cost of defending itself) incurred by it except
as set forth in the next paragraph in the performance of the Trustee duties under this Indenture as Trustee or Agent. The Trustee
shall notify the Company promptly of any claim for which it may seek indemnity; provided, however, that failure to so notify the
Company shall not relieve it of its obligations hereunder. The Company shall defend the claim and the Trustee shall cooperate in
the defense; provided, however, the Trustee may conduct its own defense if there is a conflict of interest between the interests
of the Company and those of the Trustee. The Trustee may have one separate counsel (in addition to local counsel, if applicable)
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 shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees,
shareholders and Agents or 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, Agent or
agent of the Trustee to the extent it is attributed to its own negligence or willful conduct as determined by a court of competent
jurisdiction in a final, non-appealable order.

 

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
(including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy
Law.

 

The provisions of this Section shall survive
the termination of this Indenture and the resignation and removal of the Trustee.

 

Section
7.9       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:

 

    	29

    	 

    

 

(a)          the
Trustee fails to comply with Section 7.11;

 

(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 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 upon payment
of its fees and expenses then unpaid shall transfer all property held by it as Trustee to the successor Trustee subject to the
lien provided for in Section 7.8, 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 Security Holder of each such
Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.9, the Company’s obligations under Section 7.8
hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it prior to
such replacement.

 

Section
7.10      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.

 

Section
7.11     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 $150,000 as set forth in its most recent published annual report of
condition. The Trustee shall comply with TIA § 310(b).

 

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Section
7.12     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 cease
to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a)          either

 

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

 

(A)         have
become due and payable, or

 

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

 

(C)         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

 

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

 

and the Company, in the case of (A), (B) or
(C) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for
the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation,
for principal and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior
to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;

 

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

 

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

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 7.8, 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 deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government
Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 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 8.3 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 8.3
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 8.3 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 Request 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 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(t), 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, at Company Request,
execute proper instruments acknowledging the same), except as to:

 

    	32

    	 

    

 

(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 Stated
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, 2.7, 2.8, 8.2, 8.3 and 8.5; and

 

(c)          the
rights, powers, trust and immunities of the Trustee hereunder;

 

provided that, the following conditions shall have been satisfied:

 

(d)          the
Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee
as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely
to the benefit of 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 expressed in a written certification thereof delivered
to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments
in respect of all the Securities of such Series on the dates such installments of interest or principal 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 Officers’ 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;

 

    	33

    	 

    

 

(h)          the
Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or 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 Officers’ 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(t) 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, 4.5, and 5.1
as well as any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or
an Officers’ Certificate delivered pursuant to Section 2.2(t) (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 Officers’ Certificate delivered
pursuant to Section 2.2(r) 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, provided that the following conditions shall have been satisfied:

 

(a)          With
reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c))
with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for,
and dedicated solely to, the benefit of 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 expressed in a
written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, if
any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments of interest
or principal and such sinking fund payments 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;

 

    	34

    	 

    

 

(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 Opinion of Counsel to the effect that Holders of the Securities of such Series will
not recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will
be subject to federal income tax on the same amounts, 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 Officers’ Certificate stating the deposit was not made by the Company with
the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or 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 Officers’ 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.

 

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

 

Article
IX

 

SUPPLEMENTAL INDENTURES, 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 Security Holder:

 

(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
make any change that does not adversely affect the rights of any Security Holder;

 

    	35

    	 

    

 

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

 

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

 

(g)          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 Security Holders 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. After a supplemental indenture or waiver
under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby, a notice briefly describing
the supplemental indenture or waiver. Any failure by the Company to mail or publish 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 Security Holder
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;

 

    	36

    	 

    

 

(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 or waiver to this Indenture
or the issuance of and establishment of the form and terms and conditions of 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 Security Holder 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.

 

Section
9.6       Notation on or Exchange of Securities.

 

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 new Securities of that Series that reflect
the amendment or waiver.

 

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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 Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The
Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely
affects its rights.

 

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, in the English language,
referencing this Indenture and the applicable securities or series of securities, and delivered in person or mailed by first-class
mail, or by facsimile transmission:

 

if to the Company:

JinkoSolar Holding Co., Ltd.

1 Jingke Road

Shangrao Economic Development Zone

Jiangxi Province, 334100

People’s Republic of China

Fax No: +86 (793) 648 9699

Attention: Chief Financial Officer

 

if to the Trustee:

 

[           ]

Fax No: [           ]

Attention: [           ]

 

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 Security
Holder shall be mailed by first-class mail to his address shown on the register kept by the Registrar or delivered subject to the
applicable procedures of Depositary or relevant clearing system. Failure to mail a notice or communication to a Security Holder
of any Series or any defect in it shall not affect its sufficiency with respect to other Security Holders of that or any other
Series.

 

    	38

    	 

    

 

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

 

If the Company mails a notice or communication
to Security Holders, it shall mail a copy to the Trustee and each Agent at the same time.

 

Section
10.3     Communication by Holders with Other Holders.

 

Security Holders of any Series may communicate
pursuant to TIA § 312(b) with other Security Holders 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
Officers’ 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.

 

    	39

    	 

    

 

Section
10.6     Rules by Trustee and Agents.

 

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

 

Section
10.7     Legal Holidays.

 

Unless otherwise provided by Board Resolution,
Officers’ Certificate or supplemental indenture hereto for a particular Series, 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,
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 Security Holder 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.

 

Section
10.10   Governing Laws.

 

THIS INDENTURE AND THE SECURITIES SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD
TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

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.

 

    	40

    	 

    

 

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 or in ECU.

 

Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officers’ 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 a coin or currency
other than Dollars (including ECUs), 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 that amount of Dollars that could be obtained for such amount at the Market Exchange
Rate at such time. For purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying
rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York; provided, however,
in the case of ECUs, Market Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or
any successor thereto) as published in the Official Journal of the European Union (such publication or any successor publication,
the “Journal”). If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee
shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York or,
in the case of ECUs, the rate of exchange as published in the Journal, as of the most recent available date, or quotations or,
in the case of ECUs, rates of exchange from one or more major banks in The City of New York or in the country of issue of the currency
in question or, in the case of ECUs, in Luxembourg or such other quotations or, in the case of ECUs, rates of exchange as the Trustee,
upon consultation with the Company, shall deem appropriate. 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 of the Trustee
regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole
discretion and shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably
binding upon the Company and all Holders.

 

    	41

    	 

    

 

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.

 

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, 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.

 

    	42

    	 

    

 

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 Officers’
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.

 

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 Officers’ 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
Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to
the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash 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, Officers’
Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date
the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2
and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided
in Section 3.3. 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.

 

    	43

    	 

    

 

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

 

	 	JinkoSolar Holding Co., Ltd.
	 	 
	 	By:  	 
	 	Name:
	 	Title:
	 	 
	 	[             ],
	 	 	 
	 	as Trustee
	 	 	 
	 	By:  	 
	 	Name:
	 	Title:

 

[Signature Page to Indenture]

 

    	44

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