Document:

Exhibit 4.18

 

 

EXECUTION VERSION

	 

 

Rentar Plaza

 

CO-LENDER AGREEMENT

 

Dated as of October 13, 2016

 

between

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-1 Holder)

and

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-2 Holder)

and

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-3 Holder)

and

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-4 Holder)

and

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-5 Holder)

	 

 

    	 

     

    

 

TABLE OF CONTENTS

	 	 	Page
	 	 	 
	1.	Definitions; Conflicts	2
	2.	Servicing of the Mortgage Loan	15
	3.	Priority of Notes	17
	4.	Workout	17
	5.	Accounts; Payment Procedure	17
	6.	Limitation on Liability	18
	7.	Representations of the Holders	18
	8.	Independent Analyses of each Holder	19
	9.	No Creation of a Partnership or Exclusive Purchase Right	20
	10.	Not a Security	20
	11.	Other Business Activities of the Holders	20
	12.	Transfer of Notes	20
	13.	Exercise of Remedies by the Servicer	22
	14.	Rights of the Directing Holder	24
	15.	Appointment of Special Servicer	25
	16.	Rights of the Non-Directing Holders	26
	17.	Advances; Reimbursement of Advances	27
	18.	Provisions Relating to Securitization	28
	19.	Governing Law; Waiver of Jury Trial	33
	20.	Modifications	33
	21.	Successors and Assigns; Third Party Beneficiaries	33
	22.	Counterparts	34
	23.	Captions	34
	24.	Notices	34
	25.	Custody of Mortgage Loan Documents	34
	 	 	 

 

    	-i- 

     

    

 

THIS CO-LENDER AGREEMENT
(the “Agreement”), dated as of October 13, 2016, by and among NATIXIS REAL ESTATE CAPITAL LLC, a Delaware
limited liability company (“Natixis”), having an address at 1251 Avenue of the Americas, New York, New York
10020, as the holder of Note A-1, Natixis, as the holder of Note A-2, Natixis, as the holder of Note A-3, Natixis,
as the holder of Note A-4 and Natixis, as the holder of Note A-5.

  

W I T N E S S E T H:

 

WHEREAS, Natixis has
made a mortgage loan in the original principal amount of $132,000,000.00 (the “Mortgage Loan”) to Vertical Industrial
Park Associates LP (the “Borrower”) pursuant to a loan agreement between the Borrower, as borrower, and Natixis,
as lender, dated as of August 31, 2016 (the “Loan Agreement”), which Mortgage Loan was evidenced by a single
promissory note in the original principal amount of $132,000,000.00 (the “Original Promissory Note”);

 

WHEREAS, the Mortgage
Loan is secured by a first mortgage lien (the “Mortgage”) on the Borrower’s fee interest in the property
known as Rentar Plaza, located at 66-26 Metroplitan Avenue, Queens, New York, 11379 (the “Mortgaged Property”);

 

WHEREAS, on or about
August 31, 2016, the Original Promissory Note was split into five notes pursuant to a Note Splitter and Loan Document Modification
Agreement between the Borrower and Natixis;

 

WHEREAS, the Mortgage
Loan is presently evidenced by the following five notes: Promissory Note A-1 in the original principal amount of $40,000,000.00,
Promissory Note A-2 in the original principal amount of $30,000,000.00, Promissory Note A-3 in the original principal
amount of $30,000,000.00, Promissory Note A-4 in the original principal amount of $22,000,000.00 and Promissory Note A-5 in the
original principal amount of $10,000,000.00 (“Note A-1,” “Note A-2,” “Note A-3,”
“Note A-4” and “Note A-5” respectively and individually, each, a “Note”
and collectively the “Notes”);

 

WHEREAS, Natixis intends
to sell, transfer and assign all of its right, title and interest in and to Note A-2 and Note A-3 to Wells Fargo Commercial Mortgage
Securities, Inc. (“WFCMSI”), as depositor, pursuant to a Mortgage Loan Purchase Agreement to be dated as of
October 1, 2016, by and between WFCMSI, as purchaser, and Natixis, as seller, and WFCMSI, as purchaser, intends to transfer its
right, title and interest in and to Note A-2 and Note A-3 to Wilmington Trust, National Association, as trustee for the Wells Fargo
Commercial Mortgage Trust 2016-NXS6 under a pooling and servicing agreement, dated as of October 1, 2016 (the “WFCM 2016-NXS6
PSA”), among WFCMSI, as depositor, Wells Fargo Bank, National Association, as master servicer, CWCapital Asset Management
LLC, as special servicer, Trimont Real Estate Advisors, LLC, as operating advisor and as asset representations reviewer, Wells
Fargo Bank, National Association, as certificate administrator and as custodian, and Wilmington Trust, National Association, as
trustee;

 

WHEREAS, Note A-1 Holder
intends, but is not bound, to sell transfer and assign all or a portion of its right, title and interest in and to Note A-1 to
one or more depositors who

 

    	 

     

    

 

will in turn transfer the same to one or more trusts as part of the securitization of one or more mortgage
loans;

 

WHEREAS, Note A-4 Holder
intends, but is not bound, to sell transfer and assign all or a portion of its right, title and interest in and to Note A-4 to
one or more depositors who will in turn transfer the same to one or more trusts as part of the securitization of one or more mortgage
loans;

 

WHEREAS, Note A-5 Holder
intends, but is not bound, to sell transfer and assign all or a portion of its right, title and interest in and to Note A-5 to
one or more depositors who will in turn transfer the same to one or more trusts as part of the securitization of one or more mortgage
loans;

 

WHEREAS, the parties
hereto desire to enter into this Agreement to memorialize the terms under which they, and their successors and assigns, shall hold
Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5, respectively;

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto mutually agree as follows:

 

1.       Definitions;
Conflicts. References to a “Section” or the “recitals” are, unless otherwise specified, to a
Section or the recitals of this Agreement. Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed thereto in the Servicing Agreement. To the extent of any inconsistency between this Agreement and the
Servicing Agreement, this Agreement shall control. Whenever used in this Agreement, the following terms shall have the
respective meanings set forth below unless the context clearly requires otherwise.

 

“Acceptable
Insurance Default” shall have the meaning assigned to such term or analogous term in the Servicing Agreement.

 

“Advance”
shall mean any P&I Advance or Property Advance made with respect to any of the Notes, the Mortgage Loan or the Mortgaged Property
pursuant to the Note A-1 PSA, the Note A-4 PSA, the Note A-5 PSA or the WFCM 2016-NXS6 PSA.

 

“Affiliate”
shall mean, with respect to any specified Person, (a) any other Person controlling or controlled by or under common control
with such specified Person (each, a “Common Control Party”), (b) any other Person owning, directly or indirectly,
ten percent (10%) or more of the beneficial interests in such Person or (c) any other Person in which such Person or a Common
Control Party owns, directly or indirectly, ten percent (10%) or more of the beneficial interests. For the purposes of this definition,
“control” when used with respect to any specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract, relation to individuals or otherwise,
and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

    	-2- 

     

    

 

“Agreement”
shall mean this Co-Lender Agreement, the exhibits and schedules hereto, and all amendments hereof and supplements hereto.

 

“Appraisal”
shall have the meaning assigned to such term in the Servicing Agreement.

 

“Asset Status
Report” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“Borrower”
shall have the meaning assigned to such term in the recitals.

 

“Business Day”
shall have the meaning assigned to such term in the Servicing Agreement.

 

“CLO Asset Manager”
shall mean, with respect to any Securitization Vehicle that is a CLO, the entity that is responsible for managing or administering
the underlying assets of such Securitization Vehicle or, if applicable, the assets of any Intervening Trust Vehicle (including,
without limitation, the right to exercise any consent and control rights available to the Directing Holder).

 

“Certificates”
shall mean any securities issued in connection with the Note A-1 Securitization, the Note A-4 Securitization, the Note A-5
Securitization or the WFCM 2016-NXS6 Securitization.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

“Collection
Account” shall mean the “collection account” or sub-account thereof, established under the Servicing Agreement
for the purpose of servicing the Mortgage Loan.

 

“Consultation
Termination Event” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“Control”
shall mean the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership
interests of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise. “Controlled by,”
“controlling” and “under common control with” shall have the respective correlative meaning thereto.

 

“CREFC®
Investor Reporting Package®” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“DBRS”
shall mean DBRS, Inc. and its successors in interest.

 

“Defaulted Mortgage
Loan” shall mean the Mortgage Loan in the event that the Mortgage Loan is delinquent at least 60 days in respect
of its Monthly Payments or more than 60 days in respect of its balloon payment, in either case to be determined without giving
effect to

 

    	-3- 

     

    

 

any grace period permitted by the Mortgage Loan Documents and without regard to any acceleration of payments under the
Mortgage Loan Documents.

 

“Depositor”
shall mean (i) with respect to the Note A-1 Securitization, the depositor under the Note A-1 PSA, (ii) with respect
to the Note A-4 Securitization, the depositor under the Note A-4 PSA, (iii) with respect to the Note A-5 Securitization,
the depositor under the Note A-5 PSA, and (iv) with respect to the WFCM 2016-NXS6 Securitization, WFCMSI.

 

“Directing Holder”
shall mean (i) during the period prior to the Note A-1 Securitization Date, the Note A-1 Holder or such other
party that the Note A-1 Holder grants the right to exercise the rights granted to the Directing Holder in this Agreement and
(ii) after the Note A-1 Securitization Date, the holders of Certificates representing the specified interest in the class
of Certificates designated as the “controlling class” under the Note A-1 Securitization or the duly appointed
representative of the holders of such Certificates; provided, that no Borrower, property manager or affiliate thereof shall
be entitled to act as Directing Holder.

 

“Event of Default”
shall mean an “Event of Default” as defined in the Loan Agreement.

 

“Excluded Amounts”
shall mean:

 

(i)       proceeds,
awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Borrower in accordance
with the terms of the Mortgage Loan Documents;

 

(ii)       amounts
required to be deposited in reserve or escrow pursuant to the Mortgage Loan Documents; and

 

(iii)       amounts
that are then due and payable pursuant to the Servicing Agreement to the parties to the Servicing Agreement, including, without
limitation, Servicing Fees, Special Servicing Fees, if applicable, reimbursement of costs and expenses, reimbursement of Property
Advances and interest thereon at the Reimbursement Rate;

 

but shall not include (A) any amounts
received in respect of any P&I Advances (and interest thereon), (B) any Servicing Fees due to the Master Servicer in excess
of the Servicing Fee calculated at the “primary servicing fee rate” set forth in the Servicing Agreement and (C) any
trustee fees.

 

“Fitch”
shall mean Fitch Ratings, Inc. and its successors in interest.

 

“Holder”
shall mean the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder or the Note A-5 Holder,
as the context indicates.

 

“Intervening
Trust Vehicle” shall mean, with respect to any Securitization Vehicle that is a CLO, a trust vehicle or entity which
holds Note A-1 as collateral securing (in whole or in part) any obligation or security held by such Securitization Vehicle
as collateral for the CLO.

 

    	-4- 

     

    

 

“KBRA”
shall mean Kroll Bond Rating Agency, Inc. and its successors in interest.

 

“Lead Note”
shall mean (i) during the period from and after the WFCM 2016-NXS6 Securitization Date, Note A-2; and (ii) on and after the Note
A-1 Securitization Date, Note A-1.

 

“Lead Note Holder”
shall mean the Holder of the Lead Note.

 

“Lead PSA”
shall mean (a) during the period from and after the WFCM 2016-NXS6 Securitization Date and prior to the Note A-1 Securitization
Date, the WFCM 2016-NXS6 PSA and (b) after the Note A-1 Securitization Date, the Note A-1 PSA.

 

“Lead Securitization”
shall mean (a) during the period from and after the WFCM 2016-NXS6 Securitization Date and prior to the Note A-1 Securitization
Date, the WFCM 2016-NXS6 Securitization and (b) from and after the Note A-1 Securitization Date, the Lead Securitization
established under the Note A-1 Securitization.

 

“Lead Securitization
Trust” shall mean (a) during the period from and after the WFCM 2016-NXS6 Securitization Date and prior to the Note A-1
Securitization Date, the trust established under the WFCM 2016-NXS6 PSA in connection with the WFCM 2016-NXS6 Securitization and,
(b) from and after the Note A-1 Securitization Date, the trust established under the Note A-1 Securitization.

 

“Lead Servicer”
shall mean (a) during the period from and after the WFCM 2016-NXS6 Securitization Date and prior to the Note A-1 Securitization
Date, the servicer and/or special servicer designated under the WFCM 2016-NXS6 PSA and, (b) from and after the Note A-1
Securitization Date, the servicer and/or special servicer designated under the Note A-1 PSA.

 

“Lead Trustee”
shall mean (a) during the period from and after the WFCM 2016-NXS6 Securitization Date and prior to the Note A-1 Securitization
Date, the WFCM 2016-NXS6 Trustee and, (b) from and after the Note A-1 Securitization Date, the trustee designated under the
Note A-1 Securitization.

 

“Liquidation
Proceeds” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“Loan Agreement”
shall have the meaning assigned to such term in the recitals.

 

“Major Action”
shall have the meaning assigned to the term “Material Action”, “Major Action”, “Major Decision”
or any equivalent term in the Servicing Agreement.

 

“Master Servicer”
shall mean the master servicer under the Servicing Agreement and any successor thereunder.

 

    	-5- 

     

    

 

“Master Servicer
Remittance Date” shall mean:

 

(a)       during
the period after the WFCM 2016-NXS6 Securitization Date but prior to the Note A-1 Securitization Date:

 

(i)        with
respect to Note A-2 and Note A-3, the “Master Servicer Remittance Date” (or analogous term) as defined in the
WFCM 2016-NXS6 PSA;

 

(ii)        with
respect to Note A-4 or Note A-5 (if it is not included in a Securitization), one Business Day after the Determination Date (as
defined in the WFCM 2016-NXS6 PSA); and

 

(iii)       with
respect to the Notes included in the Note A-4 or Note A-5 Securitization, two Business Days prior to the Master Servicer
Remittance Date” (or analogous term) as defined in the Note A-4 PSA or Note A-5 PSA, as applicable (as long as such date
is at least two Business Days after receipt of the Monthly Payment), or such later date as specified in the Note A-4 PSA or Note
A-5 PSA, as applicable.

 

(b)       after
the Note A-1 Securitization Date:

 

(i)         with
respect to Note A-1, the “Master Servicer Remittance Date” (or analogous term) as defined in the Note A-1
PSA;

 

(ii)       with
respect to Note A-4 and Note A-5, (1) if such Note is not included in a Securitization, one Business Day after the Determination
Date (as defined in the Note A-1 PSA) and (2) if such Note is included in a Securitization, two Business Days prior to the
Master Servicer Remittance Date” (or analogous term) as defined in the Note A-4 PSA or Note A-5 PSA, as applicable (as long
as such date is at least two Business Days after receipt of the Monthly Payment), or such later date as specified in the Note A-4
PSA or Note A-5 PSA, as applicable; and

 

(iii)      with
respect to Note A-2 and Note A-3, two Business Days prior to the Master Servicer Remittance Date (or analogous term) as defined
in the WFCM 2016-NXS6 PSA.

 

“Maturity Date”
shall have the meaning assigned to such term in Exhibit A.

 

“Monthly Payment”
with respect to any period shall mean all amounts due and payable to any Holder or Holders during such period in accordance with
the Mortgage Loan Documents.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc. and its successors in interest.

 

“Morningstar”
shall mean Morningstar Credit Ratings, LLC and its successors in interest.

 

“Mortgage”
shall have the meaning assigned to such term in the recitals.

 

    	-6- 

     

    

 

“Mortgage Interest
Rate” shall mean the Mortgage Interest Rate set forth in the Mortgage Loan Schedule with respect to each of Note A-1,
Note A-2, Note A-3, Note A-4 and Note A-5.

 

“Mortgage Loan”
shall have the meaning assigned such term in the recitals.

 

“Mortgage Loan
Documents” shall mean the Mortgage, the Loan Agreement, the Notes, and all other documents evidencing or securing the
Mortgage Loan.

 

“Mortgage Loan
Principal Balance” shall mean, at any date of determination, the aggregate principal balance of the Notes evidencing
the Mortgage Loan.

 

“Mortgage Loan
Schedule” shall mean the schedule in the form attached hereto as Exhibit A, which schedule sets forth certain
information regarding the Mortgage Loan and the Notes.

 

“Mortgaged Property”
shall have the meaning assigned such term in the recitals.

 

“Natixis”
shall mean Natixis Real Estate Capital LLC and its successors in interest.

 

“Non-Directing
Holders” shall mean the holders of any Note other than Note A-1, and if any of such Notes have been included in
a Securitization, the holders of Certificates representing the specified interest in the class of Certificates designated as the
“controlling class” or the duly appointed representative of the holders of such Certificates or such other party otherwise
entitled under the Note A-4 PSA, the Note A-5 PSA and the WFCM 2016-NXS6 PSA, to exercise the rights granted to the Non-Directing
Holders in this Agreement. If Note A-2, Note A-3, Note A-4 or Note A-5 is no longer in a Securitization, the Non-Directing
Holder with respect to such Note will be the then-current Holder of such Note.

 

“Non-Lead Master
Servicer” shall mean, (i) with respect to Note A-3 and the Note A-3 PSA, the master servicer designated under
the Note A-3 PSA, (ii) with respect to Note A-4 and the Note A-4 PSA, the master servicer designated under the Note A-4
PSA, (iii) with respect to Note A-5 and the Note A-5 PSA, the master servicer designated under the Note A-5 PSA and (iv)
with respect to Note A-2 and Note A-3 and the WFCM 2016-NXS6 PSA, from and after the Note A-2 Securitization Date, the master servicer
designated under the WFCM 2016-NXS6 PSA.

 

“Non-Lead Note”
shall mean Note A-1, Note A-3, Note A-4 and Note A-5.

 

“Non-Lead Note
Holders” shall mean the holders of the Non-Lead Notes.

 

“Non-Lead Servicing
Agreements” shall mean the Note A-3 PSA, the Note A-4 PSA, the Note A-5 PSA and from and after the Note A-2 Securitization
Date, the WFCM 2016-NXS6 PSA.

 

“Non-Lead Special
Servicer” shall mean, (i) with respect to Note A-4 and the Note A-4 PSA, the special servicer designated under
the Note A-4 PSA, (ii) with respect to

 

    	-7- 

     

    

 

Note A-5 and the Note A-5 PSA, the special servicer designated under the Note
A-5 PSA, and (iii) with respect to Note A-2 and Note A-3 and the WFCM 2016-NXS6 PSA, from and after the Note A-2 Securitization
Date, the special servicer designated under the WFCM 2016-NXS6 PSA.

 

“Nonrecoverable
Advance” shall have the meaning ascribed to such term in the Servicing Agreement.

 

“Note A-1”
shall mean the “pooling and servicing agreement” entered into in connection with the Note A-1 Securitization.

 

“Note A-1
Holder” shall mean Natixis or any subsequent holder of Note A-1.

 

“Note A-1
Master Servicer” shall mean the master servicer under the Note A-1 PSA.

 

“Note A-1
Principal Balance” shall mean, at any time of determination, the initial Note A-1 Principal Balance as set forth
in the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-1 Holder and any reductions in
such amount pursuant to Section 4.

 

“Note A-1
PSA” shall have the meaning assigned such term in the recitals.

 

“Note A-1
Securitization” shall mean the first sale by the Note A-1 Holder of all or a portion of Note A-1 to a depositor
who will in turn include such portion of Note A-1 as part of the securitization of one or more mortgage loans.

 

“Note A-1
Securitization Date” shall mean the closing date of the Note A-1 Securitization.

 

“Note A-1
Special Servicer” shall mean the special servicer for the Mortgage Loan under the Note A-1 PSA.

 

“Note A-1
Trust Fund” shall mean the trust formed pursuant to the Note A-1 PSA.

 

“Note A-2”
shall have the meaning assigned such term in the recitals.

 

“Note A-2
Holder” shall mean Natixis or any subsequent holder of Note A-2.

 

“Note A-2
Principal Balance” shall mean at any time of determination, the initial Note A-2 Principal Balance as set forth
in the Mortgage Loan Schedule less any payments of principal thereon received by the Note A-2 Holder and any reductions in
such amount pursuant to Section 4.

 

“Note A-2
Securitization” shall mean the first sale by the Note A-2 Holder of all or any portion of Note A-2 to a depositor
who will in turn include all or such portion (as applicable) of Note A-2 as part of the securitization of one or more mortgage
loans.

 

    	-8- 

     

    

 

“Note A-2
Securitization Date” shall mean the closing date of the Note A-2 Securitization.

 

“Note A-3”
shall have the meaning assigned such term in the recitals.

 

“Note A-3
Holder” shall mean Natixis or any subsequent holder of Note A-3.

 

“Note A-3
Principal Balance” shall mean, at any time of determination, the initial Note A-3 Principal Balance as set forth
in the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-3 Holder and any reductions in
such amount pursuant to Section 4.

 

“Note A-4”
shall have the meaning assigned such term in the recitals.

 

“Note A-4
Holder” shall mean Natixis or any subsequent holder of Note A-4.

 

“Note A-4
Principal Balance” shall mean, at any time of determination, the initial Note A-4 Principal Balance as set forth
in the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-4 Holder and any reductions in
such amount pursuant to Section 4.

 

“Note A-5”
shall have the meaning assigned such term in the recitals.

 

“Note A-5
Holder” shall mean Natixis or any subsequent holder of Note A-5.

 

“Note A-5
Principal Balance” shall mean, at any time of determination, the initial Note A-5 Principal Balance as set forth
in the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-5 Holder and any reductions in
such amount pursuant to Section 4.

 

“Notes”
shall have the meaning assigned such term in the recitals.

 

“P&I Advance”
shall mean an advance made by a party to the Note A-1 PSA, the Note A-3 PSA, the Note A-4 PSA, the Note A-5 PSA,
or the WFCM 2016-NXS6 PSA, as applicable, with respect to a delinquent monthly debt service payment on the Notes included in the
related Securitization.

 

“Penalty Charges”
shall mean any amounts collected from the Borrower that represent default charges, penalty charges, late fees and/or default interest,
but excluding any yield maintenance charge or prepayment premium.

 

“Permitted Fund
Manager” shall mean any Person (a) listed on Exhibit C attached hereto or (b) that on the date
of determination is (i) a Qualified Transferee or any other nationally-recognized manager of investment funds investing in
debt or equity interests relating to commercial real estate, (ii) investing through one or more funds with committed capital
of at least $250,000,000 and (iii) not subject to a proceeding, whether voluntary or involuntary, relating to the bankruptcy,
insolvency, reorganization or relief of debtors.

 

    	-9- 

     

    

 

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

 

“Property Advance”
shall mean an advance made in respect of property protection expenses or expenses incurred to protect, preserve and enforce the
security for the Mortgage Loan or to pay taxes and assessments or insurance premiums with respect to the related Mortgaged Property.

 

“Pro Rata and
Pari Passu Basis” shall mean with respect to the Notes and each Holder, (i) for purposes of allocating payments
of interest among the Notes, each Note or Holder, as the case may be, is allocated its respective pro rata share based on the interest
accrued on such Note at the respective Mortgage Interest Rate of such Note based on the outstanding principal balance of the such
Note and (ii) for all other purposes, the allocation of any particular payment, collection, cost, expense, liability or other
amount between such Notes or such Holders, as the case may be, without any priority of any such Note or any such Holder over another
Note or Holder, as the case may be, and in any event such that each Note or Holder, as the case may be, is allocated its respective
pro rata share based on the principal balance of its Note in relation to the principal balance of the entire Mortgage Loan of such
particular payment, collection, cost, expense, liability or other amount.

 

“Qualified Servicer”
shall mean (i) Wells Fargo Bank, National Association, (ii) Midland Loan Services, a Division of PNC Bank, National Association,
(iii) KeyBank National Association or (iv) any nationally recognized commercial mortgage loan servicer (1) rated
at least “CSS3,” in the case of a special servicer, or at least “CMS2,” in the case of a master servicer,
by Fitch, (2) on the S&P Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage
Special Servicer, as applicable, (3) as to which neither Moody’s nor KBRA has cited servicing concerns of such servicer
as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status”
in contemplation of a ratings downgrade or withdrawal) of securities in any CMBS transaction rated by Moody’s or KBRA, as
applicable, and serviced by such servicer prior to the time of determination, (4) a servicer that (i) during the 12-month
period prior to the date of determination, acted as master servicer or special servicer, as applicable, in a commercial mortgage
loan securitization rated by Morningstar and (ii) Morningstar has not qualified, downgraded or withdrawn the then-current
rating or ratings of one or more classes of such certificates citing servicing concerns with the servicer or special servicer,
as applicable, as the sole or material factor in such rating action and (5) in the case of DBRS, that within the twelve (12) month
period prior to the date of determination such servicer was acting as servicer or special servicer, as applicable, in a commercial
mortgage loan securitization that was rated by DBRS and DBRS has not downgraded or withdrawn the then current rating on any class
of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such
servicer as servicer or special servicer, as applicable, of such commercial mortgage securities as a material reason for such downgrade
or withdrawal. For purposes of this definition, for so long as any Note is included in a Securitization, the ratings or actions
of any Rating Agency that is not rating any such Securitization(s) shall not be considered.

 

    	-10- 

     

    

 

“Qualified Transferee”
shall mean an Affiliate of Natixis or one or more of the following (other than the Borrower or any entity which is an Affiliate
of the Borrower):

 

(i)       an
insurance company, bank, savings and loan association, investment bank, trust company, commercial credit corporation, pension plan,
pension fund, pension fund advisory firm, mutual fund, real estate investment trust or governmental entity or plan; or

 

(ii)      an
investment company, money management firm or a “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act of 1933, as amended, which regularly engages in the business of making or owning investments of types
similar to the Mortgage Loan; or

 

(iii)      an
institution substantially similar to any of the foregoing entities described in clauses (i) or (ii) above; or

 

(iv)      any
entity Controlled by or under common Control or Controlling any of the entities described in clauses (i), (ii) or (iii)
above; or

 

(v)       a
Qualified Trustee (or, in the case of a CLO, a single purpose bankruptcy-remote entity that contemporaneously pledges its interest
in a Note to a Qualified Trustee) in connection with (A) a securitization of, (B) the creation of collateralized loan
(or debt) obligations (“CLO”) secured by, or (C) a financing through an “owner trust” of, any
interest in a Note (any of the foregoing, a “Securitization Vehicle”), provided that either (1) one
or more classes of securities issued by such Securitization Vehicle is initially rated at least investment grade by at least two
of the Rating Agencies that also assigned a rating to one or more classes of securities issued in connection with the Securitization
of a Note; (2) the special servicer for the Securitization Vehicle is a Qualified Servicer at the time of transfer; or (3) in
the case of a Securitization Vehicle that is a CLO, the CLO Asset Manager and, if applicable, each Intervening Trust Vehicle that
is not administered and managed by a CLO Asset Manager that is a Qualified Transferee, is a Qualified Transferee under clause (i),
(ii), (iii) or (iv) of this definition; or

 

(vi)       an
investment fund, limited liability company, limited partnership or general partnership in which a Permitted Fund Manager acts as
the general partner, managing member, or the fund manager responsible for the day to day management and operation of such investment
vehicle, provided that greater than fifty percent (50%) of the equity interests in such investment vehicle are owned, directly
or indirectly, by one or more entities that are otherwise Qualified Transferees,

 

which, in the case of each of clauses (i),
(ii), and (iii) of this definition, has at least $650,000,000 in total assets (in name or under management) and (except with
respect to a pension advisory firm or similar fiduciary) at least $250,000,000 in capital/statutory surplus or shareholders’

 

    	-11- 

     

    

 

equity, and is regularly engaged in the business of making or owning commercial real estate loans or commercial loans similar to
the Mortgage Loan.

 

“Qualified Trustee”
shall mean (i) a corporation, national bank, national banking association or a trust company, organized and doing business
under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and
to accept the trust conferred, having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination
by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution
whose long-term senior unsecured debt is then rated in one of the top two rating categories of each of the Rating Agencies.

 

“Rating Agencies”
shall mean Moody’s, Fitch, KBRA, Morningstar, DBRS and S&P and their respective successors in interest or, if any of
such entities shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized
statistical rating agency reasonably designated by any Holder to rate the securities issued in connection with the Securitization
of the related Note; provided, however, that, unless specified otherwise, at any time during which any Note is an
asset of a Securitization, “Rating Agencies” or “Rating Agency” shall mean only those rating
agencies that are engaged by the applicable Depositor from time to time to rate the securities issued in connection with such Securitization.

 

“Rating Agency
Confirmation” shall mean each of the applicable Rating Agencies for each Securitization shall have confirmed in writing
that the occurrence of the event with respect to which such Rating Agency Confirmation is sought shall not result in a downgrade,
qualification or withdrawal of the applicable rating or ratings ascribed by such Rating Agency to any of the Certificates then
outstanding. In the event that no Certificates are outstanding or any Note is not included in a Securitization, any action that
would otherwise require a Rating Agency Confirmation shall require the consent of the Note A-2 Holder, which consent shall
not be unreasonably withheld, conditioned or delayed.

 

For the purposes of this
Agreement, if any Rating Agency (1) waives, declines or refuses, in writing to review or otherwise engage any request for a confirmation
hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade or withdrawal of its then
current rating of the securities issued pursuant to the related Securitization, or (2) does not reply to such request or responds
in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency
Confirmation and the related timing, notice and other applicable provisions set forth in the Servicing Agreement, the Note A-4
PSA, the Note A-5 PSA and the WFCM 2016-NXS6 PSA, as applicable have been satisfied, then for such request only, the condition
that such confirmation by such Rating Agency (only) be obtained will be deemed not to apply for purposes of this Agreement. For
purposes of clarity, any such waiver, declination or refusal to review or otherwise engage in any request for such confirmation
hereunder shall not be deemed a waiver, declination or refusal to review or otherwise engage in any subsequent request for such
Rating Agency Confirmation hereunder and the condition for such Rating Agency Confirmation pursuant to this Agreement for any subsequent
request shall apply regardless of any previous waiver, declination or refusal to review or otherwise engage in such prior request.

 

    	-12- 

     

    

 

“Reimbursement
Rate” shall have the meaning assigned to such term or the term “Advance Rate” or an analogous term in the
Servicing Agreement.

 

“REO Property”
shall mean the Mortgaged Property, title to which has been acquired by the Servicer on behalf of (or other Person designated by)
the Holders through foreclosure, deed in lieu of foreclosure or otherwise.

 

“S&P”
shall mean Standard and Poor’s Ratings Services, a Standard and Poor’s Financial Services business, and its successors
in interest.

 

“Securitization”
shall mean the Note A-1 Securitization, the Note A-4 Securitization, the Note A-5 Securitization and the WFCM 2016-NXS6
Securitization, as the context requires.

 

“Servicer”
shall mean (i) the Master Servicer with respect to a non-Specially Serviced Mortgage Loan and the Special Servicer with respect
to a Specially Serviced Mortgage Loan, or (ii) with respect to a specific function, right or obligation as to which the Servicing
Agreement designates the Master Servicer or the Special Servicer, the party so designated, as applicable, pursuant to the Servicing
Agreement.

 

“Servicing Agreement”
shall mean (a) during the period from and after the WFCM 2016-NXS6 Securitization Date and prior to the Note A-1 Securitization
Date, the WFCM 2016-NXS6 PSA and, (b) after the Note A-1 Securitization Date, the Note A-1 PSA; provided that in the
event the Lead Note is no longer an asset of the trust fund created pursuant to the Servicing Agreement, the term “Servicing
Agreement” shall refer to the subsequent servicing agreement entered into pursuant to Section 2.

 

“Servicing Fee”
shall mean the fee of the Master Servicer pursuant to the terms of the Servicing Agreement, which will generally be calculated
as the product of (i) the Servicing Fee Rate and (ii) the outstanding principal balance of the Mortgage Loan as of the
date of determination.

 

“Servicing Fee
Rate” shall have the meaning applied to such term in the Servicing Agreement, being the rate per annum which, when applied
to the Mortgage Loan Principal Balance (which may be a different rate with respect to each of the Notes), will determine the servicing
fee payable to the Master Servicer under the Servicing Agreement.

 

“Servicing File”
shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“Servicing Standard”
shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“Servicing Transfer
Event” shall mean any of the events specified in the Servicing Agreement, whereby the servicing of the Mortgage Loan
is required to be transferred to the Special Servicer from the Master Servicer.

 

    	-13- 

     

    

 

“Special Servicer”
shall mean the special servicer of the Mortgage Loan as appointed under the terms of this Agreement and the Servicing Agreement,
or any successor special servicer appointed as provided thereunder and hereunder.

 

“Special Servicing
Fee” shall have the meaning given to such term or an analogous term in the Servicing Agreement.

 

“Specially Serviced
Mortgage Loan” shall mean the Mortgage Loan during the period it is serviced by the Special Servicer following a Servicing
Transfer Event.

 

“Transfer”
shall mean any assignment, pledge, conveyance, sale, transfer, mortgage, encumbrance, grant of a security interest, issuance of
a participation interest, or other disposition, either directly or indirectly, by operation of law or otherwise.

 

“Trustee”
shall mean the trustee under the Note A-1 PSA, the Note A-4 PSA, the Note A-5 PSA or the WFCM 2016-NXS6 PSA, as the context requires.

 

“WFCM 2016-NXS6
Master Servicer” shall mean the master servicer under the WFCM 2016-NXS6 PSA.

 

“WFCM 2016-NXS6
PSA” shall mean the “pooling and servicing agreement” entered into in connection with the WFCM 2016-NXS6
Securitization.

 

“WFCM 2016-NXS6
Securitization” shall have the meaning assigned such term in the recitals.

 

“WFCM 2016-NXS6
Securitization Date” shall mean the closing date of the WFCM 2016-NXS6 Securitization.

 

“WFCM 2016-NXS6
Special Servicer” shall mean the special servicer under the WFCM 2016-NXS6 PSA.

 

“WFCM 2016-NXS6
Trustee” shall mean the trustee under the WFCM 2016-NXS6 PSA.

 

“WFCM 2016-NXS6
Trust Fund” shall mean the trust formed pursuant to the WFCM 2016-NXS6 PSA.

 

2.       Servicing
of the Mortgage Loan. (a) Each Holder acknowledges and agrees that, subject in each case to the specific terms of this
Agreement, the Mortgage Loan shall be serviced as follows:

 

(i)       from
and after the WFCM 2016-NXS6 Securitization Date, but prior to the Note A-1 Securitization Date, by the WFCM 2016-NXS6 Master Servicer
and the WFCM 2016-NXS6 Special Servicer pursuant to the terms of this Agreement and the WFCM 2016-NXS6 PSA; and

 

    	-14- 

     

    

 

(ii)       from
and after the Note A-1 Securitization Date, by the Note A-1 Master Servicer and the Note A-1 Special Servicer pursuant
to the terms of this Agreement and the Note A-1 PSA.

 

Each Holder agrees to
reasonably cooperate with each Servicer with respect to its exercise of its rights and obligations under the Servicing Agreement.

 

(b)       The
Note A-1 PSA, Note A-4 PSA, Note A-5 PSA and WFCM 2016-NXS6 PSA shall contain terms and conditions that are customary
for securitization transactions involving assets similar to the Mortgage Loan and that are otherwise (i) required by the Code
relating to the tax elections of the Note A-1 Trust Fund, the Note A-4 Trust Fund, the Note A-5 Trust Fund and the
WFCM 2016-NXS6 Trust Fund, (ii) required by law or changes in any law, rule or regulation or (iii) requested by the Rating
Agencies rating the Note A-1 Securitization, the Note A-4 Securitization, the Note A-5 Securitization or the WFCM
2016-NXS6 Securitization. In addition, the Note A-1 PSA, Note A-4 PSA, Note A-5 PSA and WFCM 2016-NXS6 PSA shall
have such additional provisions as are set forth in Section 18. The Note A-1 Holder shall have the right to designate
the Master Servicer and Special Servicer for the Note A-1 Securitization as long as each such party is a Qualified Servicer.

 

(c)       Subject
to the terms and conditions of this Agreement, each Holder hereby irrevocably and unconditionally consents to the appointment of
the Master Servicer and the Trustee under the Servicing Agreement by the Depositor and the appointment of the Special Servicer
by the Directing Holder and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect to the
servicing of the Mortgage Loan in accordance with the Servicing Agreement. Each Holder hereby appoints the Master Servicer, the
Special Servicer and the Trustee under the Servicing Agreement as such Holder’s attorney-in-fact to sign any documents reasonably
required with respect to the administration and servicing of the Mortgage Loan on its behalf under the Servicing Agreement (subject
at all times to the rights of the Holders as set forth herein and in such Servicing Agreement).

 

(d)       If,
at any time the Lead Note is no longer in a Securitization, the Note A-1 Holder shall cause the Mortgage Loan to be serviced
pursuant to a servicing agreement that is substantially similar to the Servicing Agreement (and, if any Non-Lead Note is in a Securitization,
subject to receipt of a Rating Agency Confirmation from the Rating Agencies that were engaged by the Depositor to rate such Securitization)
and all references herein to the “Servicing Agreement” shall mean such subsequent Servicing Agreement; provided,
however, that until a replacement Servicing Agreement has been entered into (and such written confirmation has been obtained),
the Note A-1 Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the Servicing Agreement as
if such agreement was still in full force and effect with respect to the Mortgage Loan; provided, further, however,
that until a replacement Servicing Agreement is in place, the actual servicing of the Mortgage Loan may be performed by any Qualified
Servicer appointed by the Note A-1 Holder and does not have to be performed by the service providers set forth under the Servicing
Agreement that was previously in effect.

 

(e)       Notwithstanding
anything to the contrary contained herein (including Sections 4 and 13(a)), each Servicing Agreement shall provide
that the Servicer shall be required

 

    	-15- 

     

    

 

to service and administer the Mortgage Loan in accordance with the Servicing Standard as set
forth in such Servicing Agreement, and any Holder who is not the Borrower or an Affiliate of the Borrower shall be deemed a third-party
beneficiary of such provisions of the Servicing Agreement that run to the benefit of such Holder. It is understood that any Non-Lead
Note Holder may separately appoint a servicer for its Non-Lead Note, by itself or together with other assets, but any such servicer
will have no responsibility hereunder and shall be compensated solely by the applicable Non-Lead Note Holder from funds payable
to it hereunder or otherwise.

 

(f)       The
Holders acknowledge that the Servicer is to comply with this Agreement and the Mortgage Loan Documents in connection with the servicing
of the Mortgage Loan.

 

(g)       If
any Note is included as an asset of a real estate mortgage investment conduit (a “REMIC”), within the meaning
of Section 860D(a) of the Code, then, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage
Loan shall be administered such that the Notes shall qualify at all times as (or as interests in) a “qualified mortgage”
within the meaning of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired
by or on behalf of the Holders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure
of the Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interest of
the pro rata share of each Holder therein shall at all times qualify as “foreclosure property” within the meaning
of Section 860G(a)(8) of the Code, and (iii) no Servicer may modify, waive or amend any provision of the Mortgage Loan,
consent to or withhold consent from any action of the Borrower, or exercise or refrain from exercising any powers or rights that
the Holders may have under the Mortgage Loan Documents, if any such action would constitute a “significant modification”
of the Mortgage Loan, within the meaning of Section 1.860G-2(b) of the regulations of the United States Department of
the Treasury, more than three (3) months after the startup day of the REMIC that includes any Note (or any portion thereof). Each
Holder agrees that the provisions of this paragraph shall be effected by compliance with any REMIC provisions in the Servicing
Agreement relating to the administration of the Mortgage Loan.

 

(h)       In
the event that one of the Notes is included in a REMIC, the other Holders shall not be required to reimburse such Holder or any
other Person for payment of any taxes imposed on such REMIC or Advances therefor or for any interest on such Advance or for deficits
in other items of disbursement or income resulting from the use of funds for payment of any such taxes, nor shall any disbursement
or payment otherwise distributable to the other Holders be reduced to offset or make-up any such payment or deficit.

 

3.       Priority
of Notes. Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5 shall be of equal priority, and no portion
of any of Note A-1, Note A-2, Note A-3, Note A-4 or Note A-5 shall have priority or preference over any
portion of the other Note or security therefor. Except for the Excluded Amounts, all amounts tendered by the Borrower or
otherwise available for payment on the Mortgage Loan, whether received in the form of Monthly Payments, a balloon payment,
Liquidation Proceeds, proceeds under any guaranty, letter of credit or other instrument serving as security on the Mortgage
Loan, proceeds under title, hazard or other insurance policies or awards or settlements in respect of condemnation
proceedings or similar exercise of the power of eminent domain shall be distributed by the Master Servicer and applied

 

    	-16- 

     

    

 

to the Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5 on a Pro Rata and Pari Passu Basis.

 

The Servicing Agreement
may provide for the application of Penalty Charges paid in respect of the Mortgage Loan to be used to (i) pay the Master Servicer,
the Trustee or the Special Servicer for interest accrued on any Property Advances, (ii) to pay the parties to any Securitization
for interest accrued on any P&I Advance, (iii) to pay certain other expenses incurred with respect to the Mortgage Loan
and (iv) to pay to the Master Servicer and/or the Special Servicer as additional servicing compensation, except that, for
so long as Note A-2, Note A-3, Note A-4 or Note A-5 is not included in a Securitization, any Penalty Charges allocated
to such Note A-2, Note A-3, Note A-4 or Note A-5 that are not applied pursuant to clauses (i)-(iii) above shall
be remitted to the respective Holder and shall not be paid to the Master Servicer and/or the Special Servicer without the express
consent of such Holder.

 

4.       Workout.
Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement
and Section 13 of this Agreement, and the obligation to act in accordance with the Servicing Standard, if the
Lead Note Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms
thereof such that (i) the Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced,
(iii) payments of interest or principal on Note A-1, Note A-2, Note A-3, Note A-4 or Note A-5 are waived,
reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan, such
modification shall not alter, and any modification of the Mortgage Loan Documents shall be structured to preserve, the equal
priorities of Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5 as described in Section 3.

 

5.       Accounts;
Payment Procedure. The Servicing Agreement shall provide that the Master Servicer shall establish and maintain the
Collection Account or Collection Accounts, as applicable. Each of the Note A-1 Holder, the Note A-2 Holder, the
Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder hereby directs the Master Servicer, in accordance with the
priorities set forth in Section 3 hereof, and subject to the terms of the Servicing Agreement, (i) to
deposit into the applicable Collection Account within the time period specified in the Servicing Agreement all payments
received with respect to the Mortgage Loan and (ii) to remit from the applicable Collection Account for deposit or
credit on the applicable Master Servicer Remittance Date all payments received with respect to and allocable to
Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5, by wire transfer to accounts maintained by the
Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder,
respectively; provided that delinquent payments received by the Master Servicer after the related Master Servicer Remittance
Date shall be remitted by the Master Servicer to such accounts within the time period specified in the Servicing
Agreement.

 

If any Servicer holding
or having distributed any amount received or collected in respect of Note A-1, Note A-2, Note A-3, Note A-4 or Note
A-5 determines, or a court of competent jurisdiction orders, at any time that any amount received or collected in respect of Note A-1,
Note A-2, Note A-3, Note A-4 or Note A-5 must, pursuant to any insolvency, bankruptcy, fraudulent conveyance, preference
or similar law, be returned to the Borrower or

 

    	-17- 

     

    

 

paid to the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder,
the Note A-4 Holder, the Note A-5 Holder, or any Servicer or paid to any other Person, then, notwithstanding any other provision
of this Agreement, no Servicer shall be required to distribute any portion thereof to the Note A-1 Holder, the Note A-2
Holder, the Note A-3 Holder, the Note A-4 Holder or the Note A-5 Holder, as applicable, and the Note A-1 Holder,
the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder or the Note A-5 Holder, as applicable, shall promptly
on demand repay to such Servicer the portion thereof which shall have been theretofore distributed to the Note A-1 Holder,
the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder or the Note A-5 Holder, as applicable, together
with interest thereon at such rate, if any, as such Servicer shall have been required to pay to the Borrower, the Note A-1
Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder, any Servicer or
such other person or entity with respect thereto. Each of the Note A-1 Holder, the Note A-2 Holder, the Note A-3
Holder, the Note A-4 Holder and the Note A-5 Holder, agrees that if at any time it shall receive from any sources whatsoever
any payment on account of the Mortgage Loan in excess of its distributable share thereof, it will promptly remit such excess to
the Master Servicer. The Master Servicer shall have the right to offset any amounts due hereunder from the Note A-1 Holder,
the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder or the Note A-5 Holder, as applicable, with respect
to the Mortgage Loan against any future payments due to the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder,
the Note A-4 Holder or the Note A-5 Holder, as applicable, under the Mortgage Loan, provided, that the obligations
of the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5
Holder under this Section 5 are separate and distinct obligations from one another and in no event shall any Servicer
enforce the obligations of any Holder against any other Holder. The obligations of the Note A-1 Holder, the Note A-2
Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder under this Section 5 constitute
absolute, unconditional and continuing obligations and each Servicer shall be deemed a third-party beneficiary of these provisions.

 

6.       Limitation
on Liability. Subject to the terms of the Servicing Agreement, no Holder (including the Master Servicer or the Special
Servicer on its behalf) shall have any liability to any other Holder with respect to any Note, except (1) with respect
to the Advance reimbursement provisions set forth in Section 17 and (2) with respect to losses actually
suffered due to the gross negligence, willful misconduct or material breach of this Agreement on the part of such Holder
(including the Master Servicer or the Special Servicer on its behalf, except that the Master Servicer’s or Special
Servicer’s liability is further limited or expanded as set forth in the Servicing Agreement).

 

7.       Representations
of the Holders. (a) Each of the initial Holders hereby represents and warrants to, and covenants with each other Holder
that, as of the date hereof:

 

(i)       It
is duly organized, validly existing and in good standing under the laws of the State under which it is organized.

 

(ii)       The
execution and delivery of this Agreement by such Holder, and performance of, and compliance with, the terms of this Agreement by
such Holder, will not violate its organizational documents or constitute a default (or an event which, with

 

    	-18- 

     

    

 

notice or lapse of
time, or both, would constitute a default) under, or result in the breach of, any material agreement or other instrument to which
it is a party or that is applicable to it or any of its assets, in each case which materially and adversely affect its ability
to carry out the transactions contemplated by this Agreement.

 

(iii)       Such
Holder has the full power and authority to enter into and consummate all transactions contemplated by this Agreement, has duly
authorized the execution, delivery and performance of this Agreement and has duly executed and delivered this Agreement.

 

(iv)       This
Agreement is the legal, valid and binding obligation of such Holder enforceable against such Holder in accordance with its terms,
except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law), and except that the enforcement of rights with respect to indemnification and
contribution obligations may be limited by applicable law.

 

(v)       It
has the right to enter into this Agreement without the consent of any third party.

 

(vi)       It
is the holder of the respective Note for its own account in the ordinary course of its business.

 

(vii)       It
has not dealt with any broker, investment banker, agent or other person, that may be entitled to any commission or compensation
in connection with the consummation of any of the transactions contemplated hereby.

 

(viii)       It
is a Qualified Transferee.

 

8.       Independent
Analyses of each Holder. Each Holder acknowledges that, except for the representations made in Section 7, it
has, independently and without reliance upon any other Holders and based on such documents and information as such Holder has
deemed appropriate, made its own credit analysis and decision to purchase its respective Note. Each Holder hereby
acknowledges that the other Holders shall have no responsibility for (i) the collectability of the Mortgage Loan,
(ii) the validity, enforceability or legal effect of any of the Mortgage Loan Documents or the title insurance policy or
policies or any survey furnished or to be furnished in connection with the origination of the Mortgage Loan, (iii) the
validity, sufficiency or effectiveness of the lien created or to be created by the Mortgage Loan Documents, or (iv) the
financial condition of the Borrower. Each Holder assumes all risk of loss in connection with its respective Note for reasons
other than gross negligence, willful misconduct or breach of this Agreement by any other Holder or gross negligence, willful
misconduct or bad faith by any Servicer.

 

9.       No
Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken pursuant
hereto, shall be deemed to constitute among any Holder (or the Master Servicer, Special Servicer or Trustee on its behalf)
and any

 

    	-19- 

     

    

 

other Holder a partnership, association, joint venture or other entity. Each Holder
(or the Master Servicer, Special Servicer or Trustee on its behalf) shall have no obligation whatsoever to offer to the other Holders
the opportunity to purchase notes or interests relating to any future loans originated by such Holder or any of its Affiliates,
and if any Holder chooses to offer to any of the other Holders, the opportunity to purchase notes or interests in any future mortgage
loans originated by such Holder or its Affiliates, such offer shall be at such purchase price and interest rate as such Holder
chooses, in its sole and absolute discretion. None of the Holders shall have any obligation whatsoever to purchase from any other
Holder any notes or interests in any future loans originated by any other Holder or any of its Affiliates.

 

10.       Not
a Security. None of Note A-1, Note A-2, Note A-3, Note A-4 or Note A-5 shall be deemed to be a security
within the meaning of the Securities Act of 1933 or the Securities Exchange Act of 1934.

 

11.       Other
Business Activities of the Holders. Each Holder acknowledges that the other Holders may make loans or otherwise extend
credit to, and generally engage in any kind of business with, any Affiliate of the Borrower, and receive payments on such
other loans or extensions of credit to any Affiliate of the Borrower and otherwise act with respect thereto freely and
without accountability, but only if none of the foregoing violate the Mortgage Loan Documents, in the same manner as if this
Agreement and the transactions contemplated hereby were not in effect.

 

12.       Transfer
of Notes. (a) Each Holder may Transfer up to 49% (in the aggregate) of its beneficial interest in its Note whether or
not the related transferee is a Qualified Transferee without a Rating Agency Confirmation. Each Holder shall not Transfer
more than 49% (in the aggregate) of its beneficial interest in its Note unless (i) prior to a Securitization of any
Note, the other Holder has consented to such Transfer, in which case the related transferee shall thereafter be deemed to be
a “Qualified Transferee” for all purposes under this Agreement, (ii) after a Securitization of any Note, a
Rating Agency Confirmation has been received with respect to such Transfer, in which case the related transferee shall
thereafter be deemed to be a “Qualified Transferee” for all purposes under this Agreement, (iii) such
Transfer is to a Qualified Transferee, or (iv) such Transfer is in connection with a sale by Securitization trust. Any such
transferee must assume in writing the obligations of the transferring Holder hereunder and agree to be bound by the terms and
provisions of this Agreement and the Servicing Agreement. Such proposed transferee (except in the case of Transfers that are
made in connection with a Securitization) shall also remake each of the representations and warranties contained herein for
the benefit of the other Holder. Notwithstanding the foregoing, without the non-transferring Holder’s prior consent
(which will not be unreasonably withheld), and, if such non-transferring Holder’s Note is in a Securitization, without
a Rating Agency Confirmation from each Rating Agency that has been engaged by the Depositor to rate the securities issued in
connection with such Securitization, no Holder shall Transfer all or any portion of its Note to the Borrower or an Affiliate
of the Borrower and any such Transfer shall be absolutely null and void and shall vest no rights in the
purported transferee.

 

(b)       Except
for a Transfer made in connection with a Securitization, or a Transfer made by an initial Holder to an Affiliate, at least five
(5) days prior to a transfer of any

 

    	-20- 

     

    

 

Note, the transferring Holder shall provide to the other Holders and, if any Certificates are
outstanding, to the Rating Agencies, a certification that such transfer will be made in accordance with this Section 12,
such certification to include (1) the name and contact information of the transferee and (2) if applicable, a certification
by the transferee that it is a Qualified Transferee.

 

(c)       The
Holders acknowledge that any Rating Agency Confirmation may be granted or denied by the Rating Agencies in their sole and absolute
discretion and that such Rating Agencies may charge the transferring Holder customary fees in connection with providing such Rating
Agency Confirmation.

 

(d)       Notwithstanding
anything to the contrary contained herein, each Holder may pledge or transfer (a “Pledge”) its Note to any entity
(other than the Borrower or any Affiliate of the Borrower) that has extended a credit facility to such Holder or has entered into
a repurchase agreement with such Holder and that, in each case, is either a Qualified Transferee or a financial institution whose
long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency (a “Note
Pledgee”), or to a Person with respect to which a Rating Agency Confirmation has been obtained, on terms and conditions
set forth in this Section 12(d), it being further agreed that a financing provided by a Note Pledgee to any Holder
or any Affiliate that controls such Holder that is secured by such Holder’s interest in its respective Note and is structured
as a repurchase arrangement, shall qualify as a “Pledge” hereunder on the condition that all applicable terms and conditions
of this Section 12 are complied with. A Note Pledgee that is not a Qualified Transferee may not take title to a Note
without a Rating Agency Confirmation. Upon written notice, if any, by the pledging Holder to the other Holders and the Servicer
that a Pledge has been effected (including the name and address of the applicable Note Pledgee), the other Holders agree to acknowledge
receipt of such notice and thereafter agree: (i) to give such Note Pledgee written notice of any default by the pledging Holder
in respect of its obligations under this Agreement of which default such Holder has actual knowledge and which notice shall be
given simultaneously with the giving of such notice to the pledging Holder; (ii) to allow such Note Pledgee a period of ten
(10) Business Days to cure a default by the pledging Holder in respect of its obligations to the other Holders hereunder, but such
Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination
of this Agreement or the Servicing Agreement (if the pledging Holder had the right to consent to such amendment, modification,
waiver or termination pursuant to the terms hereof) shall be effective against such Note Pledgee without the written consent of
such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed and which consent shall be deemed to
be given if Note Pledgee shall fail to respond to any request for consent to any such amendment, modification, waiver or termination
within 10 days after request therefor; (iv) that the other Holders shall accept any cure by such Note Pledgee of any
default of the pledging Holder which such pledging Holder has the right to effect hereunder, as if such cure were made by such
pledging Holder; (v) that the other Holders or Servicer shall deliver to Note Pledgee such estoppel certificate(s) as Note
Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory to the
other Holders; and (vi) that, upon written notice (a “Redirection Notice”) to the Servicer by such Note
Pledgee that the pledging Holder is in default beyond any applicable cure periods with respect to the pledging Holder’s obligations
to such Note Pledgee pursuant to the applicable credit agreement or other agreements relating to the Pledge between the pledging
Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Holder), and until such Redirection

 

    	-21- 

     

    

 

Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee (or at any time that pledging Holder otherwise directs that
such payment be made to Note Pledgee pursuant to a separate notice) shall be entitled to receive any payments that any Servicer
would otherwise be obligated to make to the pledging Holder from time to time pursuant to this Agreement or any Servicing Agreement.
Any pledging Holder hereby unconditionally and absolutely releases the other Holders and any Servicer from any liability to the
pledging Holder on account of any Holder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer
or other Holders in good faith to have been delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its
rights and remedies against the pledging Holder (and accept an assignment in lieu of foreclosure as to such collateral), in accordance
with applicable law, the pledge agreement, repurchase agreement or similar agreement between the pledging Holder and the Note Pledgee
and this Agreement. In such event, or if the pledging holder otherwise assigns its interests to the Note Pledgee, the other Holders
and the Servicer shall recognize such Note Pledgee (and any transferee (other than the Borrower or any Affiliate of the Borrower)
that is also a Qualified Transferee at any foreclosure or similar sale held by such Note Pledgee or any transfer in lieu of foreclosure),
and such Person’s successor and assigns, as the successor to the pledging Holder’s rights, remedies and obligations
under this Agreement, and any such Note Pledgee or Qualified Transferee shall assume in writing the obligations of the pledging
Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note Pledgee) and
agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 12(d) shall
remain effective as to any Holder (and any Servicer) unless and until such Note Pledgee shall have notified such Holder (and any
Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

 

13.       Exercise
of Remedies by the Servicer. (a) Subject to the terms of this Agreement and the Servicing Agreement and subject to the
rights and consents, where required, of the Directing Holder, the Servicer shall have the sole and exclusive authority with
respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without
limitation, the sole and exclusive authority to (i) modify or waive any of the terms of the Mortgage Loan Documents,
(ii) consent to any action or failure to act by the Borrower or any party to the Mortgage Loan Documents,
(iii) vote all claims with respect to the Mortgage Loan in any bankruptcy, insolvency or other similar proceedings and
(iv) to take legal action to enforce or protect the Holders’ interests with respect to the Mortgage Loan or to
refrain from exercising any powers or rights under the Mortgage Loan Documents, including the right at any time to call or
waive any Events of Default, or accelerate or refrain from accelerating the Mortgage Loan or institute any foreclosure
action, and the Holders shall have no voting, consent or other rights whatsoever with respect to the Servicer’s
administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan other than as provided in the
Servicing Agreement. Subject to the terms and conditions of the Servicing Agreement, the Servicer shall have the sole and
exclusive authority to make Property Advances with respect to the Mortgage Loan. Except as otherwise provided in this
Agreement, each Holder agrees that it shall have no right to, and hereby presently and irrevocably assigns and conveys to the
Servicer the rights, if any, that such Holder has to (A) call or cause the Servicer to call an Event of Default under
the Mortgage Loan, or (B) exercise any remedies with respect to the Mortgage Loan or the Borrower, including, without
limitation, filing or causing the Lead Note Holder or such Servicer to file any bankruptcy petition against the Borrower.
Each Holder shall, from time to time,

 

    	-22- 

     

    

 

execute such documents as any Servicer
shall reasonably require to evidence such assignment with respect to the rights described in clause (iii) of the first
sentence in this Section 13(a).

 

(b)       The
Lead Servicer and the related Trustee shall not have any fiduciary duty to the Non-Lead Note Holders in connection with the administration
of the Mortgage Loan (but the foregoing shall not relieve the Lead Servicer and the related Trustee from their respective obligation
under the Servicing Agreement to make any disbursement of funds as set forth herein).

 

(c)       The
Holders hereby acknowledge that the Servicing Agreement shall provide that, subject to the satisfaction of the conditions set forth
in the next sentence, upon the Mortgage Loan becoming a Defaulted Mortgage Loan, if the Special Servicer determines to sell the
Defaulted Mortgage Loan (or the Lead Note), it will be required to sell the entire Defaulted Mortgage Loan as a single whole loan
(i.e., both the Lead Note and Non-Lead Note). Any such sale of the entire Defaulted Mortgage Loan is subject to the satisfaction
of the following:

 

(i)       Each
Non-Lead Note Holder has provided written consent to such sale; or

 

(ii)       The
Special Servicer has delivered the following notices and information to each Non-Lead Note Holder:

 

(1)       at
least 15 Business Days prior written notice of any decision to attempt to sell the Defaulted Mortgage Loan;

 

(2)       at
least 10 days prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages)
received by the Special Servicer in connection with any such proposed sale;

 

(3)       at
least 10 days prior to the proposed sale date, a copy of the most recent Appraisal for the Mortgage Loan, and any documents
in the Servicing File reasonably requested by a Non-Lead Note Holder; and

 

(4)       until
the sale is completed and a reasonable period of time (but no less time than is afforded to other offerors and the Directing Holder)
prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents
that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale.

 

Any Non-Lead Note Holder
may waive any delivery or timing requirements set forth above only for itself. Subject to the foregoing, each of the Lead Note
Holder, the Directing Holder, the Non-Lead Note Holders and the Non-Directing Holders shall be permitted to submit an offer at
any sale of the Defaulted Mortgage Loan (unless such Person is the Borrower or an agent or Affiliate of the Borrower).

 

The Non-Lead Note Holders
hereby appoint the Lead Note Holder as their agent, and grant to the Lead Note Holder an irrevocable power of attorney coupled
with an interest, and

 

    	-23- 

     

    

 

its proxy, for the purpose of soliciting and accepting offers for and consummating the sale of the Non-Lead
Notes. Each Non-Lead Note Holder further agrees that, upon the request of the Lead Note Holder, such Non-Lead Note Holder shall
execute and deliver to or at the direction of Lead Note Holder such powers of attorney or other instruments as the Lead Note Holder
may reasonably request to better assure and evidence the foregoing appointment and grant, in each case promptly following such
request, and shall deliver the related original Non-Lead Note, endorsed in blank, to or at the direction of the Lead Note Holder
in connection with the consummation of any such sale.

 

The authority of the
Lead Securitization Note Holder to sell the Non-Lead Notes, and the obligations of the Non-Lead Note Holders to execute and deliver
instruments or deliver the Non-Lead Note upon request of the Lead Securitization Note Holder, shall terminate and cease to be of
any further force or effect upon the date, if any, upon which the Lead Securitization Note is repurchased by Natixis, as the initial
Note A-1 Holder from the trust fund established under the Lead Securitization Servicing Agreement in connection with a material
breach of representation or warranty made by Natixis, as the initial Note A-1 Holder with respect to Lead Securitization Note
or material document defect with respect to the documents delivered by Natixis, as the initial Note A-2 Holder with respect
to Lead Securitization Note upon the consummation of the Lead Securitization.

 

(d)       Notwithstanding
anything to the contrary contained herein, the exercise by the Servicer on behalf of the Holders of its rights under this Section 13
shall be subject in all respects to any section of the Servicing Agreement governing REMIC administration, and in no event shall
the Servicer be permitted to take any action or refrain from taking any action if taking or failing to take such action, as the
case may be, would violate the laws of any applicable jurisdiction, breach the Mortgage Loan Documents or be inconsistent with
the Servicing Standard or violate any other provisions of the Servicing Agreement or violate the REMIC provisions of the Code or
any regulations promulgated thereunder, including, without limitation, the provisions of Section 2(g) of this Agreement.

 

14.       Rights
of the Directing Holder. The Directing Holder shall be entitled to exercise the rights and powers granted to the
Directing Holder hereunder and the rights and powers granted to the “Directing Holder,” “Controlling
Class Certificateholder,” “Controlling Class Representative” or similar party under, and as defined
in, the Servicing Agreement with respect to the Mortgage Loan. In addition, the Directing Holder shall be entitled to advise
(1) the Special Servicer with respect to all matters related to a Specially Serviced Mortgage Loan and (2) the
Special Servicer with respect to all matters for which the Master Servicer must obtain the consent or deemed consent of the
Special Servicer, and, except as set forth below (i) the Master Servicer shall not be permitted to take any Major Action
unless it has obtained the prior written consent of the Special Servicer and (ii) the Special Servicer shall not be
permitted to consent to the Master Servicer’s taking any Major Action nor will the Special Servicer itself be permitted
to take any Major Action as to which the Directing Holder has objected in writing within ten (10) Business Days (or
30 days with respect to an Acceptable Insurance Default) after receipt of the written recommendation and analysis and
such additional information requested by the Directing Holder as may be necessary in the reasonable judgment of the Directing
Holder in order to make a judgment with respect to such Major Action. The Directing Holder may also direct the Special

 

    	-24- 

     

    

 

Servicer to take, or to refrain from taking, such other actions with respect to the Mortgage Loan as the Directing Holder may
deem advisable, subject to the terms of the Servicing Agreement.

 

If the Directing Holder
fails to notify the Special Servicer of its approval or disapproval of any proposed Major Action within ten (10) Business Days
(or 30 days with respect to an Acceptable Insurance Default) after delivery to the Directing Holder by the applicable Servicer
of written notice of a proposed Major Action together with any information requested by the Directing Holder as may be necessary
in the reasonable judgment of the Directing Holder in order to make a judgment, then upon the expiration of such ten (10) Business
Day (or 30 days with respect to an Acceptable Insurance Default) period, such Major Action shall be deemed to have been approved
by the Directing Holder.

 

In the event that the
Special Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by the Servicing Agreement to take
such action), as applicable, determines that immediate action, with respect to the foregoing matters, or any other matter requiring
consent of the Directing Holder is necessary to protect the interests of the Holders (as a collective whole) and the Special Servicer
has made a reasonable effort to contact the Directing Holder, the Master Servicer or the Special Servicer, as the case may be,
may take any such action without waiting for the Directing Holder’s response.

 

No objection, direction
or advice contemplated by the preceding paragraphs may require or cause the Master Servicer or the Special Servicer, as applicable,
to violate any provision of the Mortgage Loan Documents, applicable law, the Servicing Agreement, this Agreement, the REMIC provisions
of the Code or the Master Servicer or Special Servicer’s obligation to act in accordance with the Servicing Standard or expose
the Master Servicer or the Special Servicer to liability, or materially expand the scope of the Master Servicer’s or Special
Servicer’s responsibilities under the Servicing Agreement.

 

The Directing Holder
shall have no liability to the other Holders or any other Person for any action taken, or for refraining from the taking of any
action or the giving of any consent or the failure to give any consent pursuant to this Agreement or the Servicing Agreement, or
errors in judgment, absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith or gross negligence.
The Holders agree that the Directing Holder may take or refrain from taking actions, or give or refrain from giving consents, that
favor the interests of one Holder over the other Holder, and that the Directing Holder may have special relationships and interests
that conflict with the interests of another Holder and, absent willful misfeasance, bad faith or gross negligence on the part of
the Directing Holder agree to take no action against the Directing Holder or any of its officers, directors, employees, principals
or agents as a result of such special relationships or interests, and that the Directing Holder will not be deemed to have been
grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance or to have recklessly disregarded
any exercise of its rights by reason of its having acted or refrained from acting, or having given any consent or having failed
to give any consent, solely in the interests of any Holder.

 

15.       Appointment
of Special Servicer. Subject to the terms of the Servicing Agreement, the Directing Holder shall have the right at any
time and from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage
Loan and

 

    	-25- 

     

    

 

appoint a Qualified Servicer as the replacement
Special Servicer in lieu thereof. The Directing Holder shall designate a Person to serve as Special Servicer by delivering to the
other Holders and the parties to the Note A-1 PSA, the Note A-4 PSA, the Note A-5 PSA and the WFCM 2016-NXS6 PSA
a written notice stating such designation and by satisfying the other conditions required under the Servicing Agreement (including,
without limitation, a Rating Agency Confirmation, if required by the terms of the Servicing Agreement), if any.

 

16.       Rights
of the Non-Directing Holders. (a) Each Servicing Agreement shall provide that the Servicer shall be required:

 

(i)       to
provide copies of the same notices, information and reports that it is required to provide to the Directing Holder pursuant to
the Servicing Agreement with respect to any Major Actions or the implementation of any recommended actions outlined in an Asset
Status Report relating to the Mortgage Loan to the Non-Directing Holders (but without regard to whether or not the Directing Holder
actually has lost any rights to receive such information as a result of a Consultation Termination Event), within the same time
frame as specified with respect to the Directing Holder (but without regard to whether or not the Directing Holder actually has
lost any rights to receive such information as a result of a Consultation Termination Event); provided, however,
that if Note A-1, Note A-4 or Note A-5 has been included in a Securitization, then for any information for which the Special Servicer
would be required to provide to such Non-Directing Holder, the Special Servicer shall provide such notice to the master servicer
of the other Securitization transaction, who shall forward such notice as and when required under the terms of the related Securitization
documents; and

 

(ii)       to
consult with each Non-Directing Holder on a strictly non-binding basis, if, having received such notices, information and reports,
such Non-Directing Holder requests consultation with respect to any such Major Action or the implementation of any recommended
actions outlined in an Asset Status Report relating to the Mortgage Loan, and consider alternative actions recommended by such
Non-Directing Holder; provided that after the expiration of a period of ten (10) Business Days from the delivery to each
Non-Directing Holder of written notice of a proposed action, together with copies of the notice, information and report required
to be provided to the Directing Holder, the Servicer shall no longer be obligated to consult with the Non-Directing Holders, whether
or not the Non-Directing Holders have responded within such ten (10) Business Day period (unless the Servicer proposes a new course
of action that is materially different from the action previously proposed, in which case such ten (10) Business Day period shall
be begin anew from the date of such proposal and delivery of all information relating thereto).

 

(b)       Notwithstanding
the foregoing non-binding consultation rights of the Non-Directing Holders, the Servicer may take any Major Action or any action
set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Servicer determines
that immediate action with respect thereto is necessary to protect the interests of the Holders.

 

    	-26- 

     

    

 

(c)       In
addition to the foregoing non-binding consultation rights, the Non-Directing Holders shall have the right to annual conference
calls with the Master Servicer or the Special Servicer, upon reasonable notice and at times reasonably acceptable to the Master
Servicer or the Special Servicer, as applicable, in which servicing issues related to the Mortgage Loan are discussed.

 

(d)       In
no event shall the Servicer be obligated at any time to follow or take any alternative actions recommended by any of the Non-Directing
Holders.

 

(e)       Any
Non-Directing Holder that is the Borrower or an Affiliate of the Borrower shall not be entitled to any of the rights set forth
in this Section 16.

 

17.       Advances;
Reimbursement of Advances. (a) From time to time, (i) pursuant to terms of the Servicing Agreement, the Lead
Servicer and/or the related Trustee may be obligated to make (1) Property Advances with respect to the Mortgage Loan or
the Mortgaged Property and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the terms of a
Non-Lead Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated to make
P&I Advances with respect to a Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to make
any P&I Advance with respect to any Non-Lead Note and the related Non-Lead Master Servicer and/or the related Trustee
will not be required to make any P&I Advance with respect to any Lead Note, any other Non-Lead Note or any Property
Advance. The Lead Servicer, each Non-Lead Master Servicer and any Trustee will be entitled to interest on any Advance made in
the manner and from the sources provided in the Note A-1 PSA, the Note A-4 PSA, Note A-5 PSA and the WFCM
2016-NXS6 PSA, as applicable.

 

(b)       The
Lead Servicer and the related Trustee, as applicable, will be entitled to reimbursement for a Property Advance, first from
the Collection Account established with respect to the Mortgage Loan, and then, if such Property Advance is a Nonrecoverable
Advance, if such funds on deposit in the Collection Account are insufficient, from general collections of the Lead Securitization
as provided in the Servicing Agreement.

 

(c)       To
the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient to reimburse the Lead
Servicer for any Property Advance and/or interest thereon and the Lead Servicer or the related Trustee, as applicable, obtains
funds from general collections of the Lead Securitization as a reimbursement for a Property Advance or interest thereon, each Non-Lead
Note Holder (including any Securitization into which any Non-Lead Note is deposited) shall be required to, promptly following notice
from the Lead Servicer, pay to the Lead Securitization for its pro rata share of such Property Advance and/or interest thereon
at the Reimbursement Rate. In addition, each Non-Lead Note Holder (including any Securitization into which any Non-Lead Note is
deposited) shall promptly reimburse the Lead Servicer or the related Trustee for such Non-Lead Note Holder’s pro rata
share of any fees, costs or expenses incurred in connection with the servicing and administration of the Mortgage Loan as to which
the Lead Securitization or any of the parties thereto are entitled to be reimbursed pursuant to the terms of the Servicing Agreement
(to the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient for reimbursement
of such amounts).

 

    	-27- 

     

    

 

(d)       The
parties to each of the Note A-1 PSA, the Note A-4 PSA, Note A-5 PSA and the WFCM 2016-NXS6 PSA shall each be entitled
to make their own recoverability determination with respect to a P&I Advance based on the information that they have on hand
and in accordance with the Note A-1 PSA, the Note A-4 PSA, Note A-5 and the WFCM 2016-NXS6 PSA, as applicable.

 

(e)       If
the Lead Servicer or the related Trustee elects to defer the reimbursement of a Property Advance in accordance with the terms of
the Servicing Agreement, the Lead Servicer or the related Trustee shall also defer its reimbursement of each Non-Lead Note share
from the Non-Lead Note Holders.

 

18.       Provisions
Relating to Securitization. (a) New Notes. For so long as Natixis or an Affiliate of Natixis (an “Initial Note
Holder”) is the owner of any Notes, such Initial Note Holder shall have the right, subject to the terms of the
Mortgage Loan Documents, to cause the Borrower to execute amended and restated notes (“Amended Notes”) or
additional notes (“New Notes”) reallocating the principal of the Note or Notes that it owns (but in no
case any Note that it does not then own) among Amended Notes and New Notes or severing a Note into one or more further
“component” notes in the aggregate principal amount equal to the then outstanding principal balance of the Note
or Notes being amended or created, provided that (i) the aggregate principal balance of the Amended Notes and New
Notes following such amendments is no greater than the principal balance of the Amended Notes and New Notes prior to such
amendments, (ii) all New Notes continue to have the same interest rate as Amended Note of which it was a part prior to such
amendments, (iii) all New Notes pay pro rata and on a pari passu basis with the Amended Notes and such
reallocated or component notes shall be automatically subject to the terms of this Agreement and (iv) the Initial Note Holder
holding the New Notes shall notify each other Holder, as applicable, and, if any other Note has been included in a
securitization, the parties under each applicable pooling and servicing agreement, in writing of such modified allocations
and principal amounts. In connection with the foregoing, (1) the Master Servicer is hereby authorized to execute
amendments to the Loan Agreement and this Agreement (or to amend and restate the Loan Agreement and this Agreement) on behalf
of any or all of the Holders solely for the purpose of reflecting such reallocation of principal or such severing of a Note,
(2) if a Note is severed into “component” notes, such component notes shall each have their same rights as the
respective original Note, (3) the definition of the term “Securitization” and all of the related defined terms
may be amended (and new terms added, as necessary) to reflect the New Notes and (4) if Natixis is the current Directing
Holder, it may designate the holder for of a different Note to be the Directing Holder. Rating Agency Confirmation shall not
be required for any amendments to this Agreement required to facilitate the terms of this Section 18(a). The Initial
Note Holder whose Note is being reallocated or split pursuant to this Section 18(a) shall reimburse the other Holders
for all costs and expenses incurred by the other Holders in connection with the reallocation or split.

 

(b)       Each
Non-Lead Note Holder agrees that (if the Non-Lead Note is included in a Securitization other than the Lead Securitization) it shall
cause the Non-Lead Servicing Agreement to provide as follows:

 

(i)       the
applicable master servicer and trustee for such Securitization shall be required to notify the master servicer, special servicer
and trustee of each other

 

    	-28- 

     

    

 

Securitization of the amount of any P&I Advance it has made with respect to the Note included in
such Securitization within two Business Days of making such advance;

 

(ii)       if
the applicable master servicer, special servicer or trustee determines that a proposed P&I Advance, if made, or any outstanding
P&I Advance previously made, would be, or is, as applicable, a nonrecoverable advance, the master servicer shall provide the
other servicers written notice of such determination within 2 Business Days after such determination was made;

 

(iii)       in
the event such Non-Lead Note Holder is responsible for its proportionate share of any Nonrecoverable Advances (or any other portion
of a Nonrecoverable Advance) (and advance interest thereon) or other fee or expense pursuant to Section 17, and funds received
with respect to such Non-Lead Note are insufficient to cover such amounts, (x) the related master servicer will be required
to pay the Master Servicer, Special Servicer or Lead Trustee, as applicable, out of general funds in the collection account (or
equivalent account) established under the related Non-Lead Servicing Agreement and (y) if the Lead Servicing Agreement permits
the Master Servicer, Special Servicer or Lead Trustee to pay itself from the Lead Securitization Trust’s general account
then the master servicer under the related Non-Lead Servicing Agreement will be required to reimburse the Lead Securitization Trust
out of general funds in the collection account (or equivalent account) established under the related Non-Lead Servicing Agreement;

 

(iv)       each
of the Master Servicer and the Special Servicer shall be indemnified (as and to the extent the Lead Securitization Trust is required
to indemnify each such party) against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments
and any other costs, liabilities, fees and expenses, incurred in connection with any PSA that relate solely to its servicing of
the Mortgage Loan, as applicable, and the master servicer under the related Non-Lead Servicing Agreement will be required to reimburse
the Master Servicer, Special Servicer or Lead Trustee, as applicable, out of general funds in the collection account (or equivalent
account) established under the related Non-Lead Servicing Agreement;

 

(v)       each
of trustee and the master servicer under the Non-Lead Servicing Agreement, as applicable, shall acknowledge that, (i) each
of the Master Servicer and the Lead Trustee will be a third party beneficiary under the Non-Lead Servicing Agreement with respect
to any provisions therein relating to (1) the reimbursement of any nonrecoverable advances made with respect to such Non-Lead Note
by the Master Servicer or the Lead Trustee and (2) as to the Master Servicer only, the indemnification of the Master Servicer against
any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees
and expenses, incurred in connection with any PSA and relating to such Non-Lead Note and (ii) the Special Servicer will be
a third party beneficiary under the related Non-Lead Servicing Agreement with respect to any provisions therein relating to (1)
the reimbursement of any nonrecoverable advances made with respect to such Non-Lead Note by the Special Servicer (it being understood
that the Special Servicer is not required to make any Advances) and (2) the indemnification of the Special Servicer against any
claims, losses,

 

    	-29- 

     

    

 

penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and
expenses, incurred in connection with any PSA and relating to such Non-Lead Note; and

 

(vi)       the
Master Servicer and the Special Servicer shall be third party beneficiaries of the foregoing provisions.

 

(c)       Notice
to parties to the Lead PSA.

 

(i)       The
Note A-4 Holder shall provide the Depositor, the Servicer and the Special Servicer under the Lead PSA (as of the Note A-4 Securitization
Date) (provided such party is not also a party to the Note A-4 PSA) notice of the Note A-4 Securitization in writing (which may
be by email) prior to or promptly following the Note A-4 Securitization Date. Such notice shall contain contact information for
each of the parties to the Note A-4 PSA and the identity of the Controlling Class Representative under such Note A-4 PSA. In addition,
after the Note A-4 Securitization Date, the Note A-4 Holder shall send a copy of the Note A-4 PSA to the Depositor, the Servicer
and the Special Servicer under the Lead PSA (as of the Note A-4 Securitization Date) (provided such party is not also a party to
the Note A-4 PSA).

 

(ii)       The
Note A-5 Holder shall provide the Depositor, the Servicer and the Special Servicer under the Lead PSA (as of the Note A-5 Securitization
Date) (provided such party is not also a party to the Note A-5 PSA) notice of the Note A-5 Securitization in writing (which may
be by email) prior to or promptly following the Note A-5 Securitization Date. Such notice shall contain contact information for
each of the parties to the Note A-5 PSA and the identity of the Controlling Class Representative under such Note A-5 PSA. In addition,
after the Note A-5 Securitization Date, the Note A-5 Holder shall send a copy of the Note A-5 PSA to the Depositor, the Servicer
and the Special Servicer under the Lead PSA (as of the Note A-5 Securitization Date) (provided such party is not also a party to
the Note A-5 PSA).

 

(d)       The
Note A-1 PSA shall provide that:

 

(i)       the
Master Servicer and Trustee for such Securitization shall be required to notify the servicer, special servicer and trustee of each
other Securitization of the amount of any P&I Advance it has made with respect to the Note included in such Securitization
within two Business Days of making such advance;

 

(ii)       if
the Master Servicer or Trustee determines that a proposed P&I Advance, if made, or any outstanding P&I Advance previously
made, would be, or is, as applicable, a nonrecoverable advance, the Master Servicer shall provide the other servicers written notice
of such determination within 2 Business Days after such determination was made;

 

(iii)       the
Master Servicer shall remit all payments received (or advanced) with respect to any Non-Lead Note (other than any Non-Lead Note
deposited into the Lead Securitization as to which payments shall be applied as provided in the Servicing Agreement), net of its
Servicing Fee and any other applicable fees and reimbursements

 

    	-30- 

     

    

 

payable to the Master Servicer, the Special Servicer and the Trustee,
to the Non-Lead Note Holder on the applicable Master Servicer Remittance Date;

 

(iv)       the
Master Servicer agrees to make available to each master servicer under a Non-Lead Servicing Agreement the CREFC® Investor Reporting
Package® pursuant to the terms of the Servicing Agreement on a monthly basis on the applicable Master Servicer Remittance Date;

 

(v)       the
Master Servicer, any primary servicer, the Special Servicer and the Lead Trustee, certificate administrator or other party acting
as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause each other servicer and servicing
function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained or engaged by it to deliver),
to the parties to any Non-Lead Servicing Agreement, at its own expense, in a timely manner, the reports, certifications, compliance
statements, accountants’ assessments and attestations, information to be included in reports (including, without limitation,
Form 15G, Form 10K, Form 10D, Form 8K), and other materials specified in each of the other Servicing Agreements as the parties
to each Non-Lead Securitization may require in order to comply with their obligations under the Securities Act of 1933, as amended,
Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB, and any other applicable law. Without
limiting the generality of the foregoing, each Lead Note Holder for a Lead Securitization shall provide in a timely manner to the
depositor and the trustee for any prior Securitization a copy of the Lead Securitization Servicing Agreement and each Lead Servicer
(at the expense of the Lead Note Holder) will be required, upon prior written request, to provide to the depositor and the trustee
for any prior Securitization any other information required to comply in a timely manner with applicable filing requirements under
Items 1.01 and 6.02 of Form 8-K, any other disclosure information required pursuant to Regulation AB in a timely manner for inclusion
in any disclosure document (and, with respect to the Servicing Agreement, for filing under Form 8-K), and with respect to the Lead
Servicers, upon prior written request, market indemnification agreements, opinions and Regulation AB compliance letters as were
or are being delivered with respect to the Lead Securitization. As used in this Agreement, “Regulation AB” means Subpart
229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1125, as such may be amended from
time to time, and subject to such clarification and interpretation as have been provided by the United States Securities and Exchange
Commission (the “Commission”) or by the staff of the Commission, or as may be provided by the Commission or its staff
from time to time, in each case as effective from time to time as of the compliance dates specified therein. The Master Servicer,
any primary servicer and the Special Servicer, upon prior written request, shall each be required to provide certification and
indemnification to each Certifying Person with respect to the Sarbanes-Oxley Certification (or analogous terms) as such terms are
defined in the related Non-Lead Servicing Agreements;

 

(vi)       the
servicing duties of each of the Master Servicer and Special Servicer under the Servicing Agreement shall include the duty to service
each Non-Lead Note on behalf of the related Trustees and related Certificate holders in accordance with the terms and provisions
of this Agreement;

 

    	-31- 

     

    

 

(vii)       provide
that, with respect to any/each Non-Lead Note (other than any Non-Lead Note deposited into the Lead Securitization as to which payments
shall be withdrawn and remitted as provided in the Servicing Agreement), the Master Servicer shall withdraw from the related Collection
Account and remit to the Holder of the Non-Lead Note, within one (1) Business Day of receipt of properly identified funds, any
amounts that represent late collections or principal prepayments on such Non-Lead Note or any successor REO Property with respect
thereto (exclusive of any portion of such amount payable or reimbursable to any third party in accordance with this Agreement),
unless such amount would otherwise be included in the monthly remittance to the Holder of such Non-Lead Note for such month; provided,
however, that to the extent any such amounts are received after 3:00 p.m. Eastern time on any given Business Day, the Master
Servicer shall use commercially reasonable efforts to remit such late collections or principal prepayments to the Non-Lead Master
Servicer within two Business Days of receipt of properly identified funds;

 

(viii)       the
Non-Lead Note Holders (other than any Non-Lead Note Holder that is a direct party to the Servicing Agreement) are intended third-party
beneficiaries in respect of the rights afforded it under the Servicing Agreement and each master servicer under a Non-Lead Servicing
Agreement will be entitled to enforce the rights of the related Trustee with respect to such Non-Lead Note under this Agreement
and the Servicing Agreement; and

 

(ix)       each
master servicer and special servicer under any Non-Lead Servicing Agreement shall be a third-party beneficiary of the Servicing
Agreement with respect to all provisions therein expressly relating to compensation, reimbursement or indemnification of such master
servicer or special servicer, as the case may be, and the provisions regarding coordination of Advances;

 

(x)       it
shall not be amended in a manner that materially and adversely affects the rights of the Non-Lead Note Holders (other than any
Non-Lead Note Holder that is a direct party to the Servicing Agreement) without their consent; and

 

(xi)       satisfy
Moody’s rating methodology as of the closing date of the Lead Securitization related to permitted investments and eligible
accounts applicable to securities rated “Aaa” by Moody’s;

 

(xii)       provide
that, in connection with (A) any amendment of the Servicing Agreement, a party to such Servicing Agreement is required to provide
a copy of the executed amendment to the depositor under each related Non-Lead Servicing Agreement and one or more parties to the
related Non-Lead Servicing Agreement (which may be by e-mail), together with a copy of such amendment in electronic format, no
later than the effective date of such amendment, and (B) the termination, resignation and/or replacement of the Master Servicer
or Special Servicer under the Servicing Agreement, the replacement “master servicer” or replacement “special
servicer”, as applicable, is required to provide to the depositor under each related Non-Lead Servicing Agreement and one
or more parties to the related Non-Lead Servicing Agreement all disclosure

 

    	-32- 

     

    

 

about itself that is required to be included in Form
8-K no later than the date of effectiveness thereof;

 

(xiii)       provide
that “servicer termination events” (or any analogous term under the Servicing Agreement) include customary market termination
events with respect to failure to make advances, failure to remit payments to the Non-Lead Note Holders as required, failure to
deliver (or cause to be delivered) materials or information required in order for the Non-Lead Note Holders or the depositor under
a related Non-Lead Servicing Agreement to timely comply with its obligations under the Exchange Act, the Securities Act or Form
SF-3, and for rating agency triggers with respect to any Certificates, subject to customary grace periods (provided that, in the
case of failures related to the securities laws, such grace periods will not cause a depositor under a Non-Lead Servicing Agreement
to fail to comply with the applicable provisions of such securities laws);

 

(xiv)       provide
that if a Non-Lead Note becomes the subject of an “asset review” under a Non-Lead Servicing Agreement, the applicable
parties to the Servicing Agreement are required to reasonably cooperate with the related asset representations reviewer or other
applicable party to such Non-Lead Servicing Agreement in connection with such asset review, including with respect to providing
access to related underlying documents to the extent the asset representations reviewer or such other applicable party to the Non-Lead
Servicing Agreement has not obtained such documents from the related Non-Lead Note Holder and such documents are in the possession
of the applicable party to the Servicing Agreement; and

 

(xv)       have
provisions materially consistent with those set forth in the WFCM 2016-NXS6 PSA with respect to:

 

(A)       
servicing transfer events that would result in the transfer of the Mortgage Loan to special servicing status;

 

(B)       
the authority of the servicers in the Note A-2 Securitization to grant or agree or consent to material modifications, waivers and
amendments to the Mortgage Loan, or to approve material assignments and assumptions or material additional indebtedness in connection
with the Mortgage Loan;

 

(C)       
requirements to obtain an appraisal or appraisal update following a transfer of the Mortgage Loan to special servicing status and
periodic updates thereof;

 

(D)       
duties of the special servicer in respect of foreclosure and the management of REO property; and

 

(E)       
subject to various adjustments and caps provided for in the Note A-1 PSA (which shall be substantially similar to those set forth
in the WFCM 2016-NXS6 PSA), primary servicing fee, special servicing, workout and liquidation fees (and, in any event, the fees
at which such compensation accrue or are determined shall not exceed 0.00250%, 0.25%, 1.00% and 1.00%, respectively),

 

    	-33- 

     

    

 

provided,
however, that (1) this clause (xv) shall not be construed to prohibit differences in timing, control or consultation triggers
or thresholds, terminology, allocation of ministerial duties between multiple servicers or other service providers or certificate
holder or investor voting or consent thresholds, or to prohibit or restrict additional approval, consent, consultation, notice
or rating agency confirmation requirements; and (2) in the event of any conflict between this sentence and any other provision
of this Agreement, such other provision of the Agreement shall control.

 

(e)       Each
Note A-4 PSA shall have provisions for the benefit of the parties to the Note A-1 PSA that are substantially similar to those provisions
in the WFCM 2016-NXS6 PSA, including but not limited to indemnifications, advance reimbursements and designation of third party
beneficiaries.

 

(f)       Each
Note A-5 PSA shall have provisions for the benefit of the parties to the Note A-1 PSA that are substantially similar to those provisions
in the WFCM 2016-NXS6 PSA, including but not limited to indemnifications, advance reimbursements and designation of third party
beneficiaries.

 

(g)       The
Lead Note Holder shall give each of the parties to each Non-Lead Servicing Agreement (that will not also be a party to the Servicing
Agreement) (as of the Note A-1 Securitization Date) notice of the Lead Securitization in writing (which may be by email) prior
to or promptly following the Note A-1 Securitization Date. Such notice shall contain contact information for each of the parties
to the Servicing Agreement and the identity of the Controlling Class Representative under such Note A-1 PSA. In addition, after
the Note A-1 Securitization Date, the Note A-1 Holder shall send a copy of the Note A-1 PSA to the Depositor, the Servicer and
the Special Servicer under the Non-Lead Servicing Agreement (as of the Note A-1 Securitization Date) (provided that such party
is not also a party to the Note A-1 PSA).

 

(h)       If
any provision required to be included in a Non-Lead Servicing Agreement or Servicing Agreement is not included therein as required
in this Agreement, each Holder agrees that each such provision shall be deemed to be incorporated as a provision of and made a
part of such Non-Lead Servicing Agreement or Servicing Agreement, as the case may be.

 

19.       Governing
Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND
DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES
ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

    	-34- 

     

    

 

20.       Modifications.
This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by the parties
hereto. Additionally, from and after a Securitization, except to cure any ambiguity or to correct any error or as set forth
in Section 18(a), (b) and (c) this Agreement may not be modified unless a Rating Agency Confirmation has been delivered
with respect to each Securitization except that no Rating Agency Confirmation shall be required in connection with a
modification to cure any ambiguity or to correct or supplement any provision herein that may be defective or inconsistent
with any other provisions herein or with the Servicing Agreement.

 

21.       Successors
and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and assigns. Each of the Master Servicer, Special Servicer, Non-Lead Master
Servicer, Non-Lead Special Servicer and related Trustee is an intended third-party beneficiary of this Agreement. Except as
provided in Section 5 and the preceding sentence, none of the provisions of this Agreement shall be for the
benefit of or enforceable by any Person not a party hereto.

 

22.       Counterparts.
This Agreement may be executed in any number of counterparts and all of such counterparts shall together constitute one and
the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format
(PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this
Agreement

 

23.       Captions.
The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only and are not
intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration in
the construction of this Agreement.

 

24.       Notices.
All notices required hereunder shall be given by (i) telephone (confirmed in writing) or shall be in writing and
personally delivered, (ii) sent by facsimile transmission if the sender on the same day sends a confirming copy of such
notice by reputable overnight delivery service (charges prepaid), (iii) reputable overnight delivery service (charges
prepaid) or (iv) certified United States mail, postage prepaid return receipt requested, and addressed to the respective
parties at their addresses set forth on Exhibit B hereto, or at such other address as any party shall hereafter
inform the other party by written notice given as aforesaid. All written notices so given shall be deemed effective upon
receipt.

 

25.       Custody
of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than Note A-1, Note A-4 and
Note A-5) will be held by the WFCM 2016-NXS6 Trustee (or by a custodian on its behalf) under the terms of the WFCM 2016-NXS6
PSA on behalf of all of the Holders until the Note A-1 Securitization Date, at which time the originals of all of the
Mortgage Loan Documents (other than Note A-2 and Note A-3) will be transferred to and held by the Note A-1 Trustee (or
by a custodian on its behalf) on behalf of all of the Holders.

 

[NO FURTHER TEXT ON THIS PAGE]

 

    	-35- 

     

    

 

IN WITNESS WHEREOF, each
of the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder has
caused this Agreement to be duly executed as of the day and year first above written.

 

 

	 	Note A-1 Holder:
	 	 	 
	 	NATIXIS REAL ESTATE CAPITAL LLC
	 	 	 
	 	By:	/s/ Jarry Tang
	 	 	Name: Jarry Tang
	 	 	Title:   Director

 

	 	By:	/s/ Delphine Clerjaud
	 	 	Name:  Delphine Clerjaud
	 	 	Title:   Vice President

 

	 	Note A-2 Holder:
	 	 	 
	 	NATIXIS REAL ESTATE CAPITAL LLC
	 	 	 
	 	By:	/s/ Jarry Tang
	 	 	Name: Jarry Tang
	 	 	Title:   Director

 

	 	By:	/s/ Delphine Clerjaud
	 	 	Name: Delphine Clerjaud
	 	 	Title:   Vice President

 

Signature
Page

333
North Bedford Co-Lender Agreement

 

    	 

     

    

 

	 	Note A-3 Holder:
	 	 	 
	 	NATIXIS REAL ESTATE CAPITAL LLC
	 	 	 
	 	By:	/s/ Jarry Tang
	 	 	Name: Jarry Tang
	 	 	Title:   Director

 

	 	By:	/s/ Delphine Clerjaud
	 	 	Name: Delphine Clerjaud
	 	 	Title:   Vice President

 

	 	Note A-4 Holder:
	 	 	 
	 	NATIXIS REAL ESTATE CAPITAL LLC
	 	 	 
	 	By:	/s/ Jarry Tang
	 	 	Name: Jarry Tang
	 	 	Title:   Director

 

	 	By:	/s/ Delphine Clerjaud
	 	 	Name: Delphine Clerjaud
	 	 	Title:   Vice President

 

Signature
Page

Plaza Mexico
– Los Angeles Co-Lender Agreement

 

    	 

     

    

 

	 	Note A-5 Holder:
	 	 	 
	 	NATIXIS REAL ESTATE CAPITAL LLC
	 	 	 
	 	By:	/s/ Jarry Tang
	 	 	Name: Jarry Tang
	 	 	Title:   Director

 

	 	By:	/s/ Delphine Clerjaud
	 	 	Name: Delphine Clerjaud
	 	 	Title:   Vice President

 

Signature
Page

Plaza Mexico
– Los Angeles Co-Lender Agreement

 

    	 

     

    

 

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

A.      Description of Mortgage
Loan

 

	Borrower:	Vertical Industrial Park Associates LP
	Mortgage Loan Origination Date: 	August 31, 2016
	Initial Principal Amount of Mortgage Loan:	$132,000,000
	Co-Lender Closing Date Mortgage Loan Principal Balance:	$132,000,000
	Location of Mortgaged Property:	Queens, New York
	Current Use of Mortgaged Property:	Office/Retail/Warehouse
	Mortgage Interest Rate:	3.500% per annum
	Maturity Date:	September 5, 2026

 

    	A-1 

     

    

 

B.       Description of Notes

 

	Mortgage Loan Origination Date:	August 31, 2016
	Initial Note A-1 Principal Balance:	$40,000,000
	Initial Note A-2 Principal Balance:	$30,000,000
	Initial Note A-3 Principal Balance:	$30,000,000
	Initial Note A-4 Principal Balance:	$22,000,000
	Initial Note A-5 Principal Balance:	$10,000,000
	Initial Note A-1 Percentage Interest:	30.30%
	Initial Note A-2 Percentage Interest:	22.72%
	Initial Note A-3 Percentage Interest:	22.72%
	Initial Note A-4 Percentage Interest:	16.66%
	Initial Note A-5 Percentage Interest:	7.57%
	Note A-1 Interest Rate:	3.500% per annum
	Note A-2 Interest Rate:	3.500% per annum
	Note A-3 Interest Rate:	3.500% per annum
	Note A-4 Interest Rate:	3.500% per annum
	Note A-5 Interest Rate:	3.500% per annum
	Note A-1 Default Interest Rate:	Lesser of (i) the maximum rate permitted by applicable law, or (ii) five percent (5%) above the Note A-1 Interest Rate, compounded monthly
	Note A-2 Default Interest Rate: 	Lesser of (i) the maximum rate permitted by applicable law, or (ii) five percent (5%) above the Note A-2 Interest Rate, compounded monthly
	Note A-3 Default Interest Rate: 	Lesser of (i) the maximum rate permitted by applicable law, or (ii) five percent (5%) above the Note A-3 Interest Rate, compounded monthly
	Note A-4 Default Interest Rate: 	Lesser of (i) the maximum rate permitted by applicable law, or (ii) five percent (5%) above the Note A-4 Interest Rate, compounded monthly
	Note A-5 Default Interest Rate: 	Lesser of (i) the maximum rate permitted by applicable law, or (ii) five percent (5%) above the Note A-5 Interest Rate, compounded monthly

 

    	A-2 

     

    

 

EXHIBIT B

 

Note A-1 Holder, Note A-2 Holder, Note A-3 Holder, Note
A-4 Holder and Note A-5 Holder:

 

Natixis Real Estate Capital LLC

1251 Avenue of the Americas

New York, New York 10020

Attention: Real Estate Administration

Email: USCIBSAFAssetManagementTeam@us.natixis.com

 

with a copy to:

Natixis North America LLC

Office of the General Counsel

1251 Avenue of the Americas

New York, New York 10020

for legal notices, with a copy to:

 

legal.notices@us.natixis.com

 

    	B-1 

     

    

 

EXHIBIT C

 

PERMITTED FUND MANAGERS

 

Westbrook Partners

iStar Financial Inc.

Capital Trust

Archon Capital, L.P.

Whitehall Street Real Estate Fund, L.P.

The Blackstone Group

Normandy Real Estate Partners

Dune Real Estate Partners

AllianceBernstein

Rockwood

RREEF Funds

Hudson Advisors

Artemis Real Estate Partners

Apollo Real Estate Advisors

Colony Capital, Inc.

Praedium Group

Fortress Investment Group, LLC

Lonestar Opportunity Funds

Clarion Partners

Walton Street Capital, LLC

Starwood Financial Trust

BlackRock, Inc.

Eightfold Real Estate Capital, L.P.

Rialto Capital Management, LLC

Rialto Capital Advisors, LLC

Raith Capital Partners, LLC

 

    	C-1Exhibit 4.2

 

GLOBAL MEDICAL REIT INC.

 

TO

 

,

 

Trustee

 

Indenture

 

(For [Subordinated]* Debt Securities)

 

Dated as of          ,
20 

 

     

     

    

 

TABLE OF CONTENTS†

 

	 	Page
	 	 
	RECITAL OF THE COMPANY	1
	 	 	 
	Article I	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	 	 
	Section 1.01.	Definitions	1
	 	 	 
	Section 1.02.	Compliance Certificates and Opinions	8
	 	 	 
	Section 1.03.	Form of Documents Delivered to Trustee	9
	 	 	 
	Section 1.04.	Acts of Holders	10
	 	 	 
	Section 1.05.	Notices, Etc. to Trustee and Company	11
	 	 	 
	Section 1.06.	Notice to Holders of Debt Securities; Waiver	12
	 	 	 
	Section 1.07.	Conflict with Trust Indenture Act	13
	 	 	 
	Section 1.08.	Effect of Headings and Table of Contents	13
	 	 	 
	Section 1.09.	Successors and Assigns	13
	 	 	 
	Section 1.10.	Separability Clause	13
	 	 	 
	Section 1.11.	Benefits of Indenture	13
	 	 	 
	Section 1.12.	Governing Law	13
	 	 	 
	Section 1.13.	Legal Holidays	14
	 	 	 
	Article II	DEBT SECURITY FORMS	14
	 	 	 
	Section 2.01.	Forms Generally	14
	 	 	 
	Section 2.02.	Form of Trustee’s Certificate of Authentication	14
	 	 	 
	Section 2.03.	Debt Securities Issuable in the Form of a Global Security	15
	 	 	 
	Article III	THE DEBT SECURITIES	17
	 	 	 
	Section 3.01.	Amount Unlimited; Issuable in Series	17
	 	 	 
	Section 3.02.	Denominations	21
	 	 	 
	Section 3.03.	Execution, Authentication, Delivery and Dating	21
	 	 	 
	Section 3.04.	Temporary Debt Securities	23
	 	 	 
	Section 3.05.	Registration, Registration of Transfer and Exchange	24
	 	 	 
	Section 3.06.	Mutilated, Destroyed, Lost and Stolen Debt Securities	25
	 	 	 
	Section 3.07.	Payment of Interest and Additional Interest; Interest Rights Preserved	26
	 	 	 
	Section 3.08.	Persons Deemed Owners	27

 

 

 

† This table of contents shall not,
for any purpose, be deemed to be a part of the Indenture.

* Bracketed language will be inserted in the
Indenture under which subordinated Debt Securities will be issued.

 

    	 	ii	 

     

    

 

	Section 3.09.	Cancellation by Debt Security Registrar	28
	 	 	 
	Section 3.10.	Computation of Interest	28
	 	 	 
	Section 3.11.	Payment to be in Proper Currency	28
	 	 	 
	Section 3.12.	[Extension of Interest Payment]*	29
	 	 	 
	Article IV	REDEMPTION OF DEBT SECURITIES	29
	 	 	 
	Section 4.01.	Applicability of Article	29
	 	 	 
	Section 4.02.	Election to Redeem; Notice to Trustee	29
	 	 	 
	Section 4.03.	Selection of Debt Securities to be Redeemed	29
	 	 	 
	Section 4.04.	Notice of Redemption	30
	 	 	 
	Section 4.05.	Debt Securities Payable on Redemption Date	31
	 	 	 
	Section 4.06.	Debt Securities Redeemed in Part	32
	 	 	 
	Article V	SINKING FUNDS	32
	 	 	 
	Section 5.01.	Applicability of Article	32
	 	 	 
	Section 5.02.	Satisfaction of Sinking Fund Payments with Debt Securities	33
	 	 	 
	Section 5.03.	Redemption of Debt Securities for Sinking Fund	33
	 	 	 
	Article VI	COVENANTS	34
	 	 	 
	Section 6.01.	Payment of Principal, Premium and Interest	34
	 	 	 
	Section 6.02.	Maintenance of Office or Agency	34
	 	 	 
	Section 6.03.	Money for Debt Securities Payments to be Held in Trust	34
	 	 	 
	Section 6.04.	Corporate Existence	36
	 	 	 
	Section 6.05.	Maintenance of Properties	36
	 	 	 
	Section 6.06.	Annual Officer’s Certificate as to Compliance	36
	 	 	 
	Section 6.07.	Waiver of Certain Covenants	37
	 	 	 
	Article VII	SATISFACTION AND DISCHARGE	37
	 	 	 
	Section 7.01.	Satisfaction and Discharge of Debt Securities	37
	 	 	 
	Section 7.02.	Satisfaction and Discharge of Indenture	40
	 	 	 
	Section 7.03.	Application of Trust Money	41
	 	 	 
	Article VIII	EVENTS OF DEFAULT; REMEDIES	41
	 	 	 
	Section 8.01.	Events of Default	41
	 	 	 
	Section 8.02.	Acceleration of Maturity; Rescission and Annulment	42
	 	 	 
	Section 8.03.	Collection of Indebtedness and Suits for Enforcement by Trustee	44

 

 

 

† This table of contents shall not,
for any purpose, be deemed to be a part of the Indenture.

* Bracketed language will be inserted in the
Indenture under which subordinated Debt Securities will be issued.

 

    	 	iii	 

     

    

 

	Section 8.04.	Trustee May File Proofs of Claim	44
	 	 	 
	Section 8.05.	Trustee May Enforce Claims without Possession of Debt Securities	45
	 	 	 
	Section 8.06.	Application of Money Collected	45
	 	 	 
	Section 8.07.	Limitation on Suits	46
	 	 	 
	Section 8.08.	Unconditional Right of Holders to Receive Principal, Premium and Interest	46
	 	 	 
	Section 8.09.	Restoration of Rights and Remedies	47
	 	 	 
	Section 8.10.	Rights and Remedies Cumulative	47
	 	 	 
	Section 8.11.	Delay or Omission Not Waiver	47
	 	 	 
	Section 8.12.	Control by Holders of Debt Securities	47
	 	 	 
	Section 8.13.	Waiver of Past Defaults	48
	 	 	 
	Section 8.14.	Undertaking for Costs	48
	 	 	 
	Section 8.15.	Waiver of Stay or Extension Laws	49
	 	 	 
	Article IX	THE TRUSTEE	49
	 	 	 
	Section 9.01.	Certain Duties and Responsibilities	49
	 	 	 
	Section 9.02.	Notice of Defaults	50
	 	 	 
	Section 9.03.	Certain Rights of Trustee	50
	 	 	 
	Section 9.04.	Not Responsible for Recitals or Issuance of Debt Securities	52
	 	 	 
	Section 9.05.	May Hold Debt Securities	52
	 	 	 
	Section 9.06.	Money Held in Trust	52
	 	 	 
	Section 9.07.	Compensation and Reimbursement	52
	 	 	 
	Section 9.08.	Disqualification; Conflicting Interests	53
	 	 	 
	Section 9.09.	Corporate Trustee Required; Eligibility	53
	 	 	 
	Section 9.10.	Resignation and Removal; Appointment of Successor	54
	 	 	 
	Section 9.11.	Acceptance of Appointment by Successor	56
	 	 	 
	Section 9.12.	Merger, Conversion, Consolidation or Succession to Business	57
	 	 	 
	Section 9.13.	Preferential Collection of Claims Against Company	57
	 	 	 
	Section 9.14.	Co-Trustees and Separate Trustees	58
	 	 	 
	Section 9.15.	Appointment of Authenticating Agent	59
	 	 	 
	Article X	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	61
	 	 	 
	Section 10.01.	Lists of Holders	61
	 	 	 
	Section 10.02.	Reports by Trustee and Company	61

 

 

 

† This table of contents shall not,
for any purpose, be deemed to be a part of the Indenture.

* Bracketed language will be inserted in the
Indenture under which subordinated Debt Securities will be issued.

 

    	 	iv	 

     

    

 

	Article XI	CONSOLIDATION, MERGER, CONVEYANCE OR OTHER TRANSFER	62
	 	 	 
	Section 11.01.	Company May Consolidate, Etc., Only on Certain Terms	62
	 	 	 
	Section 11.02.	Successor Corporation Substituted	62
	 	 	 
	Article XII	SUPPLEMENTAL INDENTURES	63
	 	 	 
	Section 12.01.	Supplemental Indentures Without Consent of Holders	63
	 	 	 
	Section 12.02.	Supplemental Indentures With Consent of Holders	64
	 	 	 
	Section 12.03.	Execution of Supplemental Indentures	66
	 	 	 
	Section 12.04.	Effect of Supplemental Indentures	66
	 	 	 
	Section 12.05.	Conformity With Trust Indenture Act	66
	 	 	 
	Section 12.06.	Reference in Debt Securities to Supplemental Indentures	67
	 	 	 
	Section 12.07.	Modification without Supplemental Indenture	67
	 	 	 
	Article XIII	MEETINGS OF HOLDERS; ACTION WITHOUT MEETING	67
	 	 	 
	Section 13.01.	Purposes for which Meetings may be Called	67
	 	 	 
	Section 13.02.	Call, Notice and Place of Meetings	67
	 	 	 
	Section 13.03.	Persons Entitled to Vote at Meetings	68
	 	 	 
	Section 13.04.	Quorum; Action	68
	 	 	 
	Section 13.05.	Attendance at Meetings; Determination of Voting Rights; Conduct and Adjournment of Meetings	69
	 	 	 
	Section 13.06.	Counting Votes and Recording Action of Meetings	70
	 	 	 
	Section 13.07.	Action Without Meeting	71
	 	 	 
	Article XIV	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	71
	 	 	 
	Section 14.01.	Liability Solely Corporate	71
	 	 	 
	Article XV	[SUBORDINATION OF SECURITIES]*	71
	 	 	 
	Section 15.01.	Securities Subordinate to Senior Indebtedness	71
	 	 	 
	Section 15.02.	Payment Over of Proceeds of Securities	72
	 	 	 
	Section 15.03.	Disputes with Holders of Certain Senior Indebtedness	74
	 	 	 
	Section 15.04.	Subrogation	74
	 	 	 
	Section 15.05.	Unconditional Obligation of the Company	75
	 	 	 
	Section 15.06.	Priority of Senior Indebtedness Upon Maturity	75
	 	 	 
	Section 15.07.	Trustee as Holder of Senior Indebtedness	75
	 	 	 
	Section 15.08.	Notice to Trustee to Effectuate Subordination	76

 

 

 

† This table of contents shall not,
for any purpose, be deemed to be a part of the Indenture.

* Bracketed language will be inserted in the
Indenture under which subordinated Debt Securities will be issued.

 

    	 	v	 

     

    

 

	Section 15.09.	Modification, Extension, Etc. of Senior Indebtedness	76
	 	 	 
	Section 15.10.	Trustee Has No Fiduciary Duty to Holders of Senior Indebtedness	76
	 	 	 
	Section 15.11.	Paying Agents other than the Trustee	76
	 	 	 
	Section 15.12.	Rights of Holders of Senior Indebtedness Not Impaired	77
	 	 	 
	Section 15.13.	This Article Not To Prevent Events of Default	77
	 	 	 
	Section 15.14.	Effect of Subordination Provisions; Termination	77

 

 

 

† This table of contents shall not,
for any purpose, be deemed to be a part of the Indenture.

* Bracketed language will be inserted in the
Indenture under which subordinated Debt Securities will be issued.

 

    	 	vi	 

     

    

 

RECONCILIATION AND TIE BETWEEN TRUST INDENTURE
ACT OF 1939

AND INDENTURE, DATED AS OF , 20 

 

	Trust Indenture	Indenture
	Action Section	Section
	§310	(a)(1)	9.09
	(a)(2)	 	9.09
	 	(a)(3)	9.14
	 	(a)(4)	Not Applicable
	 	(b)	9.08, 9.10
	§311	(a)	9.13
	 	(b)	9.13
	 	(c)	9.13
	§312	(a)	10.01
	 	(b)	10.01
	 	(c)	10.01
	§313	(a)	10.02
	 	(b)	10.02
	 	(c)	10.02
	 	(d)	10.02
	§314	(a)	10.02
	 	(a)(4)	6.06
	 	(b)	Not Applicable
	 	(c)(1)	1.02
	 	(c)(2)	1.02
	 	(c)(3)	Not Applicable
	 	(d)	Not Applicable
	 	(e)	1.02
	§315	(a)	9.01, 9.03
	 	(b)	9.02
	 	(c)	9.01
	 	(d)	9.01
	 	(e)	8.14
	§316	(a)	8.12, 8.13
	 	(a)(1)(A)	8.02, 8.12
	 	(a)(1)(B)	813
	 	(a)(2)	Not Applicable
	 	(b)	8.08
	 	(c)	1.04(g)
	§317	(a)(1)	8.03
	 	(a)(2)	8.04
	 	(b)	6.03
	§318	(a)	1.07

 

    	 	vii	 

     

    

 

INDENTURE (FOR [SUBORDINATED]*
DEBT SECURITIES), dated as of           , 20  , between GLOBAL
MEDICAL REIT INC., a corporation duly organized and existing under the laws of the State of Maryland (herein called the “Company”),
having its principal office at 4800 Montgomery Lane, Suite 450, Bethesda, MD 20814, and [TRUSTEE], a            ,
having its principal corporate trust office at            , as Trustee
(herein called the “Trustee”).

 

RECITAL OF THE COMPANY

 

The Company has duly authorized
the execution and delivery of this Indenture to provide for the issuance from time to time of certain of its [subordinated]* debentures,
notes or other evidences of indebtedness (herein called the “Debt Securities”), in an unlimited aggregate principal
amount, to be issued in one or more series as contemplated herein; and all acts necessary to make this Indenture a valid agreement
of the Company have been performed.

 

For all purposes of this
Indenture, except as otherwise expressly provided or unless the context otherwise requires, capitalized terms used herein shall
have the meanings assigned to them in Article I of this Indenture.

 

NOW, THEREFORE, THIS INDENTURE
WITNESSETH:

 

For and in consideration
of the premises and the purchase of the Debt Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal
and proportionate benefit of all Holders of the Debt Securities or of series thereof, as follows:

 

Article
I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.01.        Definitions.

 

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

 

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

 

(b)          all
terms used herein without definition that are defined in the Trust Indenture Act, either directly or by reference therein, have
the meanings assigned to them therein;

 

(c)          all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles in the United States, and, except as otherwise herein expressly provided, the term “generally accepted accounting
principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are
generally accepted in the United States at the date of such computation or, at the election of the Company from time to time, at
the date of the execution and delivery of this Indenture; provided, however, that in determining generally accepted accounting
principles applicable to the Company, the Company shall, to the extent required, conform to any order, rule or regulation of any
administrative agency, regulatory authority or other governmental body having jurisdiction over the Company; and

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
1

     

    

 

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

 

Certain terms, used principally
in Article IX, are defined in that Article.

 

“Act”
when used with respect to any Holder of a Debt Security, has the meaning specified in Section 1.04.

 

“Additional Interest”
means the interest, if any, that shall accrue on any interest on the Debt Securities of any series, the payment of which has not
been made on the applicable Interest Payment Date and which shall accrue at the rate per annum specified or determined as specified
in such Debt Security.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” when used with respect to
any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

“Authenticating
Agent” means any Person (other than the Company or an Affiliate of the Company) authorized by the Trustee pursuant to Section
9.15 to act on behalf of the Trustee to authenticate one or more series of Debt Securities or Tranche thereof.

 

“Authorized Officer”
means the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the
Treasurer or any other duly authorized officer of the Company.

 

“Board of Directors”
means either the board of directors of the Company or any committee thereof duly authorized to act or any director or directors
and/or officer or officers of the Company to whom that board or committee shall have duly delegated its authority in respect of
matters relating to this Indenture.

 

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

 

“Business Day,”
when used with respect to a Place of Payment or any other particular location specified in the Debt Securities or this Indenture,
means any day, other than a Saturday or Sunday, which is not a day on which banking institutions or trust companies in such Place
of Payment or other location are generally authorized or required by law, regulation or executive order to remain closed, except
as may be otherwise specified as contemplated by Section 3.01.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
2

     

    

 

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

 

“Company”
means the Person named as the “Company” in the first paragraph of this Indenture until a successor Person shall
have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such
successor Person.

 

“Company Request”
or “Company Order” means a written request or order signed in the name of the Company by an Authorized Officer
and delivered to the Trustee.

 

“Corporate Trust
Office” means the office of the Trustee at which at any particular time this Indenture shall be principally administered,
which office at the date of execution and delivery of this Indenture is located at .

 

“Corporation”
means a real estate investment trust, corporation, association, company, limited liability company, joint stock company or business
trust.

 

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

 

“Debt Security
Register” and “Debt Security Registrar” have the respective meanings specified in Section
3.05.

 

“Defaulted Interest”
has the meaning specified in Section 3.07.

 

“Depositary”
shall mean, with respect to Debt Securities of any series, for which the Company shall determine that such Debt Securities will
be issued as a Global Security, The Depository Trust Company, New York, New York, another clearing agency or any successor registered
as a clearing agency under the Exchange Act or other applicable statute or regulation, which, in each case, shall be designated
by the Company pursuant to Section 2.03(c).

 

“Discount Debt
Security” means any Debt Security that provides for an amount less than the principal amount thereof to be due and payable
upon a declaration of acceleration of the Maturity thereof pursuant to Section 8.02.

 

“Dollar”
or “$” means a dollar or other equivalent unit in such coin or currency of the United States as at the time
shall be legal tender for the payment of public and private debts.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
3

     

    

 

“Eligible Obligations”
means:

 

(a)          with
respect to Debt Securities denominated in Dollars, Government Obligations; or

 

(b)          with
respect to Debt Securities denominated in a currency other than Dollars or in a composite currency, such other obligations or instruments
as shall be specified with respect to such Debt Securities, as contemplated by Section 3.01.

 

“Event of Default”
has the meaning specified in Section 8.01.

 

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

 

“Global Security”
means, with respect to the Debt Securities, a Debt Security executed by the Company and delivered by the Trustee to the Depositary
or pursuant to the Depositary’s instruction, all in accordance with this Indenture, which shall be registered in the name
of the Depositary or its nominee.

 

“Governmental
Authority” means the government of the United States or of any state or territory thereof or of the District of Columbia
or of any county, municipality or other political subdivision of any thereof, or any department, agency, authority or other instrumentality
of any of the foregoing.

 

“Government Obligations”
means:

 

(a)          direct
obligations of, or obligations the timely payment of principal of and interest on which are unconditionally guaranteed by, the
United States entitled to the benefit of the full faith and credit thereof; and

 

(b)          certificates,
depositary receipts or other instruments that evidence a direct ownership interest in obligations described in clause (a) above
or in any specific interest or principal payments due in respect thereof; provided, however, that the custodian of such
obligations or specific interest or principal payments shall be a bank or trust company (which may include the Trustee or any Paying
Agent) subject to federal or state supervision or examination with a combined capital and surplus of at least $100,000,000; and
provided, further, that except as may be otherwise required by law, such custodian shall be obligated to pay to the holders
of such certificates, depositary receipts or other instruments the full amount received by such custodian in respect of such obligations
or specific payments and shall not be permitted to make any deduction therefrom.

 

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

 

“Indenture”
means this instrument as originally executed and delivered and as it may from time to time be supplemented or amended by one or
more indentures or Officer’s Certificates supplemental hereto entered into pursuant to the applicable provisions hereof and
shall include the terms of particular series of Debt Securities established as contemplated by Section 3.01.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
4

     

    

 

“Interest”
with respect to a Discount Debt Security means interest, if any, borne by such Debt Security at a Stated Interest Rate.

 

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

 

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

 

“Officer’s
Certificate” means a certificate signed by an Authorized Officer and delivered to the Trustee.

 

“Opinion of Counsel”
means a written opinion of counsel, who may be counsel for the Company, or other counsel acceptable to the Trustee.

 

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

 

(a)          Debt
Securities theretofore canceled by the Trustee or the Debt Security Registrar or delivered to the Trustee or the Debt Security
Registrar for cancellation;

 

(b)          Debt
Securities deemed to have been paid in accordance with Section 7.01; and

 

(c)          Debt
Securities that have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Debt Securities
have been authenticated and delivered pursuant to this Indenture, other than any such Debt Securities in respect of which there
shall have been presented to the Trustee proof satisfactory to it and the Company that such Debt Securities are held by a bona
fide purchaser or purchasers in whose hands such Debt Securities are valid obligations of the Company;

 

provided, however, that in determining
whether or not the Holders of the requisite principal amount of the Debt Securities Outstanding under this Indenture, or the Outstanding
Debt Securities of any series or Tranche, have given any request, demand, authorization, direction, notice, consent or waiver hereunder
or whether or not a quorum is present at a meeting of Holders of Debt Securities,

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
5

     

    

 

(x) Debt Securities
owned by the Company or any other obligor upon the Debt Securities or any Affiliate of the Company or of such other obligor (unless
the Company, such Affiliate or such obligor owns all Debt Securities Outstanding under this Indenture, or all Outstanding Debt
Securities of each such series and each such Tranche, as the case may be, determined without regard to this clause (x)) shall
be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent or waiver or upon any such determination as to the presence
of a quorum, only Debt Securities that the Trustee knows to be so owned shall be so disregarded; provided, however, that
Debt Securities so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such Debt Securities and that the pledgee is not
the Company or any other obligor upon the Debt Securities or any Affiliate of the Company or of such other obligor; and

 

(y) the principal
amount of a Discount Debt 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 8.02;

 

provided, further, that, in the case
of any Debt Security the principal of which is payable from time to time without presentment or surrender, the principal amount
of such Debt Security that shall be deemed to be Outstanding at any time for all purposes of this Indenture shall be the original
principal amount thereof less the aggregate amount of principal thereof theretofore paid.

 

“Paying Agent”
means any Person, including the Company, authorized by the Company to pay the principal of and premium, if any, or interest (including
Additional Interest), if any, on any Debt Securities on behalf of the Company.

 

“Periodic Offering”
means an offering of Debt Securities of a series from time to time any or all of the specific terms of which Debt Securities, including
without limitation the rate or rates of interest (including Additional Interest), if any, thereon, the Stated Maturity or Maturities
thereof and the redemption provisions, if any, with respect thereto, are to be determined by the Company or its agents upon the
issuance of such Debt Securities.

 

“Person”
means any individual, Corporation, partnership, joint venture, trust or unincorporated organization or any Governmental Authority.

 

“Place of Payment,”
when used with respect to the Debt Securities of any series, or Tranche thereof, means the place or places, specified as contemplated
by Section 3.01, at which, subject to Section 6.02, principal of and premium, if any, and interest (including
Additional Interest), if any, on the Debt Securities of such series or Tranche are payable.

 

“Predecessor Debt
Security” of any particular Debt Security means every previous Debt Security evidencing all or a portion of the same
debt as that evidenced by such particular Debt Security; and, for the purposes of this definition, any Debt Security authenticated
and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Debt Security
shall be deemed (to the extent lawful) to evidence the same debt as the mutilated, destroyed, lost or stolen Debt Security.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
6

     

    

 

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

 

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

 

“Regular Record
Date” for the interest payable on any Interest Payment Date on the Debt Securities of any series means the date specified
for that purpose as contemplated by Section 3.01.

 

“Required Currency”
has the meaning specified in Section 3.11.

 

“Responsible Officer,”
when used with respect to the Trustee, means the officer of the Trustee at its Corporate Trust Office assigned by the Trustee to
administer this Indenture, and any other duly authorized officer of the Trustee to whom a matter arising under this Indenture may
be referred.

 

[“Senior Indebtedness”
means all (i) obligations (other than non-recourse obligations and the indebtedness issued under this Indenture) of, or guaranteed
or assumed by, the Company for borrowed money, including both senior and subordinated indebtedness for borrowed money (other than
the Debt Securities), or for the payment of money relating to any lease that is capitalized on the consolidated balance sheet of
the Company and its subsidiaries in accordance with generally accepted accounting principles as in effect from time to time, (ii) indebtedness
evidenced by bonds, debentures, notes or other similar instruments, (iii) obligations with respect to letters of credit, bankers’
acceptances or similar facilities issued for the account of the Company, (iv) obligations issued or assumed as the deferred
purchase price of property or services, but excluding trade accounts payable or accrued liabilities arising in the ordinary course
of business, (v) obligations for claims, as defined in Section 101(5) of the United States Bankruptcy Code of 1978, as
amended, in respect of derivative products such as interest and foreign exchange rate contracts, commodity contracts and similar
arrangements; and (vi) obligations of the type referred to in each of the preceding clauses (i) through (v) of another
Person, the payment of which the Company has guaranteed or is responsible or liable for directly or indirectly, as obligor or otherwise;
and in each case, amendments, renewals, extensions, modifications and refundings of any such indebtedness or obligations, whether
existing as of the date of this Indenture or subsequently incurred by the Company.]*

 

“Special Record
Date” for the payment of any Defaulted Interest on the Debt Securities of any series means a date fixed by the Trustee
pursuant to Section 3.07.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
7

     

    

 

“Stated Interest
Rate” means a rate (whether fixed or variable) at which an obligation by its terms is stated to bear interest. Any calculation
or other determination to be made under this Indenture by reference to the Stated Interest Rate on a Debt Security shall be made
without regard to the effective interest cost to the Company of such Debt Security and without regard to the Stated Interest Rate
on, or the effective cost to the Company of, any other indebtedness in respect of which the Company’s obligations are evidenced
or secured in whole or in part by such Debt Security.

 

“Stated Maturity,”
when used with respect to any obligation or any installment of principal thereof or interest thereon, means the date on which the
principal of such obligation or such installment of principal or interest is stated to be due and payable (without regard to any
provisions for redemption, prepayment, acceleration, purchase or extension).

 

“Tranche”
means a group of Debt Securities that (a) are of the same series and (b) have identical terms except as to principal
amount.

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended, as in force and effect as of the date of execution of this Indenture;
provided, however, that in the event the Trust Indenture Act of 1939 is succeeded by another statute or is amended after
such date, “Trust Indenture Act” shall mean such successor statute or the Trust Indenture Act of 1939, as so amended,
to the extent such successor statute or amendment is applicable to this Indenture or to the actions of the Company or the Trustee
under or pursuant to this Indenture.

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall
have become such with respect to one or more series of Debt Securities 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 Debt Securities of any series shall mean the Trustee
with respect to Debt Securities of that series.

 

“United States”
means the United States of America, its territories, its possessions and other areas subject to its political jurisdiction.

 

Section 1.02.        Compliance
Certificates and Opinions.

 

Except as otherwise expressly
provided in this Indenture, upon any application or request by the Company to the Trustee to take any action under any provision
of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating
that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of
any such application or request as to which the furnishing of such documents is specifically required by any provision of this
Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

 

Every certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture shall include:

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
8

     

    

 

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

 

(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 each such Person, such Person has made such examination or investigation as is necessary to enable
such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

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

 

Section 1.03.        Form
of Documents Delivered to Trustee.

 

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

 

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

 

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

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
9

     

    

 

Whenever, subsequent to
the receipt by the Trustee of any Board Resolution, Officer’s Certificate, Opinion of Counsel or other document or instrument,
a clerical, typographical or other inadvertent or unintentional error or omission shall be discovered therein, a new document or
instrument may be substituted therefor in corrected form with the same force and effect as if originally filed in the corrected
form and, irrespective of the date or dates of the actual execution and/or delivery thereof, such substitute document or instrument
shall be deemed to have been executed and/or delivered as of the date or dates required with respect to the document or instrument
for which it is substituted. Anything in this Indenture to the contrary notwithstanding, if any such corrective document or instrument
indicates that action has been taken by or at the request of the Company which could not have been taken had the original document
or instrument not contained such error or omission, the action so taken shall not be invalidated or otherwise rendered ineffective
but shall be and remain in full force and effect (except to the extent that such action was a result of willful misconduct or bad
faith or had or could be expected to have a material adverse effect on the Holders of any Debt Securities issued hereunder).

 

Without limiting the generality
of the foregoing, any Debt Securities issued under the authority of such defective document or instrument shall nevertheless be
the valid obligations of the Company entitled to the benefits of this Indenture equally and ratably with all other Outstanding
Debt Securities.

 

Section 1.04.        Acts
of Holders.

 

(a)          Any
request, demand, authorization, direction, notice, consent, election, waiver or other action provided by this Indenture to be made,
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Holders in person or by an agent duly appointed in writing or, alternatively, may be embodied in and evidenced by the record
of Holders voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders duly called
and held in accordance with the provisions of Article XIII, or a combination of such instruments and any such record.
Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record
or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments
and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments and so voting at any such meeting. Proof of execution of any such instrument
or of a writing appointing any such agent, or of the holding by any Person of a Debt Security, shall be sufficient for any purpose
of this Indenture and (subject to Section 9.01) conclusive in favor of the Trustee and the Company, if made in the
manner provided in this Section. The record of any meeting of Holders shall be proved in the manner provided in Section
13.06.

 

(b)          The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to him the execution thereof or may be proved in any other
manner that the Trustee and the Company deem sufficient. Where such execution is by a signer acting in a capacity other than his
individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority.

 

(c)          The
principal amount (except as otherwise contemplated in clause (y) of the proviso to the definition of Outstanding) and serial
numbers of Debt Securities held by any Person, and the date of holding the same, shall be proved by the Debt Security Register.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
10

     

    

 

(d)          Any
request, demand, authorization, direction, notice, consent, election, waiver or other Act of a Holder shall bind every future Holder
of the same Debt Security and the Holder of every Debt Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance
thereon, whether or not notation of such action is made upon such Debt Security.

 

(e)          Until
such time as written instruments shall have been delivered to the Trustee with respect to the requisite percentage of principal
amount of Debt Securities for the action contemplated by such instruments, any such instrument executed and delivered by or on
behalf of a Holder may be revoked with respect to any or all of such Debt Securities by written notice by such Holder or any subsequent
Holder, proven in the manner in which such instrument was proven.

 

(f)           Debt
Securities of any series, or any Tranche thereof, authenticated and delivered after any Act of Holders may, and shall if required
by the Trustee, bear a notation in form approved by the Trustee as to any action taken by such Act of Holders. If the Company shall
so determine, new Debt Securities of any series, or any Tranche thereof, so modified as to conform, in the opinion of the Trustee
and the Company, to such action may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange
for Outstanding Debt Securities of such series or Tranche.

 

(g)          If
the Company shall solicit from Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the
Company may, at its option, fix in advance a record date for the determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If such a record
date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after
such record date, but only the Holders of record at the close of business on the record date shall be deemed to be Holders for
the purposes of determining whether Holders of the requisite proportion of the Outstanding Debt Securities have authorized or agreed
or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the
Outstanding Debt Securities shall be computed as of the record date.

 

Section 1.05.        Notices,
Etc. to Trustee and Company.

 

Any request, demand, authorization,
direction, notice, consent, election, waiver or Act of Holders or other document provided or permitted by this Indenture to be
made upon, given or furnished to, or filed with, the Trustee by any Holder or by the Company, or the Company by the Trustee or
by any Holder, shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and delivered
personally to an officer or other responsible employee of the addressee, or transmitted by facsimile transmission or other direct
written electronic means to such telephone number or other electronic communications address as the parties hereto shall from time
to time designate, or transmitted by certified or registered mail, charges prepaid, to the applicable address set opposite such
party’s name below or to such other address as either party hereto may from time to time designate:

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
11

     

    

 

If to the Trustee, to:

 

[Trustee]

[Address]

 

Attention:

Telephone:

Facsimile:

 

	If to the Company, to:	With a copy to:
	 	 
	Global Medical REIT Inc.	Vinson & Elkins L.L.P.
	4800 Montgomery Lane, Suite 450	Riverfront Plaza, West Tower
	Bethesda, MD 20814	901 East Byrd Street, Suite 1500
	Attention: Jeffrey Busch	Richmond, VA 232219
	Telephone: (202) 524-6851	Attention: Daniel M. LeBey
	Facsimile: (202) 380-0891	Telephone: (804) 327-6310
	 	Facsimile:  (804) 479-8286

 

Any communication contemplated
herein shall be deemed to have been made, given, furnished and filed if personally delivered, on the date of delivery, if transmitted
by facsimile transmission or other direct written electronic means, upon date of receipt of the transmission, and if transmitted
by certified or registered mail, on the date of receipt.

 

Section 1.06.        Notice
to Holders of Debt Securities; Waiver.

 

Except as otherwise expressly
provided herein, where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given, and
shall be deemed given, to Holders if in writing and mailed, first-class postage prepaid, to each Holder affected by such event,
at the address of such Holder as it appears in the Debt Security Register, not later than the latest date, and not earlier than
the earliest date, prescribed for the giving of such notice.

 

In case by reason of the
suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice to Holders by
mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect
in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders.

 

Any notice required by
this Indenture may be waived in writing by the Person entitled to receive such notice, either before or after the event otherwise
to be specified therein, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with
the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
12

     

    

 

Section 1.07.        Conflict
with Trust Indenture Act.

 

If any provision of this
Indenture limits, qualifies or conflicts with another provision hereof that is required or deemed to be included in this Indenture
by, or is otherwise governed by, any of the provisions of the Trust Indenture Act, such other provision shall control; and if any
provision hereof otherwise conflicts with the Trust Indenture Act, the Trust Indenture Act shall control.

 

Section 1.08.        Effect
of Headings and Table of Contents.

 

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

 

Section 1.09.        Successors
and Assigns.

 

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

 

Section 1.10.        Separability
Clause.

 

In case any provision in
this Indenture or the Debt 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 1.11.        Benefits
of Indenture.

 

Nothing in this Indenture
or the Debt Securities, express or implied, shall give to any Person, other than the parties hereto, their successors hereunder,
the Holders, [and so long as the notice described in Section 15.14 hereof has not been given, the holders of Senior
Indebtedness,]* any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 1.12.        Governing
Law.

 

This Indenture and the
Debt Securities shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts
of law principles thereof, except to the extent that the law of any other jurisdiction shall be mandatorily applicable.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
13

     

    

 

Section 1.13.        Legal
Holidays.

 

In any case where any Interest
Payment Date, Redemption Date or Stated Maturity of any Debt Security shall not be a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture or of the Debt Securities other than a provision in Debt Securities of any
series, or any Tranche thereof, or in the indenture supplemental hereto, Board Resolution or Officer’s Certificate that establishes
the terms of the Debt Securities of such series or Tranche, which specifically states that such provision shall apply in lieu of
this Section) payment of interest or principal and premium, if any, need not be made at such Place of Payment on such date, but
may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest
Payment Date or Redemption Date, or at the Stated Maturity, and, if such payment is made or duly provided for on such Business
Day, no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date
or Stated Maturity, as the case may be, to such Business Day.

 

Article
II

DEBT SECURITY FORMS

 

Section 2.01.        Forms
Generally.

 

The definitive Debt Securities
of each series shall be in substantially the form or forms thereof established in the indenture supplemental hereto establishing
such series or in a Board Resolution establishing such series, or in an Officer’s Certificate pursuant to such supplemental
indenture or Board Resolution, in each case with such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith,
be determined by the officers executing such Debt Securities, as evidenced by their execution of the Debt Securities. If the form
or forms of Debt Securities of any series are established in a Board Resolution or in an Officer’s Certificate pursuant to
an indenture supplement hereto or to a Board Resolution, such Board Resolution and Officer’s Certificate, if any, shall be
delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.03 for the authentication
and delivery of such Debt Securities.

 

Unless otherwise specified
as contemplated by Sections 3.01 or 12.01(g), the Debt Securities of each series shall be issuable in registered
form without coupons. The definitive Debt Securities shall be produced in such manner as shall be determined by the officers executing
such Debt Securities, as evidenced by their execution thereof.

 

Section 2.02.        Form
of Trustee’s Certificate of Authentication.

 

The Trustee’s certificate
of authentication shall be in substantially the form set forth below:

 

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

 

Dated:

 

_____________________________, as Trustee

 

	By:	 	 
	 	Authorized Representative	 

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
14

     

    

 

Section 2.03.        Debt
Securities Issuable in the Form of a Global Security.

 

(a)          If
the Company shall establish pursuant to Section 3.01 that the Debt Securities of a particular series are to be issued
in whole or in part in the form of one or more Global Securities, then the Company shall execute and the Trustee shall, in accordance
with Section 3.03 and the Company Order delivered to the Trustee thereunder, authenticate and deliver such Global Security
or Securities, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of
the Outstanding Debt Securities of such series to be represented by such Global Security or Securities, (ii) may provide that
the aggregate amount of Outstanding Debt Securities represented thereby may from time to time be increased or reduced to reflect
exchanges, (iii) shall be registered in the name of the Depositary for such Global Security or Securities or its nominee,
(iv) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (v) shall
bear a legend in accordance with the requirements of the Depositary. The Trustee shall enter into any agreement with the Depositary
related to such Global Securities as the Company may direct in such Company Order.

 

(b)          Notwithstanding
any other provision of this Section or of Section 3.05, except as contemplated by the provisions of paragraph (c)
below, unless the terms of a Global Security expressly permit such Global Security to be exchanged in whole or in part for individual
Debt Securities, a Global Security may be transferred, in whole but not in part and in the manner provided in Section 3.05,
only to a nominee of the Depositary for such Global Security, or to the Depositary, or to a successor Depositary for such Global
Security selected or approved by the Company, or to a nominee of such successor Depositary.

 

(c)          (1)        If
at any time the Depositary for a Global Security notifies the Company that it is unwilling or unable to continue as the Depositary
for such Global Security or if at any time the Depositary for the Debt Securities for such series shall no longer be eligible or
in good standing under the Exchange Act, or other applicable statute or regulation, the Company shall appoint a successor Depositary
with respect to such Global Security. If a successor Depositary for such Global Security is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such ineligibility, the Company will execute, and the Trustee,
upon receipt of a Company Order for the authentication and delivery of Debt Securities of such series in the form of definitive
certificates in exchange for such Global Security, will authenticate and deliver Debt Securities of such series in the form of
definitive certificates of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global Security
in exchange for such Global Security. Such Debt Securities will be issued to and registered in the name of such Person or Persons
as are specified by the Depositary.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
15

     

    

 

(2)         To
the extent legally permitted and subject to the rules and regulations of the acting Depositary, the Company may at any time and
in its sole discretion determine that the Debt Securities of any series issued or issuable in the form of one or more Global Securities
shall no longer be represented by such Global Security or Securities. In any such event the Company will execute, and the Trustee,
upon receipt of a Company Request for the authentication and delivery of Debt Securities in the form of definitive certificates
in exchange in whole or in part for such Global Security, will authenticate and deliver without service charge to each Person specified
by the Depositary Debt Securities in the form of definitive certificates of like tenor and terms in an aggregate principal amount
equal to the principal amount of such Global Security representing such series, or the aggregate principal amount of such Global
Securities representing such series, in exchange for such Global Security or Securities.

 

(3)         If
specified by the Company pursuant to Section 3.01 with respect to Debt Securities issued or issuable in the form of
a Global Security, the Depositary for such Global Security may surrender such Global Security in exchange in whole or in part for
Debt Securities in the form of definitive certificates of like tenor and terms on such terms as are acceptable to the Company and
such Depositary. Thereupon the Company shall execute, and the Trustee shall authenticate and deliver, without service charge, (A) to
each Person specified by such Depositary a new Debt Security or Securities of the same series of like tenor and terms and any authorized
denomination as requested by such Person in an aggregate principal amount equal to and in exchange for such Person’s beneficial
interest in the Global Security and (B) to such Depositary a new Global Security of like tenor and terms and in an authorized
denomination equal to the difference, if any, between the principal amount of the surrendered Global Security and the aggregate
principal amount of Debt Securities delivered to Holders thereof.

 

(4)         In
any exchange provided for in any of the preceding three subparagraphs, the Company shall execute and the Trustee shall authenticate
and deliver Debt Securities in the form of definitive certificates in authorized denominations. Upon the exchange of the entire
principal amount of a Global Security for Debt Securities in the form of definitive certificates, such Global Security shall be
canceled by the Trustee. Except as provided in the immediately preceding subparagraph, Debt Securities issued in exchange for a
Global Security pursuant to this Section shall be registered in such names and in such authorized denominations as the Depositary
for such Global Security, acting pursuant to instructions from its direct or indirect participants or otherwise, shall instruct
the Trustee. Provided that the Company and the Trustee have so agreed, the Trustee shall deliver such Debt Securities to the Persons
in whose names the Debt Securities are so to be registered.

 

(5)         Any
endorsement of a Global Security to reflect the principal amount thereof, or any increase or decrease in such principal amount,
or changes in the rights of Holders of Outstanding Debt Securities represented thereby shall be made in such manner and by such
Person or Persons as shall be specified in or pursuant to any applicable letter of representations or other arrangement entered
into with, or procedures of, the Depositary with respect to such Global Security or in the Company Order delivered or to be delivered
pursuant to Section 3.03 with respect thereto. Subject to the provisions of Section 3.03, the Trustee shall
deliver and redeliver any such Global Security in the manner and upon instructions given by the Person or Persons specified in
or pursuant to any applicable letter of representations or other arrangement entered into with, or procedures of, the Depositary
with respect to such Global Security or in any applicable Company Order. If a Company Order pursuant to Section 3.03
is so delivered, any instructions by the Company with respect to such Global Security contained therein shall be in writing but
need not be accompanied by or contained in an Officer’s Certificate and need not be accompanied by an Opinion of Counsel.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
16

     

    

 

(6)         The
Depositary or, if there be one, its nominee, shall be the Holder of a Global Security for all purposes under this Indenture; and
beneficial owners with respect to such Global Security shall hold their interests pursuant to applicable procedures of such Depositary.
The Company, the Trustee and the Debt Security Registrar shall be entitled to deal with such Depositary for all purposes of this
Indenture relating to such Global Security (including the payment of principal, premium, if any, and interest (including Additional
Interest) and the giving of instructions or directions by or to the beneficial owners of such Global Security as the sole Holder
of such Global Security, and shall have no obligations to the beneficial owners thereof (including any direct or indirect participants
in such Depositary). None of the Company, the Trustee, any Paying Agent or the Debt Security Registrar shall have any responsibility
or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global
Security in or pursuant to any applicable letter of representations or other arrangement entered into with, or procedures of, the
Depositary with respect to such Global Security or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests.

 

Article
III

THE DEBT SECURITIES

 

Section 3.01.        Amount
Unlimited; Issuable in Series.

 

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

 

The Debt Securities may
be issued in one or more series. Subject to the last paragraph of this Section, prior to the authentication and delivery of
Debt Securities of any series there shall be established by specification in a supplemental indenture or in a Board Resolution,
or in an Officer’s Certificate pursuant to a supplemental indenture or a Board Resolution:

 

(a)          the
title of the Debt Securities of such series (which shall distinguish the Debt Securities of such series from Debt Securities of
all other series);

 

(b)          any
limit upon the aggregate principal amount of the Debt Securities of such series that may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Debt Securities of the series pursuant to Section 3.04, 3.05, 3.06, 4.06
or 12.06 and, except for any Debt Securities that, pursuant to Section 3.03, are deemed never to have been
authenticated and delivered hereunder);

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
17

     

    

 

(c)          the
Person or Persons (without specific identification) to whom interest on Debt Securities of such series, or any Tranche thereof,
shall be payable on any Interest Payment Date, if other than the Persons in whose names such Debt Securities (or one or more Predecessor
Debt Securities) are registered at the close of business on the Regular Record Date for such interest;

 

(d)          the
date or dates on which the principal of the Debt Securities of such series, or any Tranche thereof, is payable or any formulary
or other method or other means by which such date or dates shall be determined, by reference to an index or other fact or event
ascertainable outside of this Indenture or otherwise (without regard to any provisions for redemption, prepayment, acceleration,
purchase or extension);

 

(e)          the
rate or rates at which the Debt Securities of such series, or any Tranche thereof, shall bear interest, if any (including (i) the
rate or rates at which overdue principal shall bear interest, if different from the rate or rates at which such Debt Securities
shall bear interest prior to Maturity, (ii) and, if applicable, the rate or rates at which overdue premium shall bear interest,
if any, and (iii) the rate or rates and the extent to which Additional Interest, if any, shall be payable), the period or
periods during which such rate or rates shall be applicable, or any formulary or other method or other means by which such rate
or rates, and any period or periods, shall be determined, by reference to an index or other fact or event ascertainable outside
of this Indenture or otherwise; the date or dates from which such interest shall accrue; the Interest Payment Dates on which such
interest shall be payable and the Regular Record Date, if any, for the interest payable on such Debt Securities on any Interest
Payment Date[; the right of the Company, if any, to extend the interest payment periods and the duration of any such extension
as contemplated by Section 3.12]*; and the basis of computation of interest, if other than as provided in Section
3.10;

 

(f)          the
place or places at which or methods by which (1) the principal of and premium, if any, and interest (including Additional
Interest), if any, on Debt Securities of such series, or any Tranche thereof, shall be payable, (2) registration of transfer
of Debt Securities of such series, or any Tranche thereof, may be effected, (3) exchanges of Debt Securities of such series,
or any Tranche thereof, may be effected and (4) notices and demands to or upon the Company in respect of the Debt Securities
of such series, or any Tranche thereof, and this Indenture may be served; the Debt Security Registrar for such series; and if such
is the case, that the principal of such Debt Securities shall be payable without presentment or surrender thereof;

 

(g)          the
period or periods within which, or the date or dates on which, the price or prices at which and the terms and conditions upon which
the Debt Securities of such series, or any Tranche thereof, may be redeemed, in whole or in part, at the option of the Company
and any restrictions on such redemptions, including but not limited to a restriction on a partial redemption by the Company of
the Debt Securities of any series, or any Tranche thereof, resulting in delisting of such Debt Securities from any national exchange;

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
18

     

    

 

(h)          the
obligation or obligations, if any, of the Company to redeem or purchase the Debt Securities of such series, or any Tranche thereof,
pursuant to any sinking fund or other mandatory redemption or tender provisions or at the option of a Holder thereof and the period
or periods within which or the date or dates on which, the price or prices at which and the terms and conditions upon which such
Debt Securities shall be redeemed or purchased, in whole or in part, pursuant to such obligation, and applicable exceptions to
the requirements of Section 4.04 in the case of mandatory redemption or redemption at the option of the Holder;

 

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

 

(j)           the
currency or currencies, including composite currencies, in which payment of the principal of and premium, if any, and interest
(including Additional Interest), if any, on the Debt Securities of such series, or any Tranche thereof, shall be payable (if other
than in Dollars);

 

(k)           if
the principal of or premium, if any, or interest (including Additional Interest), if any, on the Debt Securities of such series,
or any Tranche thereof, are to be payable, at the election of the Company or a Holder thereof, in a coin or currency other than
that in which the Debt Securities are stated to be payable, the period or periods within which and the terms and conditions upon
which, such election may be made;

 

(l)            if
the principal of or premium, if any, or interest (including Additional Interest), if any, on the Debt Securities of such series,
or any Tranche thereof, are to be payable, or are to be payable at the election of the Company or a Holder thereof, in securities
or other property, the type and amount of such securities or other property, or the formulary or other method or other means by
which such amount shall be determined, and the period or periods within which, and the terms and conditions upon which, any such
election may be made;

 

(m)          if
the amount payable in respect of principal of or premium, if any, or interest, if any, on the Debt Securities of such series, or
any Tranche thereof, may be determined with reference to an index or other fact or event ascertainable outside this Indenture,
the manner in which such amounts shall be determined to the extent not established pursuant to clause (e) of this paragraph;

 

(n)          if
other than the principal amount thereof, the portion of the principal amount of Debt Securities of such series, or any Tranche
thereof, that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 8.02;

 

(o)          any
Events of Default, in addition to those specified in Section 8.01, with respect to the Debt Securities of such series,
and any covenants of the Company for the benefit of the Holders of the Debt Securities of such series, or any Tranche thereof,
in addition to those set forth in Article VI;

 

(p)          the
terms, if any, pursuant to which the Debt Securities of such series, or any Tranche thereof, may be converted into or exchanged
for shares of beneficial interest or other securities of the Company or any other Person;

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
19

     

    

 

(q)          the
obligations or instruments, if any, that shall be considered to be Eligible Obligations in respect of the Debt Securities of such
series, or any Tranche thereof, denominated in a currency other than Dollars or in a composite currency, and any additional or
alternative provisions for the reinstatement of the Company’s indebtedness in respect of such Debt Securities after the satisfaction
and discharge thereof as provided in Section 7.01;

 

(r)           whether
the Debt Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms
and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for certificated Debt
Securities of such series and of like tenor of any authorized denomination and the circumstances under which such exchange may
occur, if other than in the manner provided for in Section 2.03; the Depositary for such Global Security or Securities;
and the form of any legend or legends to be borne by any such Global Security in addition to or in lieu of the legend referred
to in Section 2.03;

 

(s)          if
the Debt Securities of such series, or any Tranche thereof, are to be issuable in bearer form, any and all matters incidental thereto
that are not specifically addressed in a supplemental indenture as contemplated by Section 12.01(g);

 

(t)           to
the extent not established pursuant to clause (r) of this paragraph, any limitations on the rights of the Holders of the Debt
Securities of such series, or any Tranche thereof, to transfer or exchange such Debt Securities or to obtain the registration of
transfer thereof; and if a service charge will be made for the registration of transfer or exchange of Debt Securities of such
series, or any Tranche thereof, the amount or terms thereof;

 

(u)          any
exceptions to Section 1.13, or variation in the definition of Business Day, with respect to the Debt Securities of
such series, or any Tranche thereof;

 

(v)          any
collateral security, assurance or guarantee for such series of Debt Securities;

 

(w)         any
credit enhancement applicable to the Debt Securities of such series; and

 

(x)           any
other terms of the Debt Securities of such series, or any Tranche thereof, not inconsistent with the provisions of this Indenture.

 

[The Debt Securities of
each series, or any Tranche thereof, shall be subordinated in the right of payment to Senior Indebtedness as provided in Article
XV.]*

 

With respect to Debt Securities
of a series subject to a Periodic Offering, the indenture supplemental hereto or the Board Resolution that establishes such series,
or the Officer’s Certificate pursuant to such supplemental indenture or Board Resolution, as the case may be, may provide
general terms or parameters for Debt Securities of such series and provide either that the specific terms of Debt Securities of
such series, or any Tranche thereof, shall be specified in a Company Order or that such terms shall be determined by the Company
or its agents in accordance with procedures specified in a Company Order as contemplated by clause (b) of the third paragraph of Section
3.03.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
20

     

    

 

Section 3.02.        Denominations.

 

Unless otherwise provided
as contemplated by Section 3.01 with respect to any series of Debt Securities, or any Tranche thereof, the Debt Securities
of each series shall be issuable in denominations of $1,000 and any integral multiple thereof.

 

Section 3.03.        Execution,
Authentication, Delivery and Dating.

 

Unless otherwise provided
as contemplated by Section 3.01 with respect to any series of Debt Securities, or any Tranche thereof, the Debt Securities
shall be executed on behalf of the Company by an Authorized Officer and may have the corporate seal of the Company affixed thereto
or reproduced thereon attested by any other Authorized Officer. The signature of any or all of these officers on the Debt Securities
may be manual or facsimile.

 

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

 

The Trustee shall authenticate
and deliver Debt Securities of a series, for original issue, at one time or from time to time in accordance with the Company Order
referred to below, upon receipt by the Trustee of:

 

(a)          the
instrument or instruments establishing the form or forms and terms of such series, as provided in Sections 2.01 and 3.01;

 

(b)          a
Company Order requesting the authentication and delivery of such Debt Securities and, to the extent that the terms of such Debt
Securities shall not have been established in an indenture supplemental hereto or in a Board Resolution, or in an Officer’s
Certificate pursuant to a supplemental indenture or Board Resolution, all as contemplated by Sections 2.01 and 3.01,
either (i) establishing such terms or (ii) in the case of Debt Securities of a series subject to a Periodic Offering,
specifying procedures, acceptable to the Trustee, by which such terms are to be established (which procedures may provide, to the
extent acceptable to the Trustee, for authentication and delivery pursuant to oral or electronic instructions from the Company
or any agent or agents thereof, which oral instructions are to be promptly confirmed electronically or in writing), in either case
in accordance with the instrument or instruments delivered pursuant to clause (a) above;

 

(c)          the
Debt Securities of such series, executed on behalf of the Company by an Authorized Officer;

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
21

     

    

 

(d)         an
Opinion of Counsel to the effect that:

 

(i)          the
form or forms of such Debt Securities have been duly authorized by the Company and have been established in conformity with the
provisions of this Indenture;

 

(ii)         the
terms of such Debt Securities have been duly authorized by the Company and have been established in conformity with the provisions
of this Indenture; and

 

(iii)        assuming
authentication and delivery by the Trustee and subject to any conditions specified in such Opinion of Counsel, such Debt Securities
will have been duly issued under this Indenture and will be legal, valid and binding obligations of the Company, enforceable in
accordance with their terms, subject, as to enforcement, to laws relating to or affecting generally the enforcement of creditors’
rights, including, without limitation, bankruptcy and insolvency laws and to general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law);

 

provided, however, that, with respect
to Debt Securities of a series subject to a Periodic Offering, the Trustee shall be entitled to receive such Opinion of Counsel
only once at or prior to the time of the first authentication of such Debt Securities (provided that such Opinion of Counsel addresses
the authentication and delivery of all Debt Securities of such series) and that in lieu of the opinions described in clauses (ii)
and (iii) above Counsel may opine that:

 

(x)          when
the terms of such Debt Securities shall have been established pursuant to a Company Order or Orders or pursuant to such procedures
(acceptable to the Trustee) as may be specified from time to time by a Company Order or Orders, all as contemplated by and in accordance
with the instrument or instruments delivered pursuant to clause (a) above, such terms will have been duly authorized
by the Company and will have been established in conformity with the provisions of this Indenture; and

 

(y)          such
Debt Securities, when authenticated and delivered by the Trustee in accordance with this Indenture and the Company Order or Orders
or specified procedures referred to in paragraph (x) above and issued and delivered by the Company in the manner and subject
to any conditions specified in such Opinion of Counsel, will have been duly issued under this Indenture and will constitute valid
and legally binding obligations of the Company, entitled to the benefits provided by the Indenture, and enforceable in accordance
with their terms, subject, as to enforcement, to laws relating to or affecting generally the enforcement of creditors’ rights,
including, without limitation, bankruptcy and insolvency laws and to general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law).

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
22

     

    

 

With respect to Debt Securities
of a series subject to a Periodic Offering, the Trustee may conclusively rely, as to the authorization by the Company of any of
such Debt Securities, the form and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the
Opinion of Counsel and other documents delivered pursuant to Sections 2.01 and 3.01 and this Section, as
applicable, at or prior to the time of the first authentication of Debt Securities of such series unless and until such opinion
or other documents have been superseded or revoked or expire by their terms. In connection with the authentication and delivery
of Debt Securities of a series subject to a Periodic Offering, the Trustee shall be entitled to assume that the Company’s
instructions to authenticate and deliver such Debt Securities do not violate any rules, regulations or orders of any Governmental
Authority having jurisdiction over the Company.

 

If the form or terms of
the Debt Securities of any series have been established by or pursuant to a Board Resolution or an Officer’s Certificate
as permitted by Sections 2.01 and 3.01, the Trustee shall not be required to authenticate such Debt Securities
if the issuance of such Debt Securities pursuant to this Indenture will materially or adversely affect the Trustee’s own
rights, duties or immunities under the Debt Securities and this Indenture or otherwise in a manner that is not reasonably acceptable
to the Trustee.

 

Unless otherwise specified as contemplated
by Section 3.01 with respect to any series of Debt Securities, or any Tranche thereof, each Debt Security shall be
dated the date of its authentication.

 

Unless otherwise specified
as contemplated by Section 3.01 with respect to any series of Debt Securities, or any Tranche thereof, no Debt Security
shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Debt
Security a certificate of authentication substantially in the form provided for herein executed by the Trustee or its agent by
manual signature, and such certificate upon any Debt Security shall be conclusive evidence, and the only evidence, that such Debt
Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding
the foregoing, if any Debt Security shall have been authenticated and delivered hereunder to the Company, or any Person acting
on its behalf, but shall never have been issued and sold by the Company, and the Company shall deliver such Debt Security to the
Debt Security Registrar for cancellation as provided in Section 3.09 together with a written statement (which need
not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel) stating that such Debt Security
has never been issued and sold by the Company, for all purposes of this Indenture such Debt Security shall be deemed never to have
been authenticated and delivered hereunder and shall never be entitled to the benefits hereof.

 

Section 3.04.        Temporary
Debt Securities.

 

Pending the preparation
of definitive Debt Securities of any series, or any Tranche thereof, the Company may execute, and upon Company Order the Trustee
shall authenticate and deliver, temporary Debt Securities that are printed, lithographed, typewritten, mimeographed or otherwise
produced, in any authorized denomination, substantially of the tenor of the definitive Debt Securities in lieu of which they are
issued, with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Debt Securities
may determine, as evidenced by their execution of such Debt Securities; provided, however, that temporary Debt Securities
need not recite specific redemption, sinking fund, conversion or exchange provisions.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
23

     

    

 

Unless otherwise specified
as contemplated by Section 3.01 with respect to the Debt Securities of any series, or any Tranche thereof, after the
preparation of definitive Debt Securities of such series or Tranche, the temporary Debt Securities of such series or Tranche shall
be exchangeable, without charge to the Holder thereof, for definitive Debt Securities of such series or Tranche, upon surrender
of such temporary Debt Securities at the office or agency of the Company maintained pursuant to Section 6.02 in a Place
of Payment for such Debt Securities. Upon such surrender of temporary Debt Securities, the Company shall, except as aforesaid,
execute and the Trustee shall authenticate and deliver in exchange therefor definitive Debt Securities of the same series and Tranche,
of authorized denominations and of like tenor and aggregate principal amount.

 

Until exchanged in full
as hereinabove provided, temporary Debt Securities shall in all respects be entitled to the same benefits under this Indenture
as definitive Debt Securities of the same series and Tranche and of like tenor authenticated and delivered hereunder.

 

Section 3.05.        Registration,
Registration of Transfer and Exchange.

 

The Company shall cause
to be kept in each office designated pursuant to Section 6.02, with respect to the Debt Securities of each series or
any Tranche thereof, a register (all registers kept in accordance with this Section being collectively referred to as the “Debt
Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for
the registration of Debt Securities of such series or Tranche and the registration of transfer thereof. The Company shall designate
one Person to maintain the Debt Security Register for the Debt Securities of each series on a consolidated basis, and such Person
is referred to herein, with respect to such series, as the “Debt Security Registrar.” Anything herein to the
contrary notwithstanding, the Company may designate one or more of its offices as an office in which the Debt Security Register
shall be maintained, and the Company may designate itself the Debt Security Registrar with respect to one or more of such series.
The Debt Security Register shall be open for inspection by the Trustee and the Company at all reasonable times.

 

Except as otherwise specified
as contemplated by Section 3.01 with respect to the Debt Securities of any series, or any Tranche thereof, upon surrender
for registration of transfer of any Debt Security of such series or Tranche at the office or agency of the Company maintained pursuant
to Section 6.02 in a Place of Payment for such series or Tranche, the Company shall execute, and the Trustee shall
authenticate and deliver, in the name of the designated transferee or transferees, one or more new Debt Securities of the same
series and Tranche, of authorized denominations and of like tenor and aggregate principal amount.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
24

     

    

 

Except as otherwise specified
as contemplated by Section 3.01 with respect to the Debt Securities of any series, or any Tranche thereof, any Debt
Security of such series or Tranche may be exchanged at the option of the Holder for one or more new Debt Securities of the same
series and Tranche, of authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Debt Securities
to be exchanged at any such office or agency. Whenever any Debt Securities are so surrendered for exchange, the Company shall execute,
and the Trustee shall authenticate and deliver, the Debt Securities that the Holder making the exchange is entitled to receive.

 

All Debt Securities delivered
upon any registration of transfer or exchange of Debt Securities shall be valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Debt Securities surrendered upon such registration of transfer
or exchange.

 

Every Debt Security presented
or surrendered for registration of transfer or for exchange shall (if so required by the Company, the Trustee or the Debt Security
Registrar) be duly endorsed or shall be accompanied by a written instrument of transfer in form satisfactory to the Company, the
Trustee or the Debt Security Registrar, as the case may be, duly executed by the Holder thereof or his attorney duly authorized
in writing.

 

Unless otherwise specified
as contemplated by Section 3.01 with respect to Debt Securities of any series, or any Tranche thereof, no service charge
shall be made for any registration of transfer or exchange of Debt Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of
Debt Securities, other than exchanges pursuant to Section 3.04, 4.06 or 12.06 not involving
any transfer.

 

The Company shall not be
required to execute or to provide for the registration of transfer of or the exchange of (a) Debt Securities of any series,
or any Tranche thereof, during a period of 15 days immediately preceding the day the mailing of a notice of redemption of the Debt
Securities of such series or Tranche is to be made or (b) any Debt Security so selected for redemption in whole or in part,
except the unredeemed portion of any Debt Security being redeemed in part.

 

None of the Company, the
Trustee, any Paying Agent or the Debt Security Registrar will have any responsibility or liability for any aspect of the records
relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising
or reviewing any records relating to such beneficial ownership interests.

 

Section 3.06.        Mutilated,
Destroyed, Lost and Stolen Debt Securities.

 

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

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
25

     

    

 

If there shall be delivered
to the Company and the Trustee (a) evidence to their satisfaction of the ownership of and the destruction, loss or theft of
any Debt Security and (b) such security or indemnity as may be reasonably 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 Debt Security is held by a Person
purporting to be the owner of such Debt Security, the Company shall execute and the Trustee shall authenticate and deliver, in
lieu of any such destroyed, lost or stolen Debt Security, a new Debt Security of the same series and Tranche, and of like tenor
and principal amount and bearing a number not contemporaneously outstanding.

 

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

 

Upon the issuance of any
new Debt 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 reasonable expenses (including the fees and expenses of the Trustee)
connected therewith.

 

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

 

Section 3.07.        Payment
of Interest and Additional Interest; Interest Rights Preserved.

 

Unless otherwise specified
as contemplated by Section 3.01 with respect to the Debt Securities of any series, or any Tranche thereof, interest
and Additional Interest, if any, on any Debt Security that is payable, and is punctually paid or duly provided for, on any Interest
Payment Date shall be paid to the Person in whose name that Debt Security (or one or more Predecessor Debt Securities) is registered
at the close of business on the Regular Record Date for such interest.

 

[Subject to Section
3.12]* any interest on any Debt Security of any series that is payable, but is not punctually paid or duly provided for, on
any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder
on the related Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company,
at its election in each case, as provided in clause (a) or (b) below:

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
26

     

    

 

(a)          The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Debt Securities of such series (or
their respective Predecessor Debt Securities) are registered at the close of business on a date (herein called a “Special
Record Date”) for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall
notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Debt Security of such series and
the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee
for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for
the payment of such Defaulted Interest, which shall be not more than 15 days and not less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall promptly
cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class
postage prepaid, to each Holder of Debt Securities of such series at the address of such Holder as it appears in the Debt Security
Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and
the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the
Debt Securities of such series (or their respective Predecessor Debt Securities) are registered at the close of business on such
Special Record Date.

 

(b)          The
Company may make payment of any Defaulted Interest on the Debt Securities of any series in any other lawful manner not inconsistent
with the requirements of any securities exchange on which such Debt Securities may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner
of payment shall be deemed practicable by the Trustee.

 

Subject to the foregoing
provisions of this Section and Section 3.05, each Debt Security delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Debt Security shall carry the rights to interest (including any Additional
Interest) accrued and unpaid, and to accrue, that were carried by such other Debt Security.

 

Section 3.08.        Persons
Deemed Owners.

 

Prior to due presentment
of a Debt Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name such Debt Security is registered as the absolute owner of such Debt Security for the purpose of receiving
payment of principal of and premium, if any, and (subject to Sections 3.05 and 3.07) interest, if any,
on such Debt Security and for all other purposes whatsoever, whether or not such Debt Security is overdue, and neither the Company,
the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
27

     

    

 

Section 3.09.        Cancellation
by Debt Security Registrar.

 

All Debt Securities surrendered
for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other than the Debt Security
Registrar, be delivered to the Debt Security Registrar and, if not theretofore canceled, shall be promptly canceled by the Debt
Security Registrar. The Company may at any time deliver to the Debt Security Registrar for cancellation any Debt Securities previously
authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever or which the Company shall not
have issued and sold, and all Debt Securities so delivered shall be promptly canceled by the Debt Security Registrar. No Debt Securities
shall be authenticated in lieu of or in exchange for any Debt Securities canceled as provided in this Section, except as expressly
permitted by this Indenture. All certificates representing canceled Debt Securities held by the Debt Security Registrar shall be
disposed of in accordance with the customary practices of the Debt Security Registrar at the time in effect, and the Debt Security
Registrar shall not be required to destroy any such certificates. The Debt Security Registrar, if other than the Trustee, shall
promptly deliver a certificate of disposition with respect to such disposed certificates to the Trustee and the Company unless,
by a Company Order, similarly delivered, the Company shall direct that canceled Debt Securities be returned to it. The Debt Security
Registrar shall promptly deliver evidence of any cancellation of a Debt Security in accordance with this Section to the Trustee
and the Company. If the Trustee is the entity acting as Debt Security Registrar, it shall promptly deliver to the Company a certificate
of disposition with respect to any certificates disposed of and/or evidence of any cancellation of a Debt Security, in each case
in accordance with this Section, if so requested by a Company Order.

 

Section 3.10.        Computation
of Interest.

 

Except as otherwise specified
as contemplated by Section 3.01 for Debt Securities of any series, or any Tranche thereof, interest on the Debt Securities
of each series shall be computed on the basis of a 360-day year consisting of twelve 30-day months and on the basis of the actual
number of days elapsed within any month in relation to the deemed 30 days of such month.

 

Section 3.11.        Payment
to be in Proper Currency.

 

In the case of the Debt
Securities of any series, or any Tranche thereof, denominated in any currency other than Dollars or in a composite currency (the
“Required Currency”), except as otherwise specified with respect to such Debt Securities as contemplated by Section
3.01, the obligation of the Company to make any payment of the principal thereof, or the premium or interest thereon, shall
not be discharged or satisfied by any tender by the Company, or recovery by the Trustee, in any currency other than the Required
Currency, except to the extent that such tender or recovery shall result in the Trustee timely holding the full amount of the Required
Currency then due and payable. If any such tender or recovery is in a currency other than the Required Currency, the Trustee may
take such actions as it considers appropriate to exchange such currency for the Required Currency. The costs and risks of any such
exchange, including without limitation the risks of delay and exchange rate fluctuation, shall be borne by the Company, the Company
shall remain fully liable for any shortfall or delinquency in the full amount of Required Currency then due and payable, and in
no circumstances shall the Trustee be liable therefor except in the case of its negligence or willful misconduct.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
28

     

    

 

Section 3.12.       
[Extension of Interest Payment]*.

 

[The Company shall have
the right at any time, so long as the Company is not in default in the payment of interest on the Debt Securities of any series
hereunder, to extend interest payment periods on all Debt Securities of one or more series, or Tranches thereof, if so specified
as contemplated by Section 3.01 with respect to such Debt Securities and upon such terms as may be specified as contemplated
by Section 3.01 with respect to such Debt Securities.]*

 

Article
IV

REDEMPTION OF DEBT SECURITIES

 

Section 4.01.        Applicability
of Article.

 

Debt Securities of any
series, or any Tranche thereof, that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms
and (except as otherwise specified as contemplated by Section 3.01 for Debt Securities of such series or Tranche) in
accordance with this Article.

 

Section 4.02.        Election
to Redeem; Notice to Trustee.

 

The election of the Company
to redeem any Debt Securities shall be evidenced by a Board Resolution and/or an Officer’s Certificate. The Company shall,
at least 45 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee),
notify the Trustee in writing of such Redemption Date and of the principal amount of such Debt Securities to be redeemed. In the
case of any redemption of Debt Securities (a) prior to the expiration of any restriction on such redemption provided in the
terms of such Debt Securities or elsewhere in this Indenture or (b) pursuant to an election of the Company that is subject
to a condition specified in the terms of such Debt Securities, the Company shall furnish the Trustee with an Officer’s Certificate
evidencing compliance with such restriction or condition.

 

Section 4.03.        Selection
of Debt Securities to be Redeemed.

 

If less than all the Debt
Securities of any series, or any Tranche thereof, are to be redeemed, the particular Debt Securities to be redeemed shall be selected
by the Trustee from the Outstanding Debt Securities of such series or Tranche not previously called for redemption, by such method
as shall be provided for any particular series, or, in the absence of any such provision, by such method of random selection as
the Trustee shall deem fair and appropriate and which may, in any case, provide for the selection for redemption of portions (equal
to the minimum authorized denomination for Debt Securities of such series or Tranche or any integral multiple thereof) of the principal
amount of Debt Securities of such series or Tranche of a denomination larger than the minimum authorized denomination for Debt
Securities of such series or Tranche; provided, however, that if, as indicated in an Officer’s Certificate, the Company
shall have offered to purchase all or any principal amount of the Debt Securities then Outstanding of any series, or any Tranche
thereof, and less than all of such Debt Securities as to which such offer was made shall have been tendered to the Company for
such purchase, the Trustee, if so directed by Company Order, shall select for redemption all or any principal amount of such Debt
Securities that have not been so tendered.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
29

     

    

 

If the Debt Securities
are then held in the form of a Global Security, the Debt Securities to be redeemed shall be selected in accordance with the customary
procedures of the Depositary.

 

The Trustee shall promptly
notify the Company and the Debt Security Registrar in writing of the Debt Securities selected for redemption and, in the case of
any Debt Securities selected to be redeemed in part, the principal amount thereof to be redeemed.

 

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

 

Section 4.04.        Notice
of Redemption.

 

Notice of redemption shall
be given in the manner provided in Section 1.06 to the Holders of the Debt Securities to be redeemed not less than
30 nor more than 60 days prior to the Redemption Date.

 

All notices of redemption
shall state:

 

(a)          the
Redemption Date,

 

(b)          the
Redemption Price,

 

(c)          if
less than all the Debt Securities of any series or Tranche are to be redeemed, the identification of the particular Debt Securities
to be redeemed and the portion of the principal amount of any Debt Security to be redeemed in part,

 

(d)          that
on the Redemption Date, the Redemption Price, together with accrued interest (including Additional Interest), if any, to the Redemption
Date, will become due and payable upon each such Debt Security to be redeemed and, if applicable and provided that the Redemption
Price is received by the Paying Agent or Agents on or prior to the Redemption Date, that interest (including any Additional Interest)
thereon will cease to accrue on and after said date,

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
30

     

    

 

(e)          the
place or places where such Debt Securities are to be surrendered for payment of the Redemption Price and accrued interest, if any,
unless it shall have been specified as contemplated by Section 3.01 with respect to such Debt Securities that such
surrender shall not be required,

 

(f)          that
the redemption is for a sinking or other fund, if such is the case, and

 

(g)          such
other matters as the Company shall deem desirable or appropriate (including CUSIP numbers with respect to such Debt Securities,
if the Company shall so elect, in which event such notice of redemption may contain a disclaimer as to the correctness of such
numbers either as printed on the Debt Securities or on such notice of redemption).

 

Unless otherwise specified with respect to
any Debt Securities in accordance with Section 3.01, with respect to any notice of redemption of Debt Securities at
the election of the Company, unless, upon the giving of such notice, such Debt Securities shall be deemed to have been paid in
accordance with Section 7.01, such notice may state that such redemption shall be conditional upon the receipt by the
Paying Agent or Agents for such Debt Securities, on or prior to the date fixed for such redemption, of money sufficient to pay
the principal of and premium, if any, and interest (including Additional Interest), if any, on such Debt Securities and that if
such money shall not have been so received such notice shall be of no force or effect and the Company shall not be required to
redeem such Debt Securities. In the event that such notice of redemption contains such a condition and such money is not so received,
the redemption shall not be made and within a reasonable time thereafter notice shall be given, in the manner in which the notice
of redemption was given, that such money was not so received and such redemption was not required to be made, and the Paying Agent
or Agents for the Debt Securities otherwise to have been redeemed shall promptly return to the Holders thereof any of such Debt
Securities that had been surrendered for payment upon such redemption.

 

Notice of redemption of
Debt Securities to be redeemed at the election of the Company, and any notice of non-satisfaction of a condition for redemption
as aforesaid, shall be given by the Company or, at the Company’s request, by the Debt Security Registrar in the name and
at the expense of the Company. Notice of mandatory redemption of Debt Securities shall be given by the Debt Security Registrar
in the name and at the expense of the Company.

 

Section 4.05.        Debt
Securities Payable on Redemption Date.

 

Notice of redemption having
been given as aforesaid, and the conditions, if any, set forth in such notice having been satisfied, the Debt Securities or portions
thereof so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and
from and after such date (unless, in the case of an unconditional notice of redemption, the Company shall default in the payment
of the Redemption Price and accrued interest (including Additional Interest), if any) such Debt Securities or portions thereof,
if interest-bearing, shall cease to bear interest. Upon surrender of any such Debt Security for redemption in accordance with such
notice, such Debt Security or portion thereof shall be paid by the Company at the Redemption Price, together with accrued interest
(including Additional Interest), if any, to the Redemption Date; provided, however, that no such surrender shall be a condition
to such payment if so specified as contemplated by Section 3.01 with respect to such Debt Security; and provided,
further, that except as otherwise specified as contemplated by Section 3.01 with respect to such Debt Security,
any installment of interest on any Debt Security the Stated Maturity of which installment is on or prior to the Redemption Date
shall be payable to the Holder of such Debt Security, or one or more Predecessor Debt Securities, registered as such at the close
of business on the related Regular Record Date according to the terms of such Debt Security and subject to the provisions of Section
3.07.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
31

     

    

 

Section 4.06.        Debt
Securities Redeemed in Part.

 

Upon the surrender of any
Debt Security that is to be redeemed only in part at a Place of Payment therefor (with, if the Company or the Trustee so requires,
due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or his attorney duly authorized in writing), the Company shall execute, and the Trustee shall authenticate and deliver
to the Holder of such Debt Security, without service charge, a new Debt Security or Debt Securities of the same series and Tranche,
of any authorized denomination requested by such Holder and of like tenor and in aggregate principal amount equal to and in exchange
for the unredeemed portion of the principal of the Debt Security so surrendered.

 

Article
V

SINKING FUNDS

 

Section 5.01.        Applicability
of Article.

 

The provisions of this
Article shall be applicable to any sinking fund for the retirement of the Debt Securities of any series, or any Tranche thereof,
except as otherwise specified as contemplated by Section 3.01 for Debt Securities of such series or Tranche.

 

The minimum amount of any
sinking fund payment provided for by the terms of Debt Securities of any series, or any Tranche thereof, is herein referred to
as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of
Debt Securities of any series, or any Tranche thereof, is herein referred to as an “optional sinking fund payment.”
If provided for by the terms of Debt Securities of any series, or any Tranche thereof, the cash amount of any sinking fund payment
may be subject to reduction as provided in Section 5.02. Each sinking fund payment shall be applied to the redemption
of Debt Securities of the series or Tranche in respect of which it was made as provided for by the terms of such Debt Securities.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
32

     

    

 

Section 5.02.        Satisfaction
of Sinking Fund Payments with Debt Securities.

 

The Company (a) may
deliver to the Trustee Outstanding Debt Securities (other than any previously called for redemption) of a series or Tranche in
respect of which a mandatory sinking fund payment is to be made and (b) may apply as a credit Debt Securities of such series
or Tranche that have been purchased by the Company or redeemed either at the election of the Company pursuant to the terms of such
Debt Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Debt Securities,
in each case in satisfaction of all or any part of such mandatory sinking fund payment; provided, however, that no Debt
Securities shall be applied in satisfaction of a mandatory sinking fund payment if such Debt Securities shall have been previously
so applied. Debt Securities so applied shall be received and credited for such purpose by the Trustee at the Redemption Price specified
in such Debt Securities for redemption through operation of the sinking fund and the amount of such mandatory sinking fund payment
shall be reduced accordingly.

 

Section 5.03.        Redemption
of Debt Securities for Sinking Fund.

 

Not less than 45 days prior
to each sinking fund payment date for the Debt Securities of any series, or any Tranche thereof, the Company shall deliver to the
Trustee an Officer’s Certificate specifying:

 

(a)          the
amount of the next succeeding mandatory sinking fund payment for such series or Tranche;

 

(b)          the
amount, if any, of the optional sinking fund payment to be made together with such mandatory sinking fund payment;

 

(c)          the
aggregate sinking fund payment;

 

(d)          the
portion, if any, of such aggregate sinking fund payment that is to be satisfied by the payment of cash; and

 

(e)          the
portion, if any, of such aggregate sinking fund payment that is to be satisfied by delivering and crediting Debt Securities of
such series or Tranche pursuant to Section 5.02 and stating the basis for such credit and that such Debt Securities
have not previously been so credited, and, if it has not already done so, the Company shall also deliver to the Trustee any Debt
Securities to be so delivered.

 

If the Company shall not
have delivered such Officer’s Certificate and, to the extent applicable, all such Debt Securities, on or prior to the 45th
day prior to such sinking fund payment date, the sinking fund payment for such series or Tranche in respect of such sinking fund
payment date shall be made entirely in cash in the amount of the mandatory sinking fund payment. Not less than 30 days before each
such sinking fund payment date the Trustee shall select the Debt Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 4.03 and the Debt Security Registrar shall 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 4.04. Such notice having
been duly given, the redemption of such Debt Securities shall be made upon the terms and in the manner stated in Sections 4.05
and 4.06.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
33

     

    

 

Article
VI

COVENANTS

 

Section 6.01.        Payment
of Principal, Premium and Interest.

 

The Company shall pay the
principal of and premium, if any, and interest, if any, on the Debt Securities of each series in accordance with the terms of such
Debt Securities and this Indenture.

 

Section 6.02.        Maintenance
of Office or Agency.

 

The Company shall maintain
in each Place of Payment for the Debt Securities of each series, or any Tranche thereof, an office or agency where payment of such
Debt Securities shall be made, where the registration of transfer or exchange of such Debt Securities may be effected and where
notices and demands to or upon the Company in respect of such Debt Securities and this Indenture may be served. The Company shall
give prompt written notice to the Trustee of the location, and any change in the location, of each such office or agency and prompt
notice to the Holders of any such change in the manner specified in Section 1.06. If at any time the Company shall
fail to maintain any such required office or agency in respect of Debt Securities of any series, or any Tranche thereof, or shall
fail to furnish the Trustee with the address thereof, payment of such Debt Securities shall be made, registration of transfer or
exchange thereof may be effected and notices and demands in respect thereof may be served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent for all such purposes in any such event.

 

The Company may also from
time to time designate one or more other offices or agencies with respect to the Debt Securities of one or more series, or any
Tranche thereof, for any or all of the foregoing purposes and may from time to time rescind such designations; provided, however,
that, unless otherwise specified as contemplated by Section 3.01 with respect to the Debt Securities of such series
or Tranche no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or
agency for such purposes in each Place of Payment for such Debt Securities in accordance with the requirements set forth above.
The Company shall give prompt written notice to the Trustee, and prompt notice to the Holders in the manner specified in Section
1.06, of any such designation or rescission and of any change in the location of any such other office or agency.

 

Anything herein to the
contrary notwithstanding, any office or agency required by this Section may be maintained at an office of the Company, in which
event the Company shall perform all functions to be performed at such office or agency.

 

Section 6.03.        Money
for Debt Securities Payments to be Held in Trust.

 

If the Company shall at
any time act as its own Paying Agent with respect to the Debt Securities of any series, or any Tranche thereof, it shall, on or
before each due date of the principal of and premium, if any, and interest (including Additional Interest), if any, on any of such
Debt Securities, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal
and premium or interest (including Additional Interest) so becoming due until such sums shall be paid to such Persons or otherwise
disposed of as herein provided. The Company shall promptly notify the Trustee of any failure by the Company (or any other obligor
on such Debt Securities) to make any payment of principal of or premium, if any, or interest (including Additional Interest), if
any, on such Debt Securities.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
34

     

    

 

Whenever the Company shall
have one or more Paying Agents for the Debt Securities of any series, or any Tranche thereof, it shall, on or before each due date
of the principal of and premium, if any, and interest (including Additional Interest), if any, on such Debt Securities, deposit
with such Paying Agents sums sufficient (without duplication) to pay the principal and premium or interest (including Additional
Interest) so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest
(including Additional Interest), and (unless such Paying Agent is the Trustee) the Company shall promptly notify the Trustee of
any failure by it so to act.

 

The Company shall cause
each Paying Agent for the Debt Securities of any series, or any Tranche thereof, other than the Company or the Trustee, to execute
and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of
this Section, that such Paying Agent shall:

 

(a)          hold
all sums held by it for the payment of the principal of and premium, if any, or interest (including Additional Interest), if any,
on such Debt Securities in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons
or otherwise disposed of as herein provided;

 

(b)          give
the Trustee notice of any failure by the Company (or any other obligor upon such Debt Securities) to make any payment of principal
of or premium, if any, or interest, (including Additional Interest) if any, on such Debt Securities; and

 

(c)          at
any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all
sums so held in trust by such Paying Agent and furnish to the Trustee such information as it possesses regarding the names and
addresses of the Persons entitled to such sums.

 

The Company may at any
time pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying
Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent and, if so stated in a Company Order delivered to the Trustee, in accordance with the provisions of Article
VII; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability
with respect to such money.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
35

     

    

 

Any money deposited with
the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of and premium, if any,
or interest (including Additional Interest), if any, on any Debt Security and remaining unclaimed for two years after such principal
and premium, if any, or interest (including Additional Interest) has become due and payable shall be paid to the Company on Company
Request, or, if then held by the Company, shall be discharged from such trust; and, upon such payment or discharge, the Holder
of such Debt Security shall, as an unsecured general creditor and not as a Holder of an Outstanding Debt Security, look only to
the Company for payment of the amount so due and payable and remaining unpaid, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make any such payment to the Company, may at the expense
of the Company cause to be mailed, on one occasion only, notice to such Holder that such money remains unclaimed and that, after
a date specified therein, which shall not be less than 30 days from the date of such mailing, any unclaimed balance of such money
then remaining will be paid to the Company.

 

Section 6.04.        Corporate
Existence.

 

Subject to the rights of
the Company under Article XI, the Company shall do or cause to be done all things necessary to preserve and keep in
full force and effect its corporate existence.

 

Section 6.05.        Maintenance
of Properties.

 

The Company shall cause
(or, with respect to property owned in common with others, make reasonable effort to cause) all its properties used or useful in
the conduct of its business to be maintained and kept in good condition, repair and working order and shall cause (or, with respect
to property owned in common with others, make reasonable effort to cause) to be made all necessary repairs, renewals, replacements,
betterments and improvements thereof, all as, in the judgment of the Company, may be necessary so that the business carried on
in connection therewith may be properly conducted; provided, however, that nothing in this Section shall prevent the Company
from discontinuing, or causing the discontinuance of, the operation and maintenance of any of its properties if such discontinuance
is, in the judgment of the Company, desirable in the conduct of its business.

 

Section 6.06.        Annual
Officer’s Certificate as to Compliance.

 

Not later than                    in
each year, commencing              , the Company shall deliver
to the Trustee an Officer’s Certificate, which need not comply with Section 1.02, executed by the principal executive
officer, the principal financial officer or the principal accounting officer of the Company, stating whether, to such officer’s
knowledge, the Company is in compliance with all conditions and covenants under this Indenture, such compliance to be determined
without regard to any period of grace or requirement of notice under this Indenture, and making any other statements as may be
required by the provisions of Section 314(a)(4) of the Trust Indenture Act.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
36

     

    

 

Section 6.07.        Waiver
of Certain Covenants.

 

The Company may omit in
any particular instance to comply with any term, provision or condition set forth in (a) Section 6.02 or any additional
covenant or restriction specified with respect to the Debt Securities of any series, or any Tranche thereof, as contemplated by Section
3.01 if before the time for such compliance the Holders of at least a majority in aggregate principal amount of the Outstanding
Debt Securities of all series and Tranches with respect to which compliance with Section 6.02 or such additional covenant
or restriction is to be omitted, considered as one class, shall, by Act of such Holders, either waive such compliance in such instance
or generally waive compliance with such term, provision or condition and (b) Sections 6.04, 6.05, 6.06
or Article XI if before the time for such compliance the Holders of at least a majority in principal amount of Debt
Securities Outstanding under this Indenture shall, by Act of such Holders, either waive such compliance in such instance or generally
waive compliance with such term, provision or condition; but, in the case of (a) or (b), no such waiver shall extend
to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective,
the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in
full force and effect.

 

Article
VII

SATISFACTION AND DISCHARGE

 

Section 7.01.        Satisfaction
and Discharge of Debt Securities.

 

Any Debt Security or Debt
Securities, or any portion of the principal amount thereof, shall be deemed to have been paid for all purposes of this Indenture,
and the entire indebtedness of the Company in respect thereof shall be deemed to have been satisfied and discharged, if there shall
have been irrevocably deposited with the Trustee or any Paying Agent (other than the Company), in trust:

 

(a)          money
in an amount that shall be sufficient, or

 

(b)          in
the case of a deposit made prior to the Maturity of such Debt Securities or portions thereof, Eligible Obligations, which shall
not contain provisions permitting the redemption or other prepayment thereof at the option of the issuer thereof, the principal
of and the interest on that when due, without any regard to reinvestment thereof, will provide moneys which, together with the
money, if any, deposited with or held by the Trustee or such Paying Agent, shall be sufficient, or

 

(c)          a
combination of (a) or (b) that shall be sufficient,

 

to pay when due the principal of and premium,
if any, and interest (including Additional Interest), if any, due and to become due on such Debt Securities or portions thereof
on or prior to Maturity; provided, however, that in the case of the provision for payment or redemption of less than all
the Debt Securities of any series or Tranche, such Debt Securities or portions thereof shall have been selected by the Trustee
as provided herein and, in the case of a redemption, the notice requisite to the validity of such redemption shall have been given
or irrevocable authority shall have been given by the Company to the Trustee to give such notice, under arrangements satisfactory
to the Trustee; and provided, further, that the Company shall have delivered to the Trustee and such Paying Agent:

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
37

     

    

 

(x)          if
such deposit shall have been made prior to the Maturity of such Debt Securities, a Company Order stating that the money and Eligible
Obligations deposited in accordance with this Section shall be held in trust, as provided in Section 7.03;

 

(y)          if
Eligible Obligations shall have been deposited, an Opinion of Counsel that the obligations so deposited constitute Eligible Obligations
and do not contain provisions permitting the redemption or other prepayment at the option of the issuer thereof, and an opinion
of an independent public accountant of nationally recognized standing, selected by the Company, to the effect that the requirements
set forth in clause (b) above have been satisfied; and

 

(z)          if
such deposit shall have been made prior to the Maturity of such Debt Securities, an Officer’s Certificate stating the Company’s
intention that, upon delivery of such Officer’s Certificate, its indebtedness in respect of such Debt Securities or portions
thereof will have been satisfied and discharged as contemplated in this Section.

 

If the Company shall make
any deposit of money and/or Eligible Obligations with respect to any Debt Securities, or any portion of the principal amount thereof,
as contemplated by this section, the Company shall not deliver an Officer’s Certificate described in clause (z) above
unless the Company shall also deliver to the Trustee, together with such Officer’s Certificate, an Opinion of Counsel to
the effect that, as a result of a change in law occurring after the date of this Indenture, the Holders of such Debt Securities,
or portions thereof, will not recognize income, gain or loss for United States federal income tax purposes as a result of the satisfaction
and discharge of the Company’s indebtedness in respect thereof and will be subject to United States federal income tax on
the same amounts, at the same times and in the same manner as if such satisfaction and discharge had not been effected.

 

Upon the deposit of money
or Eligible Obligations, or both, in accordance with this Section, together with the documents required by clauses (x), (y)
and (z) above, the Trustee shall, upon receipt of a Company Request, acknowledge in writing that the Debt Security or Debt
Securities or portions thereof with respect to which such deposit was made are deemed to have been paid for all purposes of this
Indenture and that the entire indebtedness of the Company in respect thereof has been satisfied and discharged as contemplated
in this Section. In the event that all of the conditions set forth in the first paragraph of this Section shall have been
satisfied in respect of any Debt Securities or portions thereof except that, for any reason, the Officer’s Certificate specified
in clause (z) shall not have been delivered, such Debt Securities or portions thereof shall nevertheless be deemed to
have been paid for all purposes of this Indenture, and the Holders of such Debt Securities or portions thereof shall nevertheless
be no longer entitled to the benefits of this Indenture or of any of the covenants of the Company under Article VI
(except the covenants contained in Sections 6.02 and 6.03) or any other covenants made in respect of such
Debt Securities or portions thereof as contemplated by Section 3.01, but the indebtedness of the Company in respect
of such Debt Securities or portions thereof shall not be deemed to have been satisfied and discharged prior to Maturity for any
other purpose, and the Holders of such Debt Securities or portions thereof shall continue to be entitled to look to the Company
for payment of the indebtedness represented thereby; and, upon receipt of a Company Request, the Trustee shall acknowledge in writing
that such Debt Securities or portions thereof are deemed to have been paid for all purposes of this Indenture.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
38

     

    

 

If payment at Stated Maturity
of less than all of the Debt Securities of any series, or any Tranche thereof, is to be provided for in the manner and with the
effect provided in this Section, the Trustee shall select such Debt Securities, or portions of principal amount thereof, in the
manner specified by Section 4.03 for selection for redemption of less than all the Debt Securities of a series or Tranche.

 

In the event that Debt
Securities that shall be deemed to have been paid for purposes of this Indenture, and, if such is the case, in respect of which
the Company’s indebtedness shall have been satisfied and discharged, all as provided in this Section, do not mature and are
not to be redeemed within the 60 day period commencing with the date of the deposit of moneys or Eligible Obligations, as aforesaid,
the Company shall, as promptly as practicable, give a notice, in the same manner as a notice of redemption with respect to such
Debt Securities, to the Holders of such Debt Securities to the effect that such deposit has been made and the effect thereof.

 

Notwithstanding that any
Debt Securities shall be deemed to have been paid for purposes of this Indenture, as aforesaid, the obligations of the Company
and the Trustee in respect of such Debt Securities under Sections 3.04, 3.05, 3.06, 4.04, 5.03
(as to notice of redemption), Section 6.02, 6.03, 9.07, 9.14 and 9.15 and this Article
shall survive.

 

The Company shall pay,
and shall indemnify the Trustee or any Paying Agent with which Eligible Obligations shall have been deposited as provided in this
Section against any tax, fee or other charge imposed on or assessed against such Eligible Obligations or the principal or interest
received in respect of such Eligible Obligations, including, but not limited to, any such tax payable by any entity deemed, for
tax purposes, to have been created as a result of such deposit.

 

Anything herein to the
contrary notwithstanding, (a) if, at any time after a Debt Security would be deemed to have been paid for purposes of this
Indenture, and, if such is the case, the Company’s indebtedness in respect thereof would be deemed to have been satisfied
or discharged, pursuant to this Section (without regard to the provisions of this paragraph), the Trustee or any Paying Agent,
as the case may be, shall be required to return the money or Eligible Obligations, or combination thereof, deposited with it as
aforesaid to the Company or its representative under any applicable federal or state bankruptcy, insolvency or other similar law,
such Debt Security shall thereupon be deemed retroactively not to have been paid and any satisfaction and discharge of the Company’s
indebtedness in respect thereof shall retroactively be deemed not to have been effected, and such Debt Security shall be deemed
to remain Outstanding and (b) any satisfaction and discharge of the Company’s indebtedness in respect of any Debt Security
shall be subject to the provisions of the last paragraph of Section 6.03.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
39

     

    

 

Section 7.02.        Satisfaction
and Discharge of Indenture.

 

This Indenture shall upon
Company Request cease to be of further effect (except as hereinafter expressly provided), and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a)          no
Debt Securities remain Outstanding hereunder; and

 

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

 

provided, however, that if, in accordance
with the last paragraph of Section 7.01, any Debt Security, previously deemed to have been paid for purposes of
this Indenture, shall be deemed retroactively not to have been so paid, this Indenture shall thereupon be deemed retroactively
not to have been satisfied and discharged, as aforesaid, and to remain in full force and effect, and the Company shall execute
and deliver such instruments as the Trustee shall reasonably request to evidence and acknowledge the same.

 

Notwithstanding the satisfaction
and discharge of this Indenture as aforesaid, the obligations of the Company and the Trustee under Sections 3.04, 3.05, 3.06, 4.04, 5.03
(as to notice of redemption), 6.02, 6.03, 9.07, 9.14 and 9.15 and this Article shall
survive.

 

Upon satisfaction and discharge
of this Indenture as provided in this Section, the Trustee shall assign, transfer and turn over to the Company, subject to the
lien provided by Section 9.07, any and all money, securities and other property then held by the Trustee for the benefit
of the Holders of the Debt Securities other than money and Eligible Obligations held by the Trustee pursuant to Section
7.03.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
40

     

    

 

Section 7.03.        Application
of Trust Money.

 

Neither the Eligible Obligations
nor the money deposited pursuant to Section 7.01, nor the principal or interest payments on any such Eligible Obligations,
shall be withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the principal of, and premium,
if any, and interest (including Additional Interest), if any, on, the Debt Securities or portions of principal amount thereof in
respect of which such deposit was made, all subject, however, to the provisions of Section 6.03; provided, however,
that, so long as there shall not have occurred and be continuing an Event of Default, or an event that, with the giving of notice
or the passage of time, would become an Event of Default, any cash received from such principal or interest payments on such Eligible
Obligations, if not then needed for such purpose, shall, to the extent practicable, be invested in Eligible Obligations of the
type described Section 7.01(b) maturing at such times and in such amounts as shall be sufficient to pay when due the
principal of and premium, if any, and interest (including Additional Interest), if any, due and to become due on such Debt Securities
or portions thereof on and prior to the Maturity thereof, and interest earned from such reinvestment shall be paid over to the
Company as received, free and clear of any trust, lien or pledge under this Indenture except the lien provided by Section 9.07;
and provided, further, that, so long as there shall not have occurred and be continuing an Event of Default, or an event
that, with the giving of notice or the passage of time, would become an Event of Default, any moneys held in accordance with this
Section on the Maturity of all such Debt Securities in excess of the amount required to pay the principal of and premium, if any,
and interest (including Additional Interest), if any, then due on such Debt Securities shall be paid over to the Company free and
clear of any trust, lien or pledge under this Indenture except the lien provided by Section 9.07; and provided,
further, that if an Event of Default, or an event that, with the giving of notice or the passage of time, would become an Event
of Default, shall have occurred and be continuing, moneys to be paid over to the Company pursuant to this Section shall be held
until such Event of Default, or event that, with the giving of notice or the passage of time, would become an Event of Default,
shall have been waived or cured.

 

Article
VIII

EVENTS OF DEFAULT; REMEDIES

 

Section 8.01.        Events
of Default.

 

“Event of Default,”
wherever used herein with respect to Debt Securities of any series, means any one of the following events:

 

(a)          failure
to pay interest (including Additional Interest), if any, on any Debt Security of such series within 30 days after the same becomes
due and payable [(whether or not payment is prohibited by the provisions of Article XV hereof);]* [provided, however,
that a valid extension of the interest payment period by the Company as contemplated in Section 3.12 of this Indenture
shall not constitute a failure to pay interest for this purpose] *; or

 

(b)          failure
to pay the principal of or premium, if any, on any Debt Security of such series when due and payable under this Indenture [(whether
or not payment is prohibited by the provisions of Article XV hereof)] *; or

 

(c)          failure
to make any sinking fund payment with respect to such series when due; or

 

(d)          failure
to perform or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default
in the performance of which or breach of which is elsewhere in this Section specifically dealt with or which has expressly been
included in this Indenture solely for the benefit of one or more series of Debt Securities other than such series) 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 33% in principal amount of the Outstanding Debt Securities of such 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, unless the Trustee, or the Trustee and the Holders of a principal amount of Debt Securities of such series not less
than the principal amount of Debt Securities the Holders of which gave such notice, as the case may be, shall agree in writing
to an extension of such period prior to its expiration; provided, however, that the Trustee, or the Trustee and the Holders
of such principal amount of Debt Securities of such series, as the case may be, shall be deemed to have agreed to an extension
of such period for a maximum of one hundred twenty (120) days if corrective action is initiated by the Company within such period
and is being diligently pursued; or

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
41

     

    

 

(e)          the
entry by a court having jurisdiction in the premises of (1) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (2) a
decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition by one or more Persons
other than the Company seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any
applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official for the Company or for any substantial part of its property, or ordering the winding up or liquidation of its affairs,
and any such decree or order for relief or any such other decree or order shall have remained unstayed and in effect for a period
of 90 consecutive days; or

 

(f)          the
commencement by the Company of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization
or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the
entry of a decree or order for relief in respect of the Company in a case or proceeding under any applicable federal or state bankruptcy,
insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against
it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal or state
law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee, sequestrator or similar official of the Company or of any substantial part of its property, or the
making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts
generally as they become due, or the authorization of such action by the Board of Directors; or

 

(g)          any
other Event of Default specified with respect to Debt Securities of such series.

 

Section 8.02.        Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default
due to the default in payment of principal of, or premium, if any, or interest (including Additional Interest) on, any series of
Debt Securities or due to the default in the performance or breach of any other covenant or warranty of the Company applicable
to the Debt Securities of such series but not applicable to all Outstanding Debt Securities shall have occurred and be continuing,
either the Trustee or the Holders of not less than 33% in principal amount of the Debt Securities of such series may then declare
the principal amount (or, if any of the Debt Securities of such series are Discount Debt Securities, such portion of the principal
amount as may be specified in the terms thereof as contemplated by Section 3.01) of all Debt Securities of such series
and premium, if any, and interest (including Additional Interest) accrued thereon to be due and payable immediately, by a notice
in writing to the Company (and to the Trustee if given by the Holders). If an Event of Default due to default in the performance
of any other of the covenants or warranties herein applicable to all Outstanding Debt Securities or an Event of Default specified
in Sections 8.01(e) or (f) shall have occurred and be continuing, either the Trustee or the Holders of
not less than 33% in principal amount of all Debt Securities then Outstanding (considered as one class), and not the Holders of
the Debt Securities of any one of such series, may declare the principal amount (or, if any of the Debt Securities are Discount
Debt Securities, such portion of the principal amount of such Debt Securities as may be specified in the terms thereof as contemplated
by Section 3.01) of all Debt Securities and premium, if any, and interest accrued thereon to be due and payable immediately,
by a notice in writing to the Company (and to the Trustee if given by the Holders). As a consequence of each such declaration (herein
referred to as a declaration of acceleration) with respect to Debt Securities of any series, the principal amount (or portion thereof
in the case of Discount Debt Securities) of such Debt Securities, premium, if any, and interest (including Additional Interest)
accrued thereon shall become due and payable immediately [(provided that the payment of principal of such Debt Securities shall
remain subordinated to the extent provided in Article XV hereof)] *.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
42

     

    

 

With respect to a series
of Debt Securities to which a credit enhancement is applicable, the applicable supplemental indenture may provide that the provider
of such credit enhancement may, if default has occurred and is continuing with respect to such series, and subject to certain conditions,
have all the rights with respect to remedies that would otherwise have been exercisable by the Holders of Debt Securities of that
series.

 

At any time after such
a declaration of acceleration with respect to Debt Securities of any series shall have been made and before a judgment or decree
for payment of the money due shall have been obtained by the Trustee as hereinafter in this Article provided, the Event or Events
of Default giving rise to such declaration of acceleration shall, without further act, be deemed to have been waived, and such
declaration and its consequences shall, without further act, be deemed to have been rescinded and annulled, if

 

(a)          the
Company shall have paid or deposited with the Trustee a sum sufficient to pay

 

(1)         all
overdue interest on all Debt Securities of such series;

 

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

 

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

 

(4)         all
amounts due to the Trustee under Section 9.07; and

 

(b)          any
other Event or Events of Default with respect to Debt Securities of such series, other than the non-payment of the principal of
Debt Securities of such series that shall have become due solely by reason of such declaration of acceleration, shall have been
cured or waived as provided in Section 8.13.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
43

     

    

 

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

 

Section 8.03.        Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

If an Event of Default
described in clause (a), (b) or (c)of Section 8.01 shall have occurred and be continuing, the Company
shall, upon demand of the Trustee, pay to it, for the benefit of the Holders of the Debt Securities of the series with respect
to which such Event of Default shall have occurred, the whole amount then due and payable on such Debt Securities for principal
and premium, if any, and interest, if any, and, to the extent permitted by law, (i) interest on premium, if any, (ii) interest
on any overdue principal and (iii) Additional Interest, at the rate or rates prescribed therefor in such Debt Securities,
and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under Section
9.07.

 

If the Company shall fail
to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, 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 Debt Securities and collect the moneys adjudged or
decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Debt Securities,
wherever situated.

 

If an Event of Default
with respect to Debt Securities of any series shall have occurred and be continuing, the Trustee may in its discretion proceed
to protect and enforce its rights and the rights of the Holders of Debt Securities of such series under the Indenture by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce
any other proper remedy.

 

Section 8.04.        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 Debt Securities or the property of the Company or of such other
obligor or their creditors, the Trustee (irrespective of whether the principal of the Debt 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 (including Additional Interest)) shall be entitled and empowered, by intervention
in such proceeding or otherwise,

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
44

     

    

 

(a)          to
file and prove a claim for the whole amount of principal, premium, if any, and interest (including Additional Interest), if any,
owing and unpaid in respect of the Debt 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 amounts due to the Trustee under Section 9.07)
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 amounts due it under Section 9.07.

 

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 Debt 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 8.05.        Trustee
May Enforce Claims without Possession of Debt Securities.

 

All rights of action and
claims under this Indenture or the Debt Securities may be prosecuted and enforced by the Trustee without the possession of any
of the Debt 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 in respect of which such judgment has been recovered.

 

Section 8.06.        Application
of Money Collected.

 

[Subject to the provisions
of Article XV,]* any money collected by the Trustee pursuant to this Article shall be applied in the following order,
at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or premium, if
any, or interest (including Additional Interest), if any, upon presentation of the Debt Securities in respect of which or for the
benefit of which such money shall have been collected 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 9.07;

 

SECOND: To the payment
of the amounts then due and unpaid upon the Debt Securities for principal of and premium, if any, and interest (including Additional
Interest), if any, 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 Debt Securities for principal, premium, if any, and interest
(including Additional Interest), if any, respectively; and

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
45

     

    

 

THIRD: To the payment of
the remainder, if any, to the Company, or to whomsoever may be lawfully entitled to receive the same or as a court of competent
jurisdiction may direct.

 

Section 8.07.        Limitation
on Suits.

 

No Holder 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 shall have previously given written notice to the Trustee of a continuing Event of Default with respect to the Debt Securities
of such series;

 

(b)          the
Holders of not less than a majority in aggregate principal amount of the Outstanding Debt Securities of all series in respect of
which an Event of Default shall have occurred and be continuing, considered as one class, 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 shall have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred
in compliance with such request;

 

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

 

(e)          no
direction inconsistent with such written request shall have been given to the Trustee during such 60-day period by the Holders
of a majority in aggregate principal amount of the Outstanding Debt Securities of all series in respect of which an Event of Default
shall have occurred and be continuing, considered as one class;

 

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

 

Section 8.08.        Unconditional
Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding any other
provision in this Indenture, the Holder of any Debt Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of and premium, if any, and (subject to Section 3.07 [and 3.12] *) interest (including
Additional Interest), if any, on such Debt Security on the Stated Maturity or Maturities expressed in such Debt 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.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
46

     

    

 

Section 8.09.        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 shall have been discontinued
or abandoned for any reason, or shall have 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, Trustee and such Holder shall be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies of the Trustee and such Holder shall continue as though
no such proceeding had been instituted.

 

Section 8.10.        Rights
and Remedies Cumulative.

 

Except as otherwise provided
in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or
to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

 

Section 8.11.        Delay
or Omission Not Waiver.

 

No delay or omission of
the Trustee or of any Holder 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 8.12.        Control
by Holders of Debt Securities.

 

If an Event of Default
shall have occurred and be continuing in respect of a series of Debt Securities, the Holders of a majority in principal amount
of the Outstanding Debt Securities of such series shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Debt Securities
of such series; provided, however, that if an Event of Default shall have occurred and be continuing with respect to more
than one series of Debt Securities, the Holders of a majority in aggregate principal amount of the Outstanding Debt Securities
of all such series, considered as one class, shall have the right to make such direction, and not the Holders of the Debt Securities
of any one of such series; and provided, further, that

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
47

     

    

 

(a)          such
direction shall not be in conflict with any rule of law or with this Indenture, and may not involve the Trustee in personal liability
in circumstances where indemnity would not in the Trustee’s reasonable discretion be adequate, and

 

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

 

Before proceeding to exercise
any right or power hereunder at the direction of such Holders, the Trustee shall be entitled to receive from such Holders reasonable
security or indemnity against the costs, expenses and liabilities that might be incurred by it in compliance with any such direction.

 

Section 8.13.        Waiver
of Past Defaults.

 

The Holders of not less
than a majority in principal amount of the Outstanding Debt Securities of any series may on behalf of the Holders of all the Debt
Securities of such series waive any past default hereunder with respect to such series and its consequences, except a default

 

(a)          in
the payment of the principal of or premium, if any, or interest (including Additional Interest), if any, on any Debt Security of
such series, or

 

(b)          in
respect of a covenant or provision hereof that under Section 12.02 cannot be modified or amended without the consent
of the Holder of each Outstanding Debt Security of such series affected.

 

Upon any such waiver, such
default shall cease to exist, and any and all Events 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 8.14.        Undertaking
for Costs.

 

The Company and the Trustee
agree, and each Holder by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against
any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in aggregate principal amount
of the Outstanding Debt Securities of all series in respect of which such suit may be brought, considered as one class, or to any
suit instituted by any Holder for the enforcement of the payment of the principal of or premium, if any, or interest (including
Additional Interest), if any, on any Debt Security on or after the Stated Maturity or Maturities expressed in such Debt Security
(or, in the case of redemption, on or after the Redemption Date).

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
48

     

    

 

Section 8.15.        Waiver
of Stay or Extension Laws.

 

The Company covenants (to
the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect
the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power
herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

Article
IX

THE TRUSTEE

 

Section 9.01.        Certain
Duties and Responsibilities.

 

(a)          The
Trustee shall have and be subject to all the duties and responsibilities specified with respect to an indenture trustee in the
Trust Indenture Act, and no implied covenants or obligations shall be read into this Indenture against the Trustee.

 

(b)          The
Trustee, prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have
occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event
of Default of which a Responsible Officer of the Trustee has knowledge has occurred and is continuing, the Trustee shall exercise
such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(c)          No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct, except that prior to the occurrence of an Event of Default and after the curing or
waiving of all Events of Default that may have occurred

 

(i)          the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall
not be liable except for the performance of, or failure to perform, such duties and obligations as are specifically set forth in
this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(ii)         in
the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture; but, in the case of any such certificates or opinions that by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Indenture.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
49

     

    

 

(d)          The
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith, in accordance with the
direction of the Holders of Debt Securities pursuant to Section 8.12, 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.

 

(e)          No
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that it is not reasonably assured of receiving (i) repayment of such funds or (ii) indemnity, in
an amount deemed adequate to the Trustee in its reasonable judgment, against such risk or liability.

 

(f)          Notwithstanding
anything contained in this Indenture to the contrary, the duties and responsibilities of the Trustee under this Indenture shall
be subject to the protections, exculpations and limitations on liability afforded to the Trustee under the provisions of the Trust
Indenture Act, including those provisions of such Act deemed by such Act to be included herein.

 

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

 

Section 9.02.        Notice
of Defaults.

 

The Trustee shall give
the Holders notice of any default hereunder with respect to the Debt Securities of any series to the Holders of Debt Securities
of such series of which it has knowledge (within the meaning of Section 9.03(h)) in the manner and to the extent required
to do so by the Trust Indenture Act, unless such default shall have been cured or waived; provided, however, that in the
case of any default of the character specified in Section 8.01(d), no such notice to Holders shall be given until at
least 60 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event that
is, or after notice or lapse of time, or both, would become, an Event of Default.

 

Section 9.03.        Certain
Rights of Trustee.

 

Subject to the provisions
of Section 9.01 and to the applicable provisions of the Trust Indenture Act:

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
50

     

    

 

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

 

(b)          any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, or
as otherwise expressly provided herein, and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;

 

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

 

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

 

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

 

(f)           the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall (subject
to applicable legal requirements) be entitled to examine, during normal business hours, the books, records and premises of the
Company, personally or by agent or attorney;

 

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

 

(h)          the
Trustee shall not be charged with knowledge of any default or Event of Default with respect to the Debt Securities of any series
for which it is acting as Trustee unless either (1) a Responsible Officer of the Trustee shall have knowledge of the default
or Event of Default or (2) written notice of such default or Event of Default shall have been given to the Trustee by the
Company, any other obligor on such Debt Securities or by any Holder of such Debt Securities.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
51

     

    

 

Section 9.04.        Not
Responsible for Recitals or Issuance of Debt Securities.

 

The recitals contained
herein and in the Debt Securities (except the Trustee’s certificates of authentication) shall be taken as the statements
of the Company, and neither the Trustee nor any Authenticating Agent assumes responsibility for their correctness. The Trustee
makes no representations as to the validity or sufficiency of this Indenture or of the Debt Securities. Neither the Trustee nor
any Authenticating Agent shall be accountable for the use or application by the Company of Debt Securities or the proceeds thereof.
The Trustee shall not incur any liability for non-performance or breach of any obligation hereunder to the extent that the Trustee
is delayed in performing, unable to perform or breaches such obligation because of acts of God, war, terrorism, fire, floods, electrical
outages or other causes reasonably beyond its control; provided, however, that the Trustee shall use commercially reasonable
efforts consistent with accepted practices for corporate trustees to maintain performance without delay or resume performance as
soon as reasonably practicable under the circumstances.

 

Section 9.05.        May
Hold Debt Securities.

 

Each of the Trustee, any
Authenticating Agent, any Paying Agent, any Debt Security Registrar or any other agent of the Company, in its individual or any
other capacity, may become the owner or pledgee of Debt Securities and, subject to Sections 9.08 and 9.13,
may otherwise deal with the Company with the same rights it would have if it were not the Trustee, Authenticating Agent, Paying
Agent, Debt Security Registrar or such other agent.

 

Section 9.06.        Money
Held in Trust.

 

Money held by the Trustee
in trust hereunder need not be segregated from other funds, except to the extent required by law. The Trustee shall be under no
liability for interest on investment of any money received by it hereunder except as expressly provided herein or otherwise agreed
with, and for the sole benefit of, the Company.

 

Section 9.07.        Compensation
and Reimbursement.

 

The Company shall

 

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

 

(b)          except
as otherwise expressly provided herein, reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances
reasonably incurred or made by the Trustee in accordance with any provision of this Indenture, including the costs of collection
(including the reasonable compensation and the expenses and disbursements of its agents and counsel), except to the extent that
any such expense, disbursement or advance may be attributable to its negligence, willful misconduct or bad faith; and

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
52

     

    

 

(c)          indemnify
the Trustee and hold it harmless from and against any and all losses, demands, claims, liabilities, causes of action or expenses
(including reasonable attorneys’ fees and expenses) incurred by it arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder or the performance of its duties hereunder, including the reasonable costs and
expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers
or duties hereunder, except to the extent any such loss, demand, claim, liability, cause of action or expense may be attributable
to its negligence, willful misconduct or bad faith and may assume the defense of the Trustee with counsel acceptable to the Trustee,
unless the Trustee shall have been advised by counsel that there may be one or more legal defenses available to it that are different
from or additional to those available to the Company, in which case the Trustee may engage separate counsel, and the fees and expenses
of such counsel shall be assumed by the Company.

 

As security for the performance
of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Debt Securities upon all property
and funds held or collected by the Trustee as such other than property and funds held in trust for the payment of principal, premium,
if any, and interest on Debt Securities. “Trustee” for purposes of this Section shall include any predecessor
Trustee; provided, however, that the negligence, willful misconduct or bad faith of any Trustee hereunder shall not affect
the rights of any other Trustee hereunder. When a Trustee incurs expenses or renders services in connection with an Event of Default
specified in Sections 8.01(e) or (f), the expenses (including the reasonable charges and expenses of its
counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable federal
or state bankruptcy, insolvency or other similar law. The provisions of this Section shall survive termination of this Indenture
and the resignation or removal of the Trustee.

 

Section 9.08.        Disqualification;
Conflicting Interests.

 

If the Trustee shall have
or acquire any conflicting interest within the meaning of the Trust Indenture Act, it shall either eliminate such conflicting interest
or resign to the extent, in the manner and with the effect, and subject to the conditions, provided in the Trust Indenture Act
and this Indenture. For purposes of Section 310(b)(1) of the Trust Indenture Act and to the extent permitted thereby, the
Trustee shall not be deemed to have a conflicting interest by virtue of being a Trustee under (i) this Indenture with respect
to Debt Securities of one or more series or (ii) any other indenture to which the Trustee and the Company are a party, if
any, or with respect to the securities issued thereunder, if any.

 

Section 9.09.        Corporate
Trustee Required; Eligibility.

 

There shall at all times
be a Trustee hereunder which shall be

 

(a)          a
corporation organized and doing business under the laws of the United States, any state or territory thereof or the District of
Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $100,000,000
and subject to supervision or examination by federal or state authority, or

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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(b)          if
and to the extent permitted by the Commission by rule, regulation or order upon application, a corporation or other Person organized
and doing business under the laws of a foreign government, authorized under such laws to exercise corporate trust powers, having
a combined capital and surplus of at least $100,000,000 or the Dollar equivalent of the applicable foreign currency and subject
to supervision or examination by authority of such foreign government or a political subdivision thereof substantially equivalent
to supervision or examination applicable to United States institutional trustees,

 

and, in either case, qualified and eligible
under this Article and the Trust Indenture Act. If such corporation publishes reports of condition at least annually, pursuant
to law or to the requirements of such supervising or examining authority, then for the purposes of this Section, the combined capital
and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section,
it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

Section 9.10.        Resignation
and Removal; Appointment of Successor.

 

(a)          No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section
9.11.

 

(b)          The
Trustee may resign at any time with respect to the Debt Securities of one or more series by giving written notice thereof to the
Company. If the instrument of acceptance by a successor Trustee required by Section 9.11 shall not have been delivered
to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Debt Securities of such series.

 

(c)          The
Trustee may be removed at any time with respect to the Debt Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Debt Securities of such series delivered to the Trustee and to the Company.

 

(d)          If
at any time:

 

(1)         the
Trustee shall fail to comply with Section 9.08 after written request therefor by the Company or by any Holder who has
been a bona fide Holder for at least six months, or

 

(2)         the
Trustee shall cease to be eligible under Section 9.09 and shall fail to resign after written request therefor by the
Company or by any such Holder, or

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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(3)         the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,

 

then, in any such case, (x) the Company
by a Board Resolution may remove the Trustee with respect to all Debt Securities or (y) subject to Section 8.14,
any Holder who has been a bona fide Holder for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with respect to all Debt Securities and the appointment
of a successor Trustee or Trustees.

 

(e)          If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause (other than as contemplated in clause (y) in Subsection (d) of this Section), with respect to the Debt Securities
of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Debt Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect
to the Debt Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to
the Debt Securities of any particular series) and shall comply with the applicable requirements of Section 9.11. If,
within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect
to the Debt Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding
Debt Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith
upon its acceptance of such appointment in accordance with the applicable requirements of Section 9.11, become the
successor Trustee with respect to the Debt Securities of such series and to that extent supersede the successor Trustee appointed
by the Company. If no successor Trustee with respect to the Debt Securities of any series shall have been so appointed by the Company
or the Holders and accepted appointment in the manner required by Section 9.11, any Holder who has been a bona fide
Holder of a Debt Security of such series for at least six months may, on behalf of itself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Debt Securities of such series.

 

(f)          So
long as no event that is, or after notice or lapse of time, or both, would become, an Event of Default shall have occurred and
be continuing, and except with respect to a Trustee appointed by Act of the Holders of a majority in principal amount of the Outstanding
Debt Securities pursuant to Subsection (e) of this Section, if the Company shall have delivered to the Trustee (i) a
Board Resolution appointing a successor Trustee, effective as of a date specified therein, and (ii) an instrument of acceptance
of such appointment, effective as of such date, by such successor Trustee in accordance with Section 9.11, the Trustee
shall be deemed to have resigned as contemplated in Subsection (b) of this Section, the successor Trustee shall be deemed
to have been appointed by the Company pursuant to Subsection (e) of this Section and such appointment shall be deemed to have
been accepted as contemplated in Section 9.11, all as of such date, and all other provisions of this Section and Section
9.11 shall be applicable to such resignation, appointment and acceptance except to the extent inconsistent with this Subsection (f).

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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(g)          The
Company or, should the Company fail so to act promptly, the successor Trustee, at the expense of the Company, shall give notice
of each resignation and each removal of the Trustee with respect to the Debt Securities of any series and each appointment of a
successor Trustee with respect to the Debt Securities of any series by mailing written notice of such event by first-class mail,
postage prepaid, to all Holders of Debt Securities of such series as their names and addresses appear in the Debt Security Register.
Each notice shall include the name of the successor Trustee with respect to the Debt Securities of such series and the address
of its corporate trust office.

 

Section 9.11.        Acceptance
of Appointment by Successor.

 

(a)          In
case of the appointment hereunder of a successor Trustee with respect to the Debt Securities of all series, every such successor
Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of all sums owed
to it, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring
Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder.

 

(b)          In
case of the appointment hereunder of a successor Trustee with respect to the Debt Securities of one or more (but not all) series,
the Company, the retiring Trustee and each successor Trustee with respect to the Debt Securities of one or more series shall execute
and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all
the rights, powers, trusts and duties of the retiring Trustee with respect to the Debt Securities of that or those series to which
the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Debt Securities,
shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Debt Securities of that or those series as to which the retiring Trustee is not retiring
shall continue to be vested in the retiring Trustee and (3) shall add to or change any of the provisions of this Indenture
as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and
that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee; and upon the execution and delivery of such supplemental indenture, the resignation or removal of the
retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to
the Debt Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the
Company or any successor Trustee, such retiring Trustee, upon payment of all sums owed to it, shall duly assign, transfer and deliver
to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Debt Securities of
that or those series to which the appointment of such successor Trustee relates.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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(c)          Upon
request of any such successor Trustee, the Company shall execute any instruments that fully vest in and confirm to such successor
Trustee all such rights, powers and trusts referred to in Subsection (a) or (b) of this Section, as the case may be.

 

(d)          No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article.

 

Section 9.12.        Merger,
Conversion, Consolidation or Succession to Business.

 

Any corporation into which
the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified
and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties
hereto. In case any Debt Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Debt Securities
so authenticated with the same effect as if such successor Trustee had itself authenticated such Debt Securities.

 

Section 9.13.        Preferential
Collection of Claims Against Company.

 

If the Trustee shall be
or become a creditor of the Company or any other obligor upon the Debt Securities (other than by reason of a relationship described
in Section 311(b) of the Trust Indenture Act), the Trustee shall be subject to any and all applicable provisions of the Trust
Indenture Act regarding the collection of claims against the Company or such other obligor. For purposes of Section 311(b)
of the Trust Indenture Act:

 

(a)          the
term “cash transaction” means any transaction in which full payment for goods or securities sold is made within seven
days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable
upon demand; and

 

(b)          the
term “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation that is made, drawn, negotiated
or incurred by the Company for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods,
wares or merchandise and that is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or merchandise
or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided
the security is received by the Trustee simultaneously with the creation of the creditor relationship with the Company arising
from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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Section 9.14.        Co-Trustees
and Separate Trustees.

 

At any time or times, for
the purpose of meeting the legal requirements of any applicable jurisdiction, the Company and the Trustee shall have power to appoint,
and, upon the written request of the Trustee or of the Holders of at least 33% in principal amount of the Debt Securities then
Outstanding, the Company shall for such purpose join with the Trustee in the execution and delivery of all instruments and agreements
necessary or proper to appoint, one or more Persons approved by the Trustee either to act as co-trustee, jointly with the Trustee,
or to act as separate trustee, in either case with such powers as may be provided in the instrument of appointment, and to vest
in such Person or Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject
to the other provisions of this Section. If the Company does not join in such appointment within 15 days after the receipt by it
of a request so to do, or if an Event of Default shall have occurred and be continuing, the Trustee alone shall have power to make
such appointment.

 

Should any written instrument
or instruments from the Company be required by any co-trustee or separate trustee so appointed to more fully confirm to such co-trustee
or separate trustee such property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged
and delivered by the Company.

 

Every co-trustee or separate
trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following conditions:

 

(a)          the
Debt Securities shall be authenticated and delivered, and all rights, powers, duties and obligations hereunder in respect of the
custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder,
shall be exercised solely, by the Trustee;

 

(b)          the
rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by such
appointment shall be conferred or imposed upon and exercised or performed either by the Trustee or by the Trustee and such co-trustee
or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the
extent that under any law of any jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent
or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed
by such co-trustee or separate trustee;

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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(c)          the
Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Company, may accept the resignation
of or remove any co-trustee or separate trustee appointed under this Section, and, if an Event of Default shall have occurred and
be continuing, the Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without
the concurrence of the Company. Upon the written request of the Trustee, the Company shall join with the Trustee in the execution
and delivery of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any
co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section;

 

(d)          no
co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Trustee, or any other
such trustee hereunder, and the Trustee shall have no liability, personally or in its capacity as Trustee, for any act or omission
of any co-trustee or separate trustee hereunder; and

 

(e)          any
Act of Holders delivered to the Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee.

 

Section 9.15.        Appointment
of Authenticating Agent.

 

The Trustee may appoint
an Authenticating Agent or Agents with respect to the Debt Securities of one or more series, or any Tranche thereof, which shall
be authorized to act on behalf of the Trustee to authenticate Debt Securities of such series or Tranche issued upon original issuance,
exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.06, and Debt Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Debt Securities by
the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee
by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation
organized and doing business under the laws of the United States, any state or territory thereof or the District of Columbia or
the Commonwealth of Puerto Rico, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus
of not less than $50,000,000 and subject to supervision or examination by federal or state authority. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

 

Any corporation into which
an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation
shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of
the Trustee or the Authenticating Agent.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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An Authenticating Agent
may resign at any time by giving 45 days written notice thereof to the Trustee and to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company.
Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent
that shall be acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall
become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

 

The Company agrees to pay
to each Authenticating Agent from time to time reasonable compensation for its services under this Section.

 

The provisions of Sections 3.08, 9.04
and 9.05 shall be applicable to each Authenticating Agent.

 

If an appointment with
respect to the Debt Securities of one or more series, or any Tranche thereof, shall be made pursuant to this Section, the Debt
Securities of such series or Tranche may have endorsed thereon, in addition to the Trustee’s certificate of authentication,
an alternate certificate of authentication substantially in the following form:

 

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

 

	Date:	By:	 
	 	As Trustee
	 	 
	 	By:	 
	 	As Authenticating Agent
	 	 
	 	By:	 
	 	Authorized Signatory

 

If all of the Debt Securities
of a series may not be originally issued at one time, and if the Trustee does not have an office capable of authenticating Debt
Securities upon original issuance located in a Place of Payment where the Company wishes to have Debt Securities of such series
authenticated upon original issuance, the Trustee, if so requested by the Company in writing (which writing need not comply with Section
1.02 and need not be accompanied by an Opinion of Counsel), shall appoint, in accordance with this Section and in accordance
with such procedures as shall be acceptable to the Trustee, an Authenticating Agent having an office in a Place of Payment designated
by the Company with respect to such series of Debt Securities.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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Article
X

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 10.01.      Lists
of Holders.

 

Semiannually, not later
than                 and                in
each year, commencing with the year 20     , and at such other times as the Trustee may request in writing,
the Company shall furnish or cause to be furnished to the Trustee information as to the names and addresses of the Holders, and
the Trustee shall preserve such information and similar information received by it in any other capacity and afford to the Holders
access to information so preserved by it, all to such extent, if any, and in such manner as shall be required by the Trust Indenture
Act; provided, however, that no such list need be furnished so long as the Trustee shall be the Debt Security Registrar.
Every holder of Debt Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company
nor the Trustee nor any agent of either of them shall be held accountable by reason of the disclosure of any such information as
to the names and addresses of the Holders of Debt Securities in accordance with Section 312 of the Trust Indenture Act, or
any successor Section of such Act, regardless of the source from which such information was derived, and that the Trustee shall
not be held accountable by reason of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture
Act, or any successor Section of such Act.

 

Section 10.02.      Reports
by Trustee and Company.

 

Annually, not later than
                in each year, commencing                   ,
the Trustee shall transmit to the Holders, the Commission and each securities exchange upon which any Debt Securities are listed,
a report, dated as of the next preceding               ,
with respect to any events and other matters described in Section 313(a) of the Trust Indenture Act, in such manner and to
the extent required by the Trust Indenture Act. The Trustee shall transmit to the Holders, the Commission and each securities exchange
upon which any Debt Securities are listed, and the Company shall file with the Trustee (within 30 days after filing with the Commission
in the case of reports that pursuant to the Trust Indenture Act must be filed with the Commission and furnished to the Trustee)
and transmit to the Holders, such other information, reports and other documents, if any, at such times and in such manner, as
shall be required by the Trust Indenture Act.

 

The Company shall notify
the Trustee of the listing of any Debt Securities on any securities exchange. Delivery of such reports, information and documents
by the Company to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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Article
XI

CONSOLIDATION, MERGER, CONVEYANCE OR OTHER TRANSFER

 

Section 11.01.      Company
May Consolidate, Etc., Only on Certain Terms.

 

The Company shall not consolidate
with or merge into any other corporation, or convey or otherwise transfer or lease its properties and assets substantially as an
entirety to any Person, unless

 

(a)          the
corporation formed by such consolidation or into which the Company is merged or the Person that acquires by conveyance or transfer,
or that leases, the properties and assets of the Company substantially as an entirety shall be a Person organized and existing
under the laws of the United States, any state thereof or the District of Columbia, and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of
the principal of, and premium, if any, and interest (including Additional Interest), if any, on all Outstanding Debt Securities
and the performance of every covenant of this Indenture on the part of the Company to be performed or observed;

 

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

 

(c)          the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, or other transfer or lease and such supplemental indenture comply with this Article and that all conditions
precedent herein provided for relating to such transactions have been complied with.

 

Section 11.02.      Successor
Corporation Substituted.

 

Upon any consolidation
by the Company with or merger by the Company into any other corporation or any conveyance or other transfer or lease of the properties
and assets of the Company substantially as an entirety in accordance with Section 11.01, the successor corporation
formed by such consolidation or into which the Company is merged or the Person to which such conveyance, transfer or lease is made
shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the
same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the
predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Debt Securities Outstanding
hereunder.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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Article
XII

SUPPLEMENTAL INDENTURES

 

Section 12.01.      Supplemental
Indentures Without Consent of Holders.

 

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

 

(a)          to
evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company
herein and in the Debt Securities, all as provided in Article XI; or

 

(b)          to
add one or more covenants of the Company or other provisions for the benefit of all Holders or for the benefit of the Holders of,
or to remain in effect only so long as there shall be Outstanding, Debt Securities of one or more specified series, or one or more
specified Tranches thereof, or to surrender any right or power herein conferred upon the Company; or

 

(c)          to
add any additional Events of Default with respect to all or any series of Debt Securities Outstanding hereunder; or

 

(d)          to
change or eliminate any provision of this Indenture or to add any new provision to this Indenture; provided, however, that
if such change, elimination or addition shall adversely affect the interests of the Holders of Debt Securities of any series or
Tranche Outstanding on the date of such indenture supplemental hereto in any material respect, such change, elimination or addition
shall become effective with respect to such series or Tranche only pursuant to the provisions of Section 12.02 hereof
or when no Debt Security of such series or Tranche remains Outstanding; or

 

(e)          to
provide collateral security for the Debt Securities of any series or Tranche; or

 

(f)           to
establish the form or terms of Debt Securities of any series or Tranche as contemplated by Sections 2.01 and 3.01;
or

 

(g)          to
provide for the authentication and delivery of bearer securities and coupons appertaining thereto representing interest, if any,
thereon and for the procedures for the registration, exchange and replacement thereof and for the giving of notice to, and the
solicitation of the vote or consent of, the holders thereof, and for any and all other matters incidental thereto; or

 

(h)          to
evidence and provide for the acceptance of appointment hereunder by a separate or successor Trustee with respect to the Debt Securities
of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 9.11(b);
or

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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(i)           to
provide for the procedures required to permit the Company to utilize, at its option, a non-certificated system of registration
for all, or any series or Tranche of, the Debt Securities; or to provide for the authentication and delivery of bearer securities
and coupons appertaining thereto representing interest, if any, thereon and for the procedures for the registration, exchange and
replacement thereof and for the giving of notice to, and the solicitation of the vote or consent of, the holders thereof, and for
any and all other matters incidental thereto; or

 

(j)           to
change any place or places where (1) the principal of and premium, if any, and interest (including Additional Interest), if
any, on all or any series of Debt Securities, or any Tranche thereof, shall be payable, (2) all or any series of Debt Securities,
or any Tranche thereof, may be surrendered for registration of transfer, (3) all or any series of Debt Securities, or any
Tranche thereof, may be surrendered for exchange and (4) notices and demands to or upon the Company in respect of all or any
series of Debt Securities, or any Tranche thereof, and this Indenture may be served; or

 

(k)          to
cure any ambiguity or to correct or supplement any provision herein that may be defective or inconsistent with any other provision
herein; provided that no such changes or additions shall adversely affect the interests of the Holders of Debt Securities of any
series or Tranche in any material respect.

 

Without limiting the generality
of the foregoing, if the Trust Indenture Act as in effect at the date of the execution and delivery of this Indenture or at any
time thereafter shall be amended and

 

(x)           if
any such amendment shall require one or more changes to any provisions hereof or the inclusion herein of any additional provisions,
or shall by operation of law be deemed to effect such changes or incorporate such provisions by reference or otherwise, this Indenture
shall be deemed to have been amended so as to conform to such amendment to the Trust Indenture Act, and the Company and the Trustee
may, without the consent of any Holders, enter into an indenture supplemental hereto to effect or evidence such changes or additional
provisions; or

 

(y)          if
any such amendment shall permit one or more changes to, or the elimination of, any provisions hereof that, at the date of the execution
and delivery hereof or at any time thereafter, are required by the Trust Indenture Act to be contained herein, this Indenture shall
be deemed to have been amended to effect such changes or elimination, and the Company and the Trustee may, without the consent
of any Holders, enter into an indenture supplemental hereto to evidence such amendment hereof, provided such amendment does not
have a material adverse effect on any Holders.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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Section 12.02.      Supplemental
Indentures With Consent of Holders.

 

With the consent of the
Holders of not less than a majority in aggregate principal amount of the Debt Securities of all series then Outstanding under this
Indenture, considered as one class, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized
by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture; provided, however,
that if there shall be Debt Securities of more than one series Outstanding hereunder and if a proposed supplemental indenture shall
directly affect the rights of the Holders of Debt Securities of one or more, but less than all, of such series, then the consent
only of the Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of all series so directly affected,
considered as one class, shall be required; and provided, further, that if the Debt Securities of any series shall have
been issued in more than one Tranche and if the proposed supplemental indenture shall directly affect the rights of the Holders
of Debt Securities of one or more, but less than all, of such Tranches, then the consent only of the Holders of a majority in aggregate
principal amount of the Outstanding Debt Securities of all Tranches so directly affected, considered as one class, shall be required;
and provided, further, that no such supplemental indenture shall:

 

(a)          change
the Stated Maturity of the principal of, or any installment of principal of or interest (including Additional Interest) on [(except
as provided in Section 3.12)]* any Debt Security, or reduce the principal amount thereof or the rate of interest thereon
(or the amount of any installment of interest thereon) or change the method of calculating such rate or reduce any premium payable
upon the redemption thereof, or reduce the amount of the principal of a Discount Debt Security that would be due and payable upon
a declaration of acceleration of the Maturity thereof pursuant to Section 8.02, or change the coin or currency (or
other property) in which any Debt Security or any premium or the interest (including Additional Interest) thereon is payable, or
impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity of any Debt Security
(or, in the case of redemption, on or after the Redemption Date), without, in any such case, the consent of the Holder of such
Debt Security, or

 

(b)          reduce
the percentage in principal amount of the Outstanding Debt Securities of any series or any Tranche thereof, the consent of the
Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver
of compliance with any provision of this Indenture or of any default hereunder and its consequences, or reduce the requirements
of Section 13.04 for quorum or voting, without, in any such case, the consent of the Holders of each Outstanding Debt
Security of such series or Tranche, or

 

(c)          modify
any of the provisions of this Section, Section 6.07 or Section 8.13 with respect to the Debt Securities
of any series, or any Tranche thereof (except to increase the percentages in principal amount referred to in this Section or such
other Sections or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder
of each Outstanding Debt Security affected thereby); provided, however, that this clause shall not be deemed to require
the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this
Section, or the deletion of this proviso, in accordance with the requirements of Sections 9.11(b), 9.14
and 12.01(h).

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

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

 

Upon the request of the
Company, accompanied by a copy of the Board Resolution authorizing the execution of any such supplemental indenture, compliance
by the Company with Section 12.03 hereof, and the filing with the Trustee of evidence of the consent of the Holders
of the Debt Securities required hereunder with respect to the proposed supplemental indenture, the Trustee shall join with the
Company in the execution of such supplemental indenture unless the supplemental indenture affects the Trustee’s own rights,
duties or immunities under this Indenture, or otherwise, in which case the Trustee may in its discretion but shall not be obligated
to enter into such supplemental indenture.

 

It shall not be necessary
for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be
sufficient if such Act shall approve the substance thereof. A waiver by a Holder of such Holder’s right to consent under
this Section shall be deemed to be a consent of such Holder.

 

Section 12.03.      Execution
of Supplemental Indentures.

 

In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be provided and (subject to Section 9.01) shall be fully protected in
relying upon an Officer’s Certificate and Opinion of Counsel, each stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture.

 

Section 12.04.      Effect
of Supplemental Indentures.

 

Upon the execution of any
supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture
shall form a part of this Indenture for all purposes; and every Holder of Debt Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby. Any supplemental indenture permitted by this Article may restate this Indenture
in its entirety, and, upon the execution and delivery thereof, any such restatement shall supersede this Indenture as theretofore
in effect for all purposes.

 

Section 12.05.      Conformity
With Trust Indenture Act.

 

Every supplemental indenture
executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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Section 12.06.      Reference
in Debt Securities to Supplemental Indentures.

 

Debt Securities of any
series, or any Tranche thereof, authenticated and delivered after the execution of any supplemental indenture pursuant to this
Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for
in such supplemental indenture. If the Company shall so determine, new Debt Securities of any series, or any Tranche thereof, so
modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed
by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Debt Securities of such series or Tranche.

 

Section 12.07.      Modification
without Supplemental Indenture.

 

If the terms of any particular
series of Debt Securities shall have been established in a Board Resolution or an Officer’s Certificate pursuant to a Board
Resolution as contemplated by Section 3.01, and not in an indenture supplemental hereto, additions to, changes in or
the elimination of any of such terms may be effected by means of a supplemental Board Resolution or Officer’s Certificate,
as the case may be, delivered to, and accepted by, the Trustee; provided, however, that such supplemental Board Resolution
or Officer’s Certificate shall not be accepted by the Trustee or otherwise be effective unless all conditions set forth in
this Indenture that would be required to be satisfied if such additions, changes or elimination were contained in a supplemental
indenture shall have been appropriately satisfied. Upon the acceptance thereof by the Trustee, any such supplemental Board Resolution
or Officer’s Certificate shall be deemed to be a “supplemental indenture” for purposes of Sections 12.04
and 12.06.

 

Article
XIII

MEETINGS OF HOLDERS; ACTION WITHOUT MEETING

 

Section 13.01.      Purposes
for which Meetings may be Called.

 

A meeting of Holders of
Debt Securities of one or more, or all, series, or any Tranche or Tranches thereof, may be called at any time and from time to
time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be made, given or taken by Holders of Debt Securities of such series or Tranches.

 

Section 13.02.      Call,
Notice and Place of Meetings.

 

(a)          The
Trustee may at any time call a meeting of Holders of Debt Securities of one or more, or all, series, or any Tranche or Tranches
thereof, for any purpose specified in Section 13.01, to be held at such time and at such place in the Borough of Manhattan,
The City of New York, as the Trustee shall determine, or, with the approval of the Company, at any other place. Notice of every
such meeting, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such
meeting, shall be given, in the manner provided in Section 1.06, not less than 21 nor more than 180 days prior to the
date fixed for the meeting.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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(b)          If
the Trustee shall have been requested to call a meeting of the Holders of Debt Securities of one or more, or all, series, or any
Tranche or Tranches thereof, by the Company or by the Holders of at least 33% in aggregate principal amount of all of such series
and Tranches, considered as one class, for any purpose specified in Section 13.01, by written request setting forth
in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have given the notice of such meeting
within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein,
then the Company or the Holders of Debt Securities of such series and Tranches in the amount above specified, as the case may be,
may determine the time and the place in the Borough of Manhattan, The City of New York, or in such other place as shall be determined
or approved by the Company, for such meeting and may call such meeting for such purposes by giving notice thereof as provided in
Subsection (a) of this Section.

 

(c)          Any
meeting of Holders of Debt Securities of one or more, or all, series, or any Tranche or Tranches thereof, shall be valid without
notice if the Holders of all Outstanding Debt Securities of such series or Tranches are present in person or by proxy and if representatives
of the Company and the Trustee are present, or if notice is waived in writing before or after the meeting by the Holders of all
Outstanding Debt Securities of such series, or by such of them as are not present at the meeting in person or by proxy, and by
the Company and the Trustee.

 

Section 13.03.      Persons
Entitled to Vote at Meetings.

 

To be entitled to vote
at any meeting of Holders of Debt Securities of one or more, or all, series, or any Tranche or Tranches thereof, a Person shall
be (a) a Holder of one or more Outstanding Debt Securities of such series or Tranches, or (b) a Person appointed by an
instrument in writing as proxy for a Holder or Holders of one or more Outstanding Debt Securities of such series or Tranches by
such Holder or Holders. The only Persons who shall be entitled to attend any meeting of Holders of Debt Securities of any series
or Tranche shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its
counsel and any representatives of the Company and its counsel.

 

Section 13.04.      Quorum;
Action.

 

The Persons entitled to
vote a majority in aggregate principal amount of the Outstanding Debt Securities of the series and Tranches with respect to which
a meeting shall have been called as hereinbefore provided, considered as one class, shall constitute a quorum for a meeting of
Holders of Debt Securities of such series and Tranches; provided, however, that if any action is to be taken at such meeting
that this Indenture expressly provides may be taken by the Holders of a specified percentage, which is less than a majority, in
principal amount of the Outstanding Debt Securities of such series and Tranches, considered as one class, the Persons entitled
to vote such specified percentage in principal amount of the Outstanding Debt Securities of such series and Tranches, considered
as one class, shall constitute a quorum. In the absence of a quorum within one hour of the time appointed for any such meeting,
the meeting shall, if convened at the request of Holders of Debt Securities of such series and Tranches, be dissolved. In any other
case the meeting may be adjourned for such period as may be determined by the chairman of the meeting prior to the adjournment
of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for
such period as may be determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Except as provided
by Section 13.05(e), notice of the reconvening of any meeting adjourned for more than 30 days shall be given as provided Section
13.02(a) not less than ten days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening
of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding Debt
Securities of such series and Tranches that shall constitute a quorum.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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Except as limited by Section
12.02, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid
may be adopted only by the affirmative vote of the Holders of a majority in aggregate principal amount of the Outstanding Debt
Securities of the series and Tranches with respect to which such meeting shall have been called, considered as one class; provided,
however, that, except as so limited, any resolution with respect to any action that this Indenture expressly provides may be
taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Debt Securities
of such series and Tranches, considered as one class, may be adopted at a meeting or an adjourned meeting duly reconvened and at
which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount
of the Outstanding Debt Securities of such series and Tranches, considered as one class.

 

Any resolution passed or
decision taken at any meeting of Holders of Debt Securities duly held in accordance with this Section shall be binding on all the
Holders of Debt Securities of the series and Tranches with respect to which such meeting shall have been held, whether or not present
or represented at the meeting.

 

Section 13.05.      Attendance
at Meetings; Determination of Voting Rights; Conduct and Adjournment of Meetings.

 

(a)          Attendance
at meetings of Holders of Debt Securities may be in person or by proxy; and, to the extent permitted by law, any such proxy shall
remain in effect and be binding upon any future Holder of the Debt Securities with respect to which it was given unless and until
specifically revoked by the Holder or future Holder of such Debt Securities before being voted.

 

(b)          Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting
of Holders of Debt Securities in regard to proof of the holding of such Debt Securities and of the appointment of proxies and in
regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other
evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except
as otherwise permitted or required by any such regulations, the holding of Debt Securities shall be proved in the manner specified
in Section 1.04 and the appointment of any proxy shall be proved in the manner specified in Section 1.04.
Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine
without the proof specified in Section 1.04 or other proof.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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(c)          The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Company or by Holders as provided in Section 13.02(b), in which case the Company or the Holders of Debt Securities
of the series and Tranches calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent
chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in aggregate
principal amount of the Outstanding Debt Securities of all series and Tranches represented at the meeting, considered as one class.

 

(d)          At
any meeting each Holder or proxy shall be entitled to one vote for each $1 principal amount of Debt Securities held or represented
by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Debt Security challenged
as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right
to vote, except as a Holder of a Debt Security or proxy.

 

(e)          Any
meeting duly called pursuant to Section 13.02 at which a quorum is present may be adjourned from time to time by Persons
entitled to vote a majority in aggregate principal amount of the Outstanding Debt Securities of all series and Tranches represented
at the meeting, considered as one class; and the meeting may be held as so adjourned without further notice.

 

Section 13.06.      Counting
Votes and Recording Action of Meetings.

 

The vote upon any resolution
submitted to any meeting of Holders shall be by written ballots on which shall be subscribed the signatures of the Holders or of
their representatives by proxy and the principal amounts and serial numbers of the Outstanding Debt Securities, of the series and
Tranches with respect to which the meeting shall have been called, held or represented by them. The permanent chairman of the meeting
shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall
make and file with the secretary of the meeting their verified written reports of all votes cast at the meeting. A record of the
proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record
the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section
13.02 and, if applicable, Section 13.04. Each copy shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one such copy shall be delivered to the Company, and another to the Trustee to be preserved
by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be
conclusive evidence of the matters therein stated.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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Section 13.07.      Action
Without Meeting.

 

In lieu of a vote of Holders
at a meeting as hereinbefore contemplated in this Article, any request, demand, authorization, direction, notice, consent, waiver
or other action may be made, given or taken by Holders by written instruments as provided in Section 1.04.

 

Article
XIV

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section 14.01.      Liability
Solely Corporate.

 

No recourse shall be had
for the payment of the principal of or premium, if any, or interest (including Additional Interest), if any, on any Debt Securities,
or any part thereof, or for any claim based thereon or otherwise in respect thereof, or of the indebtedness represented thereby,
or upon any obligation, covenant or agreement under this Indenture, against any incorporator, stockholder, officer or director,
as such, past, present or future, of the Company or of any predecessor or successor corporation (either directly or through the
Company or a predecessor or successor corporation), whether by virtue of any constitutional provision, statute or rule of law,
or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that this Indenture and
all the Debt Securities are solely corporate obligations, and that no personal liability whatsoever shall attach to, or be incurred
by, any incorporator, stockholder, officer or director, past, present or future, of the Company or of any predecessor or successor
corporation, either directly or indirectly through the Company or any predecessor or successor corporation, because of the indebtedness
hereby authorized or under or by reason of any of the obligations, covenants or agreements contained in this Indenture or in any
of the Debt Securities or to be implied herefrom or therefrom, and that any such personal liability is hereby expressly waived
and released as a condition of, and as part of the consideration for, the execution of this Indenture and the issuance of the Debt
Securities.

 

Article
XV

[SUBORDINATION OF SECURITIES]*

 

Section 15.01.      Securities
Subordinate to Senior Indebtedness.

 

[The Company, for itself,
its successors and assigns, covenants and agrees, and each Holder of the Debt Securities of each series, by its acceptance thereof,
likewise covenants and agrees, that the payment of the principal of and premium, if any, and interest, if any, on each and all
of the Debt Securities is hereby expressly subordinated, to the extent and in the manner set forth in this Article, in right of
payment to the prior payment in full of all Senior Indebtedness.

 

Each Holder of the Debt
Securities of each series, by its acceptance thereof, authorizes and directs the Trustee on its behalf to take such action as may
be necessary or appropriate to effectuate the subordination as provided in this Article, and appoints the Trustee its attorney-in-fact
for any and all such purposes.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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Without limiting the generality
of the foregoing, nothing contained in this Article shall restrict the right of the Trustee or the Holders of Debt Securities to
take any action to declare the Debt Securities to be due and payable prior to their stated maturity pursuant to Section
8.02 or to pursue any rights or remedies hereunder; provided, however, that all Senior Indebtedness then due and payable
shall first be paid in full before the Holders of the Debt Securities or the Trustee are entitled to receive any direct or indirect
payment from the Company of principal of, or premium, if any, or interest on the Debt Securities.

 

Section 15.02.      Payment
Over of Proceeds of Securities.

 

In the event (a) of
any insolvency or bankruptcy proceedings or any receivership, liquidation, reorganization or other similar proceedings in respect
of the Company or a substantial part of its property, or of any proceedings for liquidation, dissolution or other winding up of
the Company, whether or not involving insolvency or bankruptcy, whether voluntary or involuntary or (b) subject to the provisions
of Section 15.03, that (i) a default shall have occurred with respect to the payment of principal of or interest
on or other monetary amounts due and payable on any Senior Indebtedness, or (ii) there shall have occurred a default (other
than a default in the payment of principal or interest or other monetary amounts due and payable) in respect of any Senior Indebtedness,
as defined therein or in the instrument under which the same is outstanding, permitting the holder or holders thereof to accelerate
the maturity thereof (with notice or lapse of time, or both), and such default shall have continued beyond the period of grace,
if any, in respect thereof, and, in the cases of subclauses (i) and (ii) of this clause (b), such default shall
not have been cured or waived or shall not have ceased to exist, and, in the case of subclause (ii) of this clause (b),
the maturity of such Senior Indebtedness shall have been accelerated in accordance with the default provisions thereof or (c) that
the principal of and accrued interest on the Debt Securities of any series shall have been declared due and payable pursuant to Section
8.01 and such declaration shall not have been rescinded and annulled as provided in Section 8.02, then:

 

(1)         the
holders of all Senior Indebtedness shall first be entitled to receive payment of the full amount due thereon, or provision shall
be made for such payment in money or money’s worth, before the Holders of any of the Debt Securities are entitled to receive
a payment on account of the principal of or interest on the indebtedness evidenced by the Debt Securities, including, without limitation,
any payments made pursuant to Articles IV and V;

 

(2)         any
payment by, or distribution of assets of, the Company of any kind or character, whether in cash, property or securities, to which
any Holder or the Trustee would be entitled except for the provisions of this Article, shall be paid or delivered by the person
making such payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly
to the holders of such Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture
under which any instruments evidencing any of such Senior Indebtedness may have been issued, ratably according to the aggregate
amounts remaining unpaid on account of such Senior Indebtedness held or represented by each, to the extent necessary to make payment
in full of all Senior Indebtedness remaining unpaid after giving effect to any concurrent payment or distribution (or provision
therefor) to the holders of such Senior Indebtedness, before any payment or distribution is made to the Holder of the indebtedness
evidenced by the Debt Securities or to the Trustee under this Indenture; and

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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(3)         in
the event that, notwithstanding the foregoing, any payment by, or distribution of assets of, the Company of any kind or character,
whether in cash, property or securities, in respect of principal of or interest on the Debt Securities or in connection with any
repurchase by the Company of the Debt Securities, shall be received by the Trustee or any Holder before all Senior Indebtedness
is paid in full to the extent required by Subsection (1) of this Section 15.02, or provision is made for such
payment in money or money’s worth, such payment or distribution in respect of principal of or interest on the Debt Securities
or in connection with any repurchase by the Company of the Debt Securities shall be paid over to the holders of such Senior Indebtedness
or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing
any such Senior Indebtedness may have been issued, ratably as aforesaid, for application to the payment of all Senior Indebtedness
remaining unpaid until all such Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment
or distribution (or provision therefor) to the holders of such Senior Indebtedness.

 

Notwithstanding the foregoing,
at any time after the 123rd day following the date of deposit of cash or Eligible Obligations pursuant to Section 7.01
(provided all conditions set out in such Section shall have been satisfied), the funds so deposited and any interest thereon will
not be subject to any rights of holders of Senior Indebtedness, including, without limitation, those arising under this Article;
provided that no event described in clauses (e) and (f) of Section 8.01 with respect to the Company has occurred
during such 123-day period.

 

For purposes of this Article
only, the words “cash, property or securities” shall not be deemed to include shares of beneficial interest of the
Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization
or readjustment that are subordinate in right of payment to all Senior Indebtedness that may at the time be outstanding to the
same extent as, or to a greater extent than, the Debt Securities are so subordinated as provided in this Article. The consolidation
of the Company with, or the merger of the Company into, another corporation or the liquidation or dissolution of the Company following
the conveyance or transfer of its property as an entirety, or substantially as an entirety, to another corporation upon the terms
and conditions provided for in Article XI hereof shall not be deemed a dissolution, winding-up, liquidation or reorganization
for the purposes of this Section 15.02 if such other corporation shall, as a part of such consolidation, merger, conveyance
or transfer, comply with the conditions stated in Article XI hereof. Nothing in Section 15.01 or in this Section
15.02 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 9.07.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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Section 15.03.      Disputes
with Holders of Certain Senior Indebtedness.

 

Any failure by the Company
to make any payment on or perform any other obligation in respect of Senior Indebtedness, other than any indebtedness incurred
by the Company or assumed or guaranteed, directly or indirectly, by the Company for money borrowed (or any deferral, renewal, extension
or refunding thereof) or any other obligation as to which the provisions of this Section shall have been waived by the Company
in the instrument or instruments by which the Company incurred, assumed, guaranteed or otherwise created such indebtedness or obligation,
shall not be deemed a default under clause (b) of Section 15.02 if (i) the Company shall be disputing its
obligation to make such payment or perform such obligation and (ii) either (A) no final judgment relating to such dispute
shall have been issued against the Company that is in full force and effect and is not subject to further review, including a judgment
that has become final by reason of the expiration of the time within which a party may seek further appeal or review, or (B) in
the event that a judgment that is subject to further review or appeal has been issued, the Company shall in good faith be prosecuting
an appeal or other proceeding for review and a stay of execution shall have been obtained pending such appeal or review.

 

Section 15.04.      Subrogation.

 

Senior Indebtedness shall
not be deemed to have been paid in full unless the holders thereof shall have received cash (or securities or other property satisfactory
to such holders) in full payment of such Senior Indebtedness then outstanding. Upon the payment in full of all Senior Indebtedness,
the Holders of the Debt Securities shall be subrogated to the rights of the holders of Senior Indebtedness to receive any further
payments or distributions of cash, property or securities of the Company applicable to the holders of the Senior Indebtedness until
all amounts owing on the Debt Securities shall be paid in full; and such payments or distributions of cash, property or securities
received by the Holders of the Debt Securities, by reason of such subrogation, which otherwise would be paid or distributed to
the holders of such Senior Indebtedness shall, as between the Company, its creditors other than the holders of Senior Indebtedness,
and the Holders, be deemed to be a payment by the Company to or on account of Senior Indebtedness, it being understood that the
provisions of this Article are and are intended solely for the purpose of defining the relative rights of the Holders, on the one
hand, and the holders of the Senior Indebtedness, on the other hand.

 

If any payment or distribution
to which the Holders of the Debt Securities would otherwise have been entitled but for the provisions of this Article shall have
been applied, pursuant to the provisions of this Article, to the payment of amounts payable under Senior Indebtedness, then and
in such case, the Holders of the Debt Securities shall be entitled to receive from the holders of such Senior Indebtedness any
payments or distributions received by such holders of Senior Indebtedness in excess of the amount required to make payment to the
extent required by Section 15.02, or provision for payment, of such Senior Indebtedness.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
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Section 15.05.      Unconditional
Obligation of the Company.

 

Nothing contained in this
Article or elsewhere in this Indenture or in the Debt Securities is intended to or shall impair, as among the Company, its creditors
other than the holders of Senior Indebtedness and the Holders, the obligation of the Company, which is absolute and unconditional,
to pay to the Holders the principal of and interest on the Debt Securities as and when the same shall become due and payable in
accordance with their terms, or is intended to or shall affect the relative rights of the Holders and creditors of the Company
other than the holders of Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or any Holder from exercising
all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this
Article of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise
of any such remedy.

 

Upon any payment or distribution
of assets or securities of the Company referred to in this Article, the Trustee and the Holders shall be entitled to rely upon
any order or decree of a court of competent jurisdiction in which such bankruptcy, dissolution, winding up, liquidation or reorganization
proceedings are pending or upon a certificate of the receiver, trustee in bankruptcy, liquidating trustee agent or other person
making such payment or distribution delivered to the Trustee or to the Holders for the purpose of ascertaining the persons entitled
to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof
or payable thereon, the amount or amounts paid or distributed thereon, and all other facts pertinent thereto or to this Article.

 

Section 15.06.      Priority
of Senior Indebtedness Upon Maturity.

 

Upon the maturity of the
principal of any Senior Indebtedness by lapse of time, acceleration or otherwise, all matured principal of Senior Indebtedness
and interest and premium, if any, thereon shall first be paid in full before any payment of principal or premium or interest, if
any, is made upon the Debt Securities or before any Debt Securities can be acquired by the Company or any sinking fund payment
is made with respect to the Debt Securities (except that required sinking fund payments may be reduced by Debt Securities acquired
before such maturity of such Senior Indebtedness).

 

Section 15.07.      Trustee
as Holder of Senior Indebtedness.

 

The Trustee shall be entitled
to all rights set forth in this Article with respect to any Senior Indebtedness at any time held by it, to the same extent as any
other holder of Senior Indebtedness. Nothing in this Article shall deprive the Trustee of any of its rights as such holder.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
75

     

    

 

Section 15.08.      Notice
to Trustee to Effectuate Subordination.

 

The Company shall give
prompt written notice to the Trustee of any fact known to the Company that would prohibit the making of any payment to or by the
Trustee in respect of the Debt Securities pursuant to the provisions of this Article. Notwithstanding the provisions of this Article
or any other provision of the Indenture, the Trustee shall not be charged with knowledge of the existence of any facts that would
prohibit the making of any payment of moneys to or by the Trustee unless and until the Trustee shall have received written notice
thereof from the Company, from a Holder or from a holder of any Senior Indebtedness or from any representative or representatives
of such holder and, prior to the receipt of any such written notice, the Trustee shall be entitled, subject to Section
9.01, in all respects to assume that no such facts exist; provided, however, that, if prior to the fifth Business Day
preceding the date upon which by the terms hereof any such moneys may become payable for any purpose, or in the event of the execution
of an instrument pursuant to Section 7.02 acknowledging satisfaction and discharge of this Indenture, then if prior
to the second Business Day preceding the date of such execution, the Trustee shall not have received with respect to such moneys
the notice provided for in this Section, then, anything herein contained to the contrary notwithstanding, the Trustee may, in its
discretion, receive such moneys and/or apply the same to the purpose for which they were received, and shall not be affected by
any notice to the contrary, which may be received by it on or after such date; provided, however, that no such application
shall affect the obligations under this Article of the persons receiving such moneys from the Trustee.

 

Section 15.09.      Modification,
Extension, Etc. of Senior Indebtedness.

 

The holders of Senior Indebtedness
may, without affecting in any manner the subordination of the payment of the principal of and premium, if any, and interest, if
any, on the Debt Securities, at any time or from time to time and in their absolute discretion, agree with the Company to change
the manner, place or terms of payment, change or extend the time of payment of, or renew or alter, any Senior Indebtedness, or
amend or supplement any instrument pursuant to which any Senior Indebtedness is issued, or exercise or refrain from exercising
any other of their rights under the Senior Indebtedness, including, without limitation, the waiver of default thereunder, all without
notice to or assent from the Holders or the Trustee.

 

Section 15.10.      Trustee
Has No Fiduciary Duty to Holders of Senior Indebtedness.

 

With respect to the holders
of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and objectives as are specifically
set forth in this Article, and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be
read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness, and shall not be liable to any such holders if it shall mistakenly pay over or deliver to the Holders or the Company
or any other Person, cash, property or securities to which any holders of Senior Indebtedness shall be entitled by virtue of this
Article or otherwise.

 

Section 15.11.      Paying
Agents other than the Trustee.

 

In case at any time any
Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee”
as used in this Article shall in such case (unless the context shall otherwise require) be construed as extending to and including
such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in
addition to or in place of the Trustee; provided, however, that Sections 15.07, 15.08 and 15.10
shall not apply to the Company if it acts as Paying Agent.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
76

     

    

 

Section 15.12.      Rights
of Holders of Senior Indebtedness Not Impaired.

 

No right of any present
or future holder of Senior Indebtedness to enforce the subordination herein shall at any time or in any way be prejudiced or impaired
by any act or failure to act on the part of the Company or by any noncompliance by the Company with the terms, provisions and covenants
of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with.

 

Section 15.13.      This
Article Not To Prevent Events of Default.

 

The failure to make a payment
on account of principal of, or premium, if any, or interest on the Debt Securities by reason of any provision of this Article shall
not be construed as preventing the occurrence of an Event of Default specified in paragraph (a) or (b) of Section
8.01.

 

Section 15.14.      Effect
of Subordination Provisions; Termination.

 

Notwithstanding anything
contained herein to the contrary, other than as provided in the immediately succeeding sentence, all the provisions of this Indenture
shall be subject to the provisions of this Article, so far as the same may be applicable thereto.

 

Notwithstanding anything
contained herein to the contrary, the provisions of this Article XV shall be of no further effect, and the Debt Securities
shall no longer be subordinated in right of payment to the prior payment of Senior Indebtedness, if the Company shall have delivered
to the Trustee a notice to such effect. Any such notice delivered by the Company shall not be deemed to be a supplemental indenture
for purposes of Article XII.]*

 

This instrument may be
executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

 

     

		*	Bracketed language throughout this Indenture will be inserted in the Indenture in the event that subordinated Debt Securities are issued.

 
77

     

    

 

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

 

	 	GLOBAL MEDICAL REIT INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[SEAL]

 

[ATTEST]

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

[Trustee’s signature page follows.]

 

     

     

    

 

, Trustee

 

	 	By:	 
	 	 	Authorized Representative

 

[SEAL]

 

[ATTEST]

 

	 	 
	Authorized Representative

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