Document:

Exhibit 4.1

 

AMENDMENT

 

This AMENDMENT
("Amendment") is dated as of September 28, 2012, and is entered into by and among Global Axcess Corp. a Nevada
corporation ("Global Axcess"), Nationwide Money Services, Inc., a Nevada corporation ("NMS"),
Nationwide Ntertainment Services, Inc., a Nevada corporation ("NNS"), and EFT Integration, Inc., a Florida corporation
("EFT"; together with Global Axcess, NMS and NNS collectively, the "Borrowers" and each individually
a "Borrower"), Fifth Third Bank ("Lender") and Fifth Third Equipment Finance Company (f/k/a The
Fifth Third Leasing Company) ("Lessor"; together with Lender, the "Fifth Third Parties").

 

WHEREAS, Borrowers and
Lender are parties to (i) that certain Loan and Security Agreement dated June 18, 2010 (as amended, supplemented or otherwise modified
from time to time, the "Initial Loan Agreement"), (ii) that certain Global Axcess 2011 Loan and Security Agreement
dated September 28, 2011 (as amended, supplemented or otherwise modified from time to time, the "2011-A Loan Agreement"),
(iii) that certain Global Axcess 2011-B Loan and Security Agreement dated November 23, 2011 (as amended, supplemented or otherwise
modified from time to time, the "2011-B Loan Agreement"), and (iv) that certain Global Axcess 2011-C Loan and
Security Agreement dated on or about December 29, 2011, by and among Borrowers and Lender (as amended, supplemented or otherwise
modified from time to time, the "2011-C Loan Agreement"; together with the Initial Loan Agreement, the 2011-A
Loan Agreement, and the 2011-B Loan Agreement, collectively, the "Loan Agreements");

 

WHEREAS, Global Axcess,
NMS and NNS (collectively, the "Lessees" and each individually a "Lessee") and Lessor are parties
to (i) that certain Master Equipment Lease Agreement dated June 18, 2010 (as amended, supplemented or otherwise modified from time
to time, the "Master Lease Agreement"), (ii) Equipment Schedule No. 001 dated March 21, 2011, (iii) Equipment
Schedule No. 002 dated November 21, 2011, (iv) Equipment Schedule No. 003 dated February 10, 2012, (v) Equipment Schedule No. 004
dated February 10, 2012, (vi) Equipment Schedule No. 005 dated February 10, 2012, (vii) Equipment Schedule No. 006 dated February
10, 2012, (viii) that certain Interim Funding Schedule No. 001, and (ix) that certain Interim Funding Schedule No. 002 dated January
19, 2012 (the Master Lease Agreement, together with the other lease agreements and schedules referenced in clauses (ii)-(ix) above
and any other lease agreements and/or schedules executed in connection therewith, in each case as amended, supplemented or otherwise
modified from time to time, are collectively referred to herein as the "Lease Agreements");

 

WHEREAS, EFT (in such
capacity, "Guarantor"; Guarantor, Borrowers and Lessees shall be collectively referred to herein as the "Loan
Parties") executed that certain Continuing Guaranty dated as of June 18, 2010 (the "Guaranty") in favor
of the Fifth Third Parties and other constituting the "Beneficiary" (as defined in the Guaranty), pursuant to which Guarantor
guaranteed all "Obligations" (as defined in the Guaranty) in favor of the Fifth Third Parties and such others that constitute
the Beneficiary;

 

    	 

    	 

    

 

WHEREAS, Borrowers
have requested that Lender agree to amend certain provisions of the Loan Agreements, and Lender has agreed to do so, subject to
the terms and conditions set forth herein; and

 

WHEREAS, Borrowers have
requested that Lessor agree to amend certain provisions of the Lease Agreements, and Lessor has agreed to do so, subject to a separate
agreement between Lessor and the Lessees and the concurrent execution of this Amendment.

 

NOW THEREFORE, in consideration
of the mutual conditions and agreements set forth in the Loan Agreements and this Amendment, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.            Definitions.
Capitalized terms used in this Amendment, unless otherwise defined herein, shall have the meanings ascribed to such terms in the
Loan Agreement.

 

2.            Acknowledgements.

 

(a)          Acknowledgment
of Obligations. Loan Parties hereby acknowledge, confirm and agree that, as of the close of business on September 10, 2012,
(i)  Borrowers are indebted to Lender in respect of the Loans under the Initial Loan Agreement in the aggregate principal
amount of $3,259,782.65, (ii) Borrowers are indebted to Lender in respect of the Loans under the 2011-A Loan Agreement in
the aggregate principal amount of $517,042.79, (iii) Borrowers are indebted to Lender in respect of the Loans under the 2011-B
Loan Agreement in the aggregate principal amount of $916,416.11, (iv) Borrowers are indebted to Lender in respect of the Loans
under the 2011-C Loan Agreement in the aggregate principal amount of $85,869.06, (v) Lessees are indebted to Lessor in respect
of the Rent (as defined in the Master Lease Agreement) under the Lease Agreements in the aggregate principal amount of $7,486,695,
and (vi) as of September 10, 2012, the mark-to-market with respect to the Rate Management Obligations was an aggregate amount of
not less than $642,988.00. Loan Parties hereby acknowledge, confirm and agree that all such obligations, together with interest
accrued and accruing thereon, and all fees, costs, expenses and other charges now or hereafter payable by Loan Parties to Lender
or Lessor, as applicable, under the Loan Documents or Lease Agreements, as applicable (collectively, "Aggregate Obligations")
are unconditionally owing by Loan Parties to Lender or Lessor, as applicable, without offset, defense or counterclaim of any kind,
nature or description whatsoever.

 

(b)          Acknowledgment
of Security Interests. Loan Parties hereby acknowledge, confirm and agree that the Fifth Third Parties have and shall continue
to have valid, enforceable and perfected first-priority liens upon and security interests in the Collateral heretofore granted
to Lender and/or Lessor pursuant to the Loan Agreements, the Lease Agreements and the other Loan Documents or otherwise granted
to or held by Lender and Lessor.

 

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(c)          Acknowledgement
and Reaffirmation of Guaranty. Guarantor hereby acknowledges, confirms and agrees that: (i) nothing contained in the Amendment
shall modify in any respect whatsoever any Lease Agreements or other Loan Document to which Guarantor is a party, except
as expressly set forth herein and (ii) it is and shall remain liable under the Guaranty for the full payment and performance of
the Obligations (as defined in the Loan Agreements), the Rent (as defined in the Master Lease Agreement) and all other Aggregate
Obligations owed to any of the Fifth Third Parties from time to time, which Guaranty obligations are unconditional and not subject
to any defense, setoff, counterclaim or other adverse claim.

 

(d)          Binding
Effect of Documents. Each Loan Party hereby acknowledges, confirms and agrees that: (i) each of the Loan Agreements, Lease
Agreements and the other Loan Documents to which it is a party has been duly executed and delivered to Lender or Lessor, as applicable,
by such Loan Party, as applicable, and each is and shall remain in full force and effect as of the date hereof except as modified
pursuant hereto, (ii) the agreements and obligations of Loan Parties contained in such documents and in this Amendment constitute
the legal, valid and binding Aggregate Obligations of Loan Parties, enforceable against them in accordance with their respective
terms, and Loan Parties have no valid defense to the enforcement of such Aggregate Obligations, and (iii) the Fifth Third
Parties are and shall be entitled to the rights, remedies and benefits provided for under the Loan Agreements, the Lease Agreements,
the other Loan Documents and applicable law.

 

(e)          Acknowledgment
Regarding No Future Loans. Loan Parties acknowledge and agree that the Fifth Third Parties shall have no obligation under any
Loan Agreement, Lease Agreement or other Loan Document to advance or fund any Loans or any other amounts at any time, and that
any commitments that may remain outstanding under any Loan Agreement, Lease Agreement or other Loan Document as of the date hereof
are hereby terminated.

 

3.           Amendments
to Loan Agreements. The Loan Agreements are hereby amended as follows:

 

(a)         Principal
Payments.

 

(i)          With
respect to each of the Loans under each of the Loan Agreements (other than with respect to Draw Loan No. 26):

 

(1) the
terms of each such Loan are hereby amended such that the principal payments otherwise due on September 1, 2012 and October 1, 2012,
shall be due and payable upon the earlier of (y) maturity or acceleration of such Loans (in accordance with Loan Documents or applicable
law), or (z) such other date that all other amounts of Obligations are to be paid in full, and

 

(2) if,
and only if, Borrowers have received not less than $1,500,000 in the form of an equity contribution on or before October 31, 2012,
in accordance with Section 5(b) below, the terms of each such Loan shall be deemed amended such that the principal payments otherwise
due on November 1, 2012 and December 1, 2012, shall be due and payable upon the earlier of (y) maturity or acceleration of such
Loans (in accordance with Loan Documents or applicable law) or (z) such other date that all other amounts of Obligations are to
be paid in full.

 

(ii)         With
respect to Draw Loan No. 26:

 

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(1) the
terms of such Loan are hereby amended such that the principal payments due on September 18, 2012 and October 18, 2012, shall be
due and payable upon the earlier of (i) maturity or acceleration of such Loan (in accordance with Loan Documents or applicable
law), or (ii) such other date that all other amounts of Obligations are to be paid in full,

 

(2) if,
and only if, Borrowers have received not less than $1,500,000 in the form of an equity contribution on or before October 31, 2012,
in accordance with Section 5(b) below, the terms of such Loan shall be deemed amended such that the principal payment otherwise
due on November 18, 2012 and December 18, 2012, shall be due and payable upon the earlier of (y) maturity or acceleration of such
Loan (in accordance with Loan Documents or applicable law) or (z) such other date that all other amounts of Obligations are to
be paid in full.

 

(b)          Interest
Rates.

 

(i)          Cash
Interest. Notwithstanding anything to the contrary in the Loan Agreements, commencing on the date hereof, Borrowers agree to
pay to Lender cash interest on the daily outstanding principal balance of each of the Loans at the per annum rate set forth in
the chart below for each applicable Loan, and otherwise in accordance with the terms set forth in the Loan Agreements:

 

	Loan	Rate
	Draw
    Loan Nos. 26, 75, 91, 109, 133, 174, 190, 208, and 232.	Greater
    of (i) LIBOR + 4.0% and (ii) 5.50%. 
	Draw
    Loan No. 257	LIBOR
    + 9%
	Draw
    Loan No. 273	LIBOR
    + 6%
	Draw
    Loan No. 299	LIBOR
    + 6%
	Draw
    Loan No. 307	LIBOR
    + 6%

 

(ii)         PIK
Interest. In addition, the outstanding principal balance of the Loans (including interest accrued on all additional principal
added to the principal balance of the Loans in accordance with this Section) shall accrue additional interest at a per annum rate
equal to three and one-half percent (3.5%) (the "PIK Interest"), which interest shall be paid and discharged on
the first day of each calendar month without the taking of any further action by adding such PIK Interest to the principal balance
of the Loans. The aggregate amount of PIK Interest added to the principal balance of each Loan in accordance with this Section
shall be due and payable in cash on the earlier of (y) the maturity or acceleration of such Loan (in accordance with Loan Documents
or applicable law) or (z) such other date that all other amounts of Obligations are to be paid in full.

 

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(c)          Default
Interest. Each of the Loan Agreements is hereby amended to add the following Section 2.6 to each Loan Agreement in the appropriate
numerical order:

 

2.6          Default
Interest. Upon the occurrence of an Event of Default, the Loans shall automatically bear interest at the Default Rate without
any notice from Lender to Borrowers and without any further action by Lender. Any interest accrued at the Default Rate shall be
due and payable upon demand by Lender.

 

4.            Amendments
to Lease Agreements.

 

(a)          The
Master Equipment Lease Agreement and Equipment Schedule No. 001 is hereby amended as set forth on Exhibit A1 attached hereto.
If, and only if, Borrowers have received not less than $1,500,000 in the form of an equity contribution on or before October 31,
2012, in accordance with Section 5(b) below, the Master Lease Agreement and Equipment Schedule No. 001 shall be deemed amended
as set forth on Exhibit A2 attached hereto. In addition to the amounts set forth on the payment schedules attached hereto
as Exhibits A1 and A2, the Lessees are and shall remain responsible for the payment of any and all applicable sales, property,
use or other applicable taxes in connection with their obligations under the Lease Agreements, as and when such amounts become
due and payable, and any failure to pay such amounts shall constitute an Event of Default under this Agreement, the Loan Agreements,
the Lease Agreements and any other Loan Documents.

 

(b)          The
Master Equipment Lease Agreement and Equipment Schedule No. 002 is hereby amended as set forth on Exhibit B1 attached hereto.
If, and only if, Borrowers have received not less than $1,500,000 in the form of an equity contribution on or before October 31,
2012, in accordance with Section 5(b) below, the Master Lease Agreement and Equipment Schedule No. 002 shall be deemed amended
as set forth on Exhibit B2 attached hereto. In addition to the amounts set forth on the payment schedules attached hereto
as Exhibits B1 and B2, the Lessees are and shall remain responsible for the payment of any and all applicable sales, property,
use or other applicable taxes in connection with their obligations under the Lease Agreements, as and when such amounts become
due and payable, and any failure to pay such amounts shall constitute an Event of Default under this Agreement, the Loan Agreements,
the Lease Agreements and any other Loan Documents.

 

5.            Covenants;
Other Agreements.

 

(a)          Amendment
Fee. In consideration of Lender's agreements described herein, Borrowers agree to pay Lender, and shall be jointly and severally
liable for, an amendment fee in the aggregate amount of $150,000, which is hereby fully earned as of the date hereof, but shall
be due and payable to Lender on December 31, 2012, unless the Aggregate Obligations have been paid in full in cash on or before
December 15, 2012. Further, with respect to the $100,000 Waiver and Amendment Fee set forth in Section 5(a) of that certain Waiver
and Amendment to Global Axcess Loan and Security Agreements dated August 13, 2012, although Borrowers acknowledge and agree that
such fee was fully earned on August 13, 2012, Lender hereby agrees that such fee shall not be payable until the earlier of: (i)
the date on which the Aggregate Obligations of Borrowers to Lender are otherwise being repaid in full in cash and (ii) December
31, 2012. 

 

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(b)          Equity
Contribution. On or before October 31, 2012, Borrowers shall have received cash in an amount not less than $1,500,000 in the
form of an equity contribution, pursuant to documentation in form and substance acceptable to Lender, and Borrowers shall have
delivered to Lender evidence of Borrowers' receipt of such equity contribution into account number 7450360958 maintained with Lender.

 

(c)          Consultant.
At all times through December 31, 2012, Borrowers shall continue to retain and engage MorrisAnderson & Associates, Ltd.
("Consultant"), on terms and conditions (including, without limitation, the scope of engagement) satisfactory
to Lender. Borrowers (i) agree to fully cooperate with Consultant, (ii) authorize Consultant to provide to Lender such information
and reports from time to time with respect to Borrowers and their financial condition, business, assets, liabilities and prospects,
as Lender may request from time to time, and (iii) authorize Consultant to communicate directly with Lender and any consultant
retained by Lender, at such times and for such durations as Lender and any consultant of Lender may reasonably request. All fees
and expenses of Consultant shall be solely the responsibility of Borrowers and in no event shall Lender have any liability or responsibility
for the payment of any such fees or expenses, and Lender shall have no obligation or liability to Borrowers or any other person
by reason of any acts or omissions of Consultant.

 

(d)          Cash
Flow Forecast; Budget Performance.

 

(i)           The
thirteen-week cash flow forecast prepared by the Borrowers and attached hereto as Exhibit C shall constitute the "Budget".
On Thursday of each week, Borrowers shall deliver to Lender an updated thirteen-week cash flow forecast, in substantially the form
attached hereto as Exhibit C, which cash flow forecast shall be in form and substance acceptable to Lender; provided,
however, that for the avoidance of doubt, such updated thirteen-week cash flow forecasts shall not be deemed to amend or
supplement the Budget in any way, unless consented to by Lender, in writing. In addition, on Tuesday of each week, Borrowers shall
(a) deliver to Lender a certified reconciliation of its actual performance for the week ending on the Friday of the prior week
to the forecasted performance set forth in the Budget, which reconciliation shall be in form and substance satisfactory to Lender,
and (b) deliver to Lender a narrative setting forth the explanations for any material variances in actual results as compared to
forecasted performance). 

 

(ii)          Tested
as of Sunday 30, 2012, and each Sunday thereafter (each, a "Budget Test Date"), Borrowers shall (i) generate cash
receipts in an amount equal to at least ninety percent (90%) of the aggregate amount set forth in the Budget for the period commencing
on Monday, September 10, 2012 and ending on the applicable Budget Test Date, and (ii) make aggregate cash disbursements no greater
than ten percent (10%) more than the amount set forth in the Budget for the period commencing on Monday, September 10, 2012 and
ending on the applicable Budget Test Date.

 

(e)          Use
of Proceeds in Accordance with Budget. With respect to all proceeds of Collateral collected by Borrowers (including without
limitation, the new equity contributed in accordance with Section 5(b) of this Amendment), Borrowers acknowledge and agree that
Borrowers shall only use such proceeds to the extent required to pay those expenses enumerated in the Budget, as and when such
expenses become due and payable.

 

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(f)          Investment
Banker. On or before September 28, 2012, Borrowers shall retain and engage an investment banker (the "Investment Banker")
acceptable to Lender, pursuant to an engagement letter, the terms of which (including, without limitation, as to fee structure
and scope) shall be in form and substance acceptable to Lender, to seek refinancing for the Aggregate Obligations and prepare for
and commence a marketing and sales process on behalf of Borrowers as contemplated by this Amendment. All fees and expenses of the
Investment Banker shall be solely the responsibility of Borrowers, and in no event shall Lender have any liability or responsibility
for the payment of the Investment Banker's fees or expenses or other liability to Borrowers, the Investment Banker or any other
Person on account of or in connection with any services rendered by or any acts or omissions of the Investment Banker.

 

(g)          Teaser
Memorandum; Dataroom. On or before October 22, 2012, Borrowers shall cause Investment Banker to (1) deliver a teaser memorandum
to Lender, in form and substance satisfactory to Lender, intended to notify and generate interest among potential purchasers with
respect to a sale of all or substantially all of the equity in and/or assets of the Borrowers and (2) establish a substantially
complete electronic data room for purposes of a prospective sale of all or substantially all of the equity in and/or assets of
the Borrowers.

 

(h)          Refinancing
Covenants.

 

(i)           On
or before October 31, 2012, Borrowers will deliver to Lender copies of term sheets, in form and substance acceptable to Lender,
from potential lenders and/or investors regarding the terms on which they propose to refinance the Aggregate Obligations (other
than the Rate Management Obligations, if Lender subsequently and separately agrees, in writing, to terms on which any Rate Management
Obligations would not be refinanced, which terms shall include, but not be limited to, satisfactory Collateral for such Rate Management
Obligations) in full in cash.

 

(ii)         
On or before November 30, 2012, Borrowers will deliver to Lender copies of one or more binding written commitments (subject only
to legal documentation), in form and substance acceptable to Lender, from potential lenders and/or investors to refinance the Aggregate
Obligations (other than the Rate Management Obligations, if Lender subsequently and separately agrees, in writing, to terms on
which any Rate Management Obligations would not be refinanced, which terms shall include, but not be limited to, satisfactory Collateral
for such Rate Management Obligations) in full and in cash.

 

(iii)         On
before December 31, 2012, Borrowers will consummate such a refinancing and repay indefeasibly the Aggregate Obligations (other
than the Rate Management Obligations, if Lender subsequently and separately agrees, in writing, to terms on which any Rate Management
Obligations would not be refinanced, which terms shall include, but not be limited to, satisfactory Collateral for such Rate Management
Obligations) in full and in cash.

 

(i)           Sale
Covenants. At any time upon issuance of notice from Lender of Borrowers' failure to timely satisfy any of the refinancing covenants
set forth in Section 5(h) above (the "Sale Trigger Date"), Borrowers shall comply with each of the Sale Covenants
set forth on Exhibit D attached hereto.

 

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(j)           Restricted
Payments. Unless consented to in writing by Lender, Borrowers shall not directly, or indirectly,
(i) make any distribution or dividend (including stock dividends), whether in cash or otherwise, to or for the benefit of
any of its equity holders, affiliates, subsidiaries, predecessors, directors, officers, agents or other representatives, to the
extent set forth in the Budget, (ii) make any advances or loans, whether in cash or otherwise, to any of its equity holders or
affiliates, (c) purchase or redeem any of its equity interests or any warrants, options or other rights in respect thereof, (d) pay
any management fees or similar fees to any of its equity holders or any Affiliate thereof, (e) pay or prepay interest on, principal
of, premium, if any, redemption, conversion, exchange, purchase, retirement, defeasance, sinking fund or any other payment in respect
of any subordinated debt, or (f) set aside funds for any of the foregoing.

 

(k)          Insta
Video Guaranty/Security Agreement. On or before October 5, 2012, Insta Video, Inc., a Nevada corporation ("Insta
Video") shall execute (i) a guaranty agreement in form and substance acceptable to the Fifth Third Parties, pursuant
to which Insta Video unconditionally guarantees the full payment and performance of the Obligations (as defined in the Loan Agreements),
the Rent (as defined in the Master Lease Agreement) and all other Aggregate Obligations owed to any of the Fifth Third Parties
from time to time, which guaranty shall not be subject to any defense, setoff, counterclaim or other adverse claim and (ii) a security
agreement in form and substance acceptable to the Fifth Third Parties, pursuant to which Insta Video grants the Fifth Third Parties
a lien on and security interest in all right, title and interest, whether now owned or existing or hereafter created, acquired
or arising, in and to all personal property of Insta Video to secure the payment and performance of the Obligations (as defined
in the Loan Agreements), the Rent (as defined in the Master Lease Agreement) and all other Aggregate Obligations owed to any of
the Fifth Third Parties from time to time.

 

(l)           EFT
Security Agreement. On or before October 5, 2012, EFT shall execute a security agreement in form and substance acceptable to
the Fifth Third Parties, pursuant to which EFT grants Lessor a lien on and security interest in all right, title and interest,
whether now owned or existing or hereafter created, acquired or arising, in and to all personal property of EFT to secure the Rent
(as defined in the Master Lease Agreement) and all other obligations under the Lease Agreements.

 

(m)         Motor
Vehicles. On or before October 15, 2012, Borrowers shall, at Borrowers' expense, take all actions requested by Lender to reflect
Lender as the first-priority secured party on the titles of all certificated motor vehicles owned by Borrowers.  

 

(n)          Landlord
Waivers. On or before October 15, 2012, Borrowers shall deliver executed landlord waivers, in form and substance acceptable
to Lender, for each of the Borrowers' leased locations.

 

(o)          Draw
Loan No. 208. With respect to Draw Loan No. 208, which matures on October 30, 2012, Borrowers shall pay Lender, on or before
November 2, 2012, cash in an amount equal to (i) $68,690.03 on account of the outstanding principal balance of Draw Loan No. 208
plus (ii) any and all accrued and unpaid interest, including PIK Interest, with respect to Draw Loan No. 208.

 

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(p)          Pending
Litigation. Borrowers shall deliver to Lender such information that Lender requests from time to time regarding the litigation
pending in the U.S. District Court for the Northern District of Georgia, styled as Harris v. Nationwide Money Services, Inc.
et al, Case No. 1:11-cv-00216-SCJ.

 

(q)          Compliance
Certificate Delivery. If, as of November 15, 2012, no Event of Default has occurred and is continuing, Borrowers shall not
be required to deliver the compliance certificate otherwise due on such date, for purposes of testing the financial covenants set
forth in Section 10 of the Loan Agreements for the period ending September 30, 2012.

 

6.           Conditions.
The effectiveness of the terms and provisions of Sections 3(a), 3(b), 4(a) and 4(b) of this Amendment shall be subject to each
of the following:

 

(a)          Lender
shall have received an original of this Amendment, duly authorized, executed and delivered by each Borrower;

 

(b)          the
Fifth Third Parties shall have received duly authorized, executed and delivered Trademark Security Agreements in the form attached
hereto as Exhibit E; and

 

(c)          no
material adverse change in the business, financial condition, operations or performance or properties of Borrower or any Guarantor
shall have occurred from that reflected in the most recent financial statements delivered to Bank.

 

7.           Representations
and Warranties of Borrowers. As a material inducement to the Fifth Third Parties to enter into this Amendment, each Borrower
hereby represents and warrants to the Fifth Third Parties, that both before and after giving effect to the consummation of the
transactions contemplated hereby as follows:

 

(a)          Authorization.
The execution, delivery and performance of this Amendment has been duly authorized by all requisite corporate action on the part
of each Borrower; and

 

(b)          No
Default. No Default or Event of Default has occurred and is continuing.

 

8.           Miscellaneous.

 

(a)          Additional
Events of Default. The parties hereto acknowledge, confirm and agree that any misrepresentation by any Borrower or Guarantor,
or any failure of any Borrower or Guarantor to comply with the covenants, conditions and agreements contained in this Amendment,
the Loan Agreements, the Lease Agreements and the other Loan Documents, the Guaranty or in any other agreement, document or instrument
at any time executed and/or delivered by any Borrower with, to or in favor of the Fifth Third Parties shall constitute an immediate
Event of Default under the Loan Agreements, the Lease Agreements and the other Loan Documents, and the Guaranty without any cure
period. In the event any Person, other than the Fifth Third Parties, shall at any time exercise for any reason (including, without
limitation, by reason of any Existing Defaults, any other present or future Event of Default, or otherwise) any of its rights or
remedies against any Borrower or any obligor providing credit support for any Borrower's obligations to such other Person, or against
any Borrower's or such obligor's properties or assets, such event shall constitute an Event of Default hereunder and an Event of
Default under the Loan Agreements, the Lease Agreements and the other Loan Documents, and the Guaranty. Without limiting but in
addition to the foregoing, each Borrower and Guarantor acknowledges and agrees that Events of Default shall be deemed to have occurred
and continue if, on or before October 1, 2012, Borrowers fail to pay to Lender in immediately available funds: (1) $50,000,
on account of accrued and accruing fees, costs and expenses, reimbursable by Borrowers to the Fifth Third Parties (including, without
limitation, pursuant to Section 13.18 of each of the Loan Agreements); and (2) $61,087.15 plus any and all accrued interest on
account of the outstanding balance with respect to Draw Loan No. 133, which matured on September 8, 2012.

 

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(b)          Costs
and Expenses. Borrowers absolutely and unconditionally agree to pay to the Fifth Third Parties, jointly and severally, on demand
by the Fifth Third Parties at any time, whether or not all or any of the transactions contemplated by this Amendment are consummated:
all reasonable fees and disbursements of any counsel to Lender, any participant of Lender, or any of their respective directors,
officers, employees or agents, that are incurred in good faith (regardless of whether the Fifth Third Parties or such other Person
is the prevailing party) in connection with the preparation, negotiation, execution, delivery or enforcement of this Amendment,
the Loan Agreements, the Lease Agreements and any other Loan Document, and the Guaranty, including, without limitation, with respect
to any investigation, litigation, or proceeding related to this Amendment, the Loan Agreements, the Lease Agreements or any other
Loan Document or the use of the proceeds of the credit provided under the Loan Agreements, the Lease Agreements or any act, omission,
event or circumstance in any manner related thereto. For the avoidance of doubt, Borrowers acknowledge and agree that an Event
of Default shall occur if Borrowers fail to pay (within five (5) Business Days of written notice from the Fifth Third Parties)
all reasonable costs and expenses (including, without limitation, legal costs and expenses) incurred by the Fifth Third Parties
in connection with the negotiation, preparation, execution or enforcement of this Amendment.

 

(c)          Governing
Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of Florida, without giving
effect to conflict of laws principles to the extent that the application of the laws of another jurisdiction would be required
thereby.

 

(d)          Consent
to Jurisdiction and Venue. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THE LOAN AGREEMENTS, THE LEASE AGREEMENTS OR THE OTHER
LOAN DOCUMENTS, BORROWERS HEREBY CONSENT AND AGREE THAT THE STATE OR FEDERAL COURTS LOCATED IN COOK COUNTY, ILLINOIS AND OAKLAND
COUNTY, MICHIGAN SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN BORROWERS, ON THE ONE HAND,
AND ANY FIFTH THIRD PARTY, ON THE OTHER HAND, PERTAINING TO THIS AMENDMENT OR THE LOAN AGREEMENTS, THE LEASE AGREEMENTS OR THE
LOAN DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS AMENDMENT, THE LOAN AGREEMENTS, THE LEASE AGREEMENTS OR ANY OF
THE LOAN DOCUMENTS; AND FURTHER PROVIDED, THAT NOTHING IN THIS AMENDMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE
THE FIFTH THIRD PARTIES FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE AGGREGATE OBLIGATIONS,
TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE AGGREGATE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER
IN FAVOR OF THE FIFTH THIRD PARTIES. BORROWERS EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTIONS IN ANY ACTION OR SUIT
COMMENCED IN ANY SUCH COURT, AND BORROWERS HEREBY WAIVE ANY OBJECTION WHICH THEY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION,
IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENT TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF
AS IS DEEMED APPROPRIATE BY SUCH COURT. BORROWERS HEREBY WAIVE PERSONAL SERVICE OF ANY AND ALL PROCESS ISSUED IN ANY SUCH ACTION
OR SUIT AND AGREE THAT SERVICE OF SUCH PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO BORROWERS AT THE ADDRESS
SET FORTH IN THE LOAN AGREEMENTS AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF ANY LOAN PARTY'S ACTUAL
RECEIPT THEREOF OR FIVE (5) DAYS AFTER THE SAME HAS BEEN POSTED.

 

    	-10-

    	 

    

 

(e)          Counterparts.
This Amendment and all other instruments, agreements or documents provided for herein or delivered or to be delivered hereunder
or in connection herewith may be executed in any number of counterparts, and by the parties hereto on the same or separate counterparts,
and each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same agreement, instrument or document.

 

(f)          Ratification.
The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions of the Loan
Agreements and/or the Lease Agreements, as applicable, and shall not be deemed to be a consent to the modification of or waiver
of any other term or condition of the Loan Agreements or the Lease Agreements. Except to the extent herein expressly modified,
the Loan Agreements, the Lease Agreements and each of the other Loan Documents shall remain in full force and effect and each such
Loan Document is hereby ratified in all respects.

 

(g)          Reference
to Loan Agreements/Lease Agreements. On and after the effectiveness of the amendments to the Loan Agreements and the Lease
Agreements accomplished hereby, each reference in the Loan Agreements or the Lease Agreements to "the Agreement," "hereunder,"
"hereof," "herein" or words of like import, and each reference to the Loan Agreements or the Lease Agreements,
as applicable, in any note and in any Loan Document, or other agreements, documents or other instruments executed and delivered
pursuant to the Loan Agreements or the Lease Agreements, shall mean and be a reference to the Loan Agreements or the Lease Agreements,
as applicable, to the extent modified by this Amendment.

 

(h)          Successors.
This Amendment shall be binding upon Borrowers, the Fifth Third Parties and their respective successors and assigns, and shall
inure to the benefit of Borrowers, the Fifth Third Parties and their respective successors and assigns.

 

(i)           Release.

 

    	-11-

    	 

    

 

(i)           In
consideration of the agreements of the Fifth Third Parties contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, each of the Borrowers, on behalf of itself and its successors and assigns,
and its present and former members, shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys,
employees, agents, legal representatives and other representatives (each Borrower and all such other Persons being hereinafter
referred to collectively as the "Releasing Parties" and individually as a "Releasing Party"),
hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges the Fifth Third Parties, and their
respective successors and assigns, and their respective present and former shareholders, affiliates, subsidiaries, divisions, predecessors,
directors, officers, attorneys, employees, agents, legal representatives and other representatives (the Fifth Third Parties and
all such other Persons being hereinafter referred to collectively as the "Releasees" and individually as a "Releasee"),
of and from all demands, actions, causes of action, suits, damages and any and all other claims, counterclaims, defenses, rights
of set-off, demands and liabilities whatsoever (individually, a "Claim" and collectively, "Claims")
of every kind and nature, known or unknown, suspected or unsuspected, at law or in equity, which any Releasing Party may now or
hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action,
cause or thing whatsoever which arises at any time on or prior to the date of this Amendment, including, without limitation, for
or on account of, or in relation to, or in any way in connection with this Amendment, the Loan Agreements, the Lease Agreements
any of the other Loan Documents or any of the transactions hereunder or thereunder.

 

(ii)          Borrowers
understand, acknowledge and agree that the release set forth above may be pleaded as a full and complete defense to any Claim and
may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted
in breach of the provisions of such release.

 

(iii)         Borrowers
agree that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered
shall affect in any manner the final, absolute and unconditional nature of the release set forth above.

 

(j)           Covenant
Not to Sue. Each of the Releasing Parties hereby absolutely, unconditionally and irrevocably, covenants and agrees with and
in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the
basis of any Claim released, remised and discharged by any Releasing Party pursuant to Section 8(i)(i) above. If any Releasing
Party violates the foregoing covenant, each of the Borrowers, for itself and their successors and assigns, and its present and
former members, shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, employees, agents, legal
representatives and other representatives, agrees to pay, in addition to such other damages as any Releasee may sustain as a result
of such violation, all reasonable attorneys' fees and costs incurred by any Releasee as a result of such violation.

 

[signature page follows]

 

    	-12-

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized and delivered as
of the date first above written.

 

	 	BORROWERS:
	 	 
	 	GLOBAL AXCESS CORP.,
	 	a Nevada corporation
	 	 	 
	 	By:	/s/ Kevin Reager
	 	Name:	Kevin Reager
	 	Title:	Chief Executive Officer

 

	 	NATIONWIDE MONEY SERVICES, INC.,
	 	a Nevada corporation
	 	 	 
	 	By:	/s/ Kevin Reager
	 	Name:	Kevin Reager
	 	Title: 	Chief Executive Officer
	 	 	 
	 	nationwide ntertainment services, inc.,
	 	a Nevada corporation
	 	 	 
	 	By:	/s/ Kevin Reager
	 	Name:	Kevin Reager
	 	Title:	Chief Executive Officer
	 	 	 
	 	eft integration, inc.,
	 	a Florida corporation
	 	 	 
	 	By:	/s/ Kevin Reager
	 	Name:	Kevin Reager
	 	Title:	Chief Executive Officer

 

    	Signature Page to Amendment

    	 

    

 

	 	FIFTH THIRD PARTIES:
	 	 
	 	FIFTH THIRD BANK
	 	 	 
	 	By:	/s/ Steven J. Englehart
	 	Name:	Steven Englehart
	 	Title:	Vice President

 

	 	FIFTH THIRD EQUIPMENT FINANCE COMPANY
 (F/K/A/ THE FIFTH THIRD LEASING COMPANY)
	 	 	 
	 	By:	/s/ Steven J. Englehart
	 	Name:	Steven Englehart
	 	Title:	Vice President

 

    	Signature Page to Amendment

    	 

    

 

EXHIBIT A1

 

AMENDMENT TO MASTER EQUIPMENT LEASE
AGREEMENT

AND EQUIPMENT SCHEDULE – NO.
001

 

Master Equipment Lease Dated: June 18,
2012, (as amended, supplemented, or restated from time to time, together with the Equipment Schedule identified below, collectively,
the “Master Equipment Lease”)

 

Lessor: FIFTH THIRD EQUIPMENT FINANCE
COMPANY formerly known as THE FIFTH THIRD LEASING COMPANY  (“Lessor”)

 

Lessees: GLOBAL AXCESS CORP., NATIONWIDE
MONEY SERVICES, INC., NATIONWIDE NTERTAINMENT SERVICES, INC.  (“Lessee”)

 

Guarantor(s), if any: EFT INTEGRATION,
INC.

 

Guaranty (ies) Dated:  JUNE 18,
2010

 

Equipment Schedule Dated: MARCH 21,
2011

 

	Lease Account

 Number:	045-9006855-026	 	 
	Rate:	One-month LIBOR (London Interbank

 Offered Rate) plus 4.0%	 	 
	Amended Number of

 Payments:	Amount of Principal Payment:	First Payment Commencing

 on:	Last Payment

 Due on:
	12	$0.00	1-May-11	1-Apr-12
	1	$103,658.58	1-May-12	1-May-12
	5	$0.00	1-Jun-12	1-Oct-12
	30	$80,684.84	1-Nov-12	1-Apr-15
	1	$1,452,327.08	1-May-15	1-May-15

 

    	 

    	 

    

 

EXHIBIT A2

 

AMENDMENT TO MASTER EQUIPMENT LEASE
AGREEMENT

AND EQUIPMENT SCHEDULE – NO.
001

 

Master Equipment Lease Dated: June 18,
2012, (as amended, supplemented, or restated from time to time, together with the Equipment Schedule identified below, collectively,
the “Master Equipment Lease”)

 

Lessor: FIFTH THIRD EQUIPMENT FINANCE
COMPANY formerly known as THE FIFTH THIRD LEASING COMPANY  (“Lessor”)

 

Lessees: GLOBAL AXCESS CORP., NATIONWIDE
MONEY SERVICES, INC., NATIONWIDE NTERTAINMENT SERVICES, INC.  (“Lessee”)

 

Guarantor(s), if any: EFT INTEGRATION,
INC.

 

Guaranty (ies) Dated:  JUNE 18,
2010

 

Equipment Schedule Dated: MARCH 21,
2011

 

	Lease Account

 Number:	045-9006855-026	 	 
	Rate:	One-month LIBOR (London Interbank Offered Rate) plus 4.0%	 	 
	Amended

 Number of

 Payments:	Amount of Principal Payment:	First Payment

 Commencing on:	Last Payment

 Due on:
	12	$0.00	1-May-11	1-Apr-12
	1	$103,658.58	1-May-12	1-May-12
	7	$0.00	1-Jun-12	1-Dec-12
	28	$80,684.84	1-Jan-13	1-Apr-15
	1	$1,613,696.76	1-May-15	1-May-15

 

    	 

    	 

    

 

EXHIBIT B1

 

AMENDMENT TO MASTER EQUIPMENT LEASE
AGREEMENT

AND EQUIPMENT SCHEDULE – NO.
002

 

Master Equipment Lease Dated: June 18,
2012, (as amended, supplemented, or restated from time to time, together with the Equipment Schedule identified below, collectively,
the “Master Equipment Lease”)

 

Lessor: FIFTH THIRD EQUIPMENT FINANCE
COMPANY formerly known as THE FIFTH THIRD LEASING COMPANY  (“Lessor”)

 

Lessees: GLOBAL AXCESS CORP., NATIONWIDE
MONEY SERVICES, INC., NATIONWIDE NTERTAINMENT SERVICES, INC.  (“Lessee”)

 

Guarantor(s), if any: EFT INTEGRATION,
INC.

 

Guaranty (ies) Dated:  JUNE 18,
2010

 

Equipment Schedule Dated: NOVEMBER 21,
2011

 

	Lease Account

 Number:	045-0084574-059	 	 
	Amended Number of Payments:	Amount of Principal Payment:	First Payment

 Commencing on:	Last Payment Due

 on:
	7	$6,944.44	1-Jan-12	1-Jul-12
	3	$0.00	1-Aug-12	1-Oct-12
	25	$6,944.44	1-Nov-12	1-Nov-14
	1	$27,777.76	1-Dec-14	1-Dec-14

 

    	 

    	 

    

 

EXHIBIT B2

 

AMENDMENT TO MASTER EQUIPMENT LEASE
AGREEMENT

AND EQUIPMENT SCHEDULE – NO.
002

 

Master Equipment Lease Dated: June 18,
2012, (as amended, supplemented, or restated from time to time, together with the Equipment Schedule identified below, collectively,
the “Master Equipment Lease”)

 

Lessor: FIFTH THIRD EQUIPMENT FINANCE
COMPANY formerly known as THE FIFTH THIRD LEASING COMPANY  (“Lessor”)

 

Lessees: GLOBAL AXCESS CORP., NATIONWIDE
MONEY SERVICES, INC., NATIONWIDE NTERTAINMENT SERVICES, INC.  (“Lessee”)

 

Guarantor(s), if any: EFT INTEGRATION,
INC.

 

Guaranty (ies) Dated:  JUNE 18,
2010

 

Equipment Schedule Dated: NOVEMBER 21,
2011

 

	Lease Account

 Number:	045-0084574-059	 	 
	Amended Number

 of Payments:	Amount of Principal Payment:	First Payment Commencing

 on:	Last Payment Due

 on:
	7	$6,944.44	1-Jan-12	1-Jul-12
	5	$0.00	1-Aug-12	1-Dec-12
	23	$6,944.44	1-Jan-13	1-Nov-14
	1	$41,883.31	1-Dec-14	1-Dec-14

 

    	 

    	 

    

 

EXHIBIT C

 

Budget

 

	Global Axcess Corp.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Weekly Cash Flow Projection	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CONFIDENTIAL	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	WEEK	 	 	TOTAL	 
	$000s	 	1	 	 	2	 	 	3	 	 	4	 	 	5	 	 	6	 	 	7	 	 	8	 	 	9	 	 	10	 	 	11	 	 	12	 	 	13	 	 	14	 	 	15	 	 	16	 	 	17	 	 	18	 	 	19	 	 	 	 
	 	 	Actual	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	Forecast	 	 	 	 
	(week-ending,
    Sunday)	 	8/26/2012	 	 	9/2/2012	 	 	9/9/2012	 	 	9/16/2012	 	 	9/23/2012	 	 	9/30/2012	 	 	10/7/2012	 	 	10/14/2012	 	 	10/21/2012	 	 	10/28/2012	 	 	11/4/2012	 	 	11/11/2012	 	 	11/18/2012	 	 	11/25/2012	 	 	12/2/2012	 	 	12/9/2012	 	 	12/16/2012	 	 	12/23/2012	 	 	12/30/2012	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cash
    Receipts	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ATM Surcharge	 	$	532	 	 	$	558	 	 	$	556	 	 	$	556	 	 	$	556	 	 	$	556	 	 	$	529	 	 	$	529	 	 	$	529	 	 	$	529	 	 	$	502	 	 	$	502	 	 	$	502	 	 	$	502	 	 	$	502	 	 	$	477	 	 	$	477	 	 	$	477	 	 	$	477	 	 	$	9,848	 
	Interchange	 	 	26	 	 	 	15	 	 	 	374	 	 	 	81	 	 	 	24	 	 	 	14	 	 	 	119	 	 	 	71	 	 	 	119	 	 	 	167	 	 	 	14	 	 	 	119	 	 	 	71	 	 	 	119	 	 	 	167	 	 	 	14	 	 	 	119	 	 	 	71	 	 	 	119	 	 	 	1,825	 
	DVD Rentals	 	 	121	 	 	 	82	 	 	 	74	 	 	 	74	 	 	 	74	 	 	 	74	 	 	 	79	 	 	 	79	 	 	 	79	 	 	 	79	 	 	 	79	 	 	 	79	 	 	 	79	 	 	 	79	 	 	 	79	 	 	 	79	 	 	 	79	 	 	 	79	 	 	 	79	 	 	 	1,523	 
	Deposits/Other	 	 	10	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	280	 
	Total
    Cash Receipts	 	$	690	 	 	$	670	 	 	$	1,020	 	 	$	726	 	 	$	669	 	 	$	659	 	 	$	741	 	 	$	694	 	 	$	741	 	 	$	789	 	 	$	610	 	 	$	715	 	 	$	667	 	 	$	715	 	 	$	763	 	 	$	585	 	 	$	690	 	 	$	642	 	 	$	690	 	 	$	13,475	 
	CUMULATIVE
    CASH RECEIPTS >>>>	 	$	690	 	 	$	1,359	 	 	$	2,379	 	 	$	3,105	 	 	$	3,774	 	 	$	4,433	 	 	$	5,175	 	 	$	5,868	 	 	$	6,610	 	 	$	7,399	 	 	$	8,009	 	 	$	8,724	 	 	$	9,391	 	 	$	10,106	 	 	$	10,868	 	 	$	11,453	 	 	$	12,143	 	 	$	12,785	 	 	$	13,475	 	 	$	26,950	 
	Cash
    Disbursements	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bantek (Pendum)	 	 	35	 	 	 	35	 	 	 	35	 	 	 	35	 	 	 	35	 	 	 	35	 	 	 	35	 	 	 	35	 	 	 	35	 	 	 	35	 	 	 	-	 	 	 	35	 	 	 	-	 	 	 	35	 	 	 	-	 	 	 	35	 	 	 	-	 	 	 	35	 	 	 	-	 	 	 	490	 
	Loomis	 	 	40	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	20	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	40	 	 	 	740	 
	Armored Knights	 	 	-	 	 	 	5	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	40	 
	Rocky Mountain	 	 	5	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	25	 
	Other	 	 	44	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	-	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	384	 
	Cash Management/Maintenance Services	 	 	124	 	 	 	100	 	 	 	100	 	 	 	100	 	 	 	100	 	 	 	95	 	 	 	100	 	 	 	100	 	 	 	100	 	 	 	100	 	 	 	20	 	 	 	100	 	 	 	60	 	 	 	100	 	 	 	60	 	 	 	100	 	 	 	60	 	 	 	100	 	 	 	60	 	 	 	1,679	 
	Title Purchases (VPD/View)	 	 	40	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	28	 	 	 	544	 
	Elan Processing	 	 	128	 	 	 	(50	)	 	 	-	 	 	 	-	 	 	 	51	 	 	 	129	 	 	 	-	 	 	 	-	 	 	 	51	 	 	 	129	 	 	 	-	 	 	 	-	 	 	 	51	 	 	 	129	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	51	 	 	 	129	 	 	 	796	 
	ATM Commissions	 	 	84	 	 	 	887	 	 	 	336	 	 	 	585	 	 	 	294	 	 	 	543	 	 	 	278	 	 	 	346	 	 	 	648	 	 	 	379	 	 	 	325	 	 	 	395	 	 	 	395	 	 	 	495	 	 	 	397	 	 	 	397	 	 	 	377	 	 	 	377	 	 	 	377	 	 	 	7,915	 
	DVD Commissions	 	 	-	 	 	 	-	 	 	 	-	 	 	 	64	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	64	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	64	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	64	 	 	 	-	 	 	 	-	 	 	 	254	 
	DVD Processing	 	 	0	 	 	 	-	 	 	 	45	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	45	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	45	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	45	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	180	 
	Payroll incl. taxes	 	 	119	 	 	 	-	 	 	 	119	 	 	 	-	 	 	 	107	 	 	 	-	 	 	 	106	 	 	 	-	 	 	 	106	 	 	 	-	 	 	 	106	 	 	 	-	 	 	 	106	 	 	 	-	 	 	 	106	 	 	 	-	 	 	 	106	 	 	 	-	 	 	 	106	 	 	 	1,088	 
	Benefits/401(k)	 	 	16	 	 	 	-	 	 	 	-	 	 	 	16	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	16	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	16	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	16	 	 	 	-	 	 	 	-	 	 	 	82	 
	Insurance	 	 	14	 	 	 	-	 	 	 	-	 	 	 	32	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	32	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	32	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	32	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	142	 
	Data Sales Leases	 	 	1	 	 	 	-	 	 	 	34	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	34	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	32	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	32	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	135	 
	Dell Lease	 	 	-	 	 	 	-	 	 	 	10	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	10	 
	Materials & Supplies	 	 	21	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	381	 
	Transport/Shipping	 	 	107	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	287	 
	Phone & IT Support	 	 	36	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	396	 
	Rent & Facilities	 	 	0	 	 	 	-	 	 	 	10	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	10	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	10	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	10	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	40	 
	Attorney/Legal	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	143	 
	Directors Fees/Salary	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Consultants (Other professionals)	 	 	15	 	 	 	-	 	 	 	10	 	 	 	-	 	 	 	10	 	 	 	-	 	 	 	10	 	 	 	-	 	 	 	10	 	 	 	-	 	 	 	10	 	 	 	-	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	135	 
	Expense Reports (T&E)	 	 	5	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	131	 
	Taxes	 	 	6	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	5	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	5	 	 	 	26	 
	Other - Events Not Anticipated	 	 	1	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	91	 
	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Total Operating
    Disbursements	 	 	726	 	 	 	1,034	 	 	 	762	 	 	 	894	 	 	 	664	 	 	 	864	 	 	 	681	 	 	 	655	 	 	 	1,012	 	 	 	711	 	 	 	646	 	 	 	625	 	 	 	799	 	 	 	837	 	 	 	671	 	 	 	724	 	 	 	730	 	 	 	635	 	 	 	784	 	 	 	14,454	 
	CUMULATIVE
    CASH DISBURSEMENTS >>>>	 	 	726	 	 	 	1,760	 	 	 	2,522	 	 	 	3,417	 	 	 	4,080	 	 	 	4,945	 	 	 	5,626	 	 	 	6,281	 	 	 	7,293	 	 	 	8,004	 	 	 	8,650	 	 	 	9,275	 	 	 	10,074	 	 	 	10,911	 	 	 	11,581	 	 	 	12,305	 	 	 	13,035	 	 	 	13,670	 	 	 	14,454	 	 	 	14,454	 
	Free
    Cash Flow from Operations	 	 	(36	)	 	 	(365	)	 	 	258	 	 	 	(168	)	 	 	5	 	 	 	(205	)	 	 	60	 	 	 	38	 	 	 	(271	)	 	 	78	 	 	 	(36	)	 	 	90	 	 	 	(132	)	 	 	(122	)	 	 	92	 	 	 	(139	)	 	 	(41	)	 	 	7	 	 	 	(94	)	 	 	(979	)
	CUMULATIVE
    FREE CASH FLOW >>>>	 	 	(36	)	 	 	(401	)	 	 	(144	)	 	 	(311	)	 	 	(306	)	 	 	(511	)	 	 	(451	)	 	 	(413	)	 	 	(683	)	 	 	(605	)	 	 	(641	)	 	 	(551	)	 	 	(683	)	 	 	(805	)	 	 	(713	)	 	 	(852	)	 	 	(892	)	 	 	(885	)	 	 	(979	)	 	 	(979	)
	Non-Operating Disbursements	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Past due trade payables	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	190	 
	Restructuring Fees	 	 	-	 	 	 	-	 	 	 	-	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	10	 	 	 	160	 
	Capital Expenditures	 	 	-	 	 	 	-	 	 	 	10	 	 	 	-	 	 	 	-	 	 	 	15	 	 	 	-	 	 	 	-	 	 	 	10	 	 	 	-	 	 	 	-	 	 	 	15	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	10	 	 	 	-	 	 	 	-	 	 	 	15	 	 	 	75	 
	Total Non-Operating
    Disbursements	 	 	10	 	 	 	10	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	35	 	 	 	20	 	 	 	20	 	 	 	30	 	 	 	20	 	 	 	20	 	 	 	35	 	 	 	20	 	 	 	20	 	 	 	20	 	 	 	30	 	 	 	20	 	 	 	20	 	 	 	35	 	 	 	425	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Debt
    Service	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest Swap Payment	 	 	-	 	 	 	-	 	 	 	-	 	 	 	29	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	29	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	29	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	29	 	 	 	-	 	 	 	-	 	 	 	114	 
	Interest Expense	 	 	-	 	 	 	-	 	 	 	67	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	64	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	64	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	64	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	258	 
	Principal Payment	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Other Debt Service	 	 	-	 	 	 	-	 	 	 	3	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	3	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	3	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	3	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	19	 
	Total
    Debt Service	 	 	-	 	 	 	-	 	 	 	70	 	 	 	30	 	 	 	-	 	 	 	-	 	 	 	67	 	 	 	30	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	95	 	 	 	2	 	 	 	-	 	 	 	-	 	 	 	67	 	 	 	30	 	 	 	-	 	 	 	-	 	 	 	392	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Disbursements	 	 	736	 	 	 	1,044	 	 	 	852	 	 	 	945	 	 	 	684	 	 	 	899	 	 	 	768	 	 	 	706	 	 	 	1,042	 	 	 	731	 	 	 	666	 	 	 	755	 	 	 	821	 	 	 	857	 	 	 	691	 	 	 	820	 	 	 	781	 	 	 	655	 	 	 	819	 	 	 	15,271	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net
    Cash Flow/(Usage)	 	$	(46	)	 	$	(375	)	 	$	167	 	 	$	(218	)	 	$	(15	)	 	$	(240	)	 	$	(27	)	 	$	(12	)	 	$	(301	)	 	$	58	 	 	$	(56	)	 	$	(40	)	 	$	(154	)	 	$	(142	)	 	$	72	 	 	$	(235	)	 	$	(91	)	 	$	(13	)	 	$	(129	)	 	$	(1,796	)
	CUMULATIVE
    NET CASH FLOW >>>>	 	 	(46	)	 	 	(421	)	 	 	(254	)	 	 	(472	)	 	 	(487	)	 	 	(727	)	 	 	(753	)	 	 	(765	)	 	 	(1,066	)	 	 	(1,008	)	 	 	(1,064	)	 	 	(1,104	)	 	 	(1,258	)	 	 	(1,399	)	 	 	(1,328	)	 	 	(1,563	)	 	 	(1,654	)	 	 	(1,667	)	 	 	(1,796	)	 	 	(1,796	)
	Cash
    Balance (Without Principal Payments)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beginning Balance	 	 	645	 	 	 	599	 	 	 	224	 	 	 	391	 	 	 	173	 	 	 	158	 	 	 	(82	)	 	 	(108	)	 	 	(120	)	 	 	(421	)	 	 	(363	)	 	 	(419	)	 	 	(459	)	 	 	(613	)	 	 	(754	)	 	 	(683	)	 	 	(918	)	 	 	(1,009	)	 	 	(1,022	)	 	 	645	 
	Net Cash Flow/(Usage)	 	 	(46	)	 	 	(375	)	 	 	167	 	 	 	(218	)	 	 	(15	)	 	 	(240	)	 	 	(27	)	 	 	(12	)	 	 	(301	)	 	 	58	 	 	 	(56	)	 	 	(40	)	 	 	(154	)	 	 	(142	)	 	 	72	 	 	 	(235	)	 	 	(91	)	 	 	(13	)	 	 	(129	)	 	 	(1,796	)
	Ending Balance	 	 	599	 	 	 	224	 	 	 	391	 	 	 	173	 	 	 	158	 	 	 	(82	)	 	 	(108	)	 	 	(120	)	 	 	(421	)	 	 	(363	)	 	 	(419	)	 	 	(459	)	 	 	(613	)	 	 	(754	)	 	 	(683	)	 	 	(918	)	 	 	(1,009	)	 	 	(1,022	)	 	 	(1,151	)	 	 	(1,151	)

 

Note # 1: this forecast does not
include the $44,335 of reimbursed legal fees associated with the Amendment and the $61,087 relating to Draw Loan # 133 which Fifth
Third is requiring Global Axcess to pay as part of the Amendment.

The cash impact of the required
payments totaling $105,422 payments is not reflected in the cash forecast file and should not be included in the measurement against
budget performance, per Section "5(d)i" and "5(d)ii" of the Amendment.

 

Note # 2: this forecast does not
include the $68,690 relating to Draw Loan # 208 which Fifth Third is requiring Global Axcess to pay on or before November 2, 2012
as part of the Amendment.

 

 

    	 

    	 

    

 

EXHIBIT D

 

Sale Covenants

 

(1) Teaser.
Within three (3) days of the Sale Trigger Date, Borrowers shall cause the Investment Banker to distribute the teaser memorandum
prepared in accordance with Section 5(g) of this Amendment to prospective purchasers who have executed and delivered confidentiality
agreements in form and substance acceptable to Lender.

 

(2) Offering
Memorandum. Upon the occurrence of the Sale Trigger Date, Borrowers shall direct the Investment Banker to prepare an offering
memorandum regarding Borrowers' assets and businesses, in form and substance reasonably acceptable to Lender ("Offering
Memo"). Copies of the Offering Memo shall be delivered to Bank on or before the date that is ten (10) days after the Sale
Trigger Date.

 

(3) Distribution
of Offering Memorandum. On or before the date that is ten (10) days after the Sale Trigger Date, Borrowers shall cause the
Investment Banker to distribute the Offering Memo to prospective purchasers who have executed and delivered a confidentiality agreement
in form and substance acceptable to Lender.

 

(4) Letters
of Intent. On or before the date that is thirty (30) days after the Sale Trigger Date, Borrowers shall deliver to Lender one
or more letters of intent or other written indications of interest from prospective purchasers regarding the potential sale of
Borrowers' assets and/or businesses in form and substance reasonably acceptable to Lender (including, without limitation, as to
the price, manner and timing of any such transaction).

 

(5) Continuation
of Active Negotiations. Borrowers shall use commercially reasonable efforts to engage (and to remain engaged in) negotiations
with one or more potential purchasers that deliver letters of intent that satisfy clause (4) above, and shall promptly notify Lender
if negotiations cease with any such potential purchasers.

 

(6) Definitive
Offers. On or before the date that is forty-five (45) days after the Sale Trigger Date, Borrowers shall deliver to Lender definitive
offers from one or more of the potential purchasers, in form and substance reasonably acceptable to Lender, which provide offers
provide, among other things, for net cash proceeds sufficient to fully and finally satisfy the Obligations, in cash.

 

(7) Asset
Purchase Agreements. On or before the date that is sixty (60) days after the Sale Trigger Date, Borrowers shall have
entered into one or more asset purchase agreements, in form and substance acceptable to Lender with one or more prospective purchasers
that (i) provide for the sale or other disposition of all or substantially all of the assets and/or businesses of Borrowers, (ii)
provide for the closing of such dispositions to occur on or before the applicable dates set forth in this Agreement below or before
any later date acceptable to Lender, (iii) provide for proceeds of such sales up to the amount of the Obligations, net only
of such fees, expenses or other amounts that may be expressly agreed to by Lender in a subsequent written agreement, to be remitted
to Lender and applied to the Obligations on a final and indefeasible basis, and (iv) are otherwise in form and substance reasonably
acceptable to Lender ("Final Asset Purchase Agreements"). Without limiting the foregoing, Borrowers acknowledge
and agree that (1) it shall provide Lender and its counsel a reasonable opportunity to propose changes to the Borrowers on
such form of Final Asset Purchase Agreements, and (2) the Lender has expressly reserved all of their rights to withhold their approval
or consent with respect to any Final Asset Purchase Agreement or other proposed disposition of the Collateral.

 

    	 

    	 

    

 

(8)  Closing.
On or before the date that is seventy-five (75) days after the Sale Trigger Date, Borrowers shall consummate the transactions contemplated
by the Final Asset Purchase Agreements and, immediately upon the closing thereof, remit to Lender an amount of proceeds arising
therefrom to fully, finally and indefeasibly repay the Obligations, in cash.

 

(9)  Lender
Access to Investment Banker. Borrowers shall permit the Investment Banker to provide to Lender such information and reports
regarding the Borrowers, and its respective financial condition, business, assets, liabilities and prospects, as Lender may request
from time to time. Borrowers shall provide further access to the Investment Banker by Lender to include, without limitation, telephonic
conferences with the Investment Banker, at a time and for a duration reasonably requested by Lender. In addition, Borrower shall
direct the Investment Banker to provide the Lender, on not less than a weekly basis, an updated chart, in form and substance satisfactory
to Bank, specifying for each prospective purchaser that has been contacted by the Investment Banker, (i) whether and/or when such
prospective purchaser entered into a confidentiality agreement, (ii) whether and/or when such prospective purchaser was given or
availed itself of access to a data room established Borrowers and the Investment Banker, (iii) whether and/or when such prospective
purchaser delivered a written indication of interest (or any revised version thereof), (iv) whether and/or when such prospective
purchaser has been given a management presentation, (v) whether and/or when such prospective purchaser delivered a binding bid,
and (vi) such other information relating to the status of such prospective purchaser's participation in the sale process as Lender
may reasonably request from time to time.

 

    	 

    	 

    

 

EXHIBIT E

 

Trademark Security Agreements

 

 

TRADEMARK SECURITY AGREEMENT

 

TRADEMARK SECURITY AGREEMENT
("Agreement"), dated as of September 28, 2012, by and between Global Axcess Corp., a Nevada corporation ("Grantor"),
in favor of Fifth Third Equipment Finance Company (f/k/a The Fifth Third Leasing Company), ("Lender").

 

WITNESSETH:

 

WHEREAS, Grantor and
Lender are parties (i) that certain Master Equipment Lease Agreement dated June 18, 2010 (as amended, supplemented or otherwise
modified from time to time, the "Master Lease Agreement"), (ii) Equipment Schedule No. 001 dated March 21, 2011,
(iii) Equipment Schedule No. 002 dated November 21, 2011, (iv) Equipment Schedule No. 003 dated February 10, 2012, (v) Equipment
Schedule No. 004 dated February 10, 2012, (vi) Equipment Schedule No. 005 dated February 10, 2012, (vii) Equipment Schedule No.
006 dated February 10, 2012, (viii) that certain Interim Funding Schedule No. 001, and (ix) that certain Interim Funding Schedule
No. 002 dated January 19, 2012 (the Master Lease Agreement, together with the other lease agreements and schedules referenced in
clauses (ii)-(ix) above and any other lease agreements and/or schedules executed in connection therewith, in each case as amended,
supplemented or otherwise modified from time to time, are collectively referred to herein as the "Lease Agreements");

 

WHEREAS, pursuant to
the Master Lease Agreement, Grantor granted to Lender, a continuing security interest in, lien on, and right of set-off against
all general intangibles of Grantor, including, without limitation, all trademarks, whether then owned or existing or thereafter
acquired or arising; and

 

WHEREAS, pursuant to
the Master Lease Agreement, Grantor is required to execute and deliver to Lender, this Agreement.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Grantor hereby agrees as follows:

 

1.          DEFINED
TERMS. All capitalized terms used but not otherwise defined herein have the meanings given to them in the Master Lease. The term
"Trademarks" shall mean all of Grantor's trademarks, trademark registrations, trademark applications, trade names, corporate
names, company names, business names, fictitious business names, trade styles, service marks, other business identifiers, prints
and labels on which any of the foregoing have appeared or appear, all registrations and recordings thereof, and all applications
in connection therewith (other than "intent to use" applications until a verified statement of use is filed with respect
to such applications), including, without limitation, the trademarks, trade names, service marks, registrations and applications
listed on Schedule A attached hereto and hereby made a part hereof, and all renewals, extensions and continuations of any
of the foregoing, and all income, royalties, damages and payments now and hereafter due and/or payable under or with respect to
any of the foregoing, including, without limitation, damages and payments for past, present or future infringements of any of the
foregoing and the right to sue for past, present and future infringements of any of the foregoing.

 

    	 

    	 

    

 

2.          GRANT
OF SECURITY INTEREST IN TRADEMARK COLLATERAL. Grantor hereby grants to Lender a continuing security interest in, and lien upon,
all of Grantor's presently existing or hereafter acquired right, title and interest in, to and under the following, whether presently
existing or hereafter created or acquired (collectively, the "Trademark Collateral"):

 

(a)          each
Trademark listed on Schedule A attached hereto, together with any reissues, continuations or extensions thereof, and all
of the goodwill of the business connected with the use of, and symbolized by, each Trademark; and

 

(b)          all
products and proceeds of the foregoing, including, without limitation, any claim by Grantor against third parties for past, present
or future (i) infringement or dilution of any Trademark or (ii) injury to the goodwill associated with any Trademark.

 

3.          AGREEMENT;
LEASE AGREEMENTS. The security interests granted pursuant to this Agreement are granted in conjunction with, and not in limitation
of, the security interests granted to Lender pursuant to the Lease Agreements. Grantor hereby acknowledges and affirms that the
rights and remedies of Lender with respect to the security interest in the Trademark Collateral made and granted hereby are more
fully set forth in the Lease Agreements. In the event of any conflict between the terms of this Agreement and the Lease Agreements,
the terms of the Lease Agreements shall control.

 

4.          MODIFICATION
OF AGREEMENT. This Agreement or any provision hereof may not be changed, waived, or terminated except in accordance with the
amendment provisions of the Lease Agreements. Notwithstanding the foregoing, the Lender may modify this Agreement, after obtaining
Grantor’s signatures to such modification, by amending Schedule A hereto to include reference to any right, title
or interest in any Trademarks currently owned by Grantor or any Trademarks acquired by Grantor after the execution hereof or to
delete any reference to any right, title or interest in any Trademarks in which Grantor no longer has or claims any right, title
or interest.

 

5.          COUNTERPARTS.
This Agreement may be executed in any number of counterparts and by the parties hereto on separate counterparts, each of which
when so executed, shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.
Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic communication (including
via email or PDF) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

6.          ASSIGNMENTS.
This Agreement shall create a continuing lien on and security interest in the Trademark Collateral and shall be binding upon Grantor
and its successors and assigns and shall inure to the benefit of the Lender and its successors and permitted assigns.

 

7.          GOVERNING
LAW. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Florida without giving
effect to its choice of law provisions.

 

[Signature Pages
Follow]

 

    	-2-

    	 

    

 

IN WITNESS WHEREOF, Grantor
has caused this Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above.

 

	 	GLOBAL AXCESS CORP.,
	 	a Nevada corporation
	 	 
	 	By: 	  /s/ Kevin Reager
	 	Name: Kevin Reager
	 	Title: Chief Executive Officer

 

Signature Page to Trademark Security Agreement

 

    	 

    	 

    

 

 

	ACCEPTED AND ACKNOWLEDGED BY:	 
	 	 
	FIFTH THIRD EQUIPMENT FINANCE COMPANY	 
	(F/K/A THE FIFTH THIRD LEASING COMPANY)	 
	 	 
	By: /	/s/ Steven J. Englehart	 
	Name:  	Steven J. Englehart	 
	Title:  	Vice President	 

 

Signature Page to Trademark Security Agreement

 

    	 

    	 

    

 

SCHEDULE A

 

Trademarks

 

	MARK	 	
        SERIAL

        NUMBER
	 	
        REGISTRATION

        NUMBER
	 	
        REGIS.

        DATE
	 	
        OWNER

        INFORMATION
	 
	INSTAFLIX	 	85020234	 	4050142	 	11/01/2011	 	Global Axcess Corp.	 
	INSTA FLIX	 	85018481	 	4050140	 	11/01/2011	 	Global Axcess Corp.	 
	INSTAFLIX	 	77787638	 	3894823	 	12/21/2010	 	Global Axcess Corp.	 
	ATMS MADE EASY!	 	76978055	 	3131808	 	08/22/2006	 	Global Axcess Corp	 
	ATMS MADE EASY!	 	76595419	 	3233911	 	04/24/2007	 	Global Axcess Corp	 
	PROGRESSIVE ATM A GLOBAL AXCESS BRAND	 	76595418	 	3061643	 	02/28/2006	 	Global Axcess Corp	 
	GLOBAL AXCESS CORP	 	76586413	 	3315077	 	10/23/2007	 	Global Axcess Corp	 
	NATIONWIDE MONEY SERVICES, INC. A GLOBAL AXCESS COMPANY	 	76586411	 	3155548	 	11/17/2006	 	Global Axcess Corp	 

 

    	 

    	 

    

 

 

TRADEMARK SECURITY AGREEMENT

 

TRADEMARK SECURITY AGREEMENT
("Agreement"), dated as of September 28, 2012, by and between Global Axcess Corp., a Nevada corporation ("Grantor"),
in favor of Fifth Third Bank, ("Lender").

 

WITNESSETH

 

WHEREAS, pursuant to
(i) that certain Loan and Security Agreement dated June 18, 2010 (as amended, supplemented or otherwise modified from time to time,
the "Initial Loan Agreement"), (ii) that certain Global Axcess 2011 Loan and Security Agreement dated September
28, 2011 (as amended, supplemented or otherwise modified from time to time, the "2011-A Loan Agreement"), (iii)
that certain Global Axcess 2011-B Loan and Security Agreement dated November 23, 2011 (as amended, supplemented or otherwise modified
from time to time, the "2011-B Loan Agreement"), and (iv) that certain Global Axcess 2011-C Loan and Security
Agreement dated on or about December 29, 2011, by and among Borrowers and Lender (as amended, supplemented or otherwise modified
from time to time, the "2011-C Loan Agreement"; together with the Initial Loan Agreement, the 2011-A Loan Agreement,
and the 2011-B Loan Agreement, collectively, the "Loan Agreements"), Lender made certain Loans to the Grantor;

 

WHEREAS, pursuant to
the Loan Agreements, Grantor granted to Lender, a continuing security interest in, lien on, and right of set-off against all general
intangibles of Grantor, including, without limitation, all trademarks, whether then owned or existing or thereafter acquired or
arising; and

 

WHEREAS, pursuant to
the Loan Agreements, Grantor is required to execute and deliver to Lender, this Agreement.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Grantor hereby agrees as follows:

 

1.          DEFINED
TERMS. All capitalized terms used but not otherwise defined herein have the meanings given to them in the Loan Agreements. The
term "Trademarks" shall mean all of Grantor's trademarks, trademark registrations, trademark applications, trade names,
corporate names, company names, business names, fictitious business names, trade styles, service marks, other business identifiers,
prints and labels on which any of the foregoing have appeared or appear, all registrations and recordings thereof, and all applications
in connection therewith (other than "intent to use" applications until a verified statement of use is filed with respect
to such applications), including, without limitation, the trademarks, trade names, service marks, registrations and applications
listed on Schedule A attached hereto and hereby made a part hereof, and all renewals, extensions and continuations of any
of the foregoing, and all income, royalties, damages and payments now and hereafter due and/or payable under or with respect to
any of the foregoing, including, without limitation, damages and payments for past, present or future infringements of any of the
foregoing and the right to sue for past, present and future infringements of any of the foregoing.

 

    	 

    	 

    

 

2.          GRANT
OF SECURITY INTEREST IN TRADEMARK COLLATERAL. Grantor hereby grants to Lender a continuing first priority security interest in,
and lien upon, all of Grantor's presently existing or hereafter acquired right, title and interest in, to and under the following,
whether presently existing or hereafter created or acquired (collectively, the "Trademark Collateral"):

 

(a)          each
Trademark listed on Schedule A attached hereto, together with any reissues, continuations or extensions thereof, and all
of the goodwill of the business connected with the use of, and symbolized by, each Trademark; and

 

(b)          all
products and proceeds of the foregoing, including, without limitation, any claim by Grantor against third parties for past, present
or future (i) infringement or dilution of any Trademark or (ii) injury to the goodwill associated with any Trademark.

 

3.          AGREEMENT;
LOAN AGREEMENTS. The security interests granted pursuant to this Agreement are granted in conjunction with, and not in limitation
of, the security interests granted to Lender pursuant to the Loan Agreements. Grantor hereby acknowledges and affirms that the
rights and remedies of Lender with respect to the security interest in the Trademark Collateral made and granted hereby are more
fully set forth in the Loan Agreements. In the event of any conflict between the terms of this Agreement and the Loan Agreements,
the terms of the Loan Agreements shall control.

 

4.          MODIFICATION
OF AGREEMENT. This Agreement or any provision hereof may not be changed, waived, or terminated except in accordance with the
amendment provisions of the Loan Agreements. Notwithstanding the foregoing, the Lender may modify this Agreement, after obtaining
Grantor’s signatures to such modification, by amending Schedule A hereto to include reference to any right, title
or interest in any Trademarks currently owned by Grantor or any Trademarks acquired by Grantor after the execution hereof or to
delete any reference to any right, title or interest in any Trademarks in which Grantor no longer has or claims any right, title
or interest.

 

5.          COUNTERPARTS.
This Agreement may be executed in any number of counterparts and by the parties hereto on separate counterparts, each of which
when so executed, shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.
Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic communication (including
via email or PDF) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

6.          ASSIGNMENTS.
This Agreement shall create a continuing lien on and security interest in the Trademark Collateral and shall be binding upon Grantor
and its successors and assigns and shall inure to the benefit of the Lender and its successors and permitted assigns.

 

7.          GOVERNING
LAW. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Florida without giving
effect to its choice of law provisions.

 

[Signature Pages
Follow]

 

    	-2-

    	 

    

 

IN WITNESS WHEREOF, Grantor
has caused this Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above.

 

	 	GLOBAL AXCESS CORP.,
	 	a Nevada corporation
	 	 
	 	By: 	/s/ Kevin ReagerS
	 	Name: 	Kevin Reager
	 	Title: 	Chief Executive Officer

 

Signature Page to Trademark Security Agreement

 

    	 

    	 

    

 

 

	ACCEPTED AND ACKNOWLEDGED BY:	 
	 	 
	FIFTH THIRD BANK	 
	 	 
	By:	/s/ Steven J. Englehart	 
	Name: 	Steven J. Englehart	 
	Title: 	Vice President	 

 

Signature Page to Trademark Security Agreement

 

    	 

    	 

    

 

SCHEDULE A

 

Trademarks

 

	 	 	SERIAL	 	REGISTRATION	 	REGIS.	 	OWNER	 
	MARK	 	NUMBER	 	NUMBER	 	DATE	 	INFORMATION	 
	INSTAFLIX	 	85020234	 	4050142	 	11/01/2011	 	Global Axcess Corp.	 
	INSTA FLIX	 	85018481	 	4050140	 	11/01/2011	 	Global Axcess Corp.	 
	INSTAFLIX	 	77787638	 	3894823	 	12/21/2010	 	Global Axcess Corp.	 
	ATMS MADE EASY!	 	76978055	 	3131808	 	08/22/2006	 	Global Axcess Corp	 
	ATMS MADE EASY!	 	76595419	 	3233911	 	04/24/2007	 	Global Axcess Corp	 
	PROGRESSIVE ATM A GLOBAL AXCESS BRAND	 	76595418	 	3061643	 	02/28/2006	 	Global Axcess Corp	 
	GLOBAL AXCESS CORP	 	76586413	 	3315077	 	10/23/2007	 	Global Axcess Corp	 
	NATIONWIDE MONEY SERVICES, INC. A GLOBAL AXCESS COMPANY	 	76586411	 	3155548	 	11/17/2006	 	Global Axcess CorpINDENTURE

 

Dated as of [_______] [___], 20[_]

 

 Between

 

FXCM INC.,

as Issuer

 

and

 

WELLS FARGO
BANK, NATIONAL ASSOCIATION,

 

as Trustee

 

    	 

    	 

    

 

CERTAIN SECTIONS OF THIS INDENTURE

RELATING TO SECTIONS 310 THROUGH 318 INCLUSIVE,

OF THE TRUST INDENTURE ACT OF 1939

 

	Trust Indenture Act Section	Indenture Section
	Section 310(a)(1)	609
	(a)(2)	609
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(b)	608
	 	610
	Section 311(a)	613
	(b)	613
	Section 312(a)	701
	 	702
	(b)	702
	(c)	702
	Section 313(a)	703
	(b)	703
	(c)	703
	(d)	703
	Section 314(a)	704
	(a)(4)	1004
	(b)	Not Applicable
	(c)(1)	102
	(c)(2)	102
	(c)(3)	Not Applicable
	(d)	Not Applicable
	(e)	102
	Section 315(a)	601
	(b)	602
	(c)	601
	(d)	601
	(e)	513
	Section 316(a)	101
	(a)(1)(A)	502
	 	511
	(a)(1)(B)	512
	(a)(2)	Not Applicable
	(b)	508
	(c)	104
	Section 317(a)(1)	504
	(a)(2)	504
	(b)	1003
	Section 318(a)	107

 

 

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

 

    	- i -

    	 

    

  

TABLE OF CONTENTS

 

	 	Page
	 	 
	PARTIES	1
	 	 
	RECITALS	1
	 	 
	Article I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	 	 
	Section 101.	Definitions	1
	Section 102.	Compliance Certificates and Opinions	7
	Section 103.	Form of Documents Delivered to Trustee	8
	Section 104.	Acts of Holders; Record Dates	9
	Section 105.	Notices, Etc. , to Trustee and Company	11
	Section 106.	Notice to Holders; Waiver	11
	Section 107.	Conflict with Trust Indenture Act	12
	Section 108.	Effect of Headings and Table of Contents	12
	Section 109.	Successors and Assigns	12
	Section 110.	Separability Clause	12
	Section 111.	Benefits of Indenture	12
	Section 112.	Governing Law	12
	Section 113.	Legal Holidays	13
	Section 114.	No Recourse Against Others	13
	Section 115.	WAIVER OF JURY TRIAL	13
	Section 116.	USA PATRIOT Act	13
	 	 
	Article II SECURITY FORMS	13
	 	 	 
	Section 201.	Forms Generally	14
	Section 202.	Form of Legend for Global Securities	14
	Section 203.	Form of Trustee’s Certificate of Authentication	15
	 	 
	Article III THE SECURITIES	15
	 	 	 
	Section 301.	Amount Unlimited; Issuable in Series	15
	Section 302.	Denominations	18
	Section 303.	Execution, Authentication, Delivery and Dating	19
	Section 304.	Temporary Securities	20
	Section 305.	Registration, Registration of Transfer and Exchange	21
	Section 306.	Mutilated, Destroyed, Lost and Stolen Securities	23
	Section 307.	Payment of Interest; Interest Rights Preserved	23

 

    	- ii -

    	 

    

 

	 	 	Page
	 	 	 
	Section 308.	Persons Deemed Owners	25
	Section 309.	Cancellation	25
	Section 310.	Computation of Interest	25
	Section 311.	CUSIP Numbers	26
	Section 312.	Original Issue Discount	26
	 	 	 
	Article IV SATISFACTION AND DISCHARGE	26
	 	 	 
	Section 401.	Satisfaction and Discharge of Indenture	26
	Section 402.	Application of Trust Money	27
	 	 	 
	Article V REMEDIES	27
	 	 	 
	Section 501.	Events of Default	27
	Section 502.	Acceleration of Maturity; Rescission and Annulment	29
	Section 503.	Collection of Indebtedness and Suits for Enforcement by Trustee.	30
	Section 504.	Trustee May File Proofs of Claim	31
	Section 505.	Trustee May Enforce Claims Without Possession of Securities	31
	Section 506.	Application of Money Collected	31
	Section 507.	Limitation on Suits	32
	Section 508.	Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert Securities	32
	Section 509.	Rights and Remedies Cumulative	33
	Section 510.	Delay or Omission Not Waiver	33
	Section 511.	Control by Holders	33
	Section 512.	Waiver of Past Defaults	33
	Section 513.	Undertaking for Costs	34
	Section 514.	Waiver of Usury, Stay or Extension Laws	34
	Section 515.	Restoration of Rights and Remedies	34
	 	 	 
	Article VI THE TRUSTEE	34
	 	 	 
	Section 601.	Certain Duties and Responsibilities of Trustee	34
	Section 602.	Notice of Defaults	36
	Section 603.	Certain Rights of Trustee	36
	Section 604.	Not Responsible for Recitals or Issuance of Securities	38
	Section 605.	May Hold Securities	38
	Section 606.	Money Held in Trust	38
	Section 607.	Compensation and Reimbursement	38
	Section 608.	Conflicting Interests	39
	Section 609.	Corporate Trustee Required; Eligibility	39

    	- iii -

    	 

    

 

	 	 	Page
	 	 	 
	Section 610.	Resignation and Removal; Appointment of Successor	40
	Section 611.	Acceptance of Appointment by Successor	41
	Section 612.	Merger, Conversion, Consolidation or Succession to Business	42
	Section 613.	Preferential Collection of Claims Against Company	42
	 	 
	Article VII HOLDERS’ LISTS AND REPORTS BY THE TRUSTEE AND THE COMPANY	43
	 	 	 
	Section 701.	Company to Furnish Trustee Names and Addresses of Holders	43
	Section 702.	Preservation of Information; Communications to Holders	43
	Section 703.	Reports by Trustee	43
	Section 704.	Reports by the Company	43
	 	 
	Article VIII CONSOLIDATION, MERGER AND SALE OF ASSETS	44
	 	 	 
	Section 801.	Company May Merge or Transfer Assets on Certain Terms	44
	Section 802.	Successor Person Substituted	44
	 	 
	Article IX SUPPLEMENTAL INDENTURES	45
	 	 	 
	Section 901.	Supplemental Indentures Without Consent of Holders	45
	Section 902.	Supplemental Indentures With Consent of Holders	46
	Section 903.	Execution of Supplemental Indentures	48
	Section 904.	Effect of Supplemental Indentures	48
	Section 905.	Conformity with Trust Indenture Act	48
	Section 906.	Reference in Securities to Supplemental Indentures	48
	 	 
	Article X COVENANTS	48
	 	 	 
	Section 1001.	Payment of Principal, Premium, if any, and Interest	48
	Section 1002.	Maintenance of Office or Agency	49
	Section 1003.	Money for Securities Payments to Be Held in Trust	49
	Section 1004.	Statement by Officers as to Default	50
	Section 1005.	Waiver of Certain Covenants	50
	 	 
	Article XI REDEMPTION OF SECURITIES	51
	 	 	 
	Section 1101.	Applicability of Article	51
	Section 1102.	Election to Redeem; Notice to Trustee	51
	Section 1103.	Selection by Trustee of Securities to Be Redeemed	51
	Section 1104.	Notice of Redemption	52
	Section 1105.	Deposit of Redemption Price	53
	Section 1106.	Securities Payable on Redemption Date	53

 

    	- iv -

    	 

    

 

	 	 	Page
	 	 	 
	Section 1107.	Securities Redeemed in Part	54
	 	 	 
	Article XII SINKING FUNDS	54
	 	 	 
	Section 1201.	Applicability of Article	54
	Section 1202.	Satisfaction of Sinking Fund Payments with Securities	55
	Section 1203.	Redemption of Securities for Sinking Fund	55
	 	 	 
	Article XIII DEFEASANCE AND COVENANT DEFEASANCE	55
	 	 	 
	Section 1301.	Company’s Option to Effect Defeasance or Covenant Defeasance	55
	Section 1302.	Defeasance and Discharge	55
	Section 1303.	Covenant Defeasance	56
	Section 1304.	Conditions to Defeasance or Covenant Defeasance	56
	Section 1305.	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions	58
	Section 1306.	Reinstatement	59

 

    	- v -

    	 

    

 

 

INDENTURE, dated as of [_______] [___],
20[_], between FXCM Inc., a corporation duly organized and existing under the laws of Delaware (herein called the “Company”)
and Wells Fargo Bank, National Association, a national banking association, as Trustee (herein called the “Trustee”).

 

RECITALS

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its debt securities (herein called the “Securities”),
to be issued in one or more series as in this Indenture provided.

 

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

 

NOW, THEREFORE, THIS INDENTURE
WITNESSETH:

 

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

 

Article
I

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

Section 101.         Definitions.

 

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

 

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

 

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

 

		(3)	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

 

		(4)	unless the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article
or a Section, as the case may be, of this Indenture;

 

		(5)	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;

 

		(6)	“including” means including without limitation;

 

    	 

    	 

    

 

 

		(7)	when used with respect to any Security, the words “convert,” “converted” and “conversion”
are intended to refer to the right of the Holder or the Company to convert or exchange such Security into or for securities or
other property in accordance with such terms, if any, as may hereafter be specified for such Security as contemplated by Section
301, and these words are not intended to refer to any right of the Holder or the Company to exchange such Security for other Securities
of the same series and like tenor pursuant to Section 304, 305, 306, 906 or 1107 or another similar provisions of this Indenture,
unless the context otherwise requires; and references herein to the terms of any Security that may be converted mean such terms
as may be specified for such Security as contemplated in Section 301; and

 

		(8)	unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and other
modifications to such agreements and instruments, but only to the extent such amendments and other modifications are not prohibited
by the terms of this Indenture.

 

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

 

“Affiliate” means, with
respect to any specified Person, 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.

 

“Applicable Procedures”
means, with respect to a Depositary, as to any matter at any time, the policies and procedures of such Depositary, if any, that
are applicable to such matter at such time.

 

“Bankruptcy Law” has
the meaning specified in Section 501.

 

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

 

“Board Resolution” means
a copy of one or more resolutions 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” means,
when used with respect to any Place of Payment, unless otherwise specified as contemplated by Section 301, any day, other than
a Saturday or Sunday, which is not a day on which banking institutions are authorized or obligated by law or executive order to
close in that Place of Payment.

 

    	- 2 -

    	 

    

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

 

“Company” means the Person
named as the “Company” in the first paragraph of this 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 Officer of the Company
(or any Person designated in writing as authorized to execute and deliver Company Requests and Company Orders), and delivered to
the Trustee.

 

“Corporate Trust Office”
means the principal office of the Trustee at which, at any particular time, its corporate trust business shall be conducted (which
office is located as of the date of this Indenture at Wells Fargo Bank, National Association, 45 Broadway, 14th Floor, New York,
NY 10006, Attention: Corporate Trust Services - Administrator for FXCM Inc., or any other time at such other address as the Trustee
may designate from time to time by notice to the Company and the Holders, or the principal corporate trust office of any successor
Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company)).

 

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

 

“Custodian” has the meaning
specified in Section 501.

 

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

 

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

 

“Defeasance” has the
meaning specified in Section 1302.

 

“Depositary” means, with
respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing agency
registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 301.

 

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

 

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

 

“Expiration Date” has
the meaning specified in Section 104.

 

“GAAP” means generally
accepted accounting principles in the United States (including, if applicable, International Financial Reporting Standards) as
in effect from time to time.

 

    	- 3 -

    	 

    

 

 

“Global Security” means
a Security that evidences all or part of the Securities of any series and bears the legend set forth in Section 202 (or such legend
as may be specified as contemplated by Section 301 for such Securities).

 

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

 

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

 

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

 

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

 

“Internal Revenue Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time.

 

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

 

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

 

“Officer” means the Chairman
of the Board, any Co-Chairman of the Board, any Vice Chairman, the Chief Executive Officer, any Co-Chief Executive Officer, the
President, the Chief Operating Officer, the Chief Accounting Officer, the Treasurer, any Assistant Treasurer, the Chief Financial
Officer, the Controller, the General Counsel, the Secretary or any Assistant Secretary of the Company.

 

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

 

“Opinion of Counsel”
means a written opinion of counsel (who may be counsel for the Company) and who shall be reasonably acceptable to the Trustee.
The counsel may be an employee of the Company. Opinions of Counsel required to be delivered under this Indenture may have qualifications
customary for opinions of the type required and counsel delivering such Opinions of Counsel may rely as to factual matters on certificates
of the Company or governmental or other officials customary for opinions of the type required.

 

    	- 4 -

    	 

    

 

 

“Original Issue Discount Security”
means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 502.

 

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

 

		(1)	Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

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

 

		(3)	Securities as to which Defeasance has been effected pursuant to Section 1302;

 

		(4)	Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to
the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities
are valid obligations of the Company; and

 

		(5)	Securities as to which any property deliverable upon conversion thereof has been delivered (or such delivery has been made
available), or as to which any other particular conditions have been satisfied, in each case as may be provided for such Securities
as contemplated in Section 301;

 

provided, however, that in determining whether
the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization,
direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount
Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which would be due and payable as
of such date upon acceleration of the Maturity thereof to such date pursuant to Section 502, (B) if, as of such date, the principal
amount payable at the Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed
to be Outstanding shall be the amount as specified or determined as contemplated by Section 301, (C) the principal amount of a
Security denominated in one or more foreign currencies, composite currencies or currency units which shall be deemed to be Outstanding
shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section 301, of the principal
amount of such Security (or, in the case of a Security described in clause (A) or (B) above, of the amount determined as provided
in such clause), and (D) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company
or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall
be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only
Securities which a Responsible Officer actually knows to be so owned shall be so disregarded. Securities so owned which have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities
or any Affiliate of the Company or such other obligor.

 

    	- 5 -

    	 

    

 

 

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

 

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

 

“Place of Payment” means,
when used with respect to the Securities of any series, the place or places where the principal of and premium, if any, and interest
on the Securities of such series are payable as specified as contemplated by Section 301.

 

“Predecessor Security”
means, with respect to any particular Security, every previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306
in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the
mutilated, destroyed, lost or stolen Security.

 

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

 

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

 

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

 

“Repayment Date” means,
when used with respect to a Security to be repaid at the option of a Holder, the date fixed for such repayment by or pursuant to
this Indenture.

 

“Responsible Officer”
means, when used with respect to the Trustee, any Vice President, any assistant Vice President, any associate, any assistant treasurer,
any trust officer, or any other officer associated with the corporate trust department of the Trustee customarily performing functions
similar to those performed by any of the above designated officers who at the time shall be such officers and also means, with
respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such person’s
knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this
Indenture.

 

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

 

    	- 6 -

    	 

    

 

 

“Securities Act” means
the U.S. Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.

 

“Security Register” and
“Security Registrar” have the respective meanings specified in Section 305.

 

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

 

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

 

“Subsidiary” means any
corporation, partnership, joint venture, limited liability company, association or other business entity of which more than 50%
of the outstanding voting stock (or equivalent equity interest) is owned, directly or indirectly, by the Company or by one or more
other Subsidiaries (or a combination thereof). For purposes of this definition, “voting stock” means with respect to
any specified “person” (as that term is used in Section 13(d) of the Exchange Act), the capital stock of such person
that is at the time entitled to vote generally in the election of the board of directors of such person.

 

“Trust Indenture Act”
means the U.S. Trust Indenture Act of 1939 as in force at the date as of which this Indenture was executed; provided, however,
that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

“Trustee” means the Person
named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then
a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities
of any series shall mean the Trustee with respect to Securities of such series.

 

“U.S. Government Obligation”
has the meaning specified in Section 1304(1).

 

“Vice President” means,
when used with respect to the Trustee, any vice president, whether or not designated by a number or a word or words added before
or after the title “vice president.”

 

Section 102.         Compliance
Certificates and Opinions.

 

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, if requested
by 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.

 

    	- 7 -

    	 

    

 

 

Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (except for certificates provided for in Section 1004)
shall include:

 

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

 

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

 

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

 

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

 

Section 103.         Form
of Documents Delivered to Trustee.

 

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

 

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

 

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

 

    	- 8 -

    	 

    

 

 

Section 104.         Acts
of Holders; Record Dates.

 

Any request, demand, authorization, direction,
notice, consent, waiver or other action provided or permitted by this Indenture to be given, made 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, by proxy or proxies
or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Indenture and, subject to Section 601, conclusive in favor of the Trustee
and the Company, if made in the manner provided in this Section 104.

 

The fact and date of the execution by any
Person of any such instrument or writing may be proved in any manner which the Trustee reasonably deems sufficient. Where such
execution is by a Person acting in a capacity other than such Person’s individual capacity, such certificate or affidavit
shall also constitute sufficient proof of such Person’s authority. The fact and date of the execution of any such instrument
or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient.

 

The ownership of Securities shall be proved
by the Security Register.

 

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

 

The Company may set any day as a record
date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request,
demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders of Securities of such series; provided that the Company may not set a record date for, and the
provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction
referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities
of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not
such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken
on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series
on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any
action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed
to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series
on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense,
shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee
in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106.

 

    	- 9 -

    	 

    

 

 

The Trustee may set any day as a record
date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making
of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 502, (iii) any request to institute proceedings
referred to in Section 507(2) or (iv) any direction referred to in Section 511, in each case with respect to Securities of such
series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record
date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders
remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior
to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such
record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically
and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such
action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense,
shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company
in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106.

 

With respect to any record date set pursuant
to this Section 104, the party hereto which sets such record dates may designate any day as the “Expiration Date”
and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be
effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of
Securities of the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration
Date is not designated with respect to any record date set pursuant to this Section 104, the party hereto which set such record
date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto,
subject to its right to change the Expiration Date as provided in this paragraph.

 

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

 

In addition to the foregoing, the Trustee
agrees to accept and act upon written notice, instructions or directions pursuant to this Indenture sent by unsecured e-mail in
PDF format, facsimile transmission or other similar unsecured electronic methods; provided, however, that (a) the
party providing such written instructions, subsequent to such transmission of written instructions, shall provide the originally
executed instructions or directions to the Trustee in a timely manner, and (b) such originally executed instructions or directions
shall be signed by an authorized representative of the party providing such instructions or directions. The Trustee shall not be
liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reasonable reliance upon and compliance
with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction.

 

    	- 10 -

    	 

    

 

 

Section 105.         Notices,
Etc., to Trustee and Company.

 

Any request, demand,
authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to
be made upon, given or furnished to, or filed with,

 

		(1)	the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed
in writing (which may be by facsimile or by electronic mail in PDF format) to or with the Trustee at its Corporate Trust Office
at the location specified in Section 101; or

 

		(2)	the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing (including telecopy) and mailed, first-class postage prepaid, or electronically mailed in PDF format to
the Company addressed to the attention of the Secretary of the Company at the address of the Company’s principal office specified
in writing to the Trustee by the Company and, until further notice, at, in the case of the Company, 55 Water Street, Floor 50,
New York, New York 10041, fax number: (646) 432-2997, Attention: General Counsel.

 

Section 106.         Notice
to Holders; Waiver.

 

Where this Indenture provides for notice
to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid, to each Holder affected by such event, at such Holder’s address as it appears in the
Security Register, not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving
of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in
any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where
this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be
filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon
such waiver.

 

If it shall be impracticable to give such
notice by mail, then such notification in lieu thereof as shall be made by the Company with the approval of the Trustee or by the
Trustee on behalf of and at the written instruction of the Company shall constitute a sufficient notification for every purpose
hereunder.

 

    	- 11 -

    	 

    

Where this Indenture provides for notice
of any event to a Holder of a Global Security, such notice shall be sufficiently given if given to the Depositary for such Security
(or its designee), pursuant to the Applicable Procedures of the Depositary, not later than the latest date, if any, and not earlier
than the earliest date, if any, prescribed for the giving of such notice.

 

Section 107.         Conflict
with Trust Indenture Act.

 

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

 

Section 108.         Effect
of Headings and Table of Contents.

 

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

 

Section 109.         Successors
and Assigns.

 

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

 

Section 110.         Separability
Clause.

 

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

 

Section 111.         Benefits
of Indenture.

 

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

 

Section 112.         Governing
Law.

 

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

    	- 12 -

    	 

    

 

Section 113.         Legal
Holidays.

 

In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security, or any date on which a Holder has the right to convert such Holder’s
Security, shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of
the Securities (other than a provision of any Security which specifically states that such provision shall apply in lieu of this
Section 113)) payment of principal and premium, if any, or interest, or the Redemption Price or conversion of such Security, 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, or on such
conversion date. In the case, however, of Securities of a series bearing interest at a floating rate based on the London interbank
offered rate (LIBOR), if any Interest Payment Date (other than the Redemption Date or Stated Maturity) would otherwise be a date
that is not a Business Day, then the Interest Payment Date shall be postponed to the following date which is a Business Day, unless
that Business Day falls in the next succeeding calendar month, in which case the Interest Payment Date will be the immediately
preceding Business Day. No interest shall accrue for the period from and after any such Interest Payment Date, Redemption Date,
Stated Maturity or conversion date, as the case may be, to the date of such payment.

 

Section 114.         No
Recourse Against Others.

 

A director, officer, employee or stockholder
as such of the Company shall not have any liability for any obligations of the Company under the Securities or this Indenture or
for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder
shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue of the Securities.

 

Section 115.         WAIVER
OF JURY TRIAL.

 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
AS BETWEEN THE COMPANY AND THE TRUSTEE ONLY ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE SECURITIES.

 

Section 116.         USA
PATRIOT Act.

 

The parties hereto acknowledge that in accordance
with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of
terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity
that establishes a relationship or opens an account with the Trustee. The Company agrees that it will provide the Trustee with
such information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 

    	- 13 -

    	 

    

 

 

Article
II

SECURITY FORMS

 

Section 201.         Forms
Generally.

 

The Securities of each series shall be in
substantially such form or forms as shall be established by or pursuant to a Board Resolution or, subject to Section 303, set forth
in, or determined in the manner provided in, an Officer’s Certificate pursuant to a Board Resolution, or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor
or as may, consistently herewith, be determined by the Officer executing such Securities, as evidenced by their execution thereof.
If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate
record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities.
If all of the Securities of any series established by action taken pursuant to a Board Resolution are not to be issued at one time,
it shall not be necessary to deliver a record of such action at the time of issuance of each Security of such series, but an appropriate
record of such action shall be delivered at or before the time of issuance of the first Security of such series.

 

The definitive Securities shall be printed,
lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing
such Securities, as evidenced by their execution of such Securities.

 

Section 202.         Form
of Legend for Global Securities.

 

Unless otherwise specified as contemplated
by Section 301 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend
in substantially the following form:

 

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

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS
IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS
OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED
TO ON THE REVERSE HEREOF.

 

    	- 14 -

    	 

    

 

Section 203.         Form
of Trustee’s Certificate of Authentication.

 

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

 

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

 

Dated:

 

	 	Wells Fargo Bank, National Association,
	 	as Trustee
	 	 	 
	 	By:	 
	 	Authorized Signatory

 

Article
III

THE SECURITIES

 

Section 301.         Amount
Unlimited; Issuable in Series.

 

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

 

The Securities may be issued in one or more
series. There shall be established in or pursuant to (a) a Board Resolution or pursuant to authority granted by a Board Resolution
and, subject to Section 303, set forth, or determined in the manner provided, in an Officer’s Certificate, or (b) one or
more indentures supplemental hereto, prior to the issuance of Securities of any series:

 

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

 

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

 

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

 

		(4)	whether the Securities rank as senior Securities or subordinated Securities and the terms of any such subordination;

 

    	- 15 -

    	 

    

 

 

		(5)	the date or dates on which the principal of any Securities of the series is payable or the method used to determine or extend
those dates;

 

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

 

		(7)	the place or places where the principal of and premium, if any, and interest on any Securities of the series shall be payable
and the manner in which any payment may be made;

 

		(8)	the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of
the series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner
in which any election by the Company to redeem the Securities shall be evidenced;

 

		(9)	the obligation or the right, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking
fund or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the terms
and conditions upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

		(10)	if other than denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations in which any
Securities of the series shall be issuable;

 

		(11)	if the amount of principal of or premium, if any, or interest on any Securities of the series may be determined with reference
to a financial or economic measure or index or pursuant to a formula, the manner in which such amounts shall be determined;

 

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

 

		(13)	if the principal of or premium, if any, or interest on any Securities of the series is to be payable, at the election of the
Company or the Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are
stated to be payable, the currency, currencies or currency units in which the principal of or premium, if any, or interest on such
Securities as to which such election is made shall be payable, the periods within which and the terms and conditions upon which
such election is to be made and the amount so payable (or the manner in which such amount shall be determined);

 

    	- 16 -

    	 

    

 

 

		(14)	if other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which
shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502;

 

		(15)	if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one
or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of
any such date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon
any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity
(or, in any such case, the manner in which such amount deemed to be the principal amount shall be determined);

 

		(16)	if other than by a Board Resolution, the manner in which any election by the Company to defease any Securities of the series
pursuant to Section 1302 or Section 1303 shall be evidenced; whether any Securities of the series other than Securities denominated
in U.S. dollars and bearing interest at a fixed rate are to be subject to Section 1302 or Section 1303; or, in the case of Securities
denominated in U.S. dollars and bearing interest at a fixed rate, if applicable, that the Securities of the series, in whole or
any specified part, shall not be defeasible pursuant to Section 1302 or Section 1303 or both such Sections;

 

		(17)	if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne
by any such Global Security in addition to or in lieu of that set forth in Section 202 and any circumstances in addition to or
in lieu of those set forth in clause (2) of the last paragraph of Section 305 in which any such Global Security may be exchanged
in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof and any other provisions
governing exchanges or transfers of such Global Security;

 

		(18)	any addition to, deletion from or change in the Events of Default which applies to any Securities of the series and any change
in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable
pursuant to Section 502;

 

		(19)	any addition to, deletion from or change in the covenants set forth in Article X which applies to Securities of the series;

 

		(20)	if the Securities of the series are to be convertible into or exchangeable for cash and/or any securities or other property
of any Person (including the Company), the terms and conditions upon which such Securities will be so convertible or exchangeable;

 

    	- 17 -

    	 

    

 

		(21)	whether the Securities of the series will be guaranteed by any Person or Persons and, if so, the identity of such Person or
Persons, the terms and conditions upon which such Securities shall be guaranteed and, if applicable, the terms and conditions upon
which such guarantees may be subordinated to other indebtedness of the respective guarantors;

 

		(22)	whether the Securities of the series will be secured by any collateral and, if so, the terms and conditions upon which such
Securities shall be secured and, if applicable, upon which such liens may be subordinated to other liens securing other indebtedness
of the Company or any guarantor;

 

		(23)	if other than Wells Fargo Bank, National Association is to act as Trustee for the Securities of such series, the name and Corporate
Trust Office of such Trustee; and

 

		(24)	any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted
by Section 901(11)).

 

All Securities of any one series shall be
substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution
referred to above or pursuant to authority granted by one or more Board Resolutions and, subject to Section 303, set forth, or
determined in the manner provided, in the Officer’s Certificate referred to above or in any such indenture supplemental hereto.

 

All Securities of any one series need not
be issued at one time and, unless otherwise provided in or pursuant to the Board Resolution referred to above and, subject to Section
303, set forth, or determined in the manner provided, in the Officer’s Certificate referred to above or pursuant to authority
granted by one or more Board Resolutions or in any such indenture supplemental hereto with respect to a series of Securities, additional
Securities of a series may be issued, at the option of the Company, without the consent of any Holder, at any time and from time
to time.

 

If any of the terms of the series are established
by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary
or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate
setting forth the terms of the series.

 

Section
302.        Denominations.

 

The Securities of each series shall be issuable
only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 301. In
the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall
be issuable in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

 

    	- 18 -

    	 

    

 

Section
303.        Execution, Authentication, Delivery and Dating.

 

The Securities shall be executed on behalf
of the Company by its Chairman of the Board, one of its Co-Chairmen of the Board, one of its Vice Chairmen, its Chief Executive
Officer, one of its Co-Chief Executive Officers, its President, its Chief Financial Officer, its Chief Accounting Officer, its
Controller, its Treasurer or one of its Assistant Treasurers. The signature on the Securities may be manual or facsimile.

 

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

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee
for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have
been established by or pursuant to one or more Board Resolutions or pursuant to authority granted by one or more Board Resolutions
as permitted by Sections 201 and Section 301, in authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and, subject to Section 601, shall
be fully protected in relying upon, an Opinion of Counsel stating,

 

		(1)	if the form of such Securities has been established by or pursuant to Board Resolution or pursuant to authority granted by
one or more Board Resolutions as permitted by Section 201, that such form has been established in conformity with the provisions
of this Indenture;

 

		(2)	if the terms of such Securities have been established by or pursuant to Board Resolution or pursuant to authority granted by
one or more Board Resolutions as permitted by Section 301, that such terms have been established in conformity with the provisions
of this Indenture; and

 

		(3)	that such Securities, when authenticated by the Trustee and issued and delivered by the Company in the manner and subject to
any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable
in accordance with their terms, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
and other similar laws relating to or affecting creditors’ rights generally, (ii) general equitable principles and (iii)
an implied covenant of good faith and fair dealing.

 

If such form or terms have been so established,
the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will
materially adversely affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise
in a manner which is not reasonably acceptable to the Trustee.

 

    	- 19 -

    	 

    

 

Notwithstanding the provisions of Section
301 and of the preceding paragraph of this Section 303, if all Securities of a series are not to be originally issued at one time,
including in the event that the aggregate principal amount of a series of Outstanding Securities is increased as contemplated by
Section 301, it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 301 or
the Company Order and Opinion of Counsel otherwise required pursuant to this Section 303 at or prior to the authentication of each
Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security
of such series to be issued.

 

Each Security shall be dated the date of
its authentication.

 

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

 

Section
304.        Temporary Securities.

 

Pending the preparation of definitive Securities
of any series, the Company may execute, and, upon Company Order, the Trustee shall authenticate and deliver, temporary Securities
which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially
of the tenor of the definitive Securities of such series in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the Officer or Officers executing such Securities may determine, as evidenced
by their execution thereof.

 

If temporary Securities of any series are
issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay. After the preparation
of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities
of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment
for such series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series,
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities
of the same series, of any authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of
such series and tenor.

 

    	- 20 -

    	 

    

 

Section
305.        Registration, Registration of Transfer and Exchange.

 

The Company shall cause to be kept at the
Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency of the
Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in
which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities
and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering
Securities and transfers of Securities as herein provided.

 

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

 

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

 

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

 

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

 

No service charge shall be made for any
registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other
than exchanges pursuant to Section 304, Section 906 or Section 1107 not involving any transfer.

 

If the Securities of any series (or of any
series and specified tenor) are to be redeemed in part, the Company shall not be required (A) to issue, register the transfer of
or exchange any Securities of such series (or of such series and specified tenor, as the case may be) during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for
redemption under Section 1103 and ending at the close of business on the day of such mailing, or (B) to register the transfer of
or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed
in part.

 

    	- 21 -

    	 

    

 

The provisions of clauses (1), (2), (3)
and (4) of this paragraph shall apply only to Global Securities:

 

		(1)	Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such
Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such
Global Security shall constitute a single Security for all purposes of this Indenture.

 

		(2)	Notwithstanding any other provision in this Indenture, and subject to such applicable provisions, if any, as may be specified
as contemplated by Section 301, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer
of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global
Security or a nominee thereof unless (A) such Depositary has notified the Company that it is unwilling or unable or no longer permitted
under applicable law to continue as Depositary for such Global Security, (B) there shall have occurred and be continuing an Event
of Default with respect to such Global Security, (C) the Company so directs the Trustee by a Company Order or (D) there shall exist
such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated
by Section 301.

 

		(3)	Subject to clause (2) above and to such applicable provisions, if any, as may be specified as contemplated by Section 301,
any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for
a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct.

 

		(4)	Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security
or any portion thereof, whether pursuant to this Section 305, Section 304, Section 306, Section 906 or Section 1107 or otherwise,
shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the
name of a Person other than the Depositary for such Global Security or a nominee thereof.

 

		(5)	Neither the Trustee nor any agent shall have any responsibility or liability for any actions taken or not taken by the Depositary.

 

Each Holder of a Security agrees to indemnify
the Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder's Security
in violation of any provision of this Indenture and/or applicable United States federal or state securities law.

 

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

 

    	- 22 -

    	 

    

 

Section
306.        Mutilated, Destroyed, Lost and Stolen Securities.

 

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

 

If there shall be delivered to the Company
and the Trustee (1) evidence to their satisfaction of the destruction, loss or theft of any Security and (2) such security or indemnity
as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the
Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and the
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series
and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

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

 

Upon the issuance of any new Security under
this Section 306, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may
be imposed in relation thereto and any other expenses (including the fees and expenses of counsel to the Company and the fees and
expenses of the Trustee and its counsel) connected therewith.

 

Every new Security of any series issued
pursuant to this Section 306 in lieu of any mutilated, destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of such series duly issued hereunder.

 

The provisions of this Section 306 are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities.

 

Section
307.        Payment of Interest; Interest Rights Preserved.

 

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

 

    	- 23 -

    	 

    

 

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

 

		(1)	The Company may elect to make payment of any Defaulted Interest payable on Securities of a series to the Persons in whose names
the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of
the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment
of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment
and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify
the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series
in the manner set forth in Section 106, not less than 10 days prior to such Special Record Date. Notice of the proposed payment
of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to
the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close
of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2).

 

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

 

Subject to the foregoing provisions of this
Section 307, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any
other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

    	- 24 -

    	 

    

 

In the case of any Security which is converted
after any Regular Record Date and on or prior to the next succeeding Interest Payment Date (other than any Security whose Maturity
is prior to such Interest Payment Date), interest whose Stated Maturity is on such Interest Payment Date shall be payable on such
Interest Payment Date notwithstanding such conversion, and such interest (whether or not punctually paid or made available for
payment) shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close
of business on such Regular Record Date. Except as otherwise expressly provided in the immediately preceding sentence, in the case
of any Security which is converted, interest whose Stated Maturity is after the date of conversion of such Security shall not be
payable. Notwithstanding the foregoing, the terms of any Security that may be converted may provide that the provisions of this
paragraph do not apply, or apply with such additions, changes or omissions as may be provided thereby, to such Security.

 

Section
308.        Persons Deemed Owners.

 

Prior to due presentment of a Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and premium, if
any, and, subject to Section 307, any interest on such Security and for all other purposes whatsoever, whether or not such Security
be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the
contrary.

 

Section
309.        Cancellation.

 

All Securities surrendered for payment,
redemption, registration of transfer or exchange or conversion or for credit against any sinking fund payment shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any
time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee)
for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities
so delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any
Securities cancelled as provided in this Section 309, except as expressly permitted by this Indenture. All cancelled Securities
held by the Trustee shall be disposed of in accordance with its customary procedures. The Trustee shall provide the Company a list
of all Securities that have been cancelled from time to time as requested in writing by the Company.

 

Section
310.        Computation of Interest.

 

Except as otherwise specified as contemplated
by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day
year of twelve 30-day months.

 

    	- 25 -

    	 

    

 

Section
311.        CUSIP Numbers.

 

The Company in issuing any series of the
Securities may use “CUSIP” or “ISIN” numbers and/or other similar numbers, if then generally in use, and
thereafter with respect to such series, the Trustee may use such numbers in any notice of redemption with respect to such series;
provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed
on the Securities of such series or as contained in any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Securities of such series, and any such redemption shall not be affected by any defect in
or omission of such numbers. The Trustee shall be notified in writing of any change in the “CUSIP” or “ISIN”
numbers.

 

Section
312.        Original Issue Discount.

 

If any of the Securities is an Original
Issue Discount Security, the Company shall file with the Trustee promptly at the end of each calendar year (1) a written notice
specifying the amount of original issue discount (including daily rates and accrual periods) accrued on such Outstanding Original
Issue Discount Securities as of the end of such year and (2) such other specific information relating to such original issue discount
as may then be relevant under the Internal Revenue Code.

 

Article
IV

SATISFACTION
AND DISCHARGE

 

Section
401.        Satisfaction and Discharge of Indenture.

 

This Indenture shall, upon Company Request,
cease to be of further effect with respect to any series of Securities specified in such Company Request (except as to any surviving
rights of registration of transfer or exchange of Securities of such series herein expressly provided for), and the Trustee, at
the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such
series, when:

 

		(1)	either

 

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

 

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

 

		(i)	have become due and payable, or

 

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

 

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

 

    	- 26 -

    	 

    

 

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

 

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

 

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

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 607 and, if money shall have been deposited with
the Trustee pursuant to subclause (B) of clause (1) of this Section 401, the obligations of the Trustee under Section 402 and the
last paragraph of Section 1003 shall survive.

 

Section
402.        Application of Trust Money.

 

Subject to the provisions of the last paragraph
of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance
with the provisions of the applicable series of Securities and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of
the principal and premium, if any, and interest for whose payment such money has been deposited with the Trustee. All money deposited
with the Trustee pursuant to Section 401 (and held by it or any Paying Agent) for the payment of Securities subsequently converted
into other property shall be returned to the Company upon Company Request.

 

Article
V

REMEDIES

 

Section
501.        Events of Default.

 

Except as may be otherwise provided pursuant
to Section 301 for Securities of any series, an “Event of Default” means, whenever used herein or in a Security
issued hereunder with respect to Securities of any series, any one of the following events (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(1)         the
Company defaults in the payment of any installment of interest on any Security of such series for 30 days after becoming due;

 

    	- 27 -

    	 

    

 

(2)         the
Company defaults in the payment of the principal of or premium, if any, on any Security of such series when the same becomes due
and payable at its Stated Maturity, upon optional redemption, upon declaration or otherwise;

 

(3)         the
Company defaults in the deposit of any sinking fund payment, when and as due by the terms of a Security of such series;

 

(4)         the
Company defaults in the performance of, or breaches, any of its covenants and agreements in respect of any Security of such series
contained in this Indenture or in the Securities of such series (other than those referred to in (1), (2) or (3) above), and such
default or breach continues for a period of 90 days after the notice specified below;

 

(5)         the
Company, pursuant to or within the meaning of the Bankruptcy Law (as defined below):

 

(A)         commences
a voluntary case or proceeding;

 

(B)         consents
to the entry of an order for relief against it in an involuntary case or proceeding;

 

(C)         consents
to the appointment of a Custodian (as defined below) of it or for all or substantially all of its property;

 

(D)         makes
a general assignment for the benefit of its creditors;

 

(E)         files
a petition in bankruptcy or answer or consent seeking reorganization or relief;

 

(F)         consents
to the filing of such petition or the appointment of or taking possession by a Custodian; or

 

(G)         takes
any comparable action under any foreign laws relating to insolvency;

 

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

 

(A)         is
for relief against the Company in an involuntary case, or adjudicates the Company insolvent or bankrupt;

 

(B)         appoints
a Custodian of the Company or for all or substantially all of the property of the Company; or

 

(C)         orders
the winding-up or liquidation of the Company (or any similar relief is granted under any foreign laws),

 

and the order or decree remains unstayed and in effect
for 90 days; or

 

    	- 28 -

    	 

    

 

(7)         any
other Event of Default provided with respect to Securities of such series occurs.

 

The term “Bankruptcy Law”
means Title 11, United States Code, or any similar federal or state or foreign law for the relief of debtors. The term “Custodian”
means any custodian, receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law.

 

A Default with respect to Securities of
any series under clause (4) of this Section 501 shall not be an Event of Default until the Trustee (by written notice to the Company)
or the Holders of at least 25% in aggregate principal amount of the outstanding Securities of such series (by written notice to
the Company and the Trustee) gives notice of the Default and the Company does not cure such Default within the time specified in
clause (4) after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice
is a “Notice of Default.”

 

Section
502.        Acceleration of Maturity; Rescission and Annulment.

 

If an Event of Default with respect to Securities
of any series at the time Outstanding (other than an Event of Default specified in Section 501(5) or (6)) occurs and is continuing,
then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities
of such series may declare the principal amount of all the Securities of such series (or, if any Securities of such series are
Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof),
together with any accrued and unpaid interest thereon, to be due and payable immediately, by a notice in writing to the Company
(and to the Trustee if given by Holders), and upon any such declaration, such principal amount (or specified amount), together
with any accrued and unpaid interest thereon, shall become immediately due and payable. If an Event of Default specified in Section
501(5) or (6) with respect to the Securities of any series at the time Outstanding occurs, the principal amount of all the Securities
of such series (or, in the case of any Security of such series which specifies an amount to be due and payable thereon upon acceleration
of the Maturity thereof, such amount as may be specified by the terms thereof), together with any accrued and unpaid interest thereon,
shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due
and payable. Upon payment of such amount, all obligations of the Company in respect of the payment of principal and interest of
the Securities of such series shall terminate.

 

Except as may otherwise be provided pursuant
to Section 301 for all or any specific Securities of any series, at any time after such a declaration of acceleration with respect
to the Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by
the Trustee as hereinafter in this Article V provided, the Holders of a majority in aggregate principal amount of the Outstanding
Securities of such series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences
if:

 

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

 

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

 

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

 

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

 

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

 

		(2)	all Events of Default with respect to Securities of such series, other than the non-payment of the principal of Securities
of such series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section
512.

 

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

 

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

 

The Company covenants that if (1) default
is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for
a period of 30 days, or (2) default is made in the payment of the principal of or premium, if any, on any Security at the Maturity
thereof, it will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities, the whole
amount then due and payable on such Securities for principal and premium, if any, and interest and, to the extent that payment
of such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the
rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including the compensation (as agreed upon by the Company and the Trustee in writing from
time to time) and the reasonable expenses, disbursements and advances of the Trustee and the reasonable compensation, expenses,
disbursements and advances of its agents and counsel.

 

If an Event of Default with respect to Securities
of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights
of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem necessary 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.

 

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Section
504.        Trustee May File Proofs of Claim.

 

In case of any judicial proceeding relative
to the Company (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be entitled and empowered,
by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order
to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due it and any predecessor Trustee under Section 607.

 

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

 

Section
505.        Trustee May Enforce Claims Without Possession of Securities.

 

All rights of action and claims under this
Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the
production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its
own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the compensation
(as agreed upon by the Company and the Trustee or predecessor Trustee, as the case may be, in writing from time to time) and the
reasonable expenses, disbursements and advances of the Trustee or any predecessor Trustee, as the case may be, under Section 607
and the reasonable compensation, expenses, disbursements and advances of its agents and counsel, be for the ratable benefit of
the Holders of the Securities in respect of which such judgment has been recovered.

 

Section
506.        Application of Money Collected.

 

Any money collected by the Trustee pursuant
to this Article V 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, upon presentation of the Securities and the notation thereon
of the payment if only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment of all amounts
due the Trustee under Section 607;

 

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

 

THIRD: To the payment of the remainder,
if any, to the Company.

 

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Section
507.        Limitation on Suits.

 

No Holder of any Security of any series
shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment
of a receiver, assignee, trustee, liquidator or sequestrator (or similar official) or for any other remedy hereunder, unless:

 

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

 

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

 

		(3)	such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and
liabilities to be incurred in compliance with such request;

 

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

 

		(5)	no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders
of a majority in aggregate principal amount of the Outstanding Securities of such series;

 

it being understood and intended and being expressly covenanted
by the taker and holder of every Security, with every other taker and holder with the Trustee that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of
such Holders (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or
forbearances are unduly prejudicial to 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.

 

		Section508.	Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert Securities.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal
of and premium, if any, and, subject to Section 307, interest on such Security on the respective Stated Maturities expressed in
such Security (or, in the case of redemption or repayment, on the Redemption Date or date for repayment, as the case may be, and,
if the terms of such Security so provide, to convert such Security in accordance with its terms) and to institute suit for the
enforcement of any such payment and, if applicable, any such right to convert, and such rights shall not be impaired without the
consent of such Holder.

 

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Section
509.        Rights and Remedies Cumulative.

 

Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right
or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section
510.        Delay or Omission Not Waiver.

 

No delay or omission of the Trustee or of
any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or
remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article
V 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
511.        Control by Holders.

 

The Holders of not less than a majority
in aggregate principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee,
with respect to the Securities of such series; provided that

 

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

 

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

 

Section
512.        Waiver of Past Defaults.

 

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

 

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

 

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

 

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

 

Section
513.        Undertaking for Costs.

 

In any suit for the enforcement of any right
or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee,
a court in its discretion may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and
may assess reasonable costs, including reasonable attorney’s fees and expenses, against any such party litigant, in the manner
and to the extent provided in the Trust Indenture Act; provided that neither this Section 513 nor the Trust Indenture Act
shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the
Company or the Trustee, a suit by a Holder under Section 508, or a suit by Holders of more than 10% in aggregate principal amount
of the Outstanding Securities.

 

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

 

Section
515.        Restoration of Rights and Remedies.

 

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

 

Article
VI

THE
TRUSTEE

 

Section
601.        Certain Duties and Responsibilities of Trustee.

 

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

 

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

 

		(B)	in the absence of bad faith on its part, the Trustee may conclusively rely with respect to the Securities of such series, as
to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to
the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by
any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the
same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy
of mathematical calculations or other facts stated therein).

 

		(2)	In case an Event of Default with respect to any series of Securities has occurred and is continuing, the Trustee shall exercise
such of the rights and powers vested in it by this Indenture with respect to the Securities of such series, 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 his or
her own affairs.

 

		(3)	No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that:

 

		(A)	this Section 601(3) shall not be construed to limit the effect of Section 601(1);

 

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

 

		(C)	the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with
the direction of the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series, determined
as provided in Sections 101, 104 and 511, relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities
of such series; and

 

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

 

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		(4)	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 601.

 

Section
602.        Notice of Defaults.

 

If a Default or an Event of Default occurs
with respect to Securities of any series and is continuing and if it is actually known to the Trustee, the Trustee shall mail to
each Holder of Securities of such series notice of the Default within 90 days after it is known to a Responsible Officer or written
notice of it is received by a Responsible Officer. Except in the case of a Default in payment of principal of or interest on any
Security, the Trustee shall be protected in withholding such notice if and so long as it in good faith determines that the withholding
of such notice is in the interest of the Holders of Securities of such series; and provided, further, that in the case of any default
of the character specified in Section 501(4) with respect to Securities of such series, no such notice to Holders shall be given
until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default” means any
event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series.

 

Section
603.        Certain Rights of Trustee.

 

Subject to the provisions of Section 601:

 

		(1)	the Trustee may conclusively 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;

 

		(2)	any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order,
and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution thereof;

 

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

 

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

 

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

 

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		(6)	the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and
shall incur no liability or additional liability of any kind by reason of such inquiry or investigation;

 

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

 

		(8)	the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and to its agents;

 

		(9)	the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;

 

		(10)	in no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any
kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action;

 

		(11)	in no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services (it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to avoid and mitigate the effects
of such occurrences and to resume performance as soon as practicable under the circumstances);

 

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

 

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

 

		(14)	the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture.

 

Section
604.        Not Responsible for Recitals or Issuance of Securities.

 

The recitals contained herein and in the
Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the
Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency
of this Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Company of Securities
or the proceeds thereof.

 

Section
605.        May Hold Securities.

 

The Trustee, any Paying Agent, any Security
Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities
and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not Trustee,
Paying Agent, Security Registrar or such other agent.

 

Section
606.        Money Held in Trust.

 

Money held by the Trustee in trust hereunder
shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be
segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed in writing with the Company.

 

Section
607.        Compensation and Reimbursement.

 

The Company agrees:

 

		(1)	to pay to the Trustee from time to time such compensation as shall be agreed to in writing from time to time between the parties
hereto for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust);

 

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

 

    	- 38 -

    	 

    

 

		(3)	to indemnify each of the Trustee or any predecessor Trustee
for, and to hold them harmless against, any and all loss, damage, claims, liability or expense, including taxes (other than taxes
based upon, measured by or determined by the income of the Trustee), arising out of or in connection with the acceptance or administration
of the trust or trusts hereunder, including the reasonable costs and expenses of defending itself against any claim (whether asserted
by the Company, or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers
or duties hereunder, except to the extent that any such loss, damage, claim, liability or expense is due to its own negligence
or willful misconduct.

 

When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section 501(5) or (6), 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 Trustee shall have a lien prior to the
Securities as to all property and funds held by it hereunder for any amount owing it or any predecessor Trustee pursuant to this
Section 607, except with respect to funds held in trust for the benefit of the Holders of Securities.

 

The provisions of this Section 607 shall
survive the termination of this Indenture and the resignation or removal of the Trustee.

 

Section
608.        Conflicting Interests.

 

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

 

To the extent permitted by the Trust Indenture
Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect
to Securities of more than one series.

 

Section
609.        Corporate Trustee Required; Eligibility.

 

There shall at all times be one (and only
one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of one or more
other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such, has a combined
capital and surplus of at least $50,000,000 and has its Corporate Trust Office in the Borough of Manhattan, The City of New York
or any other city in the United States that is acceptable to the Company. If any such Person publishes reports of condition at
least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this
Section 609 and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed
to be its combined capital and surplus as set forth in its most recent annual report of condition so published. If at any time
the Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this Section
609, it shall resign immediately in the manner and with the effect hereinafter specified in this Article VI.

 

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Section
610.        Resignation and Removal; Appointment of Successor.

 

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

 

The Trustee may resign at any time with
respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance
by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of such series.

 

The Trustee may be removed at any time with
respect to the Securities of any series by Act of the Holders of a majority in aggregate principal amount of the Outstanding Securities
of such series, upon written notice delivered to the Trustee and to the Company. If the instrument of acceptance by a successor
Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of such notice of
removal, the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Securities of such series.

 

If at any time:

 

		(1)	the Trustee shall fail to comply with Section 608 after
written request therefor by the Company or any Holder who has been a bona fide Holder of a Security for at least six months,
or

 

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

 

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

 

then, in any such case, (A) the Company may remove the Trustee
with respect to all Securities or (B) subject to Section 513, Holders of 10% in aggregate principal amount of Securities of any
series who have been bona fide Holders of such Securities for at least six months may, on behalf of themselves and all others
similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities
and the appointment of a successor Trustee or Trustees.

 

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If the Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities
of one or more series, the Company shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that
or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or
more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed
by Act of the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series delivered to the
Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such
series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required
by Section 611, Holders of 10% in aggregate principal amount of Securities of any series who have been bona fide Holders
of Securities of such series for at least six months may, on behalf of themselves and all others similarly situated, petition any
court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

The Company shall give notice of each resignation
and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect
to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106. Each notice
shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate
Trust Office.

 

Section
611.        Acceptance of Appointment by Successor.

 

In case of the appointment hereunder of
a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver
to the Company and the retiring Trustee a written instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee, but, on the request of the Company or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver a written 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.

 

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

 

Upon request of any such successor Trustee,
the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be.

 

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 VI.

 

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

 

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

 

Section
613.        Preferential Collection of Claims Against Company.

 

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

 

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Article
VII

HOLDERS’ LISTS AND REPORTS BY THE TRUSTEE

AND THE COMPANY

 

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

 

If the Trustee is not the Security Registrar,
the Company shall cause the Security Registrar to furnish to the Trustee, in writing at least five Business Days before each Interest
Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee
may reasonably require of the names and addresses of Holders of Securities of each series.

 

Section
702.        Preservation of Information; Communications to Holders.

 

The Trustee shall preserve, in as current
a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee
as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar.
The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list so furnished.

 

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

 

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

 

Section
703.        Reports by Trustee.

 

The Trustee shall transmit to Holders such
reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall,
within sixty days after each July 15 following the date of the initial issuance of Securities under this Indenture deliver to Holders
a brief report, dated as of such July 15, which complies with the provisions of such Section 313(a).

 

A copy of each such report shall, at the
time of such transmission to Holders, be filed by the Trustee with each stock exchange and automated quotation system, if any,
upon which any Securities are listed, with the Commission and the Company. The Company will notify the Trustee in writing when
any Securities are listed on any stock exchange or automated quotation system or delisted therefrom.

 

Section
704.        Reports by the Company.

 

The Company shall comply with all the applicable
provisions of the Trust Indenture Act. Delivery of reports, information and documents to the Trustee is for informational purposes
only and shall not constitute a representation or warranty as to the accuracy or completeness of the reports, information and documents.
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).

 

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Article
VIII

CONSOLIDATION, MERGER AND SALE OF ASSETS

 

Section
801.        Company May Merge or Transfer Assets on Certain Terms.

 

The Company may consolidate with
or merge with or into, or sell, transfer, lease or convey all or substantially all of its properties and assets to, in one transaction
or a series of related transactions, any other Person, provided that:

 

		(1)	the Company shall be the continuing entity, or the resulting,
surviving or transferee Person shall be a corporation, partnership, trust or other entity organized and validly existing under
the laws of any domestic or foreign jurisdiction, and such successor Person (if not the Company) shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the
obligations of the Company under the Securities and this Indenture and, for each Security that by its terms provides for conversion,
shall have provided for the right to convert such Security in accordance with its terms;

 

		(2)	immediately after giving effect to such transaction,
no Default or Event of Default shall have occurred and be continuing; and

 

		(3)	the Company shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, transfer, lease or conveyance and such
supplemental indenture, if any, complies with this Indenture (except that such Opinion of Counsel need not opine as to clause
(2) above).

 

Section
802.        Successor Person Substituted.

 

Upon any consolidation of the Company with,
or merger of the Company into, any other Person or any sale, transfer, lease or conveyance of all or substantially all of the properties
and assets of the Company, in each case in accordance with Section 801, the successor Person 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 an original party to this Indenture, and the Company shall be released from all of its liabilities and obligations under
this Indenture and the Securities.

 

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Article
IX

SUPPLEMENTAL INDENTURES

 

Section
901.        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:

 

		(1)	to add to the covenants for the benefit of the Holders
of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating
that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein
conferred upon the Company;

 

		(2)	to evidence the succession of another Person to the Company,
or successive successions, and the assumption by the successor Person of the covenants, agreements and obligations of the Company
pursuant to Article VIII;

 

		(3)	to add any additional Events of Default for the benefit
of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less
than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit
of such series);

 

		(4)	to add one or more guarantees for the benefit of Holders
of the Securities;

 

		(5)	to secure the Securities;

 

		(6)	to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, pursuant to the requirements of Section 611;

 

		(7)	to provide for the issuance of additional Securities
of any series;

  

		(8)	to establish the form or terms of Securities of any series
as permitted by Sections 201 and 301;

 

		(9)	to comply with the rules of any applicable Depositary;

 

		(10)	to add to or change any of the provisions of this Indenture
to such extent as shall be necessary to permit or facilitate the issuance of Securities in uncertificated form;

 

		(11)	to add to, change or eliminate any of the provisions
of this Indenture in respect of one or more series of Securities; provided that any such addition, change or elimination
(A) shall neither (i) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled
to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect to such provision
or (B) shall become effective only when there is no Security described in clause (i) Outstanding;

  

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		(12)	to comply with requirements of the SEC in order to effect
or maintain the qualification of the indenture under the Trust Indenture Act, as amended;

 

		(13)	to conform any provision of this Indenture, any supplemental
indenture, one or more series of Securities or any related guarantees or security documents to the description of such securities
contained in our prospectus, prospectus supplement, offering memorandum or similar document with respect to the offering of the
Securities of such series to the extent that such description was intended to be a verbatim recitation of a provision in this
Indenture, such securities or any related guarantees or security documents, and as evidenced by an Officer’s Certificate;

 

		(14)	to cure any ambiguity, to correct or supplement any provision
of this Indenture which may be defective or inconsistent with any other provision herein; and

 

		(15)	to change any other provision under this Indenture; provided
that such action pursuant to this clause (15) shall not adversely affect the interests of the Holders of Securities of any
series in any material respect.

 

Section
902.        Supplemental Indentures With Consent of Holders.

 

With the consent of the Holders of not less
than a majority in aggregate principal amount of the Outstanding Securities of each series affected by such supplemental indenture
(including consents obtained in connection with a tender offer or exchange for Securities), by Act of said Holders delivered to
the Company and the Trustee, the Company and the Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying
in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, no
such supplemental indenture shall, without the consent of the Holder of each Outstanding Security of such series affected thereby:

  

		(1)	change the Stated Maturity of the principal of, or any
installment of principal of or interest on, any Security;

 

		(2)	reduce the principal amount of any Security or reduce
the amount of the principal of an Original Issue Discount Security or any other Security which would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 503, or reduce the rate of interest on any Security;

 

		(3)	reduce any premium payable upon the redemption of or
change the date on which any Security may or must be redeemed;

 

		(4)	change the coin or currency in which the principal of
or premium, if any, or interest on any Security is payable;

 

    	- 46 -

    	 

    

 

		(5)	impair the right of any Holder to institute suit for
the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption
Date);

 

		(6)	reduce the percentage in principal amount of the Outstanding
Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose
Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and
their consequences) provided for in this Indenture;

 

		(7)	modify any of the provisions of this Section 902, Section
512 or Section 1005, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot
be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided, however,
that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the
Trustee” and concomitant changes in this Section 902 and Section 1005, or the deletion of this proviso, in accordance with
the requirements of Sections 611 and 901(6); or

 

		(8)	if the Securities of any series are convertible into
or for any other securities or property of the Company, make any change that adversely affects in any material respect the right
to convert any Security of such series (except as permitted by Section 901) or decrease the conversion rate or increase the conversion
price of any such Security of such series, unless such decrease or increase is permitted by the terms of such Security.

 

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

 

It shall not be necessary for any Act of
Holders under this Section 902 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient
if such Act shall approve the substance thereof.

 

After a supplemental indenture under this
Section 902 becomes effective, the Company shall mail to the Trustee a notice briefly describing such supplemental indenture or
a copy of such supplemental indenture and the Trustee shall mail such notice or supplemental indenture to Holders affected thereby.
Any failure of the Company to mail such notice, or any defect therein, or any failure of the Company to mail such supplemental
indenture, shall not in any way impair or affect the validity of any such supplemental indenture.

 

    	- 47 -

    	 

    

 

Section
903.        Execution of Supplemental Indentures.

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by
this Indenture, the Trustee shall receive, and, subject to Section 601, shall be fully protected in relying upon, an Opinion of
Counsel or Officer’s Certificate stating that the execution of such supplemental indenture is authorized or permitted by
this Indenture, that all conditions precedent in this Indenture to the execution of such supplemental indenture, if any, have been
complied with, and, to the extent such supplemental indenture purports to be a valid and legally binding obligation of the Company,
that such supplemental indenture is the valid and legally binding obligation of the Company. The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise.

  

Section
904.        Effect of Supplemental Indentures.

 

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

 

Section
905.        Conformity with Trust Indenture Act.

 

Every supplemental indenture executed pursuant
to this Article IX shall conform to the requirements of the Trust Indenture Act.

 

Section
906.        Reference in Securities to Supplemental Indentures.

 

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

 

Article
X

COVENANTS

 

Section
1001.        Payment of Principal, Premium, if any, and Interest.

 

The Company covenants and agrees for the
benefit of each series of Securities that it will duly and punctually pay the principal of and premium, if any, and interest on
the Securities of such series in accordance with the terms of the Securities and this Indenture. Principal and interest shall be
considered paid on the date due if, on or before 11:00 a.m. (New York City time) on such date, the Trustee or the Paying Agent
(or, if the Company or any Subsidiary is the Paying Agent, the segregated account or separate trust fund maintained by the Company
or such Subsidiary pursuant to Section 1003) holds in accordance with this Indenture money sufficient to pay all principal and
interest then due.

 

The Company shall pay interest on overdue
principal at the rate specified therefor in the Securities, and it shall pay interest on overdue installments of interest at the
same rate to the extent lawful as provided in Section 307.

 

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Notwithstanding anything to the contrary
contained in this Indenture, the Company or the Paying Agent may, to the extent it is required to do so by law, deduct or withhold
income or other similar taxes imposed by the United States of America or other domestic or foreign taxing authorities from principal
or interest payments hereunder.

 

Section
1002.        Maintenance of Office or Agency.

 

The Company will maintain in each Place
of Payment for any series of Securities an office or agency where Securities of such series may be presented or surrendered for
payment, where Securities of such series may be surrendered for registration of transfer or exchange, where Securities may be surrendered
for conversion, and where notices and demands to or upon the Company in respect of the Securities of such series and this Indenture
may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such
office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish
the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate
Trust Office of the Trustee. The Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands.

 

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

 

With respect to any Global Security, and
except as otherwise may be specified for such Global Security as contemplated by Section 301, the Corporate Trust Office of the
Trustee shall be the Place of Payment where such Global Security may be presented or surrendered for payment or for registration
of transfer or exchange, or where successor Securities may be delivered in exchange therefor; provided, however,
that any such payment, presentation, surrender or delivery effected pursuant to the Applicable Procedures of the Depositary for
such Global Security shall be deemed to have been effected at the Place of Payment for such Global Security in accordance with
the provisions of this Indenture.

 

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

 

If the Company shall at any time act as
its own Paying Agent with respect to any series of Securities, it will, on or before each due date for the principal of or premium,
if any, or interest on any of the Securities of such series, segregate and hold in trust for the benefit of the Holders of such
Securities a sum sufficient to pay the principal and premium, if any, and interest so becoming due until such sums shall be paid
to such Holders or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to
act.

 

Whenever the Company shall have one or more
Paying Agents for any series of Securities, it will, no later than 11:00 a.m. (New York City time) on each due date for the principal
of or premium, if any, or interest on any Securities of such series, deposit with a Paying Agent a sum sufficient to pay such amount,
such sum to be held in trust for the Holders of such Securities entitled to the same, and (unless such Paying Agent is the Trustee)
the Company will promptly notify the Trustee of its action or failure so to act.

  

    	- 49 -

    	 

    

 

The Company will cause each Paying Agent
for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section 1003, that such Paying Agent shall hold in trust for the
benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal of or interest on the Securities
and shall notify the Trustee in writing of any default by the Company in making any such payment.

 

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

 

Subject to any applicable abandoned property
law, 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 or premium, if any, or interest on any Security of any series and remaining unclaimed for two years after such principal, premium
or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall
be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to
the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all
liability of the Company as trustee thereof, shall thereupon cease.

 

Section
1004.        Statement by Officers as to Default.

 

The Company shall deliver to the Trustee
within 120 days after the end of each fiscal year of the Company ending after the date hereof an Officer’s Certificate signed
by its principal executive officer, principal financial officer or principal accounting officer, stating whether or not, to the
best knowledge of such Officer, the Company is in default in the performance and observance of any of the terms, provisions and
conditions of this Indenture applicable to it (without regard to any period of grace or requirement of notice provided hereunder)
and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which such Officer may
have knowledge.

 

Section
1005.        Waiver of Certain Covenants.

 

Except as otherwise specified as contemplated
by Section 301 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular
instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 301(19), Section
901(1) or Section 901(8) for the benefit of the Holders of such series or in Article VIII, if before the time for such compliance
the Holders of at least a majority in aggregate principal amount of the Outstanding Securities of such series shall, by Act of
such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition,
but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until
such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision
or condition shall remain in full force and effect.

 

    	- 50 -

    	 

    

 

Article
XI

REDEMPTION OF SECURITIES

 

Section
1101.        Applicability of Article.

 

Securities of any series which are redeemable
before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated
by Section 301 for such Securities) in accordance with this Article XI.

 

Section
1102.        Election to Redeem; Notice to Trustee.

 

The election of the Company to redeem any
Securities shall be evidenced by a Board Resolution or an Officer’s Certificate or in another manner specified as contemplated
by Section 301 for such Securities. In case of any redemption at the election of the Company of the Securities of any series (including
any such redemption affecting only a single Security), the Company shall, at least 60 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,
of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed.
In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms
of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing
compliance with such restriction.

 

Section
1103.        Selection by Trustee of Securities to Be Redeemed.

 

If less than all the Securities of any series
are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such redemption
affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal
amount of any Security of such series; provided that the unredeemed portion of the principal amount of any Security shall
be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. If less
than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single
Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the
Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance
with the preceding sentence.

 

    	- 51 -

    	 

    
 

If any Security selected for partial redemption
is converted in part before termination of the conversion right with respect to the portion of the Security so selected, the converted
portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities which have been
converted during a selection of securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such
selection.

 

The Trustee shall promptly notify the Company
in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for partial redemption
as aforesaid, the principal amount thereof to be redeemed.

 

The provisions of the two preceding paragraphs
shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole
or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be
in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security.

 

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

 

Section
1104.        Notice of Redemption.

 

Notice of redemption shall be given by first-class
mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date (or within such period as otherwise
specified as contemplated by Section 301 for Securities of a series), to each Holder of Securities to be redeemed, at such Holder’s
address appearing in the Security Register.

 

All notices of redemption shall identify
the Securities to be redeemed and shall state:

 

		(1)	the Redemption Date;

 

		(2)	the Redemption Price (or the method of calculating such
price);

 

		(3)	if less than all the Outstanding Securities of any series
consisting of more than a single Security are to be redeemed, the identification (and, in the case of partial redemption of any
such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities
of any series consisting of a single Security are to be redeemed, the principal amount of the particular Security to be redeemed;

 

		(4)	that on the Redemption Date the Redemption Price will
become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on
and after said date;

 

		(5)	the place or places where each such Security is to be
surrendered for payment of the Redemption Price;

  

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		(6)	for any Securities that by their terms may be converted,
the terms of conversion, the date on which the right to convert the Security to be redeemed will terminate and the place or places
where such Securities may be surrendered for conversion;

 

		(7)	that the redemption is for a sinking fund, if such is
the case; and

 

		(8)	if applicable, the CUSIP numbers of the Securities of
such series; provided, however, that no representation will be made as to the correctness or accuracy of the CUSIP
number, or any similar number, if any, listed in such notice or printed on the Securities.

 

Notice of redemption of Securities to be
redeemed at the election of the Company shall be given by the Company or, at the Company’s written request (which may be
rescinded or revoked at any time prior to the time at which the Trustee shall have given such notice to the Holders), by the Trustee
in the name and at the expense of the Company. The notice, if mailed in the manner herein provided, shall be conclusively presumed
to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect
in the notice to the Holder of any Security designated for redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Securities.

 

Section
1105.        Deposit of Redemption Price.

 

By no later than 11:00 a.m. (New York City
time) on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as
its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date or the Securities of the series provide otherwise)
accrued interest on, all the Securities which are to be redeemed on that date, other than Securities or portions of Securities
called for redemption which are owned by the Company or a Subsidiary and have been delivered by the Company or such Subsidiary
to the Trustee for cancellation. All money, if any, earned on funds held by the Paying Agent shall be remitted to the Company.
In addition, the Paying Agent shall promptly return to the Company any money deposited with the Paying Agent by the Company in
excess of the amounts necessary to pay the Redemption Price of, and accrued interest, if any, on, all Securities to be redeemed.

 

If any Security called for redemption is
converted, any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption
of such Security shall (subject to any right of the Holder of such Security or any Predecessor Security to receive interest as
provided in the last paragraph of Section 307 or in the terms of such Security) be paid to the Company upon Company Request or,
if then held by the Company, shall be discharged from such trust.

 

Section
1106.        Securities Payable on Redemption Date.

 

Notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein
specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest)
such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice,
such Security shall be paid by the Company at the Redemption Price, together, if applicable, with accrued interest to the Redemption
Date; provided, however, that, unless otherwise specified as contemplated by Section 301, installments of interest
whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions
of Section 307; provided further that, unless otherwise specified as contemplated by Section 301, if the Redemption
Date is after a Regular Record Date and on or prior to the Interest Payment Date, the accrued and unpaid interest shall be payable
to the Holder of the redeemed Securities registered on the relevant Regular Record Date.

 

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

 

Section
1107.        Securities Redeemed in Part.

 

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

 

Article
XII

SINKING FUNDS

 

Section
1201.        Applicability of Article.

 

The provisions of this Article XII shall
be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as contemplated
by Section 301 for such Securities.

 

The minimum amount of any sinking fund payment
provided for by the terms of any series of Securities 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 such Securities is herein referred to as an “optional
sinking fund payment.” If provided for by the terms of any series of Securities, the cash amount of any sinking fund payment
may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Securities
of the series as provided for by the terms of such Securities.

 

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Section
1202.        Satisfaction of Sinking Fund Payments with Securities.

 

The Company (1) may deliver Outstanding
Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series which
have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part
of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such Securities
as and to the extent provided for by the terms of such Securities; provided that the Securities to be so credited have not
been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at
the Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and
the amount of such sinking fund payment shall be reduced accordingly.

 

Section
1203.        Redemption of Securities for Sinking Fund.

 

Not less than 60 days (or such shorter period
as shall be satisfactory to the Trustee) prior to each sinking fund payment date for any Securities, the Company will deliver to
the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant
to the terms of such Securities, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof,
if any, which is to be satisfied by delivering and crediting Securities pursuant to Section 1202 and will also deliver to the Trustee
any Securities to be so delivered. Not less than 30 days prior to each such sinking fund payment date, the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the
redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 1104. Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106
and 1107.

 

Article
XIII

DEFEASANCE AND COVENANT DEFEASANCE

 

Section
1301.        Company’s Option to Effect Defeasance or Covenant Defeasance.

 

Unless otherwise provided as contemplated
by Section 301, Sections 1302 and 1303 shall apply to all Securities and each series of Securities, denominated in U.S. dollars
and bearing interest at a fixed rate, in accordance with any applicable requirements provided pursuant to Section 301 and upon
compliance with the conditions set forth below in this Article XIII; and the Company may elect, at its option at any time, to have
Sections 1302 and 1303 applied to any Securities or any series of Securities, designated pursuant to Section 301 as being defeasible
pursuant to such Section 1302 or 1303, in accordance with any applicable requirements provided pursuant to Section 301 and upon
compliance with the conditions set forth below in this Article XIII. Any such election shall be evidenced by a Board Resolution,
Officer’s Certificate or in another manner specified as contemplated by Section 301 for such Securities.

 

Section
1302.        Defeasance and Discharge.

 

Upon the Company’s exercise of its
option, if any, to have this Section 1302 applied to any Securities or any series of Securities, or if this Section 1302 shall
otherwise apply to any Securities or any series of Securities, the Company shall be deemed to have been discharged from its obligations
with respect to such Securities as provided in this Section 1302 on and after the date the conditions set forth in Section 1304
are satisfied (hereinafter called “Defeasance”). For this purpose, such Defeasance means that the Company shall
be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other
obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense
of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise
terminated or discharged hereunder: (1) the rights of Holders of such Securities to receive, solely from the trust fund described
in Section 1304 and as more fully set forth in such Section 1305, payments in respect of the principal of and premium, if any,
and interest on such Securities when payments are due, (2) the Company’s obligations with respect to such Securities under
Sections 304, 305, 306, 1002 and 1003, (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (4) this
Article XIII. Subject to compliance with this Article XIII, the Company may exercise its option, if any, to have this Section 1302
applied to the Securities of any series notwithstanding the prior exercise of its option, if any, to have Section 1303 applied
to such Securities.

 

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Section
1303.        Covenant Defeasance.

 

Upon the Company’s exercise of its
option, if any, to have this Section 1303 applied to any Securities or any series of Securities, or if this Section 1303 shall
otherwise apply to any Securities or any series of Securities, (1) the Company shall be released from its obligations under Section
801(3) and any covenants provided pursuant to Section 301(19), Section 901(1) or Section 901(8) for the benefit of the Holders
of such Securities and (2) the occurrence of any event specified in Section 501(4) and Section 501(7) shall be deemed not to be
or result in an Event of Default, in each case with respect to such Securities as provided in this Section 1303 on and after the
date the conditions set forth in Section 1304 are satisfied (hereinafter called “Covenant Defeasance”). For
this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with and shall
have no liability in respect of any term, condition or limitation set forth in any such specified Section, whether directly or
indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to
any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected
thereby.

 

Section
1304.        Conditions to Defeasance or Covenant Defeasance.

 

The following shall be the conditions to
the application of Section 1302 or 1303 to any Securities or any series of Securities:

 

		(1)	The Company shall irrevocably have deposited or caused
to be deposited with the Trustee (or another trustee which satisfies the requirements contemplated by Section 609 and agrees to
comply with the provisions of this Article XIII applicable to it) as trust funds in trust for the purpose of making the following
payments, specifically pledged as security for, and dedicated solely to, the benefits of the Holders of such Securities, (A) money
in an amount, or (B) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof
in accordance with their terms will provide money in an amount, or (C) a combination thereof, in each case sufficient, in the
opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay
and discharge, the principal of and premium, if any, and interest on such Securities on the respective Stated Maturities, in accordance
with the terms of this Indenture and such Securities. As used herein, “U.S. Government Obligation” means (x)
any security which is (i) a direct obligation of the United States of America for the payment of which the full faith and credit
of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency
or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of
the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian
with respect to any U.S. Government Obligation which is specified in clause (x) above and held by such bank for the account of
the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government
Obligation which is so specified and held; provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian
in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt.

 

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		(2)	In the event of an election to have Section 1302 apply
to any Securities or any series of Securities shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Company
has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of this Indenture,
there has been a change in the applicable federal income tax law, in either case (A) or (B) to the effect that, and based thereon
such opinion shall confirm that, the Holders of such Securities will not recognize gain or loss for federal income tax purposes
as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to federal
income tax on the same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge
were not to occur.

 

		(3)	In the event of an election to have Section 1303 apply
to any Securities or any series of Securities, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of such Securities will not recognize gain or loss for federal income tax purposes as a result of the deposit
and Covenant Defeasance to be effected with respect to such Securities and will be subject to federal income tax on the same amount,
in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur.

 

		(4)	The Company shall have delivered to the Trustee an Officer’s
Certificate to the effect that neither such Securities nor any other Securities of the same series, if then listed on any securities
exchange, will be delisted as a result of such deposit.

 

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		(5)	No Default or Event of Default with respect to such Securities
or any other Securities shall have occurred and be continuing at the time of such deposit or, insofar as Section 501(5) or Section
501(6) are concerned, at any time on or prior to the 90th day after the date of such deposit (it being understood that this condition
shall not be deemed satisfied until after such 90th day).

 

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

 

		(7)	The Company shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant
Defeasance have been complied with (in each case, subject to the satisfaction of the condition in clause (5)).

 

Before or after a deposit, the Company may
make arrangements satisfactory to the Trustee for the redemption of Securities at a future date in accordance with Article XI.

 

Section
1305.        Deposited Money and U.S. Government Obligations to Be Held in Trust;
Miscellaneous Provisions.

 

Subject to the provisions of the last paragraph
of Section 1003, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee or other
qualifying trustee (solely for purposes of this Section 1305 and Section 1306, the Trustee and any such other trustee are referred
to collectively as the “Trustee”) pursuant to Section 1304 in respect of any Securities shall be held in trust
and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly
or through any such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders
of such Securities, of all sums due and to become due thereon in respect of principal and premium, if any, and interest, but money
so held in trust need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant
to Section 1304 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by
law is for the account of the Holders of Outstanding Securities; provided that the Trustee shall be entitled to charge any
such tax, fee or other charge to such Holder’s account.

 

Anything in this Article XIII to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government
Obligations held by it as provided in Section 1304 with respect to any Securities which are in excess of the amount thereof which
would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such
Securities.

 

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Section 1306.        Reinstatement.

 

If the Trustee or the Paying Agent is unable to apply any money
in accordance with this Article XIII with respect to any Securities by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and such
Securities from which the Company has been discharged or released pursuant to Section 1302 or 1303 shall be revived and reinstated
as though no deposit had occurred pursuant to this Article XIII with respect to such Securities, until such time as the Trustee
or Paying Agent is permitted to apply all money held in trust pursuant to Section 1305 with respect to such Securities in accordance
with this Article XIII; provided, however, that (a) if the Company makes any payment of principal of or premium,
if any, or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the
rights, if any, of the Holders of such Securities to receive such payment from the money so held in trust and (b) unless otherwise
required by any legal proceeding or any order or judgment of any court or governmental authority, the Trustee or Paying Agent
shall return all such money and U.S. Government Obligations to the Company promptly after receiving a written request therefor
at any time, if such reinstatement of the obligations of the Company has occurred and continues to be in effect.

 

*          *          *

 

This Indenture 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. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for
all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures
for all purposes.

  

[Signature page follows]

 

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

 

	 	FXCM INC.
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	- 60 -

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