Document:

Exhibit 4.1

 

EXECUTION VERSION

 

	
         

         

        PARTNERRE FINANCE B LLC, Issuer

         

        

        And

         

        

        PARTNERRE LTD., Guarantor

         

        

        To

         

        

        THE BANK OF NEW YORK MELLON, Trustee

         

         

	 	
        INDENTURE

         

        Dated as of September 22, 2020

         

        SUBORDINATED DEBT SECURITIES
	 
	 

 

    

    

    

 

Reconciliation and tie between

Trust Indenture Act of 1939 (the “Trust Indenture Act”)

and Indenture

 

	Trust Indenture Act Section	 	Indenture Section
	(§)(§)310(a)(1)	 	6.07
	(a)(2)	 	6.07
	(b)	 	6.08
	(§)(§)312(a)	 	7.01
	(b)	 	7.02
	(c)	 	7.02
	(§)(§)313(a)	 	7.03
	(b)(2)	 	7.03
	(c)	 	7.03
	(d)	 	7.03
	(§)(§)314(a)	 	7.04
	(c)(1)	 	1.02
	(c)(2)	 	1.02
	(e)	 	1.02
	(f)	 	1.02
	(§)(§)316(a) (last sentence)	 	1.01
	(a)(1)(A)	 	5.02, 5.12
	(a)(1)(B)	 	5.13
	(b)	 	5.08
	(§)(§)317(a)(1)	 	5.03
	(a)(2)	 	5.04
	(b)	 	10.03
	(§)318(a)	 	1.08

 

 

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

 

    

    

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 
	 	 	 
	Section 1.01.	Definitions	1
	Section 1.02.	Compliance Certificates and Opinions	12
	Section 1.03.	Form of Documents Delivered to Trustee	12
	Section 1.04.	Acts of Holders	13
	Section 1.05.	Notices, etc.	15
	Section 1.06.	Notice to Holders of Securities; Waiver	15
	Section 1.07.	Language of Notices	16
	Section 1.08.	Conflict with Trust Indenture Act	16
	Section 1.09.	Effect of Headings and Table of Contents	16
	Section 1.10.	Successors and Assigns	16
	Section 1.11.	Separability Clause	16
	Section 1.12.	Benefits of Indenture	16
	Section 1.13.	Governing Law	17
	Section 1.14.	Non-Business Days	17
	Section 1.15.	Counterparts	17
	Section 1.16.	Judgment Currency	17
	Section 1.17.	No Security Interest Created	18
	Section 1.18.	Limitation on Individual Liability	18
	Section 1.19.	Submission to Jurisdiction	18
	Section 1.20.	Waiver of Jury Trial	19
	Section 1.21.	Force Majeure	19
	 	 	 
	ARTICLE 2

SECURITIES FORMS	 
	 	 	 
	Section 2.01.	Forms Generally	19
	Section 2.02.	Form of Trustee’s Certificate of Authentication	20
	Section 2.03.	Securities in Global Form	20
	 	 	 
	ARTICLE 3

THE SECURITIES	 
	 	 	 
	Section 3.01.	Amount Unlimited; Issuable in Series	21
	Section 3.02.	Currency; Denominations	25
	Section 3.03.	Execution, Authentication, Delivery and Dating	25
	Section 3.04.	Temporary Securities	26
	Section 3.05.	Registration, Transfer and Exchange	27
	Section 3.06.	Mutilated, Destroyed, Lost and Stolen Securities	30
	Section 3.07.	Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved	31
	 	 	 	 

    i

    

    

 

	Section 3.08.	Persons Deemed Owners	33
	Section 3.09.	Cancellation	33
	Section 3.10.	Computation of Interest	34
	Section 3.11.	CUSIP Numbers	34
	 	 	 
	ARTICLE 4

SATISFACTION AND DISCHARGE OF INDENTURE	 
	 	 	 
	Section 4.01.	Satisfaction and Discharge	34
	Section 4.02.	Defeasance and Covenant Defeasance	36
	Section 4.03.	Application of Trust Money	40
	Section 4.04.	Reinstatement	40
	 	 	 
	ARTICLE 5

REMEDIES	 
	 	 	 
	Section 5.01.	Events of Default	40
	Section 5.02.	Acceleration of Maturity; Rescission and Annulment	42
	Section 5.03.	Collection of Indebtedness and Suits for Enforcement by Trustee	43
	Section 5.04.	Trustee May File Proofs of Claim	44
	Section 5.05.	Trustee May Enforce Claims Without Possession of Securities or Coupons	45
	Section 5.06.	Application of Money Collected	45
	Section 5.07.	Limitations on Suits	46
	Section 5.08.	Unconditional Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts	46
	Section 5.09.	Restoration of Rights and Remedies	47
	Section 5.10.	Rights and Remedies Cumulative	47
	Section 5.11.	Delay or Omission Not Waiver	47
	Section 5.12.	Control by Holders of Securities	47
	Section 5.13.	Waiver of Past Defaults	47
	Section 5.14.	Waiver of Usury, Stay or Extension Laws	48
	Section 5.15.	Undertaking for Costs	48
	 	 	 
	ARTICLE 6

THE TRUSTEE	 
	 	 	 
	Section 6.01.	Certain Rights of Trustee	48
	Section 6.02.	Notice of Defaults	51
	Section 6.03.	Not Responsible for Recitals or Issuance of Securities	51
	Section 6.04.	May Hold Securities	51
	Section 6.05.	Money Held in Trust	51
	Section 6.06.	Compensation, Reimbursement and Indemnification	51
	Section 6.07.	Corporate Trustee Required; Eligibility	52
	Section 6.08.	Resignation and Removal; Appointment of Successor	52
	Section 6.09.	Acceptance of Appointment by Successor	54
	Section 6.10.	Merger, Conversion, Consolidation or Succession to Business	55

 

    ii

    

    

 

	Section 6.11.	Appointment of Authenticating Agent	56
	 	 	 
	ARTICLE 7

HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY	 
	 	 	 
	Section 7.01.	Company to Furnish Trustee Names and Addresses of Holders	57
	Section 7.02.	Preservation of Information; Communications to Holders	58
	Section 7.03.	Reports by Trustee	58
	Section 7.04.	Reports by Company	58
	 	 	 
	ARTICLE 8

CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES	 
	 	 	 
	Section 8.01.	Company May Consolidate, Etc., Only on Certain Terms	59
	Section 8.02.	Successor Person Substituted for Company	59
	Section 8.03.	Guarantor May Consolidate, Etc., Only on Certain Terms	60
	Section 8.04.	Successor Person Substituted for Guarantor	61
	 	 	 
	ARTICLE 9

SUPPLEMENTAL INDENTURES	 
	 	 	 
	Section 9.01.	Supplemental Indentures Without Consent of Holders	61
	Section 9.02.	Supplemental Indentures with Consent of Holders	62
	Section 9.03.	Execution of Supplemental Indentures	63
	Section 9.04.	Effect of Supplemental Indentures	63
	Section 9.05.	Reference in Securities to Supplemental Indentures	64
	Section 9.06.	Conformity with Trust Indenture Act	64
	Section 9.07.	Effect on Senior Indebtedness	64
	Section 9.08.	Notice of Supplemental Indenture	64
	 	 	 
	ARTICLE 10

COVENANTS	 
	 	 	 
	Section 10.01.	Payment of Principal, any Premium, Interest and Additional Amounts	64
	Section 10.02.	Maintenance of Office or Agency	64
	Section 10.03.	Money for Securities Payments to Be Held in Trust	66
	Section 10.04.	[Reserved]	67
	Section 10.05.	[Reserved]	67
	Section 10.06.	[Reserved]	67
	Section 10.07.	Company and Guarantor’s Statement as to Compliance; Notice of Certain Defaults	67
	Section 10.08.	Calculation of Original Issue Discount	68
	 	 	 
	ARTICLE 11

REDEMPTION OF SECURITIES	 
	 	 	 
	Section 11.01.	Applicability of Article	68
	Section 11.02.	Election to Redeem; Notice to Trustee	68

 

    iii

    

    

 

	Section 11.03.	Selection by Trustee of Securities to Be Redeemed	68
	Section 11.04.	Notice of Redemption	69
	Section 11.05.	Deposit of Redemption Price	70
	Section 11.06.	Securities Payable on Redemption Date	71
	Section 11.07.	Securities Redeemed in Part	71
	 	 	 
	ARTICLE 12

SINKING FUNDS	 
	 	 	 
	Section 12.01.	Applicability of Article	72
	Section 12.02.	Satisfaction of Sinking Fund Payments with Securities	72
	Section 12.03.	Redemption of Securities for Sinking Fund	73
	 	 	 
	ARTICLE 13

REPAYMENT AT THE OPTION OF HOLDERS	 
	 	 	 
	Section 13.01.	Applicability of Article	73
	 	 	 
	ARTICLE 14

SECURITIES IN FOREIGN CURRENCIES	 
	 	 	 
	Section 14.01.	Applicability of Article	73
	 	 	 
	 	 
	ARTICLE 15

MEETINGS OF HOLDERS OF SECURITIES	 
	 	 	 
	Section 15.01.	Purposes for Which Meetings May Be Called	74
	Section 15.02.	Call, Notice and Place of Meetings	74
	Section 15.03.	Persons Entitled to Vote at Meetings	74
	Section 15.04.	Quorum; Action	75
	Section 15.05.	Determination of Voting Rights; Conduct and Adjournment of Meetings	75
	Section 15.06.	Counting Votes and Recording Action of Meetings	76
	 	 	 
	ARTICLE 16

SUBORDINATION OF SECURITIES	 
	 	 	 
	Section 16.01.	Agreement to Subordinate	76
	Section 16.02.	Default on Senior Indebtedness	77
	Section 16.03.	Liquidation; Dissolution; Bankruptcy	78
	Section 16.04.	Subrogation	79
	Section 16.05.	Trustee to Effectuate Subordination	79
	Section 16.06.	Notice by the Company	80
	Section 16.07.	Rights of the Trustee; Holders of Senior Indebtedness	81
	Section 16.08.	Subordination May Not Be Impaired	81
	Section 16.09.	Application by Trustee of Assets Deposited With It	82

 

    iv

    

    

 

	ARTICLE 17

GUARANTEE	 
	 	 	 
	Section 17.01.	The Guarantee	82
	Section 17.02.	Ranking	82

 

    v

    

    

 

INDENTURE, dated as of September 22,
2020 (the “Indenture”), among PARTNERRE FINANCE B LLC, a limited liability company duly organized and existing
under the laws of the State of Delaware (hereinafter called the “Company”), having its principal executive office
located at 200 First Stamford Place, Stamford, Connecticut 06902, PARTNERRE LTD., a company duly organized and existing under the
laws of Bermuda (hereinafter called the “Guarantor”), having its principal executive office located at 90 Pitts
Bay Road, Pembroke HM 08, Bermuda, and The Bank of New York Mellon, a New York banking corporation (hereinafter called the
 “Trustee”), having its Corporate Trust Office located at 240 Greenwich Street, New York, New York 10286.

 

RECITALS

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its subordinated unsecured debentures, notes or
other evidences of unsecured subordinated indebtedness (hereinafter called the “Securities”), unlimited as to
principal amount, to bear such rates of interest, to mature at such time or times, to be issued in one or more series and to have
such other provisions as shall be fixed as hereinafter provided.

 

The Company has duly authorized the execution
and delivery of this Indenture. All things necessary to make this Indenture a valid agreement of the Company, in accordance with
its terms, have been done.

 

For value received, the Guarantor has duly
authorized the execution and delivery of this Indenture to provide for the issuance of the Guarantee and the indemnity provided
for herein. All things necessary to make this Indenture a valid agreement of the Guarantor, in accordance with its terms, have
been done.

 

This Indenture is subject to the provisions
of the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated
thereunder that are required to be part of this Indenture and, to the extent applicable, shall be governed by such provisions.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE 1

Definitions and Other Provisions of General Application

 

Section 1.01.     Definitions.
Except as otherwise expressly provided in or pursuant to this Indenture, or unless the context otherwise requires, for all purposes
of this Indenture:

 

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

 

    

    

    

 

(b)            all
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;

 

(c)            all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles in the United States of America and, except as otherwise herein expressly provided, the terms “generally accepted
accounting principles” or “GAAP” with respect to any computation required or permitted hereunder shall
mean such accounting principles as are generally accepted in the United States of America at the date or time of such computation;

 

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

 

(e)            the
word “or” is always used inclusively (for example, the phrase “A or B” means “A or B or both,”
not “either A or B but not both”).

 

Certain terms used principally in certain
Articles hereof are defined in those Articles.

 

“Act,” when used with
respect to any Holders, has the meaning specified in Section 1.04.

 

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

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under 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 the meanings
correlative to the foregoing.

 

“Authenticating Agent”
means any Person authorized by the Trustee pursuant to Section 6.11 to act on behalf of the Trustee to authenticate Securities
of one or more series.

 

“Authorized Newspaper”
means a newspaper, in an official language of the place of publication or in the English language, customarily published on each
day that is a Business Day in the place of publication, whether or not published on days that are not Business Days in the place
of publication, and of general circulation in each place in connection with which the term is used or in the financial community
of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications
may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in each case on any
day that is a Business Day in the place of publication.

 

“Authorized Officer”
means, when used with respect to the Company, the Chairman, a Vice Chairman, the President, a Vice President, the Chief Financial
Officer, the Treasurer, an Assistant Treasurer, the Chief Investment Officer, the Chief Operations Officer, the Chief Accounting
Officer, the General Counsel, the Secretary or an Assistant Secretary, of the Company.

 

    2

    

    

 

“Bearer Security” means
any Security in the form established pursuant to Section 2.01 which is payable to bearer.

 

“Board of Directors”
means either the board of directors of the Company or the Guarantor, as applicable, or any committee of such board of directors
duly authorized to act on behalf of the Company or the Guarantor, as applicable, or if the Company does not have a board of directors,
the board of directors (or any duly authorized committee thereof) of the Company’s direct or indirect manager or managing
member.

 

“Board Resolution” means
a copy of one or more resolutions, certified by the Secretary or an Assistant Secretary of the Company (or its sole member) or
the Guarantor, as applicable, to have been duly adopted by the Board of Directors or the Guarantor’s Board of Directors,
as the case may be, and to be in full force and effect on the date of such certification, delivered to the Trustee.

 

“Business Day,” with
respect to any Place of Payment or other location, means, unless otherwise specified with respect to any Securities pursuant to
Section 3.01, any day other than a Saturday, Sunday or other day on which banking institutions in such Place of Payment or
other location are authorized or obligated by law, regulation or executive order to close.

 

“Capital Stock” of any
Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests
in (however designated) equity of such Person, including Preferred Stock, but excluding any debt securities convertible into such
equity.

 

“Capitalized Lease Obligation”
means an obligation under a lease that is required to be capitalized for financial reporting purposes in accordance with generally
accepted accounting principles, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of
such obligation determined in accordance with such principles.

 

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

 

“Commission” means the
Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, as amended,
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.

 

“Common Stock” in respect
of any Corporation means Capital Stock of any class or classes (however designated) which has no preference as to the payment of
dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Corporation,
and which is not subject to redemption by such Corporation.

 

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

 

    3

    

    

 

 

“Company
Request” and “Company Order” mean, respectively, a written request or order, as the case may be,
signed in the name of the Company by an Authorized Officer, and delivered to the Trustee.

 

“Conversion
Event” means the cessation of use of (i) a Foreign Currency both by the government of the country or the confederation
which issued such Foreign Currency and for the settlement of transactions by a central bank or other public institutions of or
within the international banking community or (ii) any currency unit or composite currency for the purposes for which it
was established.

 

“Corporate
Trust Office” means the principal corporate trust office of the Trustee at which at any particular time its corporate
trust business shall be administered, which office at the date of original execution of this Indenture is located at The Bank
of New York Mellon, 240 Greenwich Street, New York, New York 10286, Attention: Corporate Trust Administration or at any other
time at such other address as the Trustee may designate from time to time by notice to the parties hereto or at the principal
corporate trust office of any successor trustee as to which such successor trustee may notify the parties hereto in writing.

 

“Corporation”
includes corporations, limited liability companies, incorporated associations, companies and business trusts.

 

“Coupon”
means any interest coupon appertaining to a Bearer Security.

 

“Currency,”
with respect to any payment, deposit or other transfer in respect of the principal of or any premium or interest on or any Additional
Amounts with respect to any Security, means Dollars or the Foreign Currency, as the case may be, in which such payment, deposit
or other transfer is required to be made by or pursuant to the terms hereof or such Security and, with respect to any other payment,
deposit or transfer pursuant to or contemplated by the terms hereof or such Security, means Dollars.

 

“CUSIP
number” means the alphanumeric designation assigned to a Security by Standard & Poor’s Ratings Service,
CUSIP Service Bureau, or any successor thereto.

 

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

 

“Dollars”
or “$” means a dollar or other equivalent unit of legal tender for payment of public or private debts in the
United States of America.

 

“Event
of Default” has the meaning specified in Section 5.01.

 

“Foreign
Currency” means any currency, currency unit or composite currency, including, without limitation, the euro, issued by
the government of one or more countries other than the United States of America or by any recognized confederation or association
of such governments.

 

    4

     

    

 

“Government
Obligations” means securities which are (i) direct obligations of the United States of America or the other government
or governments or confederation or association of governments which issued the Foreign Currency in which the principal of or any
premium or interest on such Security or any Additional Amounts in respect thereof shall be payable, in each case where the payment
or payments thereunder are supported by the full faith and credit of such government or governments or confederation or association
of governments or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America or such other government or governments or confederation or association of governments, in each case
where the timely payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United
States of America or such other government or governments or confederation or association of governments, and which, in the case
of (i) or (ii), are not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depository
receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of
interest on or principal of or other amount with respect to any such Government Obligation held by such custodian for the account
of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make
any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect
of the Government Obligation or the specific payment of interest on or principal of or other amount with respect to the Government
Obligation evidenced by such depository receipt.

 

“Guarantee”
means the unconditional guarantee of the payment of the principal of, any premium or interest on, and any Additional Amounts with
respect to the Securities by the Guarantor, as more fully set forth in the Subordinated Debt Securities Guarantee Agreement.

 

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

 

“Guarantor’s
Board of Directors” means the board of directors of the Guarantor or any committee of that board duly authorized to
act generally or in any particular respect for the Guarantor hereunder.

 

“Guarantor’s
Officer’s Certificate” means a certificate signed by the Chairman of the Guarantor’s Board of Directors,
a Vice Chairman, the Chief Executive Officer, the Chief Financial Officer, the Chief Accounting Officer, the Chief Legal Counsel,
the Secretary or the Assistant Secretary of the Guarantor, that complies with the requirements of Section 314(e) of
the Trust Indenture Act and is delivered to the Trustee.

 

“Guarantor
Request” means a written request signed in the name of the Guarantor by the Chairman of the Guarantor’s Board
of Directors, a Vice Chairman, the Chief Executive Officer, the Chief Financial Officer, the Chief Accounting Officer, the Chief
Legal Counsel, the Secretary or the Assistant Secretary of the Guarantor, and delivered to the Trustee.

 

“Holder,”
in the case of any Registered Security, means the Person in whose name such Security is registered in the Security Register and,
in the case of any Bearer Security, means the bearer thereof and, in the case of any Coupon, means the bearer thereof.

 

    5

     

    

 

“Indebtedness”
means, with respect to any Person, (i) the principal of and any premium and interest on (a) indebtedness of such Person
for money borrowed and (b) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment
of which such Person is responsible or liable; (ii) all Capitalized Lease Obligations of such Person; (iii) all obligations
of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations
under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business); (iv) all
obligations of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar
credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described
in (i) through (iii) above) entered into in the ordinary course of business of such Person to the extent such letters
of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third Business
Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit); (v) all obligations
of the type referred to in clauses (i) through (iv) of other Persons and all dividends of other Persons for the payment
of which, in either case, such Person is responsible or liable as obligor, guarantor or otherwise, the amount thereof being deemed
to be the lesser of the stated recourse, if limited, and the amount of the obligation or dividends of the other Person, (vi) all
obligations of the type referred to in clauses (i) through (v) of other Persons secured by any lien on any property
or asset of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed
to be the lesser of the value of such property or assets or the amount of the obligation so secured; and (vii) any amendments,
modifications, refundings, renewals or extensions of any indebtedness or obligation described as Indebtedness in clauses (i) through
(vi) above.

 

“Indenture”
means this instrument 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 and, with respect to any Security, by the terms and provisions of such Security
and any Coupon appertaining thereto established pursuant to Section 3.01 (as such terms and provisions may be amended pursuant
to the applicable provisions hereof).

 

“Independent
Public Accountants” means accountants or a firm of accountants that, with respect to the Company, the Guarantor and
any other obligor under the Securities or the Coupons, are independent public accountants within the meaning of the Securities
Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder, who may be the independent
public accountants regularly retained by the Company or the Guarantor or who may be other independent public accountants. Such
accountants or firm shall be entitled to rely upon any Opinion of Counsel as to the interpretation of any legal matters relating
to this Indenture or certificates required to be provided hereunder.

 

“Indexed
Security” means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity or
upon acceleration pursuant to Section 5.02 may be more or less than the principal face amount thereof at original issuance.

 

“interest,”
on the Security of any series (i) with respect to any Original Issue Discount Security which by its terms bears interest
only after Maturity, means interest payable after Maturity and (ii) when used with respect to a Security which provides for
the payment of Additional Amounts pursuant to the terms of such Security, includes such Additional Amounts.

 

    6

     

    

 

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

 

“Judgment
Currency” has the meaning specified in Section 1.16.

 

“Local
Business Day” has the meaning specified in Section 4.02(e).

 

“Maturity,”
with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due
and payable as provided in or pursuant to this Indenture or the related Series Authorization, whether at the Stated Maturity
or by declaration of acceleration, notice of redemption or repurchase, notice of option to elect repayment or otherwise, and includes
any Redemption Date and the date of any required repurchase or repayment.

 

“New
York Banking Day” has the meaning specified in Section 1.16.

 

“Office”
or “Agency,” with respect to any Securities, means an office or agency of the Company maintained or designated
as a Place of Payment for such Securities pursuant to Section 10.02 or any other office or agency of the Company maintained
or designated for such Securities pursuant to Section 10.02 or, to the extent designated or required by Section 10.02
in lieu of such office or agency, the Corporate Trust Office of the Trustee.

 

“Officers’
Certificate” means a certificate signed by two Authorized Officers, at least one of which is a principal executive,
principal financial or principal accounting officer, that complies with the requirements of Section 314(e) of the Trust
Indenture Act and is delivered to the Trustee.

 

“Opinion
of Counsel” means a written opinion of counsel, who may be an employee of or counsel for the Company or other counsel,
that, if required by the Trust Indenture Act, complies with the requirements of Section 314(e) of the Trust Indenture
Act.

 

“Original
Issue Discount Security” means a Security issued pursuant to this Indenture or the related Series Authorization
which provides for declaration of an amount less than the principal face amount thereof to be due and payable upon acceleration
pursuant to Section 5.02.

 

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

 

(a)            any
such Security theretofore cancelled by the Trustee or the Security Registrar or delivered to the Trustee or the Security Registrar
for cancellation;

 

(b)            any
such Security for whose payment at the Maturity thereof money in the necessary amount has been theretofore deposited pursuant
hereto (other than pursuant to Section 4.02) with the Trustee or any Paying Agent (other than the Company or the Guarantor)
in trust or set aside and segregated in trust by the Company (if the Company shall act as its own, or authorize the Guarantor
to act as, Paying Agent) for the Holders of such Securities and any Coupons appertaining thereto, 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;

 

    7

     

    

 

(c)            any
such Security with respect to which the Company or the Guarantor has effected defeasance pursuant to the terms hereof, except
to the extent provided in Section 4.02;

 

(d)            any
such Security which has been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, unless there shall have been presented to the Trustee proof satisfactory
to it that such Security is held by a protected purchaser in whose hands such Security is a valid obligation of the Company; and

 

(e)            any
such Security converted or exchanged as contemplated by this Indenture into Common Stock of the Company or other securities of
the Guarantor or another issuer, if the terms of such Security provide for such conversion or exchange pursuant to Section 3.01;

 

provided, however,
that in determining whether the Holders of the requisite principal amount of Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders of Securities for quorum
purposes, (i) the principal amount of any Indexed Security that may be counted in making such determination and that shall
be deemed Outstanding for such purposes shall be equal to the principal amount of such Indexed Security at original issuance,
unless otherwise provided in or pursuant to this Indenture or the related Series Authorization, and (ii) the principal
amount of a Security denominated in a Foreign Currency shall be the Dollar equivalent, determined on the date of original issuance
of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent on the
date of original issuance of such Security of the then current principal amount) of such Security, unless otherwise provided in
or pursuant to this Indenture or the related Series Authorization, and (iii) Securities owned by the Company, the Guarantor
or any other obligor upon the Securities or any Affiliate of the Company, the Guarantor or such other obligor, shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such determination
or relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which shall have been pledged
in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee (A) the pledgee’s
right so to act with respect to such Securities and (B) that the pledgee is not the Company, the Guarantor or any other obligor
upon the Securities or any Coupons appertaining thereto or an Affiliate of the Company, the Guarantor or such other obligor.

 

“Paying
Agent” means any Person authorized by the Company to pay the principal of, or any premium or interest on, or any Additional
Amounts with respect to, any Security or any Coupon on behalf of the Company.

 

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

 

“Place
of Payment,” with respect to any Security, means the place or places where the principal of, or any premium or interest
on, or any Additional Amounts with respect to such Security are payable as provided in or pursuant to this Indenture or the related
Series Authorization.

 

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

 

“Preferred
Stock” in respect of any Corporation means Capital Stock of any class or classes (however designated) which is preferred
as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution
of such Corporation, over shares of Capital Stock of any other class of such Corporation.

 

“principal”
means, as of any date of determination with respect to the Securities of any series, (i) in the case of an Original Issue
Discount Security or an Indexed Security, the amount due and payable with respect to principal upon an acceleration thereof pursuant
to Section 5.02 at such time and (ii) in all other cases, par or the stated face amount of the related Security.

 

“Redemption
Date,” with respect to any Security or portion thereof to be redeemed, means the date fixed for such redemption by or
pursuant to this Indenture or the related Series Authorization.

 

“Redemption
Price,” with respect to any Security or portion thereof to be redeemed, means the price at which it is to be redeemed
as determined by or pursuant to this Indenture or the related Series Authorization, exclusive of accrued interest and any
Additional Amounts with respect to accrued interest.

 

“Registered
Security” means any Security established pursuant to Section 2.01 which is registered in a Security Register.

 

“Regular
Record Date” for the interest payable on any Registered Security on any Interest Payment Date therefor means the date,
if any, specified in or pursuant to this Indenture or the related Series Authorization as the “Regular Record Date”.

 

“Required
Currency” has the meaning specified in Section 1.16.

 

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“Responsible
Officer” shall mean, when used with respect to the Trustee, any officer within the corporate trust department of the
Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any
other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall
be such officers, respectively, or to whom any corporate trust 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.

 

“Security”
or “Securities” means any note or notes, bond or bonds, debenture or debentures, or any other evidences of
Indebtedness, as the case may be, authenticated and delivered under this Indenture; provided, however, that, if
at any time there is more than one Person acting as Trustee under this Indenture, “Securities,” with respect to any
such Person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any
series as to which such Person is not Trustee.

 

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

 

“Senior
Indebtedness” means, with respect to the Securities of any particular series, all the principal of and premium, if
any, and interest on (1) all Indebtedness of the Company, whether outstanding on the date of this Indenture or
thereafter created, (a) for money borrowed by the Company (other than obligations pursuant to this Indenture in respect
of the Securities of such series), (b) in respect of letters of credit and acceptances issued or made by banks in favor
of the Company, or (c) constituting purchase money indebtedness, or Indebtedness secured by property included in the
property, plant and equipment accounts of the Company, at the time of the acquisition of such property for the payment of
which the Company is directly liable, and (2) all deferrals, renewals, extensions and refundings of, and amendments,
modifications and supplements to, any such Indebtedness. As used in the preceding sentence the term “purchase money
indebtedness” means Indebtedness evidenced by a note, debenture, bond or other instrument (whether or not secured by
any lien or other security interest) issued or assumed as all or a part of the consideration for the acquisition of property,
whether by purchase, merger, consolidation or otherwise. Notwithstanding anything to the contrary in this Indenture or the
Securities of any particular series, Senior Indebtedness shall not, with respect to that series of Securities, include any Indebtedness of the Company, which, by its terms or the terms of the instrument creating or evidencing it, is
subordinate in right of payment to or pari passu with the Securities of that series.

 

“Series Authorization”
means, with respect to any series or class of Securities, (i) a Board Resolution and Officers’ Certificate or (ii) one
or more indentures supplemental hereto, establishing such series or class of Securities and setting forth the terms thereof, including,
in either case, a form of note or notes representing such Securities.

 

“Special
Record Date” for the payment of any Defaulted Interest on any Registered Security means a date fixed by the Company
pursuant to Section 3.07.

 

“Stated
Maturity,” with respect to any Security or any installment of principal thereof or interest thereon or any Additional
Amounts with respect thereto, means the date established by or pursuant to this Indenture or the related Series Authorization
as the fixed date on which the principal of such Security or such installment of principal or interest is, or such Additional
Amounts are, due and payable.

 

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“Subsidiary”
means, in respect of any Person, any Corporation, limited or general partnership or other business entity of which at the time
of determination more than 50% of the voting power of the shares of its Capital Stock or other interests (including partnership
interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is owned or controlled, directly or indirectly, by (i) such Person, (ii) such
Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person.

 

“Subordinated
Debt Securities Guarantee Agreement” means the Subordinated Debt Securities Guarantee Agreement attached hereto as Exhibit A.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended, and any reference herein to the Trust Indenture Act
or a particular provision thereof shall mean such Act or provision, as the case may be, as amended or replaced from time to time
or as supplemented from time to time by rules or regulations adopted by the Commission under or in furtherance of the purposes
of such Act or provision, as the case may be.

 

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

 

“United
States,” except as otherwise provided in or pursuant to this Indenture or any Series Authorization, means the United
States of America (including the states thereof and the District of Columbia), its territories and possessions and other areas
subject to its jurisdiction.

 

“U.S.
Depository” or “Depository” means, with respect to any Security issuable or issued in the form of
one or more global Securities, the Person designated as U.S. Depository or Depository by the Company in or pursuant to this Indenture
or the related Series Authorization, which Person must be, to the extent required by applicable law or regulation, a clearing
agency registered under the Securities Exchange Act of 1934, as amended, and, if so provided with respect to any Security, any
successor to such Person. If at any time there is more than one such Person, “U.S. Depository” or “Depository”
shall mean, with respect to any Securities, the qualifying entity which has been appointed with respect to such Securities.

 

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

 

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Section 1.02.     Compliance
Certificates and Opinions. Except as otherwise expressly provided in this Indenture, upon any application or request
by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee
an Officers’ 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, such action is authorized
or permitted by this Indenture and that 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 or any of them is specifically required by any
provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

 

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

 

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

 

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

 

(c)            a
statement that, in the opinion of 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 condition or covenant has been complied with; and

 

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

 

Section 1.03.     Form of
Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered
by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or
give an opinion as to such matters in one or several documents.

 

Any
certificate or opinion of an officer of the Company or the Guarantor may be based, insofar as it relates to legal matters, upon
an Opinion of Counsel, provided that such officer, after reasonable inquiry, has no reason to believe and does not believe
that the Opinion of Counsel with respect to the matters upon which his or her certificate or opinion is based is erroneous. Any
such 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 or the Guarantor stating that the information with respect to such factual matters is
in the possession of the Company or the Guarantor, as the case may be, provided that such counsel, after reasonable inquiry,
has no reason to believe and does not believe 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 or any Security, they may, but need not, be consolidated and form one instrument.

 

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Section 1.04.     Acts
of Holders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by or pursuant to this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. If, but only if, Securities
of a series are issuable as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other
action provided in or pursuant to this Indenture or the related Series Authorization to be given or taken by Holders of Securities
of such series may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series voting in
favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of such series
duly called and held in accordance with the provisions of Article 15, or a combination of such instruments and any such record.
Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record
or both are received by a Responsible Officer of the Trustee and, where it is hereby expressly required, to the Company or the
Guarantor. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any
such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person
of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act)
conclusive in favor of the Trustee, the Company, the Guarantor and any agent of the Trustee, the Company or the Guarantor, if
made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner
provided in Section 15.06.

 

(b)            Without
limiting the generality of this Section 1.04, unless otherwise provided in or pursuant to this Indenture or the related Series Authorization,
a Holder, including a U.S. Depository that is a Holder of a global Security, may make, give or take, by a proxy or proxies duly
appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other Act provided in or pursuant
to this Indenture or the related Series Authorization to be made, given or taken by Holders, and a U.S. Depository that is
a Holder of a global Security may provide its proxy or proxies to the beneficial owners of interests in any such global Security
through such U.S. Depository’s standing instructions and customary practices.

 

(c)            The
Company shall fix a record date for the purpose of determining the Persons who are beneficial owners of interest in any permanent
global Security held by a U.S. Depository entitled under the procedures of such U.S. Depository to make, give or take, by a proxy
or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other Act provided
in or pursuant to this Indenture or the related Series Authorization to be made, given or taken by Holders. If such a record
date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled
to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other Act, whether or not such
Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other
Act shall be valid or effective if made, given or taken more than 90 days after such record date.

 

(d)            The
fact and date of the execution by any Person of any such instrument or writing referred to in this Section 1.04 may be proved
in any reasonable manner; and the Trustee may in any instance require further proof, including written proof, with respect to
any of the matters referred to in this Section.

 

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(e)            The
ownership, principal amount and serial numbers of Registered Securities held by any Person, and the date of the commencement and
the date of the termination of holding the same, shall be proved by the Security Register.

 

(f)            The
ownership, principal amount and serial numbers of Bearer Securities held by any Person, and the date of the commencement and the
date of the termination of holding the same, may be proved by the production of such Bearer Securities or by a certificate executed,
as depositary, by any trust company, bank, banker or other depositary reasonably acceptable to the Company, wherever situated,
if such certificate shall be deemed by the Company and the Trustee to be satisfactory, showing that at the date therein mentioned
such Person had on deposit with such depositary, or exhibited to it, the Bearer Securities therein described; or such facts may
be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such certificate or affidavit is deemed
by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of any Bearer Security continues
until (i) another certificate or affidavit bearing a later date issued in respect of the same Bearer Security is produced,
or (ii) such Bearer Security is produced to the Trustee by some other Person, or (iii) such Bearer Security is surrendered
in exchange for a Registered Security, or (iv) such Bearer Security is no longer Outstanding. The ownership, principal amount
and serial numbers of Bearer Securities held by the Person so executing such instrument or writing and the date of the commencement
and the date of the termination of holding the same may also be proved in any other manner which the Company and the Trustee deem
sufficient.

 

(g)            If
the Company shall solicit from the Holders of any Registered Securities any request, demand, authorization, direction, notice,
consent, waiver or other Act, the Company may at its option (but is not obligated to), by Board Resolution, fix in advance a record
date for the determination of Holders of Registered Securities entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other Act. If such a record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other Act may be given before or after such record date, but only the Holders of Registered Securities of record
at the close of business on such record date shall be deemed to be Holders for the purpose of determining whether Holders of the
requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization,
direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such
record date; provided that no such authorization, agreement or consent by the Holders of Registered Securities shall be
deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after
the record date.

 

(h)            Any
request, demand, authorization, direction, notice, consent, waiver or other Act by 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 or suffered to be done by the Trustee, any Security Registrar, any Paying
Agent or the Company in reliance thereon, whether or not notation of such Act is made upon such Security.

 

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Section 1.05.     Notices, etc. Any
request, demand, authorization, direction, notice, consent, waiver or other Act of Holders or other document provided or
permitted by this Indenture to be made upon, given or furnished to, or filed with,

 

(a)            the
Trustee by any Holder or the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
to or with the Trustee at its Corporate Trust Office, or

 

(b)            the
Company by the Trustee or any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to the Company addressed to the attention of its Treasurer, with a copy
to the attention of its General Counsel, at the address of its principal office specified in the first paragraph of this instrument
or at any other address previously furnished in writing to the Trustee by the Company.

 

The
Trustee agrees to accept and act upon instructions or directions pursuant to the Indenture sent by unsecured e-mail, facsimile
transmission or other similar unsecured electronic methods. If the Company, the Guarantor or any Holder elects to give the Trustee
e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to
act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall
not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding if such instructions conflict or are inconsistent with a subsequent written instruction.
The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit
instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions,
and the risk of interception and misuse by third parties.

 

Section 1.06.     Notice
to Holders of Securities; Waiver. Except as otherwise expressly provided in or pursuant to this Indenture or
the related Series Authorization, where this Indenture provides for notice to Holders of Securities of any event,

 

(a)            such
notice shall be sufficiently given to Holders of Registered Securities if in writing and mailed, first-class postage prepaid,
to each Holder of a Registered Security affected by such event, at such Holder’s address as it appears in the Security Register,
not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice; and

 

(b)            such
notice shall be sufficiently given to Holders of Bearer Securities, if any, if published in an Authorized Newspaper in The City
of New York and, if such Securities are then listed on any stock exchange outside the United States, in an Authorized Newspaper
in such city as the Company shall advise the Trustee in writing that such stock exchange so requires, on a Business Day at least
twice, the first such publication to be not earlier than the earliest date and the second such publication not later than the
latest date prescribed for the giving of such notice.

 

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In
any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect
in any notice so mailed, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect
to other Holders of Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given as provided herein.
Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given or provided. In
the case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give
such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification
for every purpose hereunder.

 

In
case by reason of the suspension of publication of any Authorized Newspaper or Authorized Newspapers or by reason of any other
cause it shall be impracticable to publish any notice to Holders of Bearer Securities as provided above, then such notification
to Holders of Bearer Securities as shall be given with the approval of the Trustee shall constitute sufficient notice to such
Holders for every purpose hereunder. Neither failure to give notice by publication to Holders of Bearer Securities as provided
above, nor any defect in any notice so published, shall affect the sufficiency of any notice mailed to Holders of Registered Securities
as provided above.

 

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
of Securities shall be filed in writing with the Trustee, but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such waiver.

 

Section 1.07.     Language
of Notices. Any request, demand, authorization, direction, notice, consent, election or waiver required or permitted
under this Indenture shall be in the English language, except that, if the Company so elects, any published notice may be in an
official language of the country of publication.

 

Section 1.08.     Conflict
with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with any duties under any required
provision of the Trust Indenture Act imposed hereon by Section 318(c) thereof, such required provision shall control.

 

Section 1.09.     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 1.10.     Successors
and Assigns. All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether
so expressed or not.

 

Section 1.11.     Separability
Clause. In case any provision in this Indenture, any Security or any Coupon shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 1.12.     Benefits
of Indenture. Nothing in this Indenture, any Security or any Coupon, express or implied, shall give to any Person,
other than the parties hereto and holders of Senior Indebtedness, any Security Registrar, any Paying Agent, any Authenticating
Agent and their successors hereunder and the Holders of Securities or Coupons, any benefit or any legal or equitable right, remedy
or claim under this Indenture.

 

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Section 1.13.     Governing
Law. This Indenture, the Securities and any Coupons shall be governed by and construed in accordance with the
laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state.

 

Section 1.14.     Non-Business
Days. Unless otherwise specified in or pursuant to this Indenture or the related Series Authorization, in any
case where any Interest Payment Date, Stated Maturity or Maturity of any Security, or the last date on which a Holder has the
right to convert or exchange Securities of a series that are convertible or exchangeable, shall not be a Business Day at any Place
of Payment, then (notwithstanding any other provision of this Indenture, any Security or any Coupon other than a provision in
any Security or Coupon that specifically states that such provision shall apply in lieu hereof) payment need not be made at such
Place of Payment on such date, and such Securities need not be converted or exchanged on such date but such payment may be made,
and such Securities may be converted or exchanged, on the next succeeding day that is a Business Day at such Place of Payment
with the same force and effect as if made on the Interest Payment Date or at the Stated Maturity or Maturity or on such last day
for conversion or exchange, and no interest shall accrue on the amount payable on such date or at such time for the period from
and after such Interest Payment Date, Stated Maturity, Maturity or last day for conversion or exchange, as the case may be, to
such next succeeding Business Day.

 

Section 1.15.     Counterparts.
This Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but
one and the same instrument.

 

Section 1.16.     Judgment
Currency. The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if
for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of, or premium
or interest, if any, or Additional Amounts, if any, on the Securities of any series (the “Required Currency”)
into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall
be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the requisite
amount of the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which a final unappealable
judgment is given and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not
be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with
clause (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result
in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments,
(ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency
the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to
be payable and (iii) shall not be affected by judgment
being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day”
means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in The
City of New York are authorized or obligated by law, regulation or executive order to be closed.

 

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Section 1.17.     No
Security Interest Created. Nothing in this Indenture or in any Securities, express or implied, shall be construed to
constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect
in any jurisdiction where property of the Company or its Subsidiaries is or may be located.

 

Section 1.18.     Limitation
on Individual Liability. No recourse under or upon any obligation, covenant or agreement contained in this Indenture
or in any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, shareholder,
officer or director, as such, past, present or future, of the Company, either directly or through the Company, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal
liability whatever shall attach to, or is or shall be incurred by, the incorporators, shareholders, members, officers or directors,
as such, of the Company, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason
of the obligations, covenants or agreements contained in this Indenture or in any Security or implied therefrom; and that any
and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of,
and any and all such rights and claims against, every such incorporator, shareholder, member, officer or director, as such, because
of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained
in this Indenture or in any Security or implied therefrom, are hereby expressly waived and released as a condition of, and as
a consideration for, the execution of this Indenture and the issuance of such Security.

 

Section 1.19.     Submission
to Jurisdiction. The Company agrees that any judicial proceedings instituted in relation to any matter arising
under this Indenture, the Securities or any Coupons appertaining thereto may be brought in any United States Federal or New York
State court sitting in the Borough of Manhattan, The City of New York, New York to the extent that such court has subject matter
jurisdiction over the controversy, and, by execution and delivery of this Indenture, the Company hereby irrevocably accepts, generally
and unconditionally, the jurisdiction of the aforesaid courts, acknowledges their competence and irrevocably agrees to be bound
by any judgment rendered in such proceeding. The Company also irrevocably and unconditionally waives for the benefit of the Trustee
and the Holders of the Securities and Coupons any immunity from jurisdiction and any immunity from legal process (whether through
service or notice, attachment prior to judgment, attachment in the aid of execution, execution or otherwise) in respect of this
Indenture. The Company hereby irrevocably designates and appoints, for the benefit of the Trustee and the Holders of the Securities
and Coupons for the term of this Indenture, PartnerRe U.S. Corporation, 200 First Stamford Place, Stamford, Connecticut 06902,
as its agent to receive on its behalf service of all process (with a copy of all such service of process to be delivered to the
Company pursuant to Section 1.05, and to Sullivan & Cromwell LLP, 125 Broad Street, New York, New York 10004,
Attention: Scott Miller) brought against it with respect to any such proceeding in any such court in The City of New York, such
service being hereby acknowledged by the Company to be effective and binding service on it in every respect whether or not the
Company shall then be doing or shall have at any time done business in New York. Such appointment shall be irrevocable so long
as any of the Securities or Coupons or the obligations of the Company hereunder remain outstanding, or until the appointment of
a successor by the Company located in New York or Connecticut and such successor’s acceptance of such appointment. Upon
such acceptance, the Company shall notify the Trustee in writing of the name and address of such successor. The Company further
agrees for the benefit of the Trustee and the Holders of the Securities and the Coupons to take any and all action, including
the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment
of PartnerRe U.S. Corporation as its agent in full force and effect so long as any of the Securities or Coupons or the obligations
of the Company hereunder shall be outstanding. The Trustee shall not be obligated and shall have no responsibility with respect
to any failure by the Company to take any such action. Nothing herein shall affect the right to serve process in any other manner
permitted by any law or limit the right of the Trustee or any Holder to institute proceedings against the Company in the courts
of any other jurisdiction or jurisdictions.

 

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Section 1.20.     Waiver
of Jury Trial. EACH OF THE COMPANY, THE GUARANTOR, THE TRUSTEE AND EACH HOLDER OF A SECURITY BY ITS ACCEPTANCE
THEREOF HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE.

 

Section 1.21.     Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God and interruptions, epidemics, loss or malfunctions of utilities, communications or computer (software and hardware)
services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances.

 

ARTICLE 2

Securities Forms

 

Section 2.01.     Forms
Generally. Each Registered Security, Bearer Security, Coupon and temporary or permanent global Security issued
pursuant to this Indenture shall be in the form established by or pursuant to the related Series Authorization, shall have
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by or pursuant to this
Indenture or the related Series Authorization or any indenture supplemental hereto and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by
the officers executing such Security or Coupon as evidenced by their execution of such Security or Coupon.

 

Unless
otherwise provided in or pursuant to the related Series Authorization, the Securities shall be issuable in registered form
without Coupons and shall not be issuable upon the exercise of warrants.

 

Definitive
Securities and definitive Coupons shall be printed, lithographed or engraved or produced by any combination of these methods on
a steel engraved border or steel engraved borders or may be produced in any other manner, all as determined by the officers of
the Company executing such Securities or Coupons, as evidenced by their execution of such Securities or Coupons.

 

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Section 2.02.     Form of
Trustee’s Certificate of Authentication. Subject to Section 6.11, the Trustee’s certificate
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.

 

	 	THE BANK OF NEW YORK MELLON,
	 	as Trustee
	 	 	 
	 	 	 
	                                                                  	By: 	 
	 	 	Authorized Officer
	 	 	 
	 	Dated:	 
	 	 	 	 

Section 2.03.     Securities
in Global Form. Unless otherwise provided in or pursuant to the related Series Authorization, the Securities
of a series shall not be issuable in temporary or permanent global form. If Securities of a series shall be issuable in global
form, any such Security may provide that it or any number of such Securities shall represent the aggregate amount of all Outstanding
Securities of such series (or such lesser amount as is permitted by the terms thereof) from time to time endorsed thereon and
may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be increased or
reduced to reflect exchanges. Any endorsement of any Security in global form to reflect the amount, or any increase or decrease
in the amount, or changes in the rights of Holders, of Outstanding Securities represented thereby shall be made in such manner
and by such Person or Persons as shall be specified therein or in the Company Order to be delivered pursuant to Section 3.03
or Section 3.04 with respect thereto. Subject to the provisions of Section 3.03 and, if applicable, Section 3.04,
the Trustee shall deliver and redeliver, in each case at the Company’s expense, any Security in permanent global form in
the manner and upon written instructions given by the Person or Persons specified therein or in the applicable Company Order.
If a Company Order pursuant to Section 3.03 or Section 3.04 has been, or simultaneously is, delivered, any instructions
by the Company with respect to a Security in global form shall be in writing and, with respect to matters set forth in this Section 2.03,
need not be accompanied by or contained in an Officers’ Certificate and need not be accompanied by an Opinion of Counsel.

 

Notwithstanding
the provisions of Section 3.07, unless otherwise specified in or pursuant to the related Series Authorization, payment
of principal of, any premium and interest on, and any Additional Amounts in respect of, any Security in temporary or permanent
global form shall be made to the Person or Persons specified therein.

 

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Notwithstanding
the provisions of Section 3.08 and except as provided in the preceding paragraph, the Company, the Trustee and any agent
of the Company or the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a global
Security (i) in the case of a global Security in registered form, the Holder of such global Security in registered form,
or (ii) in the case of a global Security in bearer form, the Person or Persons specified pursuant to Section 3.01.

 

ARTICLE 3

The Securities

 

Section 3.01.     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. The Securities of each series shall be
subordinated in right of payment to all Senior Indebtedness with respect to such series as provided in Article 16.

 

With
respect to any Securities to be authenticated and delivered hereunder, there shall be established in the related Series Authorization,
the following:

 

(a)            the
title of such Securities and the series in which such Securities shall be included;

 

(b)            any
limit upon the aggregate principal amount of the Securities of such title or the Securities of such 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 such series pursuant to Section 3.04, Section 3.05, Section 3.06,
Section 9.05 or Section 11.07, upon repayment in part of any Registered Security of such series pursuant to Article 13,
upon surrender in part of any Registered Security for conversion into Common Stock of the Company or exchange for other securities
pursuant to its terms, or pursuant to or as contemplated by the terms of such Securities);

 

(c)            if
such Securities are to be issuable as Registered Securities, as Bearer Securities or alternatively as Bearer Securities and Registered
Securities, and whether the Bearer Securities are to be issuable with Coupons, without Coupons or both, and any restrictions applicable
to the offer, sale or delivery of the Bearer Securities and the terms, if any, upon which Bearer Securities may be exchanged for
Registered Securities and vice versa;

 

(d)            if
any of such Securities are to be issuable in global form, when any of such Securities are to be issuable in global form and (i) whether
such Securities are to be issued in temporary or permanent global form or both, (ii) whether beneficial owners of interests
in any such global Security may exchange such interests for definitive Securities of the same series and of like tenor and of
any authorized form and denomination, and the circumstances under which any such exchanges may occur, if other than in the manner
specified in Section 3.05, and (iii) the name of the Depository or the U.S. Depository, as the case may be, with respect
to any such global Security;

 

(e)            if
any of such Securities are to be issuable as Bearer Securities or in global form, the date as of which any such Bearer Security
or global Security shall be dated (if other than the date of original issuance of the first of such Securities to be issued);

 

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(f)            if
any of such Securities are to be issuable as Bearer Securities, whether interest in respect of any portion of a temporary Bearer
Security in global form payable in respect of an Interest Payment Date therefor prior to the exchange, if any, of such temporary
Bearer Security for definitive Securities shall be paid to any clearing organization with respect to the portion of such temporary
Bearer Security held for its account and, in such event, the terms and conditions (including any certification requirements) upon
which any such interest payment received by a clearing organization will be credited to the Persons entitled to interest payable
on such Interest Payment Date;

 

(g)            the
date or dates, or the method or methods, if any, by which such date or dates shall be determined, on which the principal of such
Securities is payable;

 

(h)            the
rate or rates at which such Securities shall bear interest, if any, or the method or methods, if any, by which such rate or rates
are to be determined, the date or dates, if any, from which such interest shall accrue or the method or methods, if any, by which
such date or dates are to be determined, the Interest Payment Dates, if any, on which such interest shall be payable on a cash
basis and the Regular Record Date, if any, for the interest payable on Registered Securities on any Interest Payment Date, whether
and under what circumstances Additional Amounts on such Securities or any of them shall be payable, the notice, if any, to Holders
regarding the determination of interest on a floating rate Security and the manner of giving such notice, and the basis upon which
interest shall be calculated if other than that of a 360-day year of twelve 30-day months;

 

(i)            if
in addition to or other than the Borough of Manhattan, The City of New York, the place or places where the principal of, any premium
and interest on or any Additional Amounts with respect to such Securities shall be payable, any of such Securities that are Registered
Securities may be surrendered for registration of transfer or exchange, any of such Securities may be surrendered for conversion
or exchange and notices or demands to or upon the Company in respect of such Securities and this Indenture may be served, the
extent to which, or the manner in which, any interest payment or Additional Amounts on a global Security on an Interest Payment
Date, will be paid and the manner in which any principal of or premium, if any, on any global Security will be paid;

 

(j)            whether
any of such Securities are to be redeemable at the option of the Company and, if so, the date or dates on which, the period or
periods within which, the price or prices at which and the other terms and conditions upon which such Securities may be redeemed,
in whole or in part, at the option of the Company;

 

(k)            whether
the Company is obligated to redeem or purchase any of such Securities pursuant to any sinking fund or analogous provision or at
the option of any Holder thereof and, if so, the date or dates on which, the period or periods within which, the price or prices
at which and the other terms and conditions upon which such Securities shall be redeemed or purchased, in whole or in part, pursuant
to such obligation, and any provisions for the remarketing of such Securities so redeemed or purchased;

 

(l)            the
denominations in which any of such Securities that are Registered Securities shall be issuable if other than denominations of
$2,000 and integral multiples of $1,000 in excess thereof, and the denominations in which any of such Securities that are Bearer
Securities shall be issuable if other than the denomination of $5,000;

 

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(m)            whether
the Securities of the series will be convertible into and/or exchangeable for other securities, whether or not issued by the Company,
and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, and any deletions from
or modifications or additions to this Indenture to permit or to facilitate the issuance of such convertible or exchangeable Securities
or the administration thereof;

 

(n)            if
other than the principal face amount thereof, the portion of the par or stated face amount of any of such Securities that shall
be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02 or the method by which such
portion is to be determined or, in the case of Indexed Securities, the portion of the principal face amount that shall be payable
upon Stated Maturity or the method by which such portion is to be determined;

 

(o)            if
other than Dollars, the Foreign Currency in which payment of the principal of, any premium or interest on or any Additional Amounts
with respect to any of such Securities shall be payable;

 

(p)            if
the principal of, any premium or interest on or any Additional Amounts with respect to any of such Securities are to be payable,
at the election of the Company or a Holder thereof or otherwise, in Dollars or in a Foreign Currency other than that in which
such Securities are stated to be payable, the date or dates on which, the period or periods within which, and the other terms
and conditions upon which, such election may be made, and the time and manner of determining the exchange rate between the Currency
in which such Securities are stated to be payable and the Currency in which such Securities or any of them are to be paid pursuant
to such election, and any deletions from or modifications of or additions to the terms of this Indenture to provide for or to
facilitate the issuance of Securities denominated or payable, at the election of the Company or a Holder thereof or otherwise,
in a Foreign Currency;

 

(q)            whether
the amount of payments of principal of, any premium or interest on or any Additional Amounts with respect to such Securities may
be determined with reference to an index, formula or other method or methods (which index, formula or method or methods may be
based, without limitation, on one or more Currencies, commodities, equity securities, equity indices or other indices), and, if
so, the terms and conditions upon which and the manner in which such amounts shall be determined and paid or payable;

 

(r)            the
relative degree, if any, to which Securities of such series and the guarantee in respect thereof shall be senior to or be subordinated
to other series of Securities and the guarantee in respect thereof or other Indebtedness of the Company in right of payment, whether
such other series of Securities or other Indebtedness is outstanding or not;

 

(s)            any
deletions from, modifications of or additions to the Events of Default or covenants of the Company with respect to any of such
Securities, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth
herein;

 

(t)            whether
either or both of Section 4.02(b) relating to defeasance or Section 4.02(c) relating to covenant defeasance
shall not be applicable to the Securities of such series, or any covenants in addition to those specified in Section 4.02(c) relating
to the Securities of such series which shall be subject to covenant defeasance, and any deletions from, or modifications or additions
to, the provisions of Article 4 in respect of the Securities of such series;

 

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(u)            the
form or forms of the Subordinated Debt Securities Guarantee Agreement, if different from the Subordinated Debt Securities Guarantee
Agreement contemplated hereby and defined herein;

 

(v)            whether
any of such Securities are to be issuable upon the exercise of warrants, and the time, manner and place for such Securities to
be authenticated and delivered;

 

(w)           if
any of such Securities are to be issuable in global form and are to be issuable in definitive form (whether upon original issue
or upon exchange of a temporary Security) only upon receipt of certain certificates or other documents or satisfaction of other
conditions, then the form and terms of such certificates, documents or conditions;

 

(x)            if
there is more than one Trustee, the identity of the Trustee and, if not the Trustee, the identity of each Security Registrar,
Paying Agent or Authenticating Agent with respect to such Securities;

 

(y)            any
modifications, including additions to or exclusions from, the definition of Senior Indebtedness; and

 

(z)            any
other terms of such Securities and any other deletions from or modifications or additions to this Indenture in respect of such
Securities.

 

If any terms or provisions set forth in
the related Series Authorization pursuant to this Section 3.01 conflict or are otherwise inconsistent with other terms
or provisions set forth in this Indenture (regardless of whether this Indenture otherwise provides that such other terms or provisions
are subject to the provisions of the related Series Authorization), the terms and provisions of the related Series Authorization
shall control.

 

All Securities of any one series and all
Coupons, if any, appertaining to Bearer Securities of such series shall be substantially identical except as to Currency of payments
due thereunder, denomination and the rate of interest thereon, or method of determining the rate of interest, if any, Maturity,
and the date from which interest, if any, shall accrue and except as may otherwise be provided by the Company in or pursuant to
the Board Resolution and set forth in the Officers’ Certificate or in any indenture or indentures supplemental hereto pertaining
to such series of Securities. The terms of the Securities of any series may provide, without limitation, that the Securities shall
be authenticated and delivered by the Trustee on original issue from time to time upon written order of persons designated in
the Officers’ Certificate or supplemental indenture and that such persons are authorized to determine, consistent with such
Officers’ Certificate or any applicable supplemental indenture, such terms and conditions of the Securities of such series
as are specified in such Officers’ Certificate or supplemental indenture. All Securities of any one series need not be issued
at the same time and, unless otherwise so provided, a series may be reopened for issuances of additional Securities of such series
or to establish additional terms of such series of Securities.

 

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If any of the terms of the Securities of
any series shall be established by action taken by or pursuant to a Board Resolution, the Board Resolution shall be delivered
to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of such series.

 

Section 3.02.     Currency;
Denominations. Unless otherwise provided in or pursuant to this Indenture or the related Series Authorization,
the principal of, any premium and interest on and any Additional Amounts with respect to the Securities shall be payable in Dollars.
Unless otherwise provided in or pursuant to this Indenture or the related Series Authorization, Registered Securities denominated
in Dollars shall be issuable in registered form without Coupons in denominations of $2,000 and integral multiples of $1,000 in
excess thereof, and the Bearer Securities denominated in Dollars shall be issuable in the denomination of $5,000. Securities not
denominated in Dollars shall be issuable in such denominations as are established with respect to such Securities in or pursuant
to this Indenture or the related Series Authorization.

 

Section 3.03.     Execution,
Authentication, Delivery and Dating. Securities shall be executed on behalf of the Company by an Authorized
Officer. Coupons, if any, shall be executed on behalf of the Company by the Chief Financial Officer or Chief Accounting Officer
of the Company. The signature of any of these officers on the Securities or any Coupons appertaining thereto may be manual or
facsimile.

 

Securities and any Coupons appertaining
thereto 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 and Coupons or did not hold such offices at the date of original issuance of such Securities or
Coupons.

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities, together with any Coupons appertaining thereto,
executed by the Company, to the Trustee for authentication and, provided that the Board Resolution and Officers’
Certificate or supplemental indenture or indentures with respect to such Securities referred to in Section 3.01 and a Company
Order for the authentication and delivery of such Securities have been delivered to the Trustee, the Trustee in accordance with
the Company Order and subject to the provisions hereof and of such Securities shall authenticate and deliver such Securities.
In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities
and any Coupons appertaining thereto, the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of
the Trust Indenture Act) shall be fully protected in, and may conclusively rely upon,

 

(a)            an
Opinion or Opinions of Counsel that comply with Section 314 of the Trust Indenture Act; and

 

(b)            an
Officers’ Certificate stating that all conditions precedent to the execution, authentication and delivery of such Securities
and Coupons, if any, appertaining thereto, have been complied with and that, to the best knowledge of the Persons executing such
certificate, no event which is, or after notice or lapse of time would become, an Event of Default with respect to any of the
Securities shall have occurred and be continuing.

 

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If all the Securities of any series are
not to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel and an Officers’ Certificate at
the time of issuance of each Security, but such opinion and certificate, with appropriate modifications, shall be delivered at
or before the time of issuance of the first Security of such series. After any such first delivery, any separate written request
by an Authorized Officer of the Company or any person designated in writing by an Authorized Officer that the Trustee authenticate
and deliver Securities of such series for original issue will be deemed to be a certification by the Company that all conditions
precedent provided for in this Indenture relating to authentication and delivery of such Securities continue to have been complied
with.

 

The Trustee shall not be required to authenticate
or to cause an Authenticating Agent to authenticate any Securities, nor will it be liable for its refusal to authenticate or cause
an Authenticating Agent to authenticate any Securities, if the issue of such Securities will affect the Trustee’s own rights,
duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the
Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or may expose the Trustee
to personal liability to existing Holders or others.

 

Each Registered Security shall be dated
the date of its authentication. Each Bearer Security and any Bearer Security in global form shall be dated as of the date specified
in or pursuant to the related Series Authorization.

 

No Security or Coupon appertaining thereto
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 in Section 2.02 or Section 6.11 executed
by or on behalf of the Trustee or by the Authenticating Agent by the manual or electronic signature of one of its authorized officers.
Such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder. Except as permitted by Section 3.06 or Section 3.07, the Trustee shall not authenticate and
deliver any Bearer Security unless all Coupons appertaining thereto then matured have been detached and cancelled.

 

Section 3.04.     Temporary
Securities. Pending the preparation of definitive Securities, the Company may execute and deliver to the Trustee
and, upon Company Order, the Trustee shall authenticate and deliver, in the manner provided in Section 3.03, temporary Securities
in lieu thereof which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form or, if authorized
in or pursuant to this Indenture or the related Series Authorization, in bearer form with one or more Coupons or without
Coupons and with such appropriate insertions, omissions, substitutions and other variations as the officers of the Company executing
such Securities may determine, as conclusively evidenced by their execution of such Securities. Such temporary Securities may
be in global form.

 

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Except in the case of temporary Securities
in global form, which shall be exchanged in accordance with the provisions thereof, if temporary Securities are issued, the Company
shall cause definitive Securities to be prepared without unreasonable delay. After the preparation of definitive Securities of
the same series and containing terms and provisions that are identical to those of any temporary Securities, such temporary Securities
shall be exchangeable for such definitive Securities upon surrender of such temporary Securities at an Office or Agency for such
Securities, without charge to any Holder thereof. Upon surrender for cancellation of any one or more temporary Securities (accompanied
by any unmatured Coupons appertaining thereto), the Company shall execute and the Trustee upon Company Order shall authenticate
and deliver in exchange therefor a like principal amount of definitive Securities of authorized denominations of the same series
and containing identical terms and provisions; provided, however, that no definitive Bearer Security, except as
provided in or pursuant to this Indenture or the related Series Authorization, shall be delivered in exchange for a temporary
Registered Security; and provided, further, that a definitive Bearer Security shall be delivered in exchange for a temporary
Bearer Security only in compliance with the conditions set forth in or pursuant to this Indenture or the related Series Authorization.
Unless otherwise provided in or pursuant to this Indenture or the related Series Authorization with respect to a temporary
global Security, 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.

 

Section 3.05.     Registration,
Transfer and Exchange. With respect to the Registered Securities of each series, if any, the Company shall cause
to be kept a register (each such register being herein sometimes referred to as the “Security Register”) at
an Office or Agency for such series in which, subject to such reasonable regulations as it may prescribe, the Company shall provide
for the registration of the Registered Securities of such series and of transfers of the Registered Securities of such series.
Such Office or Agency shall be the “Security Registrar” for that series of Securities. Unless otherwise specified
in or pursuant to this Indenture or the related Series Authorization, the Trustee shall be the initial Security Registrar
for each series of Securities. The Company shall have the right to remove and replace from time to time the Security Registrar
for any series of Securities; provided that no such removal or replacement shall be effective until a successor Security
Registrar with respect to such series of Securities shall have been appointed by the Company and shall have accepted such appointment
by the Company. In the event that the Trustee shall not be or shall cease to be Security Registrar with respect to a series of
Securities, it shall have the right to examine the Security Register for such series at all reasonable times. There shall be only
one Security Register for each series of Securities.

 

Upon surrender for registration of transfer
of any Registered Security of any series at any Office or Agency 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 Registered Securities of the
same series denominated as authorized in or pursuant to this Indenture or the related Series Authorization, of a like aggregate
principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions.

 

At the option of the Holder, Registered
Securities of any series may be exchanged for other Registered Securities of the same series containing identical terms and provisions,
in any authorized denominations, and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at
any Office or Agency for such series. Whenever any Registered Securities are so surrendered for exchange, the Company shall execute,
and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to
receive.

 

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If provided in or pursuant to this Indenture
or the related Series Authorization, with respect to Securities of any series, at the option of the Holder, Bearer Securities
of such series may be exchanged for Registered Securities of such series containing identical terms, denominated as authorized
in or pursuant to this Indenture or the related Series Authorization and in the same aggregate principal amount, upon surrender
of the Bearer Securities to be exchanged at any Office or Agency for such series, with all unmatured Coupons and all matured Coupons
in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured Coupon or Coupons
or matured Coupon or Coupons in default, such exchange may be effected if the Bearer Securities are accompanied by payment in
funds acceptable to the Company and the Trustee in an amount equal to the face amount of such missing Coupon or Coupons, or the
surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee if there is furnished to them such security
or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Bearer Security
shall surrender to any Paying Agent any such missing Coupon in respect of which such a payment shall have been made, such Holder
shall be entitled to receive the amount of such payment; provided, however, that, except as otherwise provided in
Section 10.02, interest represented by Coupons shall be payable only upon presentation and surrender of those Coupons at
an Office or Agency for such series located outside the United States. Notwithstanding the foregoing, in case a Bearer Security
of any series is surrendered at any such Office or Agency for such series in exchange for a Registered Security of such series
and like tenor after the close of business at such Office or Agency on (i) any Regular Record Date and before the opening
of business at such Office or Agency on the next succeeding Interest Payment Date, or (ii) any Special Record Date and before
the opening of business at such Office or Agency on the related date for payment of Defaulted Interest, such Bearer Security shall
be surrendered without the Coupon relating to such Interest Payment Date or proposed date of payment, as the case may be (or,
if such Coupon is so surrendered with such Bearer Security, such Coupon shall be returned to the Person so surrendering the Bearer
Security), and interest or Defaulted Interest, as the case may be, shall not be payable on such Interest Payment Date or proposed
date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but shall
be payable only to the Holder of such Coupon when due in accordance with the provisions of this Indenture.

 

If provided in or pursuant to this Indenture
or the related Series Authorization, at the option of the Holder, Registered Securities of such series may be exchanged for
Bearer Securities upon such terms and conditions as may be provided in or pursuant to this Indenture or the related Series Authorization.

 

Whenever any Securities are surrendered
for exchange as contemplated by the immediately preceding two paragraphs, the Company shall execute, and the Trustee shall authenticate
and deliver, the Securities which the Holder making the exchange is entitled to receive.

 

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Notwithstanding the foregoing, except as
otherwise provided in or pursuant to this Indenture or the related Series Authorization, any global Security shall be exchangeable
for definitive Securities only if (i) the Depository is at any time unwilling, unable or ineligible to continue as depository
and a successor depository is not appointed by the Company within 90 days of the date the Company is so informed in writing, (ii) the
Company executes and delivers to the Trustee a Company Order to the effect that such global Security shall be so exchangeable,
or (iii) an Event of Default has occurred and is continuing with respect to the Securities. If the beneficial owners of interests
in a global Security are entitled to exchange such interests for definitive Securities as the result of an event described in
clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than
the earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive Securities
in such form and denominations as are required by or pursuant to this Indenture or the related Series Authorization, and
of the same series, containing identical terms and in aggregate principal amount equal to the principal amount of such global
Security, executed by the Company. On or after the earliest date on which such interests may be so exchanged, such global Security
shall be surrendered from time to time by the U.S. Depository or such other Depository as shall be specified in the Company Order
with respect thereto, and in accordance with instructions given to the Trustee and the U.S. Depository or such other Depository,
as the case may be (which instructions shall be in writing but need not be contained in or accompanied by an Officers’ Certificate
or be accompanied by an Opinion of Counsel), as shall be specified in the Company Order with respect thereto to the Trustee, as
the Company’s agent for such purpose, to be exchanged, in whole or in part, for definitive Securities as described above
without charge. The Trustee shall authenticate and make available for delivery, in exchange for each portion of such surrendered
global Security, a like aggregate principal amount of definitive Securities of the same series of authorized denominations and
of like tenor as the portion of such global Security to be exchanged, which (unless such Securities are not issuable both as Bearer
Securities and as Registered Securities, in which case the definitive Securities exchanged for the global Security shall be issuable
only in the form in which the Securities are issuable, as provided in or pursuant to this Indenture or the related Series Authorization)
shall be in the form of Bearer Securities or Registered Securities, or any combination thereof, as shall be specified by the beneficial
owner thereof, but subject to the satisfaction of any certification or other requirements to the issuance of Bearer Securities;
provided, however, that no such exchanges may occur during a period beginning at the opening of business 15 days
before selection of Securities of the same series to be redeemed and ending on the relevant Redemption Date; and provided,
further, that (unless otherwise provided in or pursuant to this Indenture or the related Series Authorization) no
Bearer Security delivered in exchange for a portion of a global Security shall be mailed or otherwise delivered to any location
in the United States. Promptly following any such exchange in part, such global Security shall be returned by the Trustee to such
Depository or the U.S. Depository, as the case may be, or such other Depository or U.S. Depository referred to above in accordance
with the instructions of the Company referred to above. If a Registered Security is issued in exchange for any portion of a global
Security after the close of business at the Office or Agency for such Security where such exchange occurs on or after (i) any
Regular Record Date for such Security and before the opening of business at such Office or Agency on the next succeeding Interest
Payment Date, or (ii) any Special Record Date for such Security and before the opening of business at such Office or Agency
on the related proposed date for payment of interest or Defaulted Interest, as the case may be, interest shall not be payable
on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but shall
be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest
in respect of such portion of such global Security shall be payable in accordance with the provisions of this Indenture.

 

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

 

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

 

No service charge shall be made for any
registration of transfer or exchange, or redemption of Securities, but the Company or the Trustee may require payment of a sum
sufficient to cover any tax or other governmental charge and any other expenses (including fees and expenses of the Trustee) that
may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.04,
Section 9.05 or Section 11.07 not involving any transfer.

 

Except as otherwise provided in or pursuant
to this Indenture or the related Series Authorization, the Company shall not be required (i) to issue, register the
transfer of or exchange any Securities during a period beginning at the opening of business 15 days before the day of mailing
of a notice of redemption of Securities of like tenor and the same series under Section 11.04 and ending at the close of
business on the day of such mailing, or (ii) to register the transfer of or exchange any Registered Security selected for
redemption in whole or in part, except in the case of any Security to be redeemed in part, the portion thereof not to be redeemed,
or (iii) to exchange any Bearer Security selected for redemption except, to the extent provided with respect to such Bearer
Security, that such Bearer Security may be exchanged for a Registered Security of like tenor and the same series, provided
that such Registered Security shall be immediately surrendered for redemption with written instruction for payment consistent
with the provisions of this Indenture or (iv) to issue, register the transfer of or exchange any Security which, in accordance
with its terms, has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not
to be so repaid.

 

Section 3.06.     Mutilated,
Destroyed, Lost and Stolen Securities. If any mutilated Security or a Security with a mutilated Coupon appertaining
to it is surrendered to the Trustee, subject to the provisions of this Section 3.06, the Company shall execute and the Trustee
shall authenticate and deliver in exchange therefor a new Security of the same series containing identical terms and of like principal
amount and bearing a number not contemporaneously outstanding, with Coupons appertaining thereto corresponding to the Coupons,
if any, appertaining to the surrendered Security.

 

If there be delivered to the Company and
to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or Coupon, and (ii) such
security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence
of notice to the Company or the Trustee that such Security or Coupon has been acquired by a protected purchaser, the Company shall
execute and, upon the Company’s request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen Coupon appertains
with all appurtenant Coupons not destroyed, lost or stolen, a new Security of the same series containing identical terms and of
like principal amount and bearing a number not contemporaneously outstanding, with Coupons appertaining thereto corresponding
to the Coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost
or stolen Coupon appertains.

 

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Notwithstanding the foregoing provisions
of this Section 3.06, in case any mutilated, destroyed, lost or stolen Security or Coupon 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 or Coupon; provided,
however, that payment of principal of, any premium or interest on or any Additional Amounts with respect to any Bearer
Securities shall, except as otherwise provided in Section 10.02, be payable only at an Office or Agency for such Securities
located outside the United States and, unless otherwise provided in or pursuant to this Indenture or the related Series Authorization,
any interest on Bearer Securities and any Additional Amounts with respect to such interest shall be payable only upon presentation
and surrender of the Coupons appertaining thereto.

 

Upon the issuance of any new Security under
this Section 3.06, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee and the fees and
expenses of the Trustee’s counsel) connected therewith.

 

Every new Security, with any Coupons appertaining
thereto issued pursuant to this Section 3.06 in lieu of any destroyed, lost or stolen Security, or in exchange for a Security
to which a destroyed, lost or stolen Coupon appertains shall constitute a separate obligation of the Company, whether or not the
destroyed, lost or stolen Security and Coupons appertaining thereto or the destroyed, lost or stolen Coupon 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 and any Coupons, if any, duly issued hereunder.

 

The provisions of this Section 3.06,
as amended or supplemented pursuant to this Indenture with respect to particular Securities or generally, shall be 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 or Coupons.

 

Section 3.07.     Payment
of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved. Unless
otherwise provided in or pursuant to this Indenture or the related Series Authorization, any interest on and any Additional
Amounts with respect to any Registered Security which shall be payable, and are punctually paid or duly provided for, on any Interest
Payment Date shall be paid to the Person in whose name such Security (or one or more Predecessor Securities) is registered as
of the close of business on the Regular Record Date for such interest.

 

Unless otherwise provided in or pursuant
to this Indenture or the related Series Authorization, any interest on and any Additional Amounts with respect to any Registered
Security which shall be payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such
Registered Security (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder
thereof 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 (a) or (b) below:

 

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(a)            The
Company may elect to make payment of any Defaulted Interest to the Person in whose name such Registered Security (or a Predecessor
Security thereof) shall be registered at the close of business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed by the Company in the following manner. The Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on such Registered Security, the Special Record Date therefor 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 on or
prior to the date of the proposed payment, such money when so deposited to be held in trust in a segregated trust account pursuant
to express written instructions of the Company for the benefit of the Person entitled to such Defaulted Interest as in this Clause
provided. The Special Record Date for the payment of such Defaulted Interest 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 notification to the Trustee of the proposed
payment. The Trustee shall, in the name and at the expense of the Company, cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to the Holder of such Registered Security
(or a Predecessor Security thereof) at his address as it appears in the Security Register not less than 10 days prior to such
Special Record Date. If such Defaulted Interest relates to Securities of a series that are issued as Bearer Securities, the Trustee
shall, in the name and at the expense of the Company cause a similar notice to be published at least once in an Authorized Newspaper
of general circulation in the Borough of Manhattan, The City of New York, but such publication shall not be a condition precedent
to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record
Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose name such Registered
Security (or a Predecessor Security thereof) shall be registered at the close of business on such Special Record Date and shall
no longer be payable pursuant to the following clause (b).

 

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

 

Unless otherwise provided in or pursuant
to this Indenture or the related Series Authorization of any particular series pursuant to the provisions of this Indenture,
at the option of the Company, interest on Registered Securities that bear interest may be paid by mailing a check to the address
of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer to an account maintained
by the payee with a bank located in the United States.

 

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Subject to the foregoing provisions of
this Section and Section 3.05, 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.

 

In the case of any Registered Security
of any series that is convertible into or exchangeable for other securities, which Registered Security is converted or exchanged
after any Regular Record Date and on or prior to the next succeeding Interest Payment Date (other than any Registered Security
with respect to which the Stated Maturity is prior to such Interest Payment Date), interest with respect to which the Stated Maturity
is on such Interest Payment Date shall be payable on such Interest Payment Date notwithstanding such conversion or exchange, and
such interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Registered
Security (or one or more predecessor Registered 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 Registered Security which is
converted or exchanged, interest with respect to which the Stated Maturity is after the date of conversion or exchange of such
Registered Security shall not be payable.

 

Section 3.08.     Persons
Deemed Owners. Prior to due presentment of a Registered 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 Registered Security is registered
in the Security Register as the owner of such Registered Security for the purpose of receiving payment of principal of, any premium
and (subject to Section 3.05 and Section 3.07) interest on and any Additional Amounts with respect to such Registered
Security and for all other purposes whatsoever, whether or not any payment with respect to such Registered Security shall be overdue,
and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

The Company, the Trustee and any agent
of the Company or the Trustee may treat the bearer of any Bearer Security or the bearer of any Coupon as the absolute owner of
such Security or Coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever,
whether or not any payment with respect to such Security or Coupon shall be overdue, and none of the Company, the Trustee or any
agent of the Company or the Trustee shall be affected by notice to the contrary.

 

No Holder of any beneficial interest in
any global Security held on its behalf by a Depository shall have any rights under this Indenture with respect to such global
Security, and such Depository may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner
of such global Security for all purposes whatsoever. None of the Company, the Trustee, any Paying Agent or the Security Registrar
will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial
ownership interests of a global Security or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests.

 

Section 3.09.     Cancellation.
All Securities and Coupons surrendered for payment, redemption, registration of transfer, 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
any such Securities and Coupons, as well as Securities and Coupons surrendered directly to the Trustee for any such purpose, shall
be cancelled promptly by the Trustee. 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 all Securities so delivered
shall be cancelled promptly by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section, except as expressly permitted by or pursuant to this Indenture or the related Series Authorization.
All cancelled Securities and Coupons held by the Trustee shall be disposed of by the Trustee in its customary manner and the Trustee
shall deliver a certificate of such disposition to the Company upon its written request therefor, unless by a Company Order the
Company directs that the cancelled Securities and Coupons be returned to it.

 

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Section 3.10.     Computation
of Interest. Except as otherwise provided in or pursuant to this Indenture or the related Series Authorization,
interest on the Securities shall be computed on the basis of a 360-day year of twelve 30-day months.

 

Section 3.11.     CUSIP
Numbers. The Company in issuing the Securities may use “CUSIP,” “CINS” and “ISIN”
numbers (if then generally in use), and the Trustee shall use CUSIP, CINS or ISIN numbers, as the case may be, in notices of redemption
or exchange as a convenience to Holders and no representation shall be made as to the correctness of such numbers either as printed
on the Securities or as contained in any notice of redemption or exchange. The Company shall promptly notify the Trustee in writing
of any change in CUSIP, CINS or ISIN numbers.

 

ARTICLE 4

Satisfaction and Discharge of Indenture

 

Section 4.01.     Satisfaction
and Discharge. Upon the direction of the Company by a Company Order, this Indenture shall cease to be of further
effect with respect to any series of Securities specified in such Company Order and any Coupons appertaining thereto, and the
Trustee, on receipt of a Company Order, at the expense of the Company, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture as to such series, when

 

(a)            either

 

(i)        all
Securities of such series theretofore authenticated and delivered and all Coupons appertaining thereto (other than (A) Coupons
appertaining to Bearer Securities of such series surrendered in exchange for Registered Securities of such series and maturing
after such exchange whose surrender is not required or has been waived as provided in Section 3.05, (B) Securities and
Coupons of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06,
(C) Coupons appertaining to Securities of such series called for redemption and maturing after the relevant Redemption Date
whose surrender has been waived as provided in Section 11.07, and (D) Securities and Coupons of such series 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 10.03) have been delivered to the Trustee for cancellation;
or

 

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(ii)             all
Securities of such series and, in the case of (A) or (B) below, any Coupons appertaining thereto not theretofore delivered
to the Trustee for cancellation

 

(A)            have
become due and payable,

 

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

 

(C)            if
redeemable at the option of the Company or pursuant to the operation of a sinking fund, are to be called for redemption within
one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Company,

 

and the Company, in the case of (A), (B) or (C) above,
has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, money in the Currency in which
such Securities are payable in an amount sufficient to pay and discharge the entire indebtedness on such Securities and any Coupons
appertaining thereto not theretofore delivered to the Trustee for cancellation, including the principal of, any premium and interest
on, and any Additional Amounts with respect to such Securities and any Coupons appertaining thereto (based upon applicable law
as in effect on the date of such deposit), to the date of such deposit (in the case of Securities which have become due and payable)
or to the Maturity thereof, as the case may be;

 

(b)            the
Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Outstanding Securities
of such series and any Coupons appertaining thereto; and

 

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

 

In the event there are Securities of two
or more series hereunder, the Trustee shall be required to execute an instrument acknowledging satisfaction and discharge of this
Indenture only if requested to do so with respect to Securities of such series as to which it is Trustee and if the other conditions
thereto are met.

 

Notwithstanding the satisfaction and discharge
of this Indenture with respect to any series of Securities, the obligations of the Company to the Trustee under Section 6.06
and, if money shall have been deposited with the Trustee pursuant to subclause (ii) of clause (a) of this Section, the
obligations of the Company and the Trustee with respect to the Securities of such series under Sections 3.05, 3.06, 4.03,
10.02 and 10.03, with respect to the payment of Additional Amounts, if any, with respect to such Securities as contemplated by
the terms of such Securities (but only to the extent that the Additional Amounts payable with respect to such Securities exceed
the amount deposited in respect of such Additional Amounts pursuant to Section 4.01(a)(ii)), and with respect to any rights
to convert or exchange such Securities into Common Stock of the Company or other securities shall survive such satisfaction and
discharge.

 

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Section 4.02.     Defeasance
and Covenant Defeasance. (a) Unless pursuant to Section 3.01, either or both of (i) defeasance
of the Securities of or within a series under clause (b) of this Section 4.02 shall not be applicable with respect to
the Securities of such series or (ii) covenant defeasance of the Securities of or within a series under clause (c) of
this Section 4.02 shall not be applicable with respect to the Securities of such series, then such provisions, together with
the other provisions of this Section 4.02 (with such modifications thereto as may be specified pursuant to Section 3.01
with respect to any Securities), shall be applicable to such Securities and any Coupons appertaining thereto, and the Company
may at its option by Board Resolution, at any time, with respect to such Securities and any Coupons appertaining thereto, elect
to have Section 4.02(b) or Section 4.02(c) be applied to such Outstanding Securities and any Coupons appertaining
thereto upon compliance with the conditions set forth below in this Section 4.02.

 

(b)            Upon
the Company’s exercise of the above option applicable to this Section 4.02(b) with respect to any Securities of
or within a series, the Company and the Guarantor shall be deemed to have been discharged from its obligations with respect to
such Outstanding Securities and any Coupons appertaining thereto and under the Guarantee in respect thereof, respectively, on
the date the conditions set forth in clause (d) of this Section 4.02 are satisfied (hereinafter, “defeasance”).
For this purpose, such defeasance means that the Company or the Guarantor shall be deemed to have paid and discharged the entire
Indebtedness represented by such Outstanding Securities and any Coupons appertaining thereto, and under the Guarantee in respect
thereof, which shall thereafter be deemed to be “Outstanding” only for the purposes of clause (e) of this
Section 4.02 and the other Sections of this Indenture referred to in clauses (i) and (ii) below, and to have satisfied
all of its other obligations under such Securities and any Coupons appertaining thereto, and under the Guarantee in respect thereof,
and this Indenture insofar as such Securities and any Coupons appertaining thereto, and the Guarantee in respect thereof, are
concerned (and the Trustee, at the expense of the Company and the Guarantor, shall execute proper instruments provided to it acknowledging
the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights
of Holders of such Outstanding Securities and any Coupons appertaining thereto to receive, solely from the trust fund described
in clause (d) of this Section 4.02 and as more fully set forth in such clause, payments in respect of the principal
of (and premium, if any) and interest, if any, on, and Additional Amounts, if any, with respect to, such Securities and any Coupons
appertaining thereto when such payments are due, and any rights of such Holder to convert such Securities into Common Stock of
the Company or exchange such Securities for securities of the Guarantor or another issuer, (ii) the obligations of the Company,
the Guarantor and the Trustee with respect to such Securities under Sections 3.05, 3.06, 10.02 and 10.03 and with respect to the
payment of Additional Amounts, if any, on such Securities as contemplated by the terms of such Securities (but only to the extent
that the Additional Amounts payable with respect to such Securities exceed the amount deposited in respect of such Additional
Amounts pursuant to Section 4.02(d)(i) below), and with respect to any rights to convert such Securities into Common
Stock of the Company or exchange such Securities for securities of the Guarantor or another issuer, (iii) the rights, powers,
trusts, duties and immunities of the Trustee hereunder including, without limitation, the compensation, reimbursement and indemnities
provided in Section 6.06 herein and (iv) this Section 4.02. The Company may exercise its option under this Section 4.02(b) notwithstanding
the prior exercise of its option under clause (c) of this Section 4.02 with respect to such Securities and any Coupons
appertaining thereto.

 

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(c)            Upon
the Company’s exercise of the option to have this Section 4.02(c) apply with respect to any Securities of or within
a series, the Company and the Guarantor shall be released from their obligations under any covenant applicable to such Securities
specified pursuant to Section 3.01(t), including any obligation to redeem or repurchase such securities at the option of
the Holder thereof, with respect to such Outstanding Securities and any Coupons appertaining thereto, and the Guarantee in respect
thereof, on and after the date the conditions set forth in clause (d) of this Section 4.02 are satisfied (hereinafter,
 “covenant defeasance”), and such Securities and any Coupons appertaining thereto shall thereafter be deemed
to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders
(and the consequences of any thereof) in connection with any such covenant, but shall continue to be deemed “Outstanding”
for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities
and any Coupons appertaining thereto, the Company and the Guarantor may omit to comply with, and shall have no liability in respect
of, any term, condition or limitation set forth in any such Section or such other covenant or obligation, whether directly
or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or obligation or by
reason of reference in any such Section or such other covenant or obligation to any other provision herein or in any other
document and such omission to comply shall not constitute a default or an Event of Default under Section 5.01 but, except
as specified above, the remainder of this Indenture and such Securities and Coupons appertaining thereto and the Guarantee in
respect thereof shall be unaffected thereby.

 

(d)            The
following shall be the conditions to application of clause (b) or (c) of this Section 4.02 to any Outstanding Securities
of or within a series and any Coupons appertaining thereto and the Guarantee in respect thereof:

 

(i)              The
Company or the Guarantor shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying
the requirements of Section 6.07 who shall agree to comply with the provisions of this Section 4.02 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 benefit of the Holders of such Securities and any Coupons appertaining thereto, (A) an amount in Dollars or
in such Foreign Currency in which such Securities and any Coupons appertaining thereto are then specified as payable at Stated
Maturity, or (B) Government Obligations applicable to such Securities and Coupons appertaining thereto (determined on the
basis of the Currency in which such Securities and Coupons appertaining thereto are then specified as payable at Stated Maturity)
which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide,
not later than one day before the due date of any payment with respect to such Securities and any Coupons appertaining thereto,
money in an amount, or (C) a combination thereof, in any case, in an amount, sufficient, without consideration of any reinvestment
of such principal and interest, 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
other qualifying trustee) to pay and discharge, (y) the principal of (and premium, if any) and interest, if any, on, and
any Additional Amounts with respect to such Securities and Coupons appertaining thereto (based upon applicable law as in effect
on the date of such deposit), such Outstanding Securities and any Coupons appertaining thereto at the Stated Maturity or Redemption
Date of such principal or installment of principal or premium or interest and (z) any mandatory sinking fund payments or
analogous payments applicable to such Outstanding Securities and any Coupons appertaining thereto on the days on which such payments
are due and payable in accordance with the terms of this Indenture and of such Securities and any Coupons appertaining thereto
and, if applicable, shall have made irrevocable arrangements satisfactory to the Trustee for the redemption of any Securities
to be redeemed at the option of the Company in connection with such deposit.

 

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(ii)              No
Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to such Securities
and any Coupons appertaining thereto shall have occurred and be continuing on the date of such deposit (after giving effect thereto)
and, with respect to defeasance only, no event described in Section 5.01(f) or Section 5.01(g) at any time
during the period ending on the 91st day after the date of such deposit (it being understood that this condition shall
not be deemed satisfied until the expiration of such period).

 

(iii)            Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement
or instrument (other than this Indenture) to which the Company is a party or by which it is bound.

 

(iv)            In
the case of an election under clause (b) of this Section 4.02 with respect to Registered Securities and any Bearer Securities
for which the Place of Payment is within the United States, the Company or the Guarantor shall have delivered to the Trustee an
Opinion of Counsel stating that (A) the Company or the Guarantor has received from the Internal Revenue Service a letter
ruling, or there has been published by the Internal Revenue Service a Revenue Ruling, or (B) since the date of execution
of this Indenture, there has been a change in the applicable United States Federal income tax law, in either case to the effect
that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities and any Coupons appertaining
thereto will not recognize income, gain or loss for United States Federal income tax purposes as a result of such defeasance and
will be subject to United States Federal income tax on the same amounts, in the same manner and at the same times as would have
been the case if such defeasance had not occurred.

 

(v)             In
the case of an election under clause (c) of this Section 4.02 with respect to Registered Securities and any Bearer Securities
for which the Place of Payment is within the United States, the Company or the Guarantor shall have delivered to the Trustee an
Opinion of Counsel to the effect that the Holders of such Outstanding Securities and any Coupons appertaining thereto will not
recognize income, gain or loss for United States Federal income tax purposes as a result of such covenant defeasance and will
be subject to United States Federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such covenant defeasance had not occurred.

 

(vi)            With
respect to defeasance only, the Company or the Guarantor shall have delivered to the Trustee an Opinion of Counsel to the effect
that, after the 91st day after the date of deposit, all money and Government Obligations (or other property as may
be provided pursuant to Section 3.01) (including the proceeds thereof) deposited or caused to be deposited with the Trustee
(or other qualifying trustee) pursuant to this clause (d) to be held in trust will not be subject to recapture or avoidance
as a preference in any case or proceeding (whether voluntary or involuntary) in respect of the Company or the Guarantor under
any Federal or State bankruptcy, insolvency, reorganization or other similar law, or any decree or order for relief in respect
of the Company or the Guarantor issued in connection therewith (for which purpose such Opinion of Counsel may assume that no Holder
is an “insider”).

 

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(vii)           With
respect to defeasance only, the Company and the Guarantor shall have delivered to the Trustee an Officers’ Certificate and
a Guarantor’s Officer’s Certificate as to solvency and the absence of any intent of preferring the Holders over any
other creditors of the Company.

 

(viii)          The
Company and the Guarantor shall have delivered to the Trustee an Officers’ Certificate and a Guarantor’s Officer’s
Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance or covenant defeasance under
clause (b) or (c) of this Section 4.02 (as the case may be) have been complied with.

 

(ix)             Notwithstanding
any other provisions of this Section 4.02(d), such defeasance or covenant defeasance shall be effected in compliance with
any additional or substitute terms, conditions or limitations which may be imposed on the Company or the Guarantor in connection
therewith pursuant to Section 3.01.

 

(e)            Unless
otherwise specified in or pursuant to this Indenture or any Series Authorization, if, after a deposit referred to in Section 4.02(d)(i) has
been made, (i) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant
to Section 3.01 or the terms of such Security to receive payment in a Currency other than that in which the deposit pursuant
to Section 4.02(d)(i) has been made in respect of such Security, or (ii) a Conversion Event occurs in respect of
the Foreign Currency in which the deposit pursuant to Section 4.02(d)(i) has been made, the indebtedness represented
by such Security and any Coupons appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied
through the payment of the principal of (and premium, if any), and interest, if any, on, and Additional Amounts, if any, with
respect to, such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below
in the case of any such election) the amount or other property deposited in respect of such Security into the Currency in which
such Security becomes payable as a result of such election or Conversion Event based on (x) in the case of payments made
pursuant to clause (i) above, the applicable market exchange rate for such Currency in effect on the second Local Business
Day prior to each payment date, or (y) with respect to a Conversion Event, the applicable market exchange rate for such Foreign
Currency in effect (as nearly as feasible) at the time of the Conversion Event. “Local Business Day” means
a day on which commercial banks are open for business (including dealings in foreign exchange) in the principal financial center
of the Currency of such payment.

 

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The Company and the Guarantor (without
duplication) shall pay and indemnify the Trustee (or other qualifying trustee, collectively for purposes of this Section 4.02(e) and
Section 4.03, the “Trustee”) against any tax, fee or other charge, imposed on or assessed against the
Government Obligations deposited pursuant to this Section 4.02 or the principal or 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 such Outstanding Securities and any Coupons
appertaining thereto.

 

Anything in this Section 4.02 to the
contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request, or the Guarantor
upon Guarantor Request, as the case may be, any money or Government Obligations (or other property and any proceeds therefrom)
held by it as provided in clause (d) of this Section 4.02 which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof
which would then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in accordance with
this Section 4.02.

 

Section 4.03.     Application
of Trust Money. Subject to the provisions of the last paragraph of Section 10.03, all money and Government Obligations
(or other property as may be provided pursuant to Section 3.01) (including the proceeds thereof) deposited with the Trustee
pursuant to Section 4.01 or Section 4.02 in respect of any Outstanding Securities of any series and any Coupons appertaining
thereto shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and any Coupons
appertaining thereto 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 Holders of such Securities and any Coupons appertaining thereto
of all sums due and to become due thereon in respect of principal (and premium, if any) and interest and Additional Amounts, if
any; but such money and Government Obligations need not be segregated from other funds except to the extent required by law.

 

Section 4.04.     Reinstatement.
If the Trustee or Paying Agent is unable to apply any money or Government Obligations in accordance with Section 4.03
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities of the applicable
series shall be revived and reinstated as though no deposit had occurred pursuant to Section 4.01 or 4.02, as the case may
be, until such time as the Trustee or Paying Agent is permitted to apply all such money or Government Obligations in accordance
with Section 4.03; provided, that, if the Company has made any payment of principal of or interest on the Securities
of any series because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of
such Securities to receive such payment from the money or Government Obligations held by the Trustee or Paying Agent.

 

ARTICLE 5

Remedies

 

Section 5.01.     Events
of Default. “Event of Default,” wherever used herein with respect to Securities of any series, means
any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary
or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body), unless such event is specifically deleted or modified in or pursuant to the related
Series Authorization:

 

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(a)            default
in the payment of any interest on any Security of such series, or any Additional Amounts payable with respect thereto, when such
interest becomes or such Additional Amounts become due and payable, and continuance of such default for a period of 30 days; or

 

(b)            default
in the payment of the principal of or any premium on any Security of such series, or any Additional Amounts payable with respect
thereto, when such principal or premium becomes or such Additional Amounts become due and payable either at their Maturity, upon
any redemption, by declaration of acceleration or otherwise; or

 

(c)            default
in the performance, or breach, of any covenant or warranty of the Company or the Guarantor in this Indenture or the Securities
(other than a covenant or warranty a default in the performance or the breach of which is elsewhere in this Section specifically
dealt with or which has been expressly included in this Indenture solely for the benefit of a series of Securities other than
such series), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified
mail, (i) to the Company or the Guarantor, as the case may be, by the Trustee or (ii) to the Company and the Trustee,
or the Guarantor and the Trustee, as the case may be, by the Holders of at least 25% in principal amount of the Outstanding Securities
of such series, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice
is a “Notice of Default” hereunder; or

 

(d)            if
any event of default as defined in any mortgage, indenture or instrument under which there may be issued, or by which there may
be secured or evidenced, any Indebtedness of the Company or the Guarantor for borrowed money (other than Indebtedness which is
non-recourse to the Company or the Guarantor, as the case may be) shall happen and shall consist of default in the payment of
more than $100,000,000 in principal amount of such Indebtedness when due (after giving effect to any applicable grace period)
or shall result in such Indebtedness in principal amount in excess of $100,000,000 becoming or being declared due and payable
prior to the date on which it would otherwise become due and payable, and such default shall not be cured or waived or such acceleration
shall not be rescinded or annulled within a period of 30 days after there shall have been given, by registered or certified mail,
(i) to the Company or the Guarantor, as the case may be, by the Trustee or (ii) to the Company and the Trustee, or the
Guarantor and the Trustee, as the case may be, by the Holders of at least 25% in principal amount of the Outstanding Securities
of such series, a written notice specifying such event of default and requiring the Company or the Guarantor, as the case may
be, to cause such default to be cured or waived or to cause such acceleration to be rescinded or annulled or to cause such Indebtedness
to be discharged and stating that such notice is a “Notice of Default” hereunder; or

 

(e)            the
Company or the Guarantor shall fail within 60 days to pay, bond or otherwise discharge any uninsured judgment or court order for
the payment of money in excess of $100,000,000, which is not stayed on appeal or is not otherwise being appropriately contested
in good faith; or

 

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(f)             the
entry by a court having competent jurisdiction of:

 

(i)              a
decree or order for relief in respect of the Company or the Guarantor in an involuntary proceeding under any applicable bankruptcy,
insolvency, reorganization (other than a reorganization under a foreign law that does not relate to insolvency) or other similar
law and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or

 

(ii)             a
decree or order adjudging the Company or the Guarantor to be insolvent, or approving a petition seeking reorganization (other
than a reorganization under a foreign law that does not relate to insolvency), arrangement, adjustment or composition of the Company
or the Guarantor and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or

 

(iii)            a
final and non-appealable order appointing a custodian, receiver, liquidator, assignee, trustee or other similar official of the
Company or the Guarantor or of any substantial part of the property of the Company or the Guarantor, or ordering the winding up
or liquidation of the affairs of the Company or the Guarantor; or

 

(g)           the
commencement by the Company or the Guarantor of a voluntary proceeding under any applicable bankruptcy, insolvency, reorganization
(other than a reorganization under a foreign law that does not relate to insolvency) or other similar law or of a voluntary proceeding
seeking to be adjudicated insolvent or the consent by the Company or the Guarantor to the entry of a decree or order for relief
in an involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement
of any insolvency proceedings against it, or the filing by the Company or the Guarantor of a petition or answer or consent seeking
reorganization, arrangement, adjustment or composition of the Company or the Guarantor or relief under any applicable law, or
the consent by the Company or the Guarantor to the filing of such petition or to the appointment of or taking possession by a
custodian, receiver, liquidator, assignee, trustee or similar official of the Company or the Guarantor or any substantial part
of the property of the Company or the Guarantor or the making by the Company or the Guarantor of an assignment for the benefit
of creditors, or the taking of corporate action by the Company or the Guarantor in furtherance of any such action; or

 

(h)           other
than as expressly permitted in this Indenture, the Guarantee ceases to be in full force and effect with respect to any Securities
of such series or is declared to be null and void and unenforceable; or

 

(i)            any
other or substitute Event of Default provided in or pursuant to this Indenture or the related Series Authorization with respect
to Securities of such series.

 

Section 5.02.     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 clause (f) or (g) of Section 5.01) occurs and is
continuing, then the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of such series
may declare the principal of all the Securities of such series, to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by the Holders), and upon any such declaration such principal shall become immediately due
and payable.

 

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If an Event of Default specified in clause
(f) or (g) of Section 5.01 occurs, all unpaid principal of and accrued interest on the Outstanding Securities of
that series shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the
Trustee or any Holder of any Security of that series.

 

At any time after 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 provided, the Holders of not less than a majority in principal amount
of the Outstanding Securities of such series, by written notice to the Company or the Guarantor, as the case may be, and the Trustee,
may rescind and annul such declaration and its consequences if

 

(a)            the
Company or the Guarantor has paid or deposited with the Trustee a sum of money sufficient to pay

 

(i)              all
overdue installments of any interest on and Additional Amounts with respect to all Securities of such series and any Coupon appertaining
thereto,

 

(ii)             the
principal of and any premium on any Securities of such series which have become due otherwise than by such declaration of acceleration
and interest thereon and any Additional Amounts with respect thereto at the rate or rates borne by or provided for in such Securities,

 

(iii)            to
the extent that payment of such interest or Additional Amounts is lawful, interest upon overdue installments of any interest and
Additional Amounts at the rate or rates borne by or provided for in such Securities, and

 

(iv)            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 all other amounts due the Trustee under Section 6.06; and

 

(b)           all
Events of Default with respect to Securities of such series, other than the non-payment of the principal of, any premium and interest
on, and any Additional Amounts with respect to Securities of such series which shall have become due solely by such declaration
of acceleration, shall have been cured or waived as provided in Section 5.13.

 

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

 

Section 5.03.     Collection
of Indebtedness and Suits for Enforcement by Trustee. The Company covenants that if

 

(a)            default
is made in the payment of any installment of interest on or any Additional Amounts with respect to any Security or any Coupon
appertaining thereto when such interest or Additional Amounts shall have become due and payable and such default continues for
a period of 30 days, or

 

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(b)           default
is made in the payment of the principal of or any premium on any Security or any Additional Amounts with respect thereto at their
Maturity, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities
and any Coupons appertaining thereto, the whole amount of money then due and payable with respect to such Securities and any Coupons
appertaining thereto, with interest upon the overdue principal, any premium and, to the extent that payment of such interest shall
be legally enforceable, upon any overdue installments of interest and Additional Amounts at the rate or rates borne by or provided
for in such Securities, and, in addition thereto, such further amount of money as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel
and all other amounts due to the Trustee under Section 6.06.

 

If the Company fails to pay the money it
is required to pay the Trustee pursuant to the preceding paragraph forthwith upon the demand of the Trustee, the Trustee, in its
own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the money so due and unpaid,
and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company and/or the Guarantor
or any other obligor upon such Securities and any Coupons appertaining thereto and collect the monies adjudged or decreed to be
payable in the manner provided by law out of the property of the Company and/or the Guarantor or any other obligor upon such Securities
and any Coupons appertaining thereto, wherever situated.

 

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 and any Coupons appertaining thereto by such appropriate judicial proceedings
as the Trustee shall deem necessary or advisable to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Indenture or such Securities or in aid of the exercise of any power granted herein or therein,
or to enforce any other proper remedy.

 

Section 5.04.     Trustee
May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to the Company and/or the Guarantor or any other obligor
upon the Securities of any series or the property of the Company and/or the Guarantor or such other obligor or their creditors,
the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company and/or the Guarantor
for the payment of any overdue principal, premium, interest or Additional Amounts) shall be entitled and empowered, to the extent
permitted by applicable law by intervention in such proceeding or otherwise,

 

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

 

    44

     

    

 

(b)            to
collect and receive any monies 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 of Securities or any
Coupons 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 of Securities or any Coupons, to pay to the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 6.06.

 

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

 

Section 5.05.     Trustee
May Enforce Claims Without Possession of Securities or Coupons. All rights of action and claims under this Indenture
or any of the Securities or Coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities
or Coupons 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 or judgment, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, shall be for the ratable
benefit of each and every Holder of the Securities or Coupons in respect of which such judgment has been recovered.

 

Section 5.06.     Application
of Money Collected. Any money collected by the Trustee pursuant to this Article shall, subject to Article 16,
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 any premium, interest or Additional Amounts, upon presentation of the Securities or Coupons, or both,
as the case may be, 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 (including its agents and counsel) and any predecessor Trustee, in each case under Section 6.06;

 

Second: To the payment
of the amounts then due and unpaid upon the Securities and any Coupons for principal and any premium, interest and Additional
Amounts 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 aggregate amounts due and payable on such Securities and Coupons for principal and any premium,
interest and Additional Amounts, respectively;

 

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Third: The balance, if
any, to the Company or its successors as evidenced by an Officers’ Certificate or as a court of competent jurisdiction may
direct.

 

Section 5.07.     Limitations
on Suits. No Holder of any Security of any series or any Coupons appertaining thereto shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless

 

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

 

(b)            the
Holders of not less than 25% in 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;

 

(c)            such
Holder or Holders have offered to the Trustee such indemnity as is satisfactory to it in its reasonable judgment against the costs,
expenses and liabilities to be incurred in compliance with such request;

 

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

 

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

 

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

 

Section 5.08.     Unconditional
Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts. Notwithstanding any other
provision in this Indenture, the Holder of any Security or Coupon shall have the right, which is absolute and unconditional, to
receive payment of the principal of, any premium and (subject to Section 3.05 and Section 3.07) interest on, and any
Additional Amounts with respect to such Security or payment of such Coupon, as the case may be, on the respective Stated Maturity
or Maturities therefor specified in such Security or Coupon (or, in the case of redemption, on the Redemption Date or, in the
case of repayment at the option of such Holder if provided with respect to such Security, on the date such repayment is due) and
to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

 

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Section 5.09.     Restoration
of Rights and Remedies. If the Trustee or any Holder of a Security or a Coupon 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 the Company, the Guarantor, the Trustee
and each such Holder shall, subject to any determination in such proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Trustee and each such Holder shall continue as though no such
proceeding had been instituted.

 

Section 5.10.     Rights
and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities or Coupons in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved
to the Trustee or to each and every Holder of a Security or a Coupon is intended to be exclusive of any other right or remedy,
and every right and remedy, to the extent permitted by law, shall be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other
appropriate right or remedy.

 

Section 5.11.     Delay
or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Security or Coupon to exercise
any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to
any Holder of a Security or a Coupon may be exercised from time to time, and as often as may be deemed expedient, by the Trustee
or by such Holder, as the case may be.

 

Section 5.12.     Control
by Holders of Securities. The Holders of a majority in principal amount of the Outstanding Securities of any series
shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee
or exercising any trust or power conferred on the Trustee with respect to the Securities of such series and any Coupons appertaining
thereto, provided that

 

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

 

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

 

(c)           such
direction is not unduly prejudicial to the rights of the other Holders of Securities of such series not joining in such action.

 

Section 5.13.     Waiver
of Past Defaults. Subject to Section 5.02, the Holders of not less than a majority in principal amount
of the Outstanding Securities of any series on behalf of the Holders of all the Securities of such series and any Coupons appertaining
thereto may waive any past default hereunder with respect to such series and its consequences, except a default

 

(a)           in
the payment of the principal of, any premium or interest on, or any Additional Amounts with respect to, any Security of such series
or any Coupons appertaining thereto, or

 

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(b)            in
respect of a covenant or provision hereof which under Article 9 cannot be modified or amended without the consent of the
Holder of each Outstanding Security of such series affected.

 

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

 

Section 5.14.     Waiver
of Usury, Stay or Extension Laws. The Company covenants that (to the extent that it may lawfully do so) 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 expressly waives (to the extent that it may lawfully do so) 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 5.15.     Undertaking
for Costs. All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall
be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party
litigant in such suit of any undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall
not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate
more than 10% in principal amount of Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of (or premium, if any) or interest, if any, on or Additional Amounts, if any, with respect to
any Security on or after the respective Stated Maturities expressed in such Security (or, in the case of redemption, on or after
the Redemption Date, and, in the case of repayment or repurchase, on or after the date for repayment or repurchase) or for the
enforcement of the right, if any, to convert or exchange any Security into Common Stock or other securities in accordance with
its terms.

 

ARTICLE 6

The Trustee

 

Section 6.01.     Certain
Rights of Trustee. Subject to Sections 315(a) through 315(d) of the Trust Indenture Act:

 

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

 

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(b)            any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or a Company Order (in
each case, other than delivery of any Security, together with any Coupons appertaining thereto, to the Trustee for authentication
and delivery pursuant to Section 3.03 which shall be sufficiently evidenced as provided therein) and any resolution of the
Board of Directors may be sufficiently evidenced by a Board Resolution;

 

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

 

(d)            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;

 

(e)            the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by or pursuant to this Indenture or
the related Series Authorization at the request or direction of any of the Holders of Securities of any series or any Coupons
appertaining thereto pursuant to this Indenture, unless such Holders shall have offered to the Trustee such security or indemnity
as is satisfactory to it in its reasonable judgment against the costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction;

 

(f)             the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, coupon or other paper or document, but
the Trustee, in its discretion, may but shall not be obligated to 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, during business hours and upon reasonable notice, the books, records and premises of the Company, personally or by
agent or attorney;

 

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

 

(h)             the
Trustee shall not be liable for any action taken or omitted to be taken or error of judgment made in good faith by a Responsible
Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent or engaged in willful
misconduct;

 

(i)              the
Trustee shall not be liable (including, without limitation, for consequential loss or damages) with respect to any action taken,
suffered or omitted to be taken by it in good faith in accordance with an Act of the Holders hereunder, and, to the extent not
so provided herein, with respect to any act requiring the Trustee to exercise its own discretion, 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 or any Securities, unless it shall be proved that, in connection with any such action taken,
suffered or omitted or any such act, the Trustee was negligent, acted in bad faith or engaged in willful misconduct;

 

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(j)             the
Trustee is not responsible to see that the Company or any other Person is maintaining any insurance required by the Indenture;

 

(k)            the
Trustee shall not be responsible for the recording, rerecording, filing of UCC Statements or UCC Continuation Statements;

 

(l)             in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee which conform to the requirements
of the Indenture;

 

(m)           except
during the continuance of an Event of Default, the Trustee undertakes to perform such duties and only such duties as are specifically
set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee;

 

(n)            except
as expressly required by the terms of this Indenture, none of the provisions of this Indenture shall require the Trustee to expend
or risk its own funds or otherwise incur any liability, financial or otherwise, 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 indemnity satisfactory to it against such risk or liability is not assured to it;

 

(o)            in
case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it
by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under
the circumstances in the conduct of his own affairs;

 

(p)            the
Trustee shall not be charged with knowledge of any default or Event of Default (except in the case of a default in the payment
of principal of or interest on any Security) with respect to the Securities of any series unless written notice of such default
or Event of Default shall have been given to the Trustee by the Company or any Holder of the Securities of any series and such
notice references this Indenture;

 

(q)            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;

 

(r)             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

 

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

 

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Section 6.02.     Notice
of Defaults. Within 90 days after the occurrence of any default hereunder with respect to the Securities of
any series (of which the Trustee has received notice in accordance with Section 6.01(p)), the Trustee shall transmit to all
Holders of Securities of such series entitled to receive reports pursuant to Section 7.03(c), notice of such default hereunder,
unless such default shall have been cured or waived; provided, however, that, except in the case of a default in
the payment of the principal of (or premium, if any), or interest, if any, on, or Additional Amounts or any sinking fund or purchase
fund installment with respect to, any Security of such series, the Trustee shall be protected in withholding such notice if and
so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the
Trustee in good faith determine that the withholding of such notice is in the best interest of the Holders of Securities and Coupons
of such series; and provided, further, that in the case of any default of the character specified in Section 5.01(d) 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 6.03.     Not
Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Securities, except
the Trustee’s certificate of authentication, and in any Coupons shall be taken as the statements of the Company and neither
the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities or the Coupons. Neither the Trustee nor any Authenticating
Agent shall be accountable for the use or application by the Company of the Securities or the proceeds thereof.

 

Section 6.04.     May Hold
Securities. The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other Person
that may be an agent of the Trustee or the Company, in its individual or any other capacity, may become the owner or pledgee of
Securities or Coupons and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the Company
with the same rights it would have if it were not the Trustee, Authenticating Agent, Paying Agent, Security Registrar or such
other Person.

 

Section 6.05.     Money
Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to
the extent required by law and shall be held uninvested. The Trustee shall be under no liability for interest on any money received
by it hereunder except as otherwise agreed to in writing with the Company.

 

Section 6.06.     Compensation,
Reimbursement and Indemnification. The Company agrees:

 

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

 

(b)            except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all expenses, disbursements and advances
reasonably incurred or made by the Trustee in accordance with any provision of this Indenture or arising out of or in connection
with the acceptance or administration of the trust or trusts hereunder (including the reasonable compensation and the expenses
and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall have been caused by the
Trustee’s negligence, bad faith or willful misconduct; and

 

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(c)            to
indemnify the Trustee and its agents, officers, directors and employees for, and to hold them harmless against, any loss, claim,
damage, liability or expense incurred, arising out of or in connection with the acceptance or administration of the trust or trusts
hereunder, including the costs and expenses of defending themselves against any claim or liability in connection with the exercise
or performance of any of their powers or duties hereunder, except to the extent that any such loss, claim, damage, liability or
expense shall be determined to have been caused by the Trustee’s negligence, bad faith or willful misconduct.

 

As security for the performance of the
obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities of any series upon all property
and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, and premium or
interest on or any Additional Amounts with respect to Securities or any Coupons appertaining thereto.

 

To the extent permitted by law, any compensation
or expense incurred by the Trustee (including the fees and expenses of its counsel) after a default specified in or pursuant to
Section 5.01 is intended to constitute an expense of administration under any then applicable bankruptcy or insolvency law.
 “Trustee” for purposes of this Section 6.06 shall include any predecessor Trustee but the negligence or
bad faith of any Trustee shall not affect the rights of any other Trustee under this Section 6.06.

 

The provisions of this Section 6.06
shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee and shall
apply with equal force and effect to the Trustee in its capacity as Authenticating Agent, Paying Agent or Security Registrar.

 

Section 6.07.     Corporate
Trustee Required; Eligibility. There shall at all times be a Trustee hereunder that is a Corporation organized
and doing business under the laws of the United States of America, any state thereof or the District of Columbia, that is eligible
under Section 310(a)(1) of the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture
Act and that has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture
Act) of at least $50,000,000, and that is subject to supervision or examination by Federal or state authority. If at any time
the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner
and with the effect hereinafter specified in this Article.

 

Section 6.08.     Resignation
and Removal; Appointment of Successor. (a) No resignation or removal of the Trustee and no appointment of a successor
Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee pursuant
to Section 6.09.

 

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(b)          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.
Upon receiving such notice of resignation, the Company shall promptly appoint a successor Trustee or Trustees with respect to
the applicable series by written instrument in duplicate, executed by authority of the Board of Directors, one copy of which instrument
shall be delivered to the resigning Trustee and one copy to the successor Trustee or Trustees. If the instrument of acceptance
by a successor Trustee required by Section 6.09 shall not have been delivered to the Trustee within 90 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 such series.

 

(c)          The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to the Trustee and the Company. If the instrument of acceptance
by a successor Trustee required by Section 6.09 shall not have been delivered to the Trustee within 90 days after the giving
of such notice of removal, the removed Trustee may petition at the expense of the Company any court of competent jurisdiction
for the appointment of a successor Trustee with respect to such series.

 

(d)          If
at any time:

 

(i)        the
Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act with
respect to Securities of any series after written request therefor by the Company or any Holder of a Security of such series who
has been a bona fide Holder of a Security of such series for at least six months, or

 

(ii)       the
Trustee shall cease to be eligible under Section 6.07 and shall fail to resign after written request therefor by the Company
or any such Holder, or

 

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

 

then, in any such case, (A) the Company, by or pursuant
to a Board Resolution, may remove the Trustee with respect to all Securities or the Securities of such series, or (B) subject
to Section 315(e) of the Trust Indenture Act, any Holder of a Security who has been a bona fide Holder of a Security
of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities of such series and the appointment of a successor Trustee
or Trustees.

 

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(e)            If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly
appoint a successor Trustee or Trustees with respect to the Securities of such 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 6.09. If, within one year after such resignation, removal or incapacity, 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 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 6.09,
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 of Securities and accepted appointment in the manner required by Section 6.09, any Holder of a
Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect
to the Securities of such series.

 

(f)            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 by mailing written notice of such event by
first-class mail, postage prepaid, to the Holders of Registered Securities, if any, of such series as their names and addresses
appear in the Security Register and, if Securities of such series are issued as Bearer Securities, by publishing notice of such
event once in an Authorized Newspaper in each Place of Payment located outside the United States. 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.

 

(g)            In
no event shall any retiring Trustee be liable for the acts or omissions of any successor Trustee hereunder.

 

Section 6.09.     Acceptance
of Appointment by Successor. (a) Upon the appointment hereunder of any successor Trustee with respect to all Securities,
such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties hereunder
of the retiring Trustee; but, on the written request of the Company or such successor Trustee, such retiring Trustee, upon payment
of its charges, shall execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts
of the retiring Trustee and, subject to Section 10.03, shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 6.06.

 

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(b)            Upon
the appointment hereunder of any successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and such successor Trustee shall execute and deliver an indenture supplemental hereto wherein each successor
Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer
and confirm to, and to vest in, such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (ii) 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
(iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or
trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee
shall be responsible for any notice given to, or received by, or any act or failure to act on the part of any other Trustee hereunder,
and, upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein, such retiring Trustee shall have no further responsibility for the exercise of
rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture with respect
to the Securities of that or those series to which the appointment of such successor Trustee relates other than as hereinafter
expressly set forth, 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 with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates; but, on written request of the Company or such successor Trustee, such retiring
Trustee, upon payment of its charges with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates and subject to Section 10.03 shall duly assign, transfer and deliver to such successor Trustee, to the extent
contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the
Securities of that or those series to which the appointment of such successor Trustee relates, subject to its claim, if any, provided
for in Section 6.06.

 

(c)            Upon
request of any Person appointed hereunder as a successor Trustee, the Company shall execute any and all instruments for more fully
and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph
(a) or (b) of this Section, as the case may be.

 

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

 

Section 6.10.     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 of the corporate agency or corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, without the execution or filing of any paper or any further act
on the part of any of the parties hereto. In case any Securities shall have been authenticated but not delivered by the Trustee
then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication
and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

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Section 6.11.     Appointment
of Authenticating Agent. The Trustee may appoint one or more Authenticating Agents acceptable to the Company with respect
to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of that
or those series issued upon original issue, exchange, registration of transfer, partial redemption or partial repayment or pursuant
to Section 3.06, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent.

 

Each Authenticating Agent must be acceptable
to the Company and, except as provided in or pursuant to this Indenture or the related Series Authorization, shall at all
times be a Corporation that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under
the Trust Indenture Act, is authorized under applicable law and by its charter to act as an Authenticating Agent and has a combined
capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000.
If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect specified in this Section.

 

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

 

An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation
or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company
and shall (i) mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Registered
Securities, if any, of the series with respect to which such Authenticating Agent shall serve, as their names and addresses appear
in the Security Register, and (ii) if Securities of the series are issued as Bearer Securities, publish notice of such appointment
at least once in an Authorized Newspaper in the place where such successor Authenticating Agent has its principal office if such
office is located outside the United States. Any successor Authenticating Agent, upon acceptance of its appointment hereunder,
shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named
as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this
Section.

 

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

 

The provisions of Section 3.08, Section 6.03
and Section 6.04 shall be applicable to each Authenticating Agent.

 

If an Authenticating Agent is appointed
with respect to one or more series of Securities pursuant to this Section, the Securities of such series may have endorsed thereon,
in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in
substantially the following form:

 

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

 

	 	THE BANK OF NEW YORK MELLON,
    

    as Trustee
	 	 
	 	By: 	 
	 	 	as Authenticating Agent
	 	 	
	 	By: 	 
	 	 	as Authorized Officer

 

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

 

ARTICLE 7

Holders Lists and Reports by Trustee and Company

 

Section 7.01.     Company
to Furnish Trustee Names and Addresses of Holders. In accordance with Section 312(a) of the Trust
Indenture Act, the Company shall furnish or cause to be furnished to the Trustee

 

(a)            semi-annually
with respect to Securities of each series not later than May 1 and November 1 of the year or upon such other dates as
are set forth in or pursuant to the Board Resolution or indenture supplemental hereto authorizing such series, a list, in each
case in such form as the Trustee may reasonably require, of the names and addresses of Holders as of the applicable date, and

 

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(b)            at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the time such list is furnished,

 

provided, however, that so long as the Trustee
is the Security Registrar no such list shall be required to be furnished.

 

Section 7.02.     Preservation
of Information; Communications to Holders. The Trustee shall comply with the obligations imposed upon it pursuant to
Section 312 of the Trust Indenture Act.

 

Every Holder of Securities or Coupons,
by receiving and holding the same, agrees with the Company and the Trustee that none of the Company, the Trustee, any Paying Agent
or any Security Registrar shall be held accountable by reason of the disclosure of any such information as to the names and addresses
of the Holders of Securities in accordance with Section 312(c) of the Trust Indenture Act, regardless of the source
from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material
pursuant to a request made under Section 312(b) of the Trust Indenture Act.

 

Section 7.03.     Reports
by Trustee. (a) Within 60 days after May 15 of each year commencing with the first May 15 following
the first issuance of Securities pursuant to Section 3.01, if required by Section 313(a) of the Trust Indenture
Act, the Trustee shall transmit, pursuant to Section 313(c) of the Trust Indenture Act, a brief report dated as of such
May 15 with respect to any of the events specified in said Section 313(a) which may have occurred since the later
of the immediately preceding May 15 and the date of this Indenture.

 

(b)           The
Trustee shall transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified therein.

 

(c)            Reports
pursuant to this Section shall be transmitted in the manner and to the Persons required by Sections 313(c) and 313(d) of
the Trust Indenture Act.

 

Section 7.04.     Reports
by Company.

 

(a)           The
Company shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports,
and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant
to such Act; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13
or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so filed with the Commission.
The Company shall transmit within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided
in Section 313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be
filed by the Company pursuant to this paragraph as may be required by rules and regulations prescribed from time to time
by the Commission.

 

(b)           Delivery
of such reports, information and documents to the Trustee is for information purposes only, and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
conclusively rely exclusively on an Officers’ Certificate).

 

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ARTICLE 8

Consolidation, Amalgamations, Merger and Sales

 

Section 8.01.     Company
May Consolidate, Etc., Only on Certain Terms. The Company shall not consolidate or amalgamate with or merge
into any other Person (whether or not affiliated with the Company), or convey, transfer or lease its properties and assets as
an entirety or substantially as an entirety to any other Person (whether or not affiliated with the Company), and the Company
shall not permit any other Person (whether or not affiliated with the Company) to consolidate or amalgamate with or merge into
the Company or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to the Company;
unless:

 

(a)            in
case the Company shall consolidate or amalgamate with or merge into another Person or convey, transfer or lease its properties
and assets as an entirety or substantially as an entirety to any Person, the Person formed by such consolidation or amalgamation
or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and
assets of the Company as an entirety or substantially as an entirety shall be a Corporation organized and existing under the laws
of the United States of America, any state thereof or the District of Columbia, Bermuda, or any other country which is on the
date of this Indenture a member of the Organization of Economic Cooperation and Development, and shall expressly assume, by an
indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto, executed by the successor Person
and delivered to the Trustee the due and punctual payment of the principal of, any premium and interest on and any Additional
Amounts with respect to all the Securities and the performance of every obligation in this Indenture and the Outstanding Securities
on the part of the Company to be performed or observed and shall provide for conversion or exchange rights in accordance with
the provisions of the Securities of any series that are convertible or exchangeable into Common Stock or other securities;

 

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

 

(c)            either
the Company or the successor Person shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection
with such transaction, such supplemental indenture complies with this Article and that all conditions precedent herein provided
for relating to such transaction have been complied with.

 

Section 8.02.     Successor
Person Substituted for Company. Upon any consolidation or amalgamation by the Company with or merger of the
Company into any other Person or any conveyance, transfer or lease of the properties and assets of the Company substantially as
an entirety to any Person in accordance with Section 8.01, the successor Person formed by such consolidation or amalgamation
or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted
for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person
had been named as the Company herein; and thereafter, except in the case of a lease, the predecessor Person shall be released
from all obligations and covenants under this Indenture, the Securities and the Coupons.

 

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Section 8.03.     Guarantor
May Consolidate, Etc., Only on Certain Terms. The Guarantor shall not consolidate or amalgamate with or merge
into any other Person (whether or not affiliated with the Guarantor), or convey, transfer or lease its properties and assets as
an entirety or substantially as an entirety to any other Person (whether or not affiliated with the Guarantor), and the Guarantor
shall not permit any other Person (whether or not affiliated with the Guarantor) to consolidate or amalgamate with or merge into
the Guarantor or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to the Guarantor;
unless:

 

(a)            in
case the Guarantor shall consolidate or amalgamate with or merge into another Person or convey, transfer or lease its properties
and assets as an entirety or substantially as an entirety to any Person, the Person formed by such consolidation or amalgamation
or into which the Guarantor is merged or the Person which acquires by conveyance or transfer, or which leases, the properties
and assets of the Guarantor as an entirety or substantially as an entirety shall be a Corporation organized and existing under
the laws of the United States of America, any state thereof or the District of Columbia, Bermuda, or any other country which is
on the date of this Indenture a member of the Organization of Economic Cooperation and Development, and shall expressly assume,
by an indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto, executed by the successor
Person and the Company and delivered to the Trustee the due and punctual payment of the principal of, any premium and interest
(including any Additional Interest) on and any Additional Amounts with respect to all the Securities and the performance of every
obligation in this Indenture and the Outstanding Securities on the part of the Guarantor to be performed or observed and shall
provide for conversion or exchange rights in accordance with the provisions of the Securities of any series that are convertible
or exchangeable into Common Stock or other securities;

 

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

 

(c)            either
the Guarantor or the successor Person shall have delivered to the Trustee a Guarantor’s Officer’s Certificate and
an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture
is required in connection with such transaction, such supplemental indenture complies with this Article and that all conditions
precedent herein provided for relating to such transaction have been complied with.

 

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Section 8.04.     Successor
Person Substituted for Guarantor. Upon any consolidation or amalgamation by the Guarantor with or merger of the Guarantor
into any other Person or any conveyance, transfer or lease of the properties and assets of the Guarantor substantially as an entirety
to any Person in accordance with Section 8.03, the successor Person formed by such consolidation or amalgamation or into
which the Guarantor is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for,
and may exercise every right and power of, the Guarantor under this Indenture with the same effect as if such successor Person
had been named as the Guarantor herein; and thereafter, except in the case of a lease, the predecessor Person shall be released
from all obligations and covenants under this Indenture, the Securities and the Coupons.

 

ARTICLE 9

Supplemental Indentures

 

Section 9.01.     Supplemental
Indentures Without Consent of Holders. Without the consent of any Holders of Securities or Coupons, the Company
(when authorized by or pursuant to a Board Resolution), the Guarantor (when authorized by or pursuant to a Board Resolution by
the Guarantor’s Board of Directors) and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental hereto, for any of the following purposes:

 

(a)            to
evidence the succession of another Person to the Company and/or the Guarantor, and the assumption by any such successor of the
covenants of the Company contained herein and in the Securities; or

 

(b)            to
add to the covenants of the Company and/or the Guarantor for the benefit of the Holders of all or any series of Securities (as
shall be specified in such supplemental indenture or indentures) or to surrender any right or power herein conferred upon the
Company and/or the Guarantor; or

 

(c)            to
add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal,
to change or eliminate any restrictions on the payment of principal of, any premium or interest on or any Additional Amounts with
respect to Securities, to permit Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer Securities
to be exchanged for Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities
in uncertificated form, provided any such action shall not adversely affect the interests of the Holders of Outstanding
Securities of any series or any Coupons appertaining thereto in any material respect; or

 

(d)            to
establish the forms or terms of Securities of any series and any Coupons appertaining thereto as permitted by Sections 2.01 and
3.01; or

 

(e)            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 6.09; or

 

(f)             to
cure any ambiguity or to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not adversely
affect the interests of the Holders of Securities of any series then Outstanding or any Coupons appertaining thereto in any material
respect; or

 

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(g)           to
add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms or purposes of issue,
authentication and delivery of Securities, as herein set forth; or

 

(h)           to
add any additional Events of Default with respect to all or any series of Securities (as shall be specified in such supplemental
indenture); or

 

(i)            to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance
and discharge of any series of Securities pursuant to Article 4, provided that any such action shall not adversely
affect the interests of any Holder of an Outstanding Security of such series and any Coupons appertaining thereto or any other
Outstanding Security or Coupon in any material respect; or

 

(j)            to
make provisions with respect to conversion or exchange rights of Holders of Securities of any series; or

 

(k)           to
amend or supplement any provision contained herein or in any supplemental indenture, provided that no such amendment or
supplement shall materially adversely affect the interests of the Holders of any Securities then Outstanding.

 

Section 9.02.     Supplemental
Indentures with Consent of Holders. With the consent of the Holders of not less than a majority in principal amount
of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the
Company and the Trustee, the Company (when authorized by or pursuant to a Company’s Board Resolution), the Guarantor (when
authorized pursuant to a Board Resolution of the Guarantor’s Board of Directors) 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 or of the Securities of such series; provided, however, that no such supplemental indenture, without the
consent of the Holder of each Outstanding Security affected thereby, shall

 

(a)            change
the Stated Maturity of the principal of, or any premium or installment of interest on or any Additional Amounts with respect to,
any Security, or reduce the principal amount thereof (or modify the calculation of such principal amount) or the rate (or modify
the calculation of such rate) of interest thereon or any Additional Amounts with respect thereto, or any premium payable upon
the redemption thereof or otherwise, or change the obligation of the Company to pay Additional Amounts pursuant to the terms of
such Security (except as contemplated by Section 8.01(a) and permitted by Section 9.01(a)) or change the redemption
provisions or adversely affect the right of repayment at the option of any Holder as contemplated by Article 13, or change
the Place of Payment, Currency in which the principal of, any premium or interest on, or any Additional Amounts with respect to
any Security is payable, or impair the right 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 or, in the case of repayment at the option of
the Holder, on or after the date for repayment), or

 

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(b)            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, or reduce the requirements
of Section 15.04 for quorum or voting, or

 

(c)            modify
any of the provisions of this Indenture relating to the subordination of the Securities in a manner adverse to Holders of Securities,
or

 

(d)            modify
any of the provisions of this Section or Section 5.13, 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, or

 

(e)            make
any change that adversely affects the right to convert or exchange any Security into or for other securities (whether or not issued
by the Company), cash or property in accordance with its terms.

 

A supplemental indenture which changes
or eliminates any covenant or other provision of this Indenture which shall have been included expressly and 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 of Securities under this Section to approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such Act shall approve the substance thereof.

 

Section 9.03.     Execution
of Supplemental Indentures. As a condition to executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of the trust created by this Indenture, in
accordance with Section 1.02, the Trustee shall be provided with, and (subject to Section 315 of the Trust Indenture
Act) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution
of such supplemental indenture is authorized or permitted by this Indenture. The Trustee 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 9.04.     Effect
of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this Indenture shall
be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and
every Holder of a Security theretofore or thereafter authenticated and delivered hereunder and of any Coupon appertaining thereto
shall be bound thereby.

 

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Section 9.05.         Reference
in Securities to Supplemental Indentures. Securities of any series authenticated and delivered after the execution
of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form
approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities
of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may
be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities
of such series.

 

Section 9.06.         Conformity
with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform
to the requirements of the Trust Indenture Act as then in effect.

 

Section 9.07.         Effect
on Senior Indebtedness. No supplemental indenture shall directly or indirectly modify or eliminate the provisions of
Article 16 in any manner which might terminate or impair the subordination of the Securities of any series to Indebtedness
of the Company that constitutes Senior Indebtedness without the prior written consent of the holders of such Senior Indebtedness.

 

Section 9.08.         Notice
of Supplemental Indenture. Promptly after the execution by the Company and the Guarantor, if applicable, and
the Trustee of any supplemental indenture pursuant to Section 9.02, the Company shall transmit to the Holders of Outstanding
Securities of any series affected thereby a notice setting forth the substance of such supplemental indenture.

 

ARTICLE 10

Covenants

 

Section 10.01.       Payment
of Principal, any Premium, Interest and Additional Amounts. The Company covenants and agrees for the benefit
of the Holders of the Securities of each series that it will duly and punctually pay the principal of, any premium and interest
on and any Additional Amounts with respect to the Securities of such series in accordance with the terms thereof, any Coupons
appertaining thereto and this Indenture. Any interest due on any Bearer Security on or before the Maturity thereof, and any Additional
Amounts payable with respect to such interest, shall be payable only upon presentation and surrender of the Coupons appertaining
thereto for such interest as they severally mature.

 

Section 10.02.       Maintenance
of Office or Agency. The Company shall maintain in each Place of Payment for any series of Securities an Office
or Agency where Securities of such series (but not Bearer Securities, except as otherwise provided below, unless such Place of
Payment is located outside the United States) may be presented or surrendered for payment, where Securities of such series may
be surrendered for registration of transfer or exchange, where Securities of such series that are convertible or exchangeable
may be surrendered for conversion or exchange, and where notices and demands to or upon the Company in respect of the Securities
of such series relating thereto and this Indenture may be served. If Securities of a series are issuable as Bearer Securities,
the Company, except as otherwise permitted or required in or pursuant to this Indenture or the related Series Authorization
shall maintain, subject to any laws or regulations applicable thereto, an Office or Agency in a Place of Payment for such series
which is located outside the United States where Securities of such series and any Coupons appertaining thereto may be presented
and surrendered for payment; provided, however, that if the Securities of such series are listed on The Stock Exchange
of the United Kingdom and the Republic of Ireland or the Luxembourg Stock Exchange or any other stock exchange located outside
the United States and such stock exchange shall so require, the Company shall maintain a Paying Agent in London, Luxembourg or
any other required city located outside the United States, as the case may be, so long as the Securities of such series are listed
on such exchange. 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, except that Bearer Securities of such series and any Coupons appertaining thereto may be
presented and surrendered for payment at the place specified for the purpose with respect to such Securities as provided in or
pursuant to this Indenture or the related Series Authorization, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.

 

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Except as otherwise provided in or pursuant
to this Indenture or the related Series Authorization, no payment of principal, premium, interest or Additional Amounts,
if any, with respect to Bearer Securities shall be made at any Office or Agency in the United States or by check mailed to any
address in the United States or by wire transfer to an account maintained with a bank located in the United States; provided,
however, if amounts owing with respect to any Bearer Securities shall be payable in Dollars, payment of principal of, any
premium or interest on and any Additional Amounts with respect to any such Security may be made at the Corporate Trust Office
of the Trustee or any Office or Agency designated by the Company in the Borough of Manhattan, The City of New York, if (but only
if) payment of the full amount of such principal, premium, interest or Additional Amounts at all offices outside the United States
maintained for such purpose by the Company in accordance with this Indenture is illegal or effectively precluded by exchange controls
or other similar restrictions.

 

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 shall 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. Unless otherwise provided in or pursuant to
this Indenture or the related Series Authorization, the Company hereby designates as the Place of Payment for each series
of Securities the Borough of Manhattan, The City of New York, and initially appoints the Corporate Trust Office of the Trustee
as the Office or Agency of the Company in the Borough of Manhattan, The City of New York for such purpose. The Company may subsequently
appoint a different Office or Agency in the Borough of Manhattan, The City of New York for the Securities of any series.

 

Unless otherwise specified with respect
to any Securities pursuant to Section 3.01, if and so long as the Securities of any series (i) are denominated in a
Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of
this Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one
exchange rate agent.

 

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Section 10.03.       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 shall, on or before each due date of the principal of, any premium or interest on or Additional
Amounts with respect to any of the Securities of such series, segregate and hold in trust for the benefit of the Persons entitled
thereto a sum in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities
of such series are payable (except as otherwise specified pursuant to Section 3.01 for the Securities of such series) sufficient
to pay the principal or any premium, interest or Additional Amounts so becoming due until such sums shall be paid to such Persons
or otherwise disposed of as herein provided, and shall promptly notify the Trustee in writing of its action or failure so to act.

 

Whenever the Company shall have one or
more Paying Agents for any series of Securities, it shall, on or prior to 10:00 a.m., New York City time, on each due date of
the principal of, any premium or interest on or any Additional Amounts with respect to any Securities of such series, deposit
with any Paying Agent a sum (in the currency or currencies, currency unit or units or composite currency or currencies described
in the preceding paragraph) sufficient to pay the principal and any premium, interest or Additional Amounts so becoming due, such
sum to be held in trust for the benefit of the Persons entitled thereto, and (unless such Paying Agent is the Trustee) the Company
will promptly notify the Trustee in writing of its action or failure so to act.

 

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

 

(a)            hold
all sums held by it for the payment of the principal of, any premium or interest on or any Additional Amounts with respect to
Securities of such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons
or otherwise disposed of as provided in or pursuant to this Indenture or the related Series Authorization;

 

(b)            give
the Trustee notice of any default by the Company (or any other obligor upon the Securities of such series) in the making of any
payment of principal of, any premium or interest on or any Additional Amounts with respect to the Securities of such series; and

 

(c)            at
any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all
sums so held in trust by such Paying Agent.

 

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 terms 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 sums.

 

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Except as otherwise provided herein or
pursuant hereto, 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, any premium or interest on or any Additional Amounts with respect to any Security of any series or any Coupon
appertaining thereto and remaining unclaimed for two years after such principal or any such premium or interest or any such Additional
Amounts shall have 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 or any Coupon appertaining thereto 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; provided, however,
that the Trustee or such Paying Agent, before being required to make any such repayment, at the expense of the Company may cause
to be published once, in an Authorized Newspaper in each Place of Payment for such series or to be mailed to Holders of Registered
Securities of such series, or both, notice that such money remains unclaimed and that, after a date specified therein, which shall
not be less than 30 days from the date of such publication or mailing nor shall it be later than two years after such principal
or any premium or interest or Additional Amounts shall have become due and payable, any unclaimed balance of such money then remaining
will be repaid to the Company.

 

Section 10.04.       [Reserved].

 

Section 10.05.       [Reserved].

 

Section 10.06.       [Reserved].

 

Section 10.07.       Company
and Guarantor’s Statement as to Compliance; Notice of Certain Defaults. (a) The Company and the Guarantor
shall deliver to the Trustee, within 120 days after the end of each fiscal year, a written statement (which need not be contained
in or accompanied by an Officers’ Certificate) signed by the principal executive officer, the principal financial officer
or the principal accounting officer of the Company or the Guarantor, as the case may be, stating that

 

(i)            a
review of the activities of the Company or the Guarantor, as the case may be, during such year and of its performance under this
Indenture has been made under his or her supervision, and

 

(ii)            to
the best of his or her knowledge, based on such review, (A) the Company or the Guarantor, as the case may be, has complied
with all the conditions and covenants imposed on it under this Indenture throughout such year, or, if there has been a default
in the fulfillment of any such condition or covenant, specifying each such default known to him or her and the nature and status
thereof, and (B) no event has occurred and is continuing which is, or after notice or lapse of time or both would become,
an Event of Default, or, if such an event has occurred and is continuing, specifying each such event known to him and the nature
and status thereof.

 

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(b)            The
Company shall deliver to the Trustee, within five days after the occurrence thereof, written notice of any Event of Default or
any event which after notice or lapse of time or both would become an Event of Default pursuant to clause (d) of Section 5.01.

 

(c)            The
Trustee shall have no duty to monitor the Company’s compliance with the covenants contained in this Article 10 other
than as specifically set forth in this Section 10.07.

 

Section 10.08.       Calculation
of Original Issue Discount. The Company shall file with the Trustee promptly at the end of each calendar year
(a) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued
on any Outstanding Original Issue Discount Securities as of the end of such year and (b) such other specific information
relating to such original issue discount as may then be relevant under the Code, as amended from time to time.

 

ARTICLE 11

Redemption of Securities

 

Section 11.01.       Applicability
of Article. Redemption of Securities of any series as permitted or required by the terms of such Securities shall be
made in accordance with the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article.

 

Section 11.02.       Election
to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be evidenced by or
pursuant to a Board Resolution. In case of any redemption at the election of the Company of (a) less than all of the Securities
of any series or (b) all of the Securities of any series, with the same issue date, interest rate or formula, Stated Maturity
and other terms, 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 and of the principal amount of Securities
of such series to be redeemed; provided that, the Trustee shall be given at least 15 days’ notice prior to
sending the notice of redemption (unless a shorter notice shall be satisfactory to the Trustee).

 

Section 11.03.       Selection
by Trustee of Securities to Be Redeemed. If less than all of the Securities of any series with the same issue
date, interest rate or formula, Stated Maturity and other terms are to be redeemed, the particular Securities to be redeemed (i) in
the case of Securities in physical form, shall be selected (in principal face amounts of $2,000 and integral multiples of $1,000
in excess thereof) 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 lot or (ii) in the case of Securities in global form, shall be selected by the Depository
pursuant to the applicable procedures of the Depository; provided, however, that no such partial redemption shall
reduce the portion of the principal amount of a Registered Security of such series not redeemed to less than the minimum denomination
for a Security of such series established herein or pursuant hereto.

 

The Trustee shall promptly notify the Company
and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any
Securities selected for partial redemption, the principal amount thereof to be redeemed.

 

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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 of such Securities which has been or is to be redeemed.

 

Unless otherwise specified in or pursuant
to this Indenture or the related Series Authorization of any series, if any Security selected for partial redemption is converted
into Common Stock of the Company or exchanged for other securities in part before termination of the conversion or exchange 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 or exchanged during a selection of Securities
to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such selection.

 

Section 11.04.       Notice
of Redemption. Notice of redemption shall be given in the manner provided in Section 1.06, not less than 15 nor
more than 60 days prior to the Redemption Date, unless a shorter period is specified in the Securities to be redeemed, to the
Holders of Securities to be redeemed. Failure to give notice by mailing in the manner herein provided to the Holder of any Registered
Securities designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the
validity of the proceedings for the redemption of any other Securities or portion thereof.

 

Any notice that is mailed to the Holder
of any Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or
not such Holder receives the notice.

 

All notices of redemption shall state:

 

(a)            the
Redemption Date,

 

(b)            the
Redemption Price (or, if not then determinable, the methodology for determining the Redemption Price),

 

(c)            if
less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption,
the principal amount) of the particular Security or Securities to be redeemed,

 

(d)            in
case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the
Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or
Securities of authorized denominations for the principal amount thereof remaining unredeemed,

 

(e)            that,
on the Redemption Date, subject to any required regulatory approval or the satisfaction of any other specified regulatory condition,
the Redemption Price shall become due and payable upon each such Security or portion thereof to be redeemed, in the case of a
Registered Security, together with any accrued interest and Additional Amounts pertaining thereto, and that unless the Company
shall default in the payment of the Redemption Price and other amounts then due, interest thereon, if applicable, shall cease
to accrue on and after said date,

 

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(f)             the
place or places where such Securities, together (in the case of Bearer Securities) with all Coupons appertaining thereto, if any,
maturing on or after the Redemption Date, are to be surrendered for payment of the Redemption Price and any accrued interest and
Additional Amounts pertaining thereto,

 

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

 

(h)            that,
unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must be accompanied
by all Coupons maturing subsequent to the date fixed for redemption or the amount of any such missing Coupon or Coupons will be
deducted from the Redemption Price, unless security or indemnity satisfactory to the Company, the Trustee and any Paying Agent
is furnished,

 

(i)             if
Bearer Securities of any series are to be redeemed and no Registered Securities of such series are to be redeemed, and if such
Bearer Securities may be exchanged for Registered Securities not subject to redemption on the Redemption Date pursuant to Section 3.05
or otherwise, the last date, as determined by the Company, on which such exchanges may be made,

 

(j)             in
the case of Securities of any series that are convertible into or exchangeable for other securities, the conversion or exchange
price or rate, the date or dates on which the right to convert or exchange the principal of the Securities of such series to be
redeemed will commence or terminate and the place or places where such Securities may be surrendered for conversion or exchange,
and

 

(k)            the
CUSIP number or the Euroclear or the Clearstream reference numbers of such Securities, if any (or any other numbers used by a
Depository to identify such Securities).

 

A notice of redemption published as contemplated
by Section 1.06 need not identify particular Registered Securities to be redeemed.

 

Notice of redemption of Securities shall
be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company.

 

Section 11.05.       Deposit
of Redemption Price. On or prior to 10:00 a.m., New York City time, on any Redemption Date, the Company shall
deposit, with respect to the Securities of any series called for redemption, 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 10.03) an amount of money in
the applicable Currency sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment
Date, unless otherwise specified pursuant to Section 3.01 or in the Securities of such series) any accrued interest on and
Additional Amounts with respect thereto, all such Securities or portions thereof which are to be redeemed on that date.

 

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Section 11.06.        Securities
Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall,
subject to any required regulatory approval or the satisfaction of any other specified regulatory condition, become due and payable
on the Redemption Date, 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 any accrued interest or Additional Amounts) such Securities shall cease to bear interest
and the Coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the extent provided below,
shall be void. Upon surrender of any such Security for redemption in accordance with said notice, together with all Coupons, if
any, appertaining thereto maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption Price,
together with any accrued interest and Additional Amounts to the Redemption Date; provided, however, that, except
as otherwise provided in or pursuant to the related Series Authorization and the Coupons, installments of interest on Bearer
Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only upon presentation and surrender of
Coupons for such interest (at an Office or Agency located outside the United States except as otherwise provided in Section 10.02),
and provided, further, that, except as otherwise specified in or pursuant to the related Series Authorization,
installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable
to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the Regular
Record Dates therefor according to their terms and the provisions of Section 3.07 and installments of interest on Registered
Securities for which the Redemption Date is after a Regular Record Date and on or before the following Interest Payment Date shall
be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business
on the Regular Record Dates therefor according to their terms and the provisions of Section 3.07.

 

If any Bearer Security surrendered for
redemption shall not be accompanied by all appurtenant Coupons maturing after the Redemption Date, such Security may be paid after
deducting from the Redemption Price an amount equal to the face amount of all such missing Coupons, or the surrender of such missing
Coupon or Coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they
may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the
Trustee or any Paying Agent any such missing Coupon in respect of which a deduction shall have been made from the Redemption Price,
such Holder shall be entitled to receive the amount so deducted; provided, however, that any interest or Additional
Amounts represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an Office or Agency for
such Security located outside of the United States except as otherwise provided in Section 10.02.

 

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

 

Section 11.07.       Securities
Redeemed in Part. Any Registered Security which is to be redeemed only in part shall be surrendered at any Office
or Agency for such Security (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer
in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing)
and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge,
a new Registered Security or Securities of the same series, containing identical terms and provisions, of any authorized denomination
as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal
of the Security so surrendered. If a Security in global form is so surrendered, the Company shall execute, and the Trustee shall
authenticate and deliver to the U.S. Depository or other Depository for such Security in global form as shall be specified in
the Company Order with respect thereto to the Trustee, without service charge, a new Security in global form in a denomination
equal to and in exchange for the unredeemed portion of the principal of the Security in global form so surrendered.

 

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ARTICLE 12

Sinking Funds

 

Section 12.01.       Applicability
of Article. The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities
of a series, except as otherwise permitted or required in or pursuant to this Indenture or the related Series Authorization.

 

The minimum amount of any sinking fund
payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,”
and any payment in excess of such minimum amount provided for by the terms of Securities of such series is herein referred to
as an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the cash amount
of any sinking fund payment may be subject to reduction as provided in Section 12.02. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the terms of Securities of such series and this Indenture.

 

Section 12.02.        Satisfaction
of Sinking Fund Payments with Securities. The Company may, in satisfaction of all or any part of any sinking
fund payment with respect to the Securities of any series to be made pursuant to the terms of such Securities (a) deliver
Outstanding Securities of such series (other than any of such Securities previously called for redemption or any of such Securities
in respect of which cash shall have been released to the Company), together in the case of any Bearer Securities of such series
with all unmatured Coupons appertaining thereto, and (b) apply as a credit Securities of such series which have been redeemed
either at the election of the Company pursuant to the terms of such series of Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, provided that such series of Securities have not
been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption
Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment
shall be reduced accordingly. If, as a result of the delivery or credit of Securities of any series in lieu of cash payments pursuant
to this Section 12.02, the principal amount of Securities of such series to be redeemed in order to satisfy the remaining
sinking fund payment shall be less than $100,000, the Trustee need not call Securities of such series for redemption, except upon
Company Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking
fund payment, provided, however, that the Trustee or such Paying Agent shall at the written request of the Company
from time to time pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon
delivery by the Company to the Trustee of Securities of that series purchased by the Company having an unpaid principal amount
equal to the cash payment requested to be released to the Company.

 

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Section 12.03.       Redemption
of Securities for Sinking Fund. Not less than 75 days prior to each sinking fund payment date for any series of Securities,
the Company shall deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking
fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment
of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that series pursuant
to Section 12.02, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment,
and will also deliver to the Trustee any Securities to be so credited and not theretofore delivered. If such Officers’ Certificate
shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon
be obligated to pay the amount therein specified. Not less than 60 days before each such sinking fund payment date the Trustee
shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.03 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 11.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in
the manner stated in Section 11.06 and Section 11.07.

 

ARTICLE 13

Repayment at the Option of Holders

 

Section 13.01.       Applicability
of Article. Securities of any series which are repayable at the option of the Holders thereof before their Stated Maturity
shall be repaid in accordance with the terms of the Securities of such series. The repayment of any principal amount of Securities
pursuant to such option of the Holder to require repayment of Securities before their Stated Maturity, for purposes of Section 3.09,
shall not operate as a payment, redemption or satisfaction of the Indebtedness represented by such Securities unless and until
the Company, at its option, shall deliver or surrender the same to the Trustee with a written directive that such Securities be
cancelled. Notwithstanding anything to the contrary contained in this Section 13.01, in connection with any repayment of
Securities, the Company may arrange for the purchase of any Securities by an agreement with one or more investment bankers or
other purchasers to purchase such Securities by paying to the Holders of such Securities on or before the close of business on
the repayment date an amount not less than the repayment price payable by the Company on repayment of such Securities, and the
obligation of the Company to pay the repayment price of such Securities shall be satisfied and discharged to the extent such payment
is so paid by such purchasers.

 

ARTICLE 14

Securities
in Foreign Currencies

 

Section 14.01.       Applicability
of Article. Whenever this Indenture provides for (a) any action by, or the determination of any of the
rights of, Holders of Securities of any series in which not all of such Securities are denominated in the same Currency, or (b) any
distribution to Holders of Securities, in the absence of any provision to the contrary in the form of Security of any particular
series or pursuant to this Indenture or the related Series Authorization, any amount in respect of any Security denominated
in a Currency other than Dollars shall be treated for any such action or distribution as that amount of Dollars that could be
obtained for such amount on such reasonable basis of exchange and as of the record date with respect to Registered Securities
of such series (if any) for such action, determination of rights or distribution (or, if there shall be no applicable record date,
such other date reasonably proximate to the date of such action, determination of rights or distribution) as the Company may specify
in a written notice to the Trustee.

 

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ARTICLE 15

Meetings of Holders of Securities

 

Section 15.01.       Purposes
for Which Meetings May Be Called. A meeting of Holders of Securities of any series may be called at any
time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction,
notice, consent, waiver or other Act provided by this Indenture to be made, given or taken by Holders of Securities of such series.

 

Section 15.02.       Call,
Notice and Place of Meetings. (a) The Trustee may at any time call a meeting of Holders of Securities of any series
for any purpose specified in Section 15.01, to be held at such time and at such place in the Borough of Manhattan, The City
of New York, or, if Securities of such series have been issued in whole or in part as Bearer Securities, in London or in such
place outside the United States as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series,
setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall
be given, in the manner provided in Section 1.06, not less than 21 nor more than 180 days prior to the date fixed for the
meeting.

 

(b)            In
case at any time the Company (by or pursuant to a Board Resolution) or the Holders of at least 10% in principal amount of the
Outstanding Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series
for any purpose specified in Section 15.01, by written request setting forth in reasonable detail the action proposed to
be taken at the meeting, and the Trustee shall not have mailed notice of or made the first publication of the notice of such meeting
within 21 days after receipt of such request (whichever shall be required pursuant to Section 1.06) or shall not thereafter
proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the
amount above specified, as the case may be, may determine the time and the place in the Borough of Manhattan, The City of New
York, or, if Securities of such series are to be issued as Bearer Securities, in London for such meeting and may call such meeting
for such purposes by giving notice thereof as provided in clause (a) of this Section.

 

Section 15.03.       Persons
Entitled to Vote at Meetings. To be entitled to vote at any meeting of Holders of Securities of any series, a Person
shall be (a) a Holder of one or more Outstanding Securities of such series, or (b) a Person appointed by an instrument
in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by such Holder or Holders. The
only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the
Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives
of the Company and its counsel.

 

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Section 15.04.       Quorum;
Action. The Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series
shall constitute a quorum for any meeting of Holders of Securities of such series. In the absence of a quorum within 30 minutes
after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such
series, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the
chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any reconvened meeting, such reconvened
meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the
adjournment of such reconvened meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 15.02(a),
except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to
be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the
principal amount of the Outstanding Securities of such series which shall constitute a quorum.

 

Except as limited by the proviso to Section 9.02,
any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted
only by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series; provided,
however, that, except as limited by the proviso to Section 9.02, any resolution with respect to any request, demand,
authorization, direction, notice, consent, waiver or other Act which this Indenture expressly provides may be made, given or taken
by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of
a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by
the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of such series.

 

Any resolution passed or decision taken
at any meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the
Holders of Securities of such series and the Coupons appertaining thereto, whether or not such Holders were present or represented
at the meeting.

 

Section 15.05.       Determination
of Voting Rights; Conduct and Adjournment of Meetings. (a) Notwithstanding any other provisions of this Indenture,
the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities of such series
in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment
and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to
vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted
or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 1.04 and
the appointment of any proxy shall be proved in the manner specified in Section 1.04 or by having the signature of the person
executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 1.04 to certify to
the holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face,
may be presumed valid and genuine without the proof specified in Section 1.04 or other proof.

 

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(b)            The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Company or by Holders of Securities as provided in Section 15.02(b), in which case the Company or the Holders of Securities
of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman
and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount
of the Outstanding Securities of such series represented at the meeting.

 

(c)            At
any meeting, each Holder of a Security of such series or proxy shall be entitled to one vote for each $2,000 principal amount
of Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted
at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding.
The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.

 

(d)            Any
meeting of Holders of Securities of any series duly called pursuant to Section 15.02 at which a quorum is present may be
adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series
represented at the meeting; and the meeting may be held as so adjourned without further notice.

 

Section 15.06.       Counting
Votes and Recording Action of Meetings. The vote upon any resolution submitted to any meeting of Holders of Securities
of any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities of such series
or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series
held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes
cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified
written reports of all votes cast at the meeting. A record of the proceedings of each meeting of Holders of Securities of any
series shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting
forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 15.02 and, if applicable,
Section 15.04. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting
and one such copy shall be delivered to the Company, and another to the Trustee to be preserved by the Trustee, the latter to
have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the
matters therein stated.

 

ARTICLE 16

Subordination
of Securities

 

Section 16.01.       Agreement
to Subordinate. The Company covenants and agrees, and each Holder of Securities issued hereunder and under any
indenture supplemental hereto or pursuant to a Board Resolution and Officers’ Certificate (“Additional Provisions”)
by such Holder’s acceptance thereof likewise covenants and agrees, that all Securities shall be issued subject to the provisions
of this Article 16; and each Holder of a Security, whether upon original issue or upon transfer or assignment thereof, accepts
and agrees to be bound by such provisions.

 

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The payment by the Company of the principal
of, any premium and interest on and any Additional Amounts with respect to all Securities of each series issued hereunder and
under any Additional Provisions shall, to the extent and in the manner hereinafter set forth and subject to the provisions of
the relates Series Authorization, be subordinate in right of payment to the prior payment in full of all Indebtedness of
the Company that constitutes Senior Indebtedness, whether outstanding at the date of this Indenture or thereafter incurred.

 

No provision of this Article 16 shall
prevent the occurrence of any default or Event of Default hereunder.

 

All references in this Article 16
to Holders of Securities shall be deemed to include Holders of Coupons.

 

Section 16.02.       Default
on Senior Indebtedness. In the event and during the continuation of any default by the Company in the payment of principal,
premium, interest or any other amount due on any Senior Indebtedness with respect to the Securities of any series, or in the event
that the maturity of any Senior Indebtedness with respect to the Securities of any series has been accelerated because of a default,
then, in either case, no payment shall be made by the Company with respect to the principal (including redemption and sinking
fund payments) of, any premium or interest on, or any Additional Amounts with respect to, the Securities of such series or to
acquire such Securities (other than pursuant to the conversion of such Securities).

 

In the event that, notwithstanding the
foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding paragraph of this Section 16.02,
such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of such Senior Indebtedness
or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness
may have been issued, as their respective interests may appear, but only to the extent that the holders of such Senior Indebtedness
or Subordinated Indebtedness (or their representative or representatives or a trustee) notify the Trustee in writing within 90
days of such payment of the amounts then due and owing on such Senior Indebtedness and only the amounts specified in such notice
to the Trustee shall be paid to the holders of such Senior Indebtedness.

 

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Section 16.03.       Liquidation;
Dissolution; Bankruptcy. Upon any payment by the Company or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, to creditors upon any total or partial dissolution, winding-up, reorganization, assignment
for the benefit of creditors or marshaling of assets of the Company, whether voluntary or involuntary, or in bankruptcy, insolvency,
receivership or other similar proceedings relating to the Company or its assets, all amounts due upon all Senior Indebtedness
with respect to the Securities of any series shall first be paid in full, or payment thereof provided for in money in accordance
with their respective terms, before any payment is made by the Company on account of the principal of, premium or interest on,
or Additional Amounts, if any, with respect to, the Securities of such series; and in any such case, any payment by the Company,
or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the Holders
or the Trustee (on behalf of Holders with respect to the principal of, premium or interest on or Additional Amounts, if any, with
respect to, the Securities of such Series) would be entitled to receive from the Company, except for the provisions of this Article 16,
shall be paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such
payment or distribution, or by the Holders or by the Trustee under this Indenture if received by them or it, directly to the holders
of such Senior Indebtedness (pro rata to such holders having equal seniority on the basis of the respective amounts of such Senior
Indebtedness held by such holders, as calculated by the Company) or their representative or representatives, or to the trustee
or trustees under any indenture pursuant to which any instruments evidencing such Senior Indebtedness may have been issued, as
their respective interests may appear, to the extent necessary to pay such Senior Indebtedness in full, in money or money’s
worth, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness, before
any payment or distribution is made to the Holders of the Securities of such series or to the Trustee.

 

In the event that, notwithstanding the
foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities,
prohibited by the foregoing shall be received by the Trustee before all such Senior Indebtedness is paid in full, or provision
is made for such payment in money in accordance with its terms, such payment or distribution shall be held in trust for the benefit
of and shall be paid over or delivered to the holders of such Senior Indebtedness, as the case may be, or their representative
or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior
Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company, for application to
the payment of all such Senior Indebtedness remaining unpaid to the extent necessary to pay such Senior Indebtedness in full in
money in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the benefit of the
holders of such Senior Indebtedness.

 

For purposes of this Article 16, the
words “cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized
or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment,
the payment of which is subordinated at least to the extent provided in this Article 16 with respect to the Securities of
the relevant series to the payment of all Senior Indebtedness with respect to the Securities of such series that may at the time
be outstanding, provided that (i) such Senior Indebtedness is assumed by the new corporation, if any, resulting from
any such reorganization or readjustment, and (ii) the rights of the holders of such Senior Indebtedness are not, without
the consent of such holders, altered by such reorganization or readjustment. The consolidation or amalgamation of the Company
with, or the merger of the Company into, another Person or the liquidation or dissolution of the Company following the conveyance,
transfer or lease of its property as an entirety, or substantially as an entirety, to another Person upon the terms and conditions
provided for in Article 8 of this Indenture shall not be deemed a dissolution, winding-up, liquidation or reorganization
for the purposes of this Section 16.03 if such other Person shall, as a part of such consolidation, amalgamation, merger,
conveyance or transfer, comply with the conditions stated in Article 8 of this Indenture.

 

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Section 16.04.       Subrogation.
Subject to the payment in full of all Senior Indebtedness with respect to the Securities of any series, the rights of the
Holders of the Securities of such series shall be subrogated to the rights of the holders of such Senior Indebtedness to receive
payments or distributions of cash, property or securities of the Company applicable to such Senior Indebtedness until the principal
of, any premium and interest on, and any Additional Amounts with respect to, the Securities of such series shall be paid in full;
and, for the purposes of such subrogation, no payments or distributions to the holders of such Senior Indebtedness of any cash,
property or securities to which the Holders or the Trustee would be entitled except for the provisions of this Article 16,
and no payment over pursuant to the provisions of this Article 16 to or for the benefit of the holders of such Senior Indebtedness
by Holders of the Securities of such series or the Trustee, shall, as between the Company, its creditors other than holders of
such Senior Indebtedness, and the Holders of the Securities of such series, be deemed to be a payment by the Company to or on
account of such Senior Indebtedness. It is understood that the provisions of this Article 16 are and are intended solely
for the purposes of defining the relative rights of the Holders of the Securities of each series, on the one hand, and the holders
of the Senior Indebtedness with respect to the Securities of such series on the other hand.

 

Nothing contained in this Article 16
or elsewhere in this Indenture, any Additional Provisions or in the Securities of any series is intended to or shall impair, as
between the Company, its creditors other than the holders of Senior Indebtedness with respect to the Securities of such series,
and the Holders of the Securities of such series, the obligation of the Company, which is absolute and unconditional, to pay to
the Holders of the Securities of such series the principal of, any premium and interest on, and any Additional Amounts with respect
to, the Securities of such series as and when the same shall become due and payable in accordance with their terms, or is intended
to or shall affect the relative rights of the Holders of the Securities of such series and creditors of the Company, other than
the holders of such Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or the Holder of any Security
of such series from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to
the rights, if any, under this Article 16 of the holders of such Senior Indebtedness in respect of cash, property or securities
of the Company, as the case may be, received upon the exercise of any such remedy.

 

Upon any payment or distribution of assets
of the Company referred to in this Article 16, the Trustee, subject to the provisions of Article 6 of this Indenture,
and the Holders shall be entitled to conclusively rely upon any order or decree made by any court of competent jurisdiction in
which such dissolution, winding-up, liquidation or reorganization proceedings are pending, or a certificate of the receiver, trustee
in bankruptcy, liquidation trustee, agent or other Person making such payment or distribution, delivered to the Trustee or to
the Holders of the Securities of any series, for the purposes of ascertaining the Persons entitled to participate in such distribution,
the holders of Senior Indebtedness with respect to the Securities of such series and other Indebtedness of the Company, as the
case may be, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article 16.

 

Section 16.05.      Trustee
to Effectuate Subordination. Each Holder of Securities by such Holder’s acceptance thereof authorizes
and directs the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the
subordination provided in this Article 16 and appoints the Trustee such Holder’s attorney-in-fact for any and all such
purposes.

 

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Section 16.06.       Notice
by the Company. The Company shall give prompt written notice to a Responsible Officer of the Trustee of any fact known
to the Company that would prohibit the making of any payment of monies to or by the Trustee in respect of the Securities of any
series pursuant to the provisions of this Article 16. Notwithstanding the provisions of this Article 16 or any other
provision of this Indenture or any Additional Provisions, the Trustee shall not be charged with knowledge of the existence of
any facts that would prohibit the making of any payment of monies to or by the Trustee in respect of the Securities of any series
pursuant to the provisions of this Article 16, unless and until a Responsible Officer of the Trustee shall have received
written notice thereof from the Company or a holder or holders of Senior Indebtedness with respect to the Securities of such series
or from any trustee therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions of Article 6
of this Indenture, shall be entitled in all respects to assume that no such facts exist; provided, however, that
if the Trustee shall not have received the notice provided for in this Section 16.06 at least two Business Days prior to
the date upon which by the terms hereof any money may become payable for any purpose (including, without limitation, the payment
of the principal of, any premium or interest on, or any Additional Amounts with respect to, any Security of such series), then,
anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such money
and to apply the same to the purposes for which they were received, and shall not be affected by any notice to the contrary that
may be received by it within two Business Days prior to such date.

 

The Trustee, subject to the provisions
of Article 6 of this Indenture, shall be entitled to conclusively rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior Indebtedness or Subordinated Indebtedness with respect to the Securities of any
series (or a trustee on behalf of such holder), to establish that such notice has been given by a holder of such Senior Indebtedness
or a trustee on behalf of any such holder or holders. In the event that the Trustee determines in good faith that further evidence
is required with respect to the right of any Person as a holder of such Senior Indebtedness to participate in any payment or distribution
pursuant to this Article 16, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the
Trustee as to the amount of such Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate
in such payment or distribution and any other facts pertinent to the rights of such Person under this Article 16, and, if
such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right
of such Person to receive such payment.

 

Upon any payment or distribution of assets
of the Company referred to in this Article 16, the Trustee and the Holders shall be entitled to conclusively rely upon any
order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation,
reorganization, dissolution, winding-up or similar case or proceeding is pending, or a certificate of the trustee in bankruptcy,
liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other Person making such payment or
distribution, delivered to the Trustee or to the Holders of the Securities of any series, for the purpose of ascertaining the
Persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness with respect to the Securities
of such series and other Indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article 16.

 

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Section 16.07.       Rights
of the Trustee; Holders of Senior Indebtedness. The Trustee in its individual capacity shall be entitled to
all the rights set forth in this Article 16 in respect of any Senior Indebtedness with respect to the Securities of any series
at any time held by it, to the same extent as any other holder of such Senior Indebtedness, and nothing in this Indenture or any
Additional Provisions shall deprive the Trustee of any of its rights as such holder.

 

With respect to the holders of Senior Indebtedness
with respect to the Securities of any series, the Trustee undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this Article 16, and no implied covenants or obligations with respect to the holders of
such Senior Indebtedness shall be read into this Indenture or any Additional Provisions against the Trustee. The Trustee shall
not be deemed to owe any fiduciary duty to the holders of such Senior Indebtedness and, subject to the provisions of Article 6
of this Indenture, the Trustee shall not be liable to any holder of such Senior Indebtedness if it shall pay over or deliver to
Holders of the Securities of such series, the Company or any other Person money or assets to which any holder of such Senior Indebtedness
shall be entitled by virtue of this Article 16 or otherwise.

 

Nothing in this Article 16 shall apply
to claims of, or payments to, the Trustee under or pursuant to Section 6.06.

 

Section 16.08.       Subordination
May Not Be Impaired. No right of any present or future holder of any Senior Indebtedness to enforce subordination
as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company,
or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions
and covenants of this Indenture, regardless of any knowledge thereof that any such holder may have or otherwise be charged with.

 

Without in any way limiting the generality
of the foregoing paragraph, the holders of Senior Indebtedness with respect to the Securities of any series may, at any time and
from time to time, without the consent of or notice to the Trustee or the Holders of Securities of such series, without incurring
responsibility to such Holders and without impairing or releasing the subordination provided in this Article 16 or the obligations
hereunder of the Holders of the Securities of such series to the holders of such Senior Indebtedness, do any one or more of the
following: (a) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, such Senior
Indebtedness, or otherwise amend or supplement in any manner such Senior Indebtedness or any instrument evidencing the same or
any agreement under which such Senior Indebtedness is outstanding; (b) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing such Senior Indebtedness; (c) release any Person liable in any manner for
the collection of such Senior Indebtedness; and (d) exercise or refrain from exercising any rights against the Company and
any other Person.

 

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Section 16.09.       Application
by Trustee of Assets Deposited With It. Amounts deposited in trust with the Trustee pursuant to and in accordance with
this Indenture, including without limitation pursuant to Article 4 hereof, shall be for the sole benefit of the Holders of
the Securities and, to the extent allocated for the payment of Securities, shall not be subject to the subordination provisions
of this Article 16. Otherwise, any deposit of assets with the Trustee or any Paying Agent (whether or not in trust) for the
payment of any Securities shall be subject to the provisions of Sections 16.01, 16.02 and 16.03; provided that, if prior
to two Business Days preceding the date on which by the terms of this Indenture any such assets may become distributable for any
purpose (including, without limitation, the payment of any amount due on any Security) the Trustee or such Paying Agent shall
not have received with respect to such assets the written notice provided for in Section 16.06, then the Trustee or such
Paying Agent shall have full power and authority to receive such assets and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary which may be received by it on or after such date.

 

ARTICLE 17

Guarantee

 

Section 17.01.      The
Guarantee. The Guarantor hereby unconditionally guarantees to the Trustee and each Holder of a Security authenticated
and delivered by the Trustee all obligations of the Company under this Indenture in accordance with the terms of the Subordinated
Debt Securities Guarantee Agreement.

 

Section 17.02.       Ranking.
Each Holder of Securities issued hereunder agrees that the payment by the Guarantor pursuant to the Guarantee with respect to
all Securities of each series issued hereunder, shall be subordinate in right of payment to the extent and in the manner set forth
in Sections 6.02 and 6.03 of the Subordinated Debt Securities Guarantee Agreement.

 

* * *

 

This instrument may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic
signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records
Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed
to have been duly and validly delivered and be valid and effective for all purposes.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK.]

 

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

 

	 	PARTNERRE FINANCE B LLC
	 	 	 	 
	 	By:	/s/ Thomas L. Forsyth

	 	 	Name:	Thomas L. Forsyth
	 	 	Title:	President & CEO
	 	 	 	 
	 	 	 	 
	 	PARTNERRE LTD., 

as Guarantor
	 	 	 	 
	 	By:	/s/ Nick Burnet

	 	 	Name:	Nick Burnet
	 	 	Title:	Executive Vice President and Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	THE BANK OF NEW YORK MELLON,

as Trustee
	 	 	 	 
	 	By:	/s/ Laurence J. O’Brien

	 	 	Name:	Laurence J. O’Brien
	 	 	Title:	Vice PresidentExhibit 4.2

 

EXECUTION
VERSION

 

 

 

FIRST SUPPLEMENTAL INDENTURE

 

Dated as of September 22, 2020

 

Between

 

PARTNERRE FINANCE B LLC,

Issuer

 

PARTNERRE LTD.,

Guarantor

 

to

 

THE BANK OF NEW YORK MELLON

Trustee

 

 

 

    

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	Article 1
	DEFINITIONS
	 	 	 
	Section 1.01	Definitions of Terms	1
	 	 	 
	Article 2
	GENERAL TERMS AND CONDITIONS OF THE NOTES
	 	 	 
	Section 2.01	Designation and Principal Amount	6
	Section 2.02	Further Issues	6
	Section 2.03	Form and Payment	6
	Section 2.04	Payment of Principal	7
	Section 2.05	Interest Rate	7
	Section 2.06	Payment of Interest	7
	Section 2.07	Arrears of Interest	7
	Section 2.08	Mandatory Deferral	8
	Section 2.09	Optional Deferral of Interest Payments	8
	Section 2.10	Variation and Substitution of the Notes	9
	Section 2.11	No Payment of Additional Amounts	10
	Section 2.12	Calculation Agent	10
	 	 	 
	Article 3
	REPAYMENT AND REDEMPTION OF THE NOTES
	 	 	 
	Section 3.01	Repayment at Final Maturity Date	10
	Section 3.02	Optional Redemption	11
	Section 3.03	Specified Event Redemption of the Notes.	11
	Section 3.04	BMA Redemption Requirements	12
	 	 	 
	Article 4
	NO SINKING FUND
	 	 	 
	Section 4.01	No Sinking Fund	13
	 	 	 
	Article 5
	FORM OF NOTE
	 	 	 
	Section 5.01	Form of Note	13
	 	 	 
	Article 6
	ORIGINAL ISSUE OF NOTES
	 	 	 
	Section 6.01	Original Issue of Notes	17
	 	 	 
	Article 7
	EVENTS OF DEFAULT
	 	 	 
	Section 7.01	Events of Default	18
	Section 7.02	Acceleration of Maturity; Rescission and Annulment	19

 

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	Article 8
	COVENANTS
	 	 	 
	Section 8.01	Activities of the Company	19
	Section 8.02	Use of Proceeds	19
	Section 8.03	Proper Records	19
	Section 8.04	Compliance with Laws	20
	Section 8.05	Reserved	20
	Section 8.06	Dividend and Other Payment Stoppages During Deferral Periods	20
	 	 	 
	Article 9
	MODIFICATION AND WAIVER
	 	 	 
	Section 9.01	Modification and Waiver	20
	 	 	 
	Article 10
	ADDITIONAL TERMS
	 	 	 
	Section 10.01	Additional Terms	21
	Section 10.02	No Rights of Set-off; No Encumbrances	21
	Section 10.03	Contractual Subordination	21
	Section 10.04	Agreement to Certain Tax Treatment	21
	 	 	 
	Article 11
	MISCELLANEOUS
	 	 	 
	Section 11.01	Ratification of Indenture	21
	Section 11.02	Trustee Not Responsible for Recitals	21
	Section 11.03	Governing Law	21
	Section 11.04	Separability	21
	Section 11.05	Counterparts	21

 

    -ii-

     

    

 

FIRST SUPPLEMENTAL INDENTURE, dated as of
September 22, 2020 (the “First Supplemental Indenture”), among PartnerRe Finance B LLC, a limited liability
company duly organized and existing under the laws of the State of Delaware (the “Company”), PartnerRe Ltd.,
a company duly organized and existing under the laws of Bermuda (the “Guarantor”), and The Bank of New York
Mellon, a New York banking corporation, as trustee (the “Trustee”), amending and supplementing the Subordinated
Debt Securities Indenture among the Company, the Guarantor and the Trustee, dated as of September 22, 2020 (the “Base
Indenture”).

 

WHEREAS, the Company has executed and delivered
the Base Indenture to the Trustee to provide for the future issuance of the Company’s subordinated unsecured debentures,
notes or other evidence of subordinated unsecured indebtedness (the “Securities”), to be issued from time to
time in one or more series as might be determined by the Company under the Base Indenture;

 

WHEREAS, Section 3.01 of the Base Indenture
provides that, with respect to any series of Securities to be authenticated and delivered under the Base Indenture, the terms of
such series of Securities shall be established by (i) a Board Resolution and Officers’ Certificate or (ii) one
or more indentures supplemental to the Base Indenture;

 

WHEREAS, pursuant to the terms of the Base
Indenture, as amended or supplemented by this First Supplemental Indenture (the “Indenture”), the Company desires
to provide for the establishment of a new series of its Securities to be known as its 4.500% Fixed-Rate Reset Junior Subordinated
Notes due 2050 (the “Notes”), which shall be in the form of junior subordinated unsecured notes, with specific
terms and provisions, the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as
provided in the Indenture; and

 

WHEREAS, the Company has requested that
the Trustee execute and deliver this First Supplemental Indenture, and all requirements necessary to make this First Supplemental
Indenture a valid, legally binding instrument in accordance with its terms, and to make the Notes, when executed by the Company
and authenticated and delivered by the Trustee, the valid, legally binding obligations of the Company, have been done and performed,
and the execution and delivery of this First Supplemental Indenture has been duly authorized in all respects:

 

NOW THEREFORE, in consideration of the purchase
and acceptance of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in this Indenture, the form
and substance of the Notes and the terms, provisions and conditions thereof, it is mutually covenanted and agreed as follows:

 

Article 1

DEFINITIONS

 

Section 1.01         Definitions
of Terms. Unless the context otherwise requires:

 

(a)           a
term not defined herein that is defined in the Base Indenture has the same meaning when used in this First Supplemental Indenture;

 

(b)           the
definition of any term in this First Supplemental Indenture that is also defined in the Base Indenture shall supersede the definition
of such term in the Base Indenture;

 

(c)           a
term defined anywhere in this First Supplemental Indenture has the same meaning throughout;

 

(d)           the
singular includes the plural and vice versa;

 

(e)           headings
are for convenience of reference only and do not affect interpretation;

 

    

     

    

 

(f)            the
following terms have the meanings given to them in this Section 1.01(f):

 

“Applicable Supervisory Regulations”
means such insurance supervisory laws, rules and regulations relating to group supervision or the supervision of single insurance
entities, as applicable, which are applicable to the Guarantor or the Insurance Group and which shall initially mean the Group
Solvency Standards, together with the Group Supervision Rules, as those rules and regulations may be amended or replaced from
time to time (the “Group Rules”) until such time when the BMA no longer has jurisdiction or responsibility to
regulate the Guarantor or the Insurance Group. If any provision of the Applicable Supervisory Regulations referred to in the Indenture
or in the Notes in connection with any requirements applying to the Guarantor and/or the Insurance Group is amended or replaced
so that there is no corresponding provision in the amended or replacement measures, (i) if the requirement concerned is entirely
dependent on the existence of such a corresponding provision, the requirement shall cease to apply and (ii) if the requirement
concerned is partially dependent on the existence of such a corresponding provision, the requirement shall be deemed modified so
that all parts of that requirement solely dependent on that provision shall cease to apply; provided, in each case,
that holders of the Notes are not adversely affected thereby.

 

“Arrears of Interest”
has the meaning set forth in Section 2.07.

 

“Base Indenture” has
the meaning set forth in the preamble of this First Supplemental Indenture.

 

“BMA” means the Bermuda
Monetary Authority, or, should the Bermuda Monetary Authority no longer have jurisdiction or responsibility to regulate the Guarantor
or the Insurance Group, as the context requires, a regulator that administers the Applicable Supervisory Regulations.

 

“BMA Approval” means
the BMA has given, and not withdrawn by the applicable Redemption Date, its prior consent to the redemption of such Notes.

 

“BMA Redemption Requirements”
has the meaning set forth in Section 3.04(a).

 

“Calculation Agent” means,
at any time, the Person appointed by the Company and that has accepted such appointment to serve as such agent with respect to
the Notes at such time.

 

A “Capital Disqualification Event”
has occurred if the Notes cease to qualify, in whole or in part (including as a result of any transitional or grandfathering provisions
or otherwise), for purposes of determining the solvency margin, capital adequacy ratios or any other comparable ratios, regulatory
capital resource or level, of the Company or the Insurance Group, where capital is subdivided into tiers, as Tier 2 ancillary capital
under then-applicable Applicable Supervisory Regulations imposed upon the Company by the BMA, which would include, without limitation,
the Enhanced Capital Requirement, except as a result of any applicable limitation on the amount of such capital.

 

“Capital Efficient Notes”
means the Junior Subordinated Capital Efficient Notes due 2066 issued by PartnerRe Finance II Inc.

 

“capital stock” has the
meaning forth in Section 3.05(a).

 

“Company” has the meaning
set forth in the preamble of this First Supplemental Indenture.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the
remaining term of the Notes to be redeemed if the Notes matured on the first day of the next Par Call Period.

 

“Comparable Treasury Price”
means (i) the average of four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and
lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.

 

“ECR” means the enhanced
capital and surplus requirement applicable to the Insurance Group and as defined in the Insurance Act, or, should the Insurance
Act or the Group Rules no longer apply to the Insurance Group, any and all other solvency capital requirements defined in
the Applicable Supervisory Regulations.

 

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“Enhanced Capital Requirement”
means the ECR or any other requirement to maintain assets applicable to the Guarantor or in respect of the Insurance Group, as
applicable, pursuant to the Applicable Supervisory Regulations.

 

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

 

“Final Maturity Date”
means (1) the Scheduled Maturity Date, if, on the Scheduled Maturity Date, the BMA Redemption Requirements are satisfied,
or (2) otherwise, following the Scheduled Maturity Date, the earlier of (a) the date falling 10 Business Days after the
BMA Redemption Requirements are satisfied and would continue to be satisfied if such payment were made and (b) the date on
which a Winding-Up of the Company or the Guarantor occurs.

 

“First Reset Date” means
October 1, 2030.

 

“First Supplemental Indenture”
has the meaning set forth in the preamble of this First Supplemental Indenture.

 

“Five-Year Treasury Rate”
means, as of any Reset Interest Determination Date, as applicable, (1) the yield, under the heading which represents the average
for the immediately preceding week, appearing in the most recently published H.15, with a maturity of five years from the next
Reset Date and trading in the public securities market or (2) if there is no such published U.S. Treasury security with a
maturity of five years from the next Reset Date and trading in the public securities markets, the rate will be determined by the
Calculation Agent by interpolation or extrapolation on a straight line basis between the most recent weekly average yield to maturity
for two series of U.S. Treasury securities trading in the public securities market, (A) one maturing as close as possible
to, but earlier than, the Reset Date following the next succeeding Reset Interest Determination Date, and (B) the other maturity
as close as possible to, but later than, the Reset Date following the next succeeding Reset Interest Determination Date, in each
case as published in the most recently published H.15. If the Five-Year Treasury Rate cannot be determined pursuant to the methods
described in clauses (1) or (2) above, then the Five-Year Treasury Rate will be the same interest rate as in effect for
the prior period.

 

“Group Rules” has the
meaning set forth in the definition of “Applicable Supervisory Regulations”.

 

“Group Solvency Standards”
means the Bermuda Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011, as those rules and
regulations may be amended or replaced from time to time.

 

“Group Supervision Rules”
means the Bermuda Insurance (Group Supervision) Rules 2011, as those rules and regulations may be amended or replaced
from time to time.

 

“Guarantor” has the meaning
set forth in the preamble of this First Supplemental Indenture.

 

“H.15” means the weekly
statistical release designated as such, or any successor publication, published by the Board of Governors of the United States
Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity
under the caption “Treasury Constant Maturities.”

 

“Indenture” has the meaning
set forth in the preamble of this First Supplemental Indenture.

 

“Independent Investment Banker”
means any one of Wells Fargo Securities, LLC, Barclays Capital Inc., BofA Securities, Inc. and their successors, as specified
by the Company, or, if none of such firms is willing or able to select the Comparable Treasury Issue, an independent investment
banking institution of national standing appointed by the Company.

 

“Insurance Act” means
the Bermuda Insurance Act 1978 and related regulations, as amended or replaced from time to time.

 

    -3-

     

    

 

“Insurance Group” means
all subsidiaries of the Guarantor that are regulated insurance or reinsurance companies (or part of such regulatory group) pursuant
to the Applicable Supervisory Regulations.

 

“Interest Payment Date”
has the meaning forth in Section 2.06.

 

A “Mandatory Deferral Event”
shall be deemed to have occurred if the Guarantor or the Insurance Group is in breach of the Enhanced Capital Requirement, or would
breach the Enhanced Capital Requirement if payment of accrued and unpaid interest on the Notes, together with any accrued and unpaid
interest on any junior subordinated notes outstanding that are issued or guaranteed by the Guarantor and for which such notes or
guarantee, as the case may be, rank equally in right of payment with the guarantees of the Notes, were made.

 

“Mandatory Deferral Period”
means the period beginning on an Interest Payment Date with respect to which the Company and the Guarantor defer payment of interest
when a Mandatory Deferral Event has occurred and is continuing and ending on the next Interest Payment Date on which a Mandatory
Deferral Event would no longer constrain the payment of any accrued interest, the payment of which has been deferred, by the Company
or the Guarantor.

 

“Notes” has the meaning
set forth in the recitals of this First Supplemental Indenture.

 

“Optional Deferral Expiration Date”
means (i) the fifth anniversary of the date on which an Optional Deferral Period commences or (ii) if payment of interest
on the fifth anniversary as described under (i) would cause the Company or the Guarantor to breach the indenture governing
the Capital Efficient Notes or the guarantees thereof, the next Interest Payment Date at which payment of interest would not cause
the Company or the Guarantor to breach the indenture governing the Capital Efficient Notes or the guarantees thereof; provided,
however, that such date will not occur later than the tenth anniversary of the first deferred Interest Payment Date in the applicable
Optional Deferral Period.

 

“Optional Deferral Period”
means the period beginning on an Interest Payment Date with respect to which the Company or the Guarantor defers payment of interest,
either at its option or as a result of a Mandatory Deferral Event occurring during the applicable Optional Deferral Period, and
ending on the earlier of (x) the next Interest Payment Date on which the Company or the Guarantor has paid all Arrears of
Interest (including compounded interest on such deferred amounts), and (y)(i) if no Mandatory Deferral Event has occurred
and is continuing on the Optional Deferral Expiration Date, the Optional Deferral Expiration Date, or (ii) if a Mandatory
Deferral Event has occurred and is continuing on the Optional Deferral Expiration Date, the date on which the resulting Mandatory
Deferral Period ends.

 

“Par Call Period” means
the period from, and including, April 1 of each year in which there is a Reset Date to, and including, October 1 of such
year.

 

“Primary Treasury Dealer”
has the meaning set forth in the definition of “Reference Treasury Dealer”.

 

“Qualifying Equivalent Securities”
has the meaning set forth in Section 2.08(d).

 

“Rating Agency” has the
meaning set forth in the definition of “Rating Agency Event”.

 

A “Rating Agency Event”
shall be deemed to have occurred if any nationally recognized statistical rating organization, as defined in Section 3(a)(62)
of the Exchange Act, that then publishes a rating for the Guarantor (a “Rating Agency”) amends, clarifies or
changes the criteria it uses to assign equity credit to securities such as the Notes, which amendment, clarification or change
results in (1) the shortening of the length of time the Notes are assigned a particular level of equity credit by that Rating
Agency as compared to the length of time they would have been assigned that level of equity credit by that Rating Agency or its
predecessor on the initial issuance of the Notes; or (2) the lowering of the equity credit (including up to a lesser amount)
assigned to the Notes by that Rating Agency as compared to the equity credit assigned by that Rating Agency or its predecessor
on the initial issuance of the Notes.

 

    -4-

     

    

 

“Reference Treasury Dealer”
means each of (i) Wells Fargo Securities, LLC, Barclays Capital Inc., BofA Securities, Inc. and their respective successors
and (ii) two other primary U.S. government securities dealers (each a “Primary Treasury Dealer”), as specified
by the Company; provided, that (1) if any of the foregoing shall cease to be a Primary Treasury Dealer,
the Company will substitute therefor another Primary Treasury Dealer and (2) if the Company fails to select a substitute
within a reasonable period of time, then the substitute will be a Primary Treasury Dealer selected by the Independent Investment
Banker after consultation with the Company.

 

“Reference Treasury Dealer Quotation”
means, with respect to a Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third Business Day preceding such Redemption Date.

 

“Regular Record Date”
means, with respect to the Notes only, the close of business on March 15 and September 15, as the case may be, immediately
preceding each Interest Payment Date.

 

“Reset Date” means the
First Reset Date and each date falling on the fifth anniversary of the preceding Reset Date.

 

“Reset Interest Determination Date”
means, in respect of any Reset Period, the day falling two Business Days prior to the beginning of such Reset Period.

 

“Reset Period” means
the period from and including the First Reset Date to, but excluding, the next following Reset Date and thereafter each period
from and including each Reset Date to, but excluding, the next following Reset Date.

 

“Scheduled Maturity Date”
means October 1, 2050.

 

“Securities” has the
meaning set forth in the recitals of this First Supplemental Indenture.

 

A “Tax Event” shall be
deemed to have occurred with respect to the Notes if an opinion of a recognized independent tax counsel has been delivered to the
trustee stating that, as a result of: (i) any amendment to, clarification of, or change, including any announced prospective
change, in the laws or treaties of any Taxing Jurisdiction, or any regulations under those laws or treaties; (ii) an administrative
action with respect to a Taxing Jurisdiction, which means any judicial decision or any official administrative pronouncement, ruling,
regulatory procedure, notice or announcement including any notice or announcement of intent to issue or adopt any administrative
pronouncement, ruling, regulatory procedure or regulation; (iii) any amendment to, clarification of, or change in the official
position or the interpretation of any administrative action or judicial decision or any interpretation or pronouncement that provides
for a position with respect to an administrative action or judicial decision that differs from the previously generally accepted
position, in each case by any legislative body, court, governmental authority or regulatory body in a Taxing Jurisdiction, regardless
of the manner in which that amendment, clarification or change is introduced or made known; or (iv) a threatened challenge
asserted in writing in connection with an audit of the Company or the Guarantor or any of their subsidiaries, or a publicly-known
threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities
that are substantially similar to the Notes, in each case, which amendment, clarification or change is effective or the administrative
action is taken or judicial decision, interpretation or pronouncement is issued or threatened challenge is asserted or becomes
publicly-known after the date of the original issuance of the Notes, there is more than an insubstantial risk that interest payable
by the Company or the Guarantor, as applicable, in respect of the Notes is no longer, or within 90 days of the date of the opinion
will no longer be, fully deductible by the Company or the Guarantor, as applicable, for income tax purposes in the applicable Taxing
Jurisdiction, and that non-deductibility cannot be avoided by the Company or the Guarantor, as applicable, taking such reasonable
measures as it (acting in good faith) deems appropriate.

 

“Taxing Jurisdiction”
means the United States, the State of Delaware or Bermuda, or any political subdivision thereof, or any authority or agency therein
having the power to tax, or any other jurisdiction from or through which the Company or the Guarantor makes a payment on the Notes
or the guarantees thereof or in which the Company or the Guarantor generally becomes subject to taxation, or any jurisdiction in
which a successor of the Company or the Guarantor is formed.

 

    -5-

     

    

 

“Tier 2 Capital” means
Tier 2 Ancillary Capital under the Group Supervision Rules or, if the Group Supervision Rules are amended so as to no
longer refer to Tier 2 Ancillary Capital in this respect, the nearest corresponding concept (if any) under the Group Supervision
Rules, as amended.

 

“Treasury Rate” means
(1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently
published H.15 for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or
after the remaining term of the Notes (assuming the Notes matured on the first day of the next Par Call Period), yields for the
two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will
be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (2) if such release
(or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the
rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated by the Company
using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for such Redemption Date. The Treasury Rate shall be calculated by the Company on the third Business Day preceding the Redemption
Date.

 

“Trustee” shall have
the meaning set forth in the preamble of this First Supplemental Indenture.

 

A “Winding-Up” will occur,
with respect to any person, if: (i) at any time an order is made, or an effective resolution is passed, for the winding-up
of such person (except, in any such case, a solvent winding-up solely for the purpose of a reorganization, merger or amalgamation
or the substitution in place of such person of a successor in business of such person, the terms of which reorganization, merger,
amalgamation or substitution (A) have previously been approved in writing by the trustee or by holders of a majority in aggregate
principal amount of the outstanding notes and (B) do not provide that the Notes or any amount in respect thereof shall thereby
become payable); or (ii) an administrator of such person is appointed and such administrator gives notice that it intends
to declare and distribute a dividend.

 

Article 2

GENERAL TERMS AND CONDITIONS OF THE NOTES

 

Section 2.01         Designation
and Principal Amount. There is hereby authorized a series of Securities designated the 4.500% Fixed-Rate Reset Junior
Subordinated Notes due 2050, which shall be in the form of junior subordinated unsecured notes issued by the Company under this
Indenture, unlimited in aggregate principal amount.

 

Section 2.02         Further
Issues. So long as no Event of Default or Mandatory Deferral Event shall have occurred and be continuing with respect to the
Notes at the time of such issuance, the Company may, from time to time, subject to compliance with any other applicable provisions
of this First Supplemental Indenture but without the consent of the Holders, issue an unlimited principal amount of additional
Notes having identical terms as the Notes offered hereby, other than issue date, issue price and, if applicable, the first interest
payment date and first interest accrual date (the “additional Notes”) and which will be deemed to be in the
same series as the Notes offered hereby. Any additional Notes will be part of the same issue as the Notes being offered hereby
and the Notes and any additional Notes will be treated as a single class for all purposes under the Indenture, including, without
limitation, waivers, amendments and redemptions; provided that if any additional Notes are not fungible with the Notes offered
hereby for U.S. federal income tax purposes, they will be issued with a separate CUSIP number.

 

Section 2.03         Form and
Payment     Notes shall be issued in fully registered certificated form without interest coupons
in denominations of $2,000 and integral multiples of $1,000 in excess thereof, bearing identical terms. Principal and interest
on the Notes issued in certificated form will be payable, the transfer of such Notes will be registrable and such Notes will be
exchangeable for Notes bearing identical terms and provisions at the Corporate Trust Office of the Trustee.

 

    -6-

     

    

 

Section 2.04         Payment
of Principal. The principal of the Notes shall be due on Final Maturity Date. If the Final Maturity Date is not a Business
Day, payment of principal and interest to be made on the Final Maturity Date shall be made on the next Business Day (but no interest
shall accrue as a result of such postponement).

 

Section 2.05         Interest
Rate. The Notes will bear interest (i) from the Original Issue Date to, but excluding, the First Reset Date at the fixed
rate of 4.500% per annum and (ii) from, and including, the First Reset Date, during each Reset Period, at a rate per annum
equal to the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date plus 3.815% to be reset on each Reset
Date. Promptly upon receiving notice of the Calculation Agent’s determination of the interest rate for the relevant Reset
Period, the Company shall promptly notify the Trustee and paying agent in writing of the interest rate for the relevant Reset
Period. The Calculation Agent’s determination of any interest rate and its calculation of the amount of interest for any
Reset Period beginning on or after the First Reset Date will be on file at the Company’s offices as set forth in Section 1.05
of the Base Indenture, will be made available to any Holder of the Notes upon request and will be final and binding in the absence
of manifest error.

 

Section 2.06         Payment
of Interest. Subject to Section 2.08 and Section 2.09, accrued interest on the Notes shall be payable semi-annually
in arrears on April 1 and October 1 of each year, commencing on April 1, 2021, and on the Final Maturity Date (each
such date, an “Interest Payment Date”).

 

Section 2.07         Arrears
of Interest.

 

(a)           Any
interest in respect of the Notes not paid on an Interest Payment Date, together with any interest in respect of the Notes not paid
on an earlier Interest Payment Date will, so long as the same remains unpaid, constitute “Arrears of Interest”
in respect of the Notes, which includes any accrued interest in respect of the Notes, the payment of which is so deferred, so long
as such interest remains unpaid. Arrears of Interest shall be cumulative and bear interest at the interest rate then payable on
the Notes (such cumulative interest also constituting Arrears of Interest). Arrears of Interest on the Notes will remain outstanding,
and will accumulate interest, for so long as they remain unpaid. Any references in the Indenture, this First Supplemental Indenture
or the Notes to “accrued and unpaid interest” shall include any Arrears of Interest. The Trustee shall not be responsible
for calculating any Arrears of Interest.

 

(b)           So
long as no Event of Default or Mandatory Deferral Event has occurred and is continuing, at the Company’s option, Arrears
of Interest on the Notes may be paid in whole or in part to the persons in whose names the Notes are registered as of the close
of business on the 15th calendar day (whether or not such date is a Business Day) immediately preceding the date on which payment
of such Arrears of Interest is to be made, at any time upon the expiration of not more than 15 nor less than five Business Days’
written notice to the Trustee, the paying agent and the Holders of the Notes to such effect (which written notice shall specify
the amount of such Arrears of Interest).

 

(c)           If
not previously paid, Arrears of Interest with respect to the Notes shall become due and payable, and shall be paid in whole (and
not in part), on the earliest of:

 

(i)            so
long as no Event of Default or Mandatory Deferral Event has occurred and is continuing, and subject to the right of the Company
and the Guarantor to optionally defer payment of interest as provided under Section 2.09, the next Interest Payment Date for
the Notes;

 

(ii)           the
date of redemption of the Notes in accordance with Article 3;

 

(iii)          the
date on which a Winding-Up of the Company or the Guarantor occurs; or

 

(iv)          the
Final Maturity Date for the Notes;

 

provided that, in the event of there
being Arrears of Interest on the Final Maturity Date, such Arrears of Interest shall be paid before any repayment of principal.

 

    -7-

     

    

 

Section 2.08         Mandatory
Deferral.

 

(a)           If,
as of any Interest Payment Date, a Mandatory Deferral Event has occurred and is continuing, the Company and the Guarantor shall
be required to defer payment of all (and not less than all) of the interest accrued on the Notes as of such Interest Payment Date.
Accrued and unpaid interest will be due and payable at the end of a Mandatory Deferral Period, subject to the right of the Company
and the Guarantor to continue deferral of payments as provided under Section 2.09. Any accrued interest under this Section 2.08,
the payment of which is so deferred, so long as such interest remains unpaid, will constitute Arrears of Interest and will be subject
to Section 2.07.

 

(b)           Prior
to the first Interest Payment Date during the Mandatory Deferral Period, the Company shall provide to the Trustee an Officers’
Certificate identifying the beginning of the Mandatory Deferral Period and shall notify the Holders of the Notes at least 10 Business
Days before the first Interest Payment Date during the Mandatory Deferral Period, unless the Mandatory Deferral Event occurs within
such period, in which case the Company shall so notify the Holders of the Notes promptly following the occurrence of such Mandatory
Deferral Event. Thereafter, the Company shall give Holders of the Notes and the Trustee written notice of the continuation of a
Mandatory Deferral Period at least three and not more than 60 Business Days before the next Interest Payment Date, so long as the
Mandatory Deferral Period is continuing at such next Interest Payment Date.

 

(c)           Notwithstanding
any other provision in the Notes or the Indenture, the deferral resulting from a Mandatory Deferral Event will constitute neither
an Event of Default under the Indenture nor a default of any kind, and will not give Holders of the Notes or the trustee any right
to accelerate repayment of the Notes or any other remedies.

 

Section 2.09         Optional
Deferral of Interest Payments.

 

(a)           Subject
to Section 2.09(c), so long as no Event of Default has occurred and is continuing, the Company and the Guarantor may elect
at one or more times to defer payment of interest on the Notes for one or more consecutive interest periods that do not exceed
five years from the date of commencement of the Optional Deferral Period; provided that, in the event that a failure
to defer payment of interest on the Notes at the conclusion of such five-year period would cause the Company or the Guarantor to
breach the terms of the indenture governing the Capital Efficient Notes or the guarantees thereof, that Optional Deferral Period
may be extended by the Company or the Guarantor until the earlier of the date on which payments of interest on the Notes would
no longer result in such a breach and the date that is ten years from the date of commencement of the Optional Deferral Period,
in each case for a single Optional Deferral Period. Any interest so deferred shall constitute Arrears of Interest. Interest may
not be optionally deferred beyond the Final Maturity Date, or any earlier accelerated maturity date arising from an Event of Default
or any other earlier redemption of the Notes.

 

(b)           If
not previously paid, at the end of an Optional Deferral Period, the Company or the Guarantor must pay all Arrears of Interest arising
from such Optional Deferral Period. If the Company or the Guarantor has at any time paid all Arrears of Interest on the Notes,
including compounded interest on such deferred amounts, the Company and the Guarantor can again elect to optionally defer interest
payments on the Notes pursuant to paragraph (a) of this Section 2.09.

 

(c)           For
the avoidance of doubt, if a Mandatory Deferral Period occurs during an Optional Deferral Period (including if such Mandatory Deferral
Period and Optional Deferral Period begin on the same Interest Payment Date), and such Mandatory Deferral Period ceases to be continuing
prior to the next Optional Deferral Expiration Date, then the Company and the Guarantor may continue to elect to optionally defer
interest following the conclusion of such intervening Mandatory Deferral Period until the next Optional Deferral Expiration Date.
If a Mandatory Deferral Event has occurred and is continuing on an Optional Deferral Expiration Date (including if a separate Mandatory
Deferral Period had previously begun and ended during such Optional Deferral Period), the Optional Deferral Period will continue
until such time that a Mandatory Deferral Event is no longer continuing. No provisions of this section shall limit the ability
or obligations of the Company or the Guarantor to defer either interest payments or repayment of Arrears of Interest if a Mandatory
Deferral Event has occurred and is continuing.

 

    -8-

     

    

 

(d)           The
Company or the Guarantor will give the Holders of the Notes and the Trustee written notice of their election to commence or continue
an Optional Deferral Period at least three and not more than 60 Business Days before the initial scheduled Interest Payment Date
of an Optional Deferral Period and, thereafter, before each subsequent Interest Payment Date during the Optional Deferral Period.

 

Section 2.10         Variation
and Substitution of the Notes.

 

(a)           If
a Capital Disqualification Event, Rating Agency Event or Tax Event occurs, the Company may, as an alternative to redemption of
the Notes, at any time, without the consent of any Holder, vary any term or condition of the Notes or substitute all (but not less
than all) of the Notes for other notes, so that the varied Notes or the substituted notes, as the case may be, become Qualifying
Equivalent Securities.

 

(b)           In
the event of a substitution pursuant to this Section 2.10, the principal amount of the Qualifying Equivalent Securities to
be received by Holders in substitution shall be equal to the principal amount of the Notes substituted. In connection with the
substitution of Qualifying Equivalent Securities for the relevant Notes or the variation of the terms of the relevant Notes, each
Noteholder by the purchase of the relevant Notes authorizes the Trustee to, and the Trustee shall, authenticate such new notes
in accordance with the Indenture.

 

(c)           Any
variation or substitution of the Notes is subject to no more than 60 nor less than 30 calendar days’ prior notice by the
Company to the Holders (which notice shall be irrevocable and shall specify the date fixed for such variation or substitution)
in accordance with the notice provisions governing the Notes and to:

 

(i)            the
Guarantor being in compliance with the Applicable Supervisory Regulations on the date of such variation or substitution (after
giving effect to such variation or substitution), and such variation or substitution not resulting directly or indirectly in a
breach of the Applicable Supervisory Regulations;

 

(ii)           the
Company complying with the rules of any stock exchange (or any other relevant authority) on which the Company has had its
notes listed or admitted to trading;

 

(iii)          in
respect of substitution only, all payments of interest, including Arrears of Interest, and any other amount payable under the Notes
that, in each case, has accrued to Holders of the Notes and has not been paid, being satisfied in full on or prior to the date
thereof; and

 

(iv)          immediately
after the substitution or variation not triggering the right on the Company’s part to redeem the Notes pursuant to Section 3.03(a).

 

(d)           “Qualifying
Equivalent Securities” means securities which have terms not materially less favorable to the Holders than the Notes,
as reasonably determined by the Company or the Guarantor in consultation with an independent investment bank, consulting firm or
comparable expert of international standing on the subject, and which:

 

(i)            satisfy
the criteria for the eligibility for inclusion of the proceeds of the Notes, under the Applicable Supervisory Regulations;

 

(ii)           contain
terms providing for the same interest rate and Interest Payment Dates applying to the Notes;

 

(iii)          rank
senior to or have the same ranking as the Notes;

 

(iv)          preserve
all obligations as to repayment of the Notes, including (without limitation) as to timing of such repayment (including preserving
the same Scheduled Maturity Date and Final Maturity Date);

 

    -9-

     

    

 

(v)           do
not contain terms providing for loss absorption through principal write-down or conversion to ordinary shares; and

 

(vi)          preserve
any rights to any accrued and unpaid interest, and any existing rights to other amounts payable under the Notes which has accrued
to Holders and not been paid.

 

(e)           The
Company shall deliver to the Trustee on the date fixed for any such variation or substitution an Officers’ Certificate, upon
which the Trustee shall be permitted to conclusively rely, stating that all conditions precedent hereunder to such variation or
substitution, including, without limitation, the conditions set forth in Section 2.10(c), have been complied with.

 

Section 2.11         No
Payment of Additional Amounts. The Company will not be required to pay any Additional Amounts with respect to the Notes.

 

Section 2.12         Calculation
Agent. Unless the Company has validly redeemed all Outstanding Notes on or before the First Reset Date, the Company will appoint
a Person as Calculation Agent with respect to the Notes prior to the Reset Interest Determination Date preceding the First Reset
Date. The Company may appoint itself or an affiliate as Calculation Agent. The Company may, in its sole discretion, remove the
Calculation Agent in accordance with the agreement between the Company and the Calculation Agent; provided that
the Company shall appoint a successor Calculation Agent who shall accept such appointment prior to the effectiveness of such removal;
provided, further, that the Company shall promptly notify the Trustee in writing of the appointment
of a Calculation Agent and of any removal of a Calculation Agent.

 

Article 3

REPAYMENT AND REDEMPTION OF THE NOTES

 

Pursuant to Section 3.01(j) and
  Section 11.01 of the Base Indenture, the provisions of this Article 3 shall apply to the Notes and shall, with
respect of the Notes, supersede and replace the provisions of Article 11 of the Base Indenture in their entirety as follows:

 

Section 3.01         Repayment
at Final Maturity Date

 

(a)           Unless
previously redeemed or purchased and cancelled, the Notes shall become finally due and payable, and shall be repaid, on the Final
Maturity Date at a price equal to the principal amount thereof, together with accrued and unpaid interest on the Notes to, but
excluding, the Final Maturity Date.

 

(b)           The
Company shall notify the Trustee and the Holders of the Notes in writing not less than 10 Business Days prior to the Scheduled
Maturity Date (or as soon as reasonably practicable if the BMA Redemption Requirements are no longer satisfied as of a date less
than 10 Business Days prior to the Scheduled Maturity Date) if the BMA Redemption Requirements will not be satisfied on the Scheduled
Maturity Date, which written notice shall state the cause of the failure to satisfy such conditions, and the repayment of the Notes
shall be deferred until such time as the BMA Redemption Requirements are satisfied. In such event, the Company shall, not more
than 10 Business Days following the satisfaction of the BMA Redemption Requirements, notify the Trustee in writing that the
BMA Redemption Requirements have been satisfied and of the Final Maturity Date (which the Trustee shall promptly disseminate to
the Holders of the Notes), which Final Maturity Date shall be no earlier than three Business Days after the date on which notice
of the Final Maturity Date has been given to the Trustee and no later than the 15th Business Day following the date the BMA Redemption
Requirements were satisfied. If at any time following the date of such written notice and prior to the stated repayment date the
BMA Redemption Requirements are no longer satisfied, the above notice provisions shall again apply.

 

(c)           In
the event the Scheduled Maturity Date and the Final Maturity Date are not the same, failure to repay the Notes on the Scheduled
Maturity Date will constitute neither an Event of Default nor a default of any kind and will not give Holders of the Notes or the
Trustee any right to accelerate repayment of the note the Notes or any other remedies.

 

    -10-

     

    

 

Section 3.02         Optional
Redemption.

 

(a)           Subject
to Section 3.04(a), at any time not during a Par Call Period, and provided that the BMA Redemption Requirements have been
satisfied and will continue to be satisfied if the optional redemption payment were made on the Notes, the Company may redeem the
Notes, in whole at any time or in part (equal to $2,000 and integral multiples of $1,000 in excess thereof), at the Company’s
option, at a redemption price equal to the greater of: (A) 100% of the principal amount of the Notes to be redeemed, and (B) an
amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on such Notes (not
including any portion of such payments of interest accrued as of such Redemption Date) that would be due if the Notes matured on
the first day of the next Par Call Period, discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year comprising
twelve 30-day months) at the Treasury Rate, plus 50 basis points; plus, in each case, accrued and unpaid interest (including
any Arrears of Interest) on such Notes to, but excluding, such Redemption Date.

 

(b)           Subject
to Section 3.04(a), at any time during a Par Call Period, and provided that the BMA Redemption Requirements have been satisfied
and will continue to be satisfied if the optional redemption payment were made on the Notes, the Company may redeem the Notes,
in whole at any time or in part (equal to $2,000 and integral multiples of $1,000 in excess thereof), at the Company’s option,
at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest (including
any Arrears of Interest) to, but excluding, such Redemption Date.

 

(c)           Notice
of any optional redemption will be sent at least 15 days but not more than 60 days before the Redemption Date to the Trustee and
each Holder of the Notes to be redeemed at its registered address (which notice will be irrevocable). The notice of redemption
with respect to Section 3.02(a) need not set forth the redemption price but only the manner of calculation thereof. The
Company shall notify the Trustee and the Holders of the Notes in writing not less than 10 Business Days prior to the applicable
Redemption Date (or as soon as reasonably practicable if the BMA Redemption Requirements are no longer satisfied as of a date less
than 10 Business Days prior to the applicable Redemption Date) if the BMA Redemption Requirements will not be satisfied on the
applicable Redemption Date, which written notice shall state the cause of the failure to satisfy such conditions, and the redemption
shall be deferred until such time as the BMA Redemption Requirements are satisfied. In such event, the Company shall, not more
than 10 Business Days following the satisfaction of the BMA Redemption Requirements, notify the Trustee in writing that the
BMA Redemption Requirements have been satisfied and of the new Redemption Date (which the Trustee shall promptly disseminate to
the Holders of the Notes), which new Redemption Date shall be no earlier than three Business Days after the date on which notice
of such Redemption Date has been given to the Trustee and no later than the 15th Business Day following the date the BMA Redemption
Requirements were satisfied. If at any time following the date of such written notice and prior to the new Redemption Date the
BMA Redemption Requirements are no longer satisfied, the above notice provisions shall again apply.

 

(d)           Unless
the Company defaults in the payment of the redemption price (including, for this purpose, a non-payment in the event the BMA Redemption
Requirements have not been satisfied), on and after the Redemption Date, interest will cease to accrue on the Notes or portions
thereof called for redemption.

 

(e)           Whenever
any determination is required to be made pursuant to this Section 3.02 as to whether any redemption occurs within or not within
a Par Call Period or any other specified period, the actual date of redemption and not the date of notice of redemption shall govern.

 

Section 3.03         Specified
Event Redemption of the Notes.

 

(a)           Subject
to Section 3.04(a) and provided that the BMA Redemption Requirements have been satisfied and will continue to be satisfied
if the redemption payment were made on the Notes, the Company may redeem the Notes at its option, in whole but not in part, at
any time at a redemption price equal to (1) 100% of the principal amount, plus accrued and unpaid interest (including any
Arrears of Interest), if any, on such Notes to, but excluding, such Redemption Date, within 90 days of the date on which the Company
has reasonably determined that, as a result of (i) any amendment to, or change in, the laws or regulations of Bermuda that
is enacted or becomes effective after the initial issuance of the Notes; (ii) any proposed amendment to, or change in, those
laws or regulations that is announced or becomes effective after the initial issuance of the Notes; or (iii) any official
administrative decision, judicial decision, administrative action or other official pronouncement interpreting or applying those
laws or regulations that is announced after the initial issuance of the Notes, a Capital Disqualification Event has occurred; (2) 102%
of the principal amount, plus accrued and unpaid interest (including any Arrears of Interest), if any, on such Notes to, but excluding,
such Redemption Date, within 90 days after the occurrence of a Rating Agency Event; and (3) 100% of the principal amount,
plus accrued and unpaid interest (including any Arrears of Interest), if any, on such Notes to, but excluding, such Redemption
Date, after the occurrence of a Tax Event (each, a “Specified Event Redemption”); provided that,
at the time of such Specified Event Redemption, the BMA Redemption Requirements are satisfied and will continue to be satisfied
after the redemption payment is made and, if not so satisfied, such Specified Event Redemption will be deferred until such time
as the BMA Redemption Requirements are satisfied.

 

    -11-

     

    

 

(b)           Notice
of any Specified Event Redemption will be sent at least 15 days but not more than 60 days before the Redemption Date to the Trustee
and each Holder of the Notes to be redeemed at its registered address (which notice will be irrevocable). The Company shall notify
the Trustee and the Holders of the Notes in writing not less than 10 Business Days prior to the applicable Redemption Date (or
as soon as reasonably practicable if the BMA Redemption Requirements are no longer satisfied as of a date less than 10 Business
Days prior to the applicable Redemption Date) if the BMA Redemption Requirements will not be satisfied on the applicable Redemption
Date, which written notice shall state the cause of the failure to satisfy such conditions, and the Specified Event Redemption
shall be deferred until such time as the BMA Redemption Requirements are satisfied. . In such event, the Company shall, not more
than 10 Business Days following the satisfaction of the BMA Redemption Requirements, notify the Trustee in writing that the
BMA Redemption Requirements have been satisfied and of the new Redemption Date (which the Trustee shall promptly disseminate to
the Holders of the Notes), which new Redemption Date shall be no earlier than three Business Days after the date on which notice
of such Redemption Date has been given to the Trustee and no later than the 15th Business Day following the date the BMA Redemption
Requirements were satisfied. If at any time following the date of such written notice and prior to the new Redemption Date the
BMA Redemption Requirements are no longer satisfied, the above notice provisions shall again apply.

 

(c)           Such
notice shall state the specified Redemption Date, the facts establishing the right of the Company or the Guarantor to redeem the
Notes, and that all Outstanding Notes shall be redeemed at the applicable redemption price on the Redemption Date automatically
and without any further action by the Holders of the Notes.

 

(d)           Unless
the Company defaults in the payment of the redemption price (including, for this purpose, a non-payment in the event the BMA Redemption
Requirements have not been satisfied), on and after the Redemption Date, interest will cease to accrue on the Notes to be redeemed.

 

Section 3.04         BMA
Redemption Requirements.

 

(a)           Notwithstanding
anything to the contrary set forth herein, (i) prior to October 1, 2025, the Notes may be redeemed only with BMA Approval,
and (ii) the Notes may not be redeemed at any time or repaid prior to the Final Maturity Date if the Enhanced Capital Requirement
would be breached immediately before or after giving effect to such redemption or repayment of the Notes, unless, in the case of
each of clause (i) and (ii), the Guarantor, the Company or another subsidiary of the Guarantor replaces the capital represented
by the Notes to be redeemed or repaid with capital having equal or better capital treatment as the Notes under the Group Rules (collectively,
the “BMA Redemption Requirements”).

 

(b)           In
the event that the Notes are not redeemed or repaid as a result of a failure to satisfy the BMA Redemption Requirements, interest
on the Notes will continue to accrue and be paid on each Interest Payment Date (subject to Section 2.5) until the first date
on which final payment on the Notes may be made as described in Section 3.01, at which time the Notes will become due and
payable, and will be finally repaid at the principal amount of the Notes, together with any accrued and unpaid interest in the
manner and subject to the conditions of Section 3.04(a).

 

(c)           Notwithstanding
any provision of the Notes or the Indenture, in the event of non-payment on a scheduled Redemption Date or the Scheduled Maturity
Date resulting from a failure to satisfy the BMA Redemption Requirements in accordance with this Section 3.04, the Notes to
be redeemed or repaid will not become due and payable on such date, and such non-payment will constitute neither an Event of Default
nor a default of any kind with respect to the Notes, and will not give Holders of the Notes or the Trustee any right to accelerate
repayment of the Notes or any other remedies.

 

    -12-

     

    

 

 

(d)            An
Officers’ Certificate relating to the Notes in connection with repayment or any redemption under this Article 3 certifying
that (i) the BMA Redemption Requirements have not been met or would not be met if the Notes were repaid or the applicable
redemption payment were made, (ii) the BMA Redemption Requirements have been met and would continue to be met if the Notes
were to be repaid or the applicable redemption payment were made or (iii) no such BMA Redemption Requirements apply shall,
in the absence of manifest error, be treated and accepted by the Trustee, the Holders of the Notes and all other interested parties
as correct and sufficient evidence thereof, shall be final and binding on such parties, and the Trustee shall be entitled to rely
on such Officers’ Certificate without liability to any Person and shall have no duty to ascertain the existence of any such
manifest error.

 

Article 4

NO SINKING FUND

 

Article 12 of the Base Indenture shall
be superseded by this Article 4 with respect to the Notes.

 

Section 4.01          No
Sinking Fund. The Notes are not entitled to the benefit of any sinking fund.

 

Article 5

FORM OF NOTE

 

Section 5.01          Form of
Note. The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the
following forms:

 

[FORM OF FACE OF NOTE]

 

[IF THE NOTE IS TO BE A GLOBAL SECURITY, INSERT
- THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF
THE CLEARING AGENCY OR A NOMINEE OF THE CLEARING AGENCY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE CLEARING AGENCY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF
THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE CLEARING AGENCY TO A NOMINEE OF THE CLEARING AGENCY OR BY A NOMINEE
OF THE CLEARING AGENCY TO THE CLEARING AGENCY OR ANOTHER NOMINEE OF THE CLEARING AGENCY) MAY BE REGISTERED EXCEPT IN LIMITED
CIRCUMSTANCES.]

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.]

 

    	 	-13-	 

     

    

 

PARTNERRE FINANCE B LLC

  

4.500% Fixed-Rate Reset Junior Subordinated
Notes due 2050

 

	No. R-[•]	$[•]
	 	CUSIP No. 70213B AC5

 

PARTNERRE FINANCE B LLC, a limited liability
company organized and existing under the laws of Delaware (hereinafter called the “Company”, which term includes
any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede &
Co., as nominee for The Depository Trust Company, or registered assigns, the principal sum of [•] dollars ($[•])
on the Final Maturity Date. The Company further promises to pay interest on said principal sum from September 22, 2020 or
from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on April 1
and October 1 in each year, commencing on April 1, 2021, at the rate and subject to the terms and conditions specified
in Sections 2.05 and 2.06 of the First Supplemental Indenture, until the principal hereof is paid or duly provided for. Interest
will be computed on the basis of a 360-day year consisting of twelve 30-day months unless the period for which interest is to
be paid consists of less than a 30-day month, in which case it will be computed on the basis of the actual number of days elapsed
per 30-day month. Any separate payment of Arrears of Interest will be paid according to Section 2.07 of the First Supplemental
Indenture. If any Interest Payment Date falls on a day that is not a Business Day, the interest payment due on that date will
be postponed until the next succeeding Business Day, and no interest on such payment will accrue for the period from and after
such Interest Payment Date to such next succeeding Business Day. Similarly, if the Final Maturity Date falls on a day that is
not a Business Day, the payment of interest and principal may be made on the next succeeding Business Day, and no interest on
such payment will accrue for the period from and after the Final Maturity Date to such next succeeding Business Day.

 

The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest, which shall be the March 15 or September 15 (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable
to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Company in accordance with the terms of the Indenture, notice whereof shall be given by the Trustee to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Unless this Note is a global Note, payment
of the principal of and interest due on the Final Maturity Date of this Note shall be made upon surrender of this Note at the
Corporate Trust Office of the Trustee. The principal of and interest on this Note shall be paid in Dollars. Payments of interest
will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address
of the Person entitled thereto at such address as shall appear in the Security Register or (ii) by wire transfer to an account
maintained by the payee with a bank located in the United States.

 

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

 

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

 

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

 

Dated: [•], 2020

 

    	 	-14-	 

     

    

  

	 	PARTNERRE FINANCE B LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

This is one of the Notes referred to in the within mentioned
Indenture.

  

	 	THE BANK OF NEW YORK MELLON, as Trustee
	 	 	 
	 	By:	
	 	 	Authorized Officer

  

Dated: [•], 2020

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue
of securities of the Company (herein called the “Notes”), issued and to be issued in one or more series under
an Indenture, dated as of September 22, 2020 (herein called the “Base Indenture”), between the Company,
the Guarantor and The Bank of New York Mellon, as trustee (herein called the “Trustee”), as amended and supplemented
by a First Supplemental Indenture, dated as of September 22, 2020 (the “First Supplemental Indenture”
and the Base Indenture as so supplemented, the “Indenture”), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Guarantor, the Trustee and the Holders of the Notes, and of the terms upon which the Notes are, and are to
be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate
principal amount to $500,000,000.

 

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

 

The Notes will represent the junior subordinated
unsecured obligations of the Company and will rank equally in right of payment with all future indebtedness of the Company that
is by its terms equal in right of payment to the Notes. The Notes are subordinated in right of payment, in the manner and to the
extent set forth in the Indenture, to the prior payment in full of all Senior Indebtedness. The Notes are contractually subordinated
in right of payment to any existing and future liabilities of the Guarantor’s subsidiaries (other than the Company, PartnerRe
Finance II Inc. and PartnerRe Ireland Finance DAC), including amounts owed to holders of reinsurance and insurance policies issued
by the Guarantor’s reinsurance and insurance company subsidiaries.

 

The Final Maturity Date of the Notes
is (1) October 1, 2050, or the “Scheduled Maturity Date,” if, on the Scheduled Maturity Date, the
BMA Redemption Requirements are satisfied, or (2) otherwise, following the Scheduled Maturity Date, the earlier of (a) the
date falling 10 Business Days after the BMA Redemption Requirements are satisfied and would continue to be satisfied if such payment
were made and (b) the date on which a Winding-Up of the Company or the Guarantor occurs.

 

If an Event of Default with respect to
Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable
in the manner, with the effect and subject to the conditions provided in the Indenture.

 

So long as no Event of Default has occurred
and is continuing, the Company and the Guarantor may elect at one or more times to defer payment of interest on the Notes for
one or more consecutive interest periods, subject to, and in accordance with, the terms of the Indenture. If, as of any Interest
Payment Date, a Mandatory Deferral Event has occurred and is continuing, the Company and the Guarantor shall be required to defer
payment of all (and not less than all) of the interest accrued on the Notes as of such Interest Payment Date, subject to, and
in accordance with, the terms of the Indenture.

 

    	 	-15-	 

     

    

 

The Indenture contains provisions for satisfaction,
discharge and defeasance at any time of the entire indebtedness of this Note upon compliance by the Company with certain conditions
set forth in the Indenture.

  

The Notes will not have a sinking fund.

 

The Notes of this series shall be redeemable
in accordance with Article 3 of the First Supplemental Indenture.

 

If less than all of the Notes are to be
redeemed, the Notes to be redeemed shall be selected in accordance with the procedures of The Depository Trust Company, in the
case of Notes represented by a global note, or by the Trustee by lot, in the case of Notes that are not represented by a global
note.

 

The Indenture permits, with certain exceptions
as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose
of modifying in any manner the rights and obligations of the Company and of the Holders of the Securities, with the consent of
the Holders of not less than a majority in principal amount of the Outstanding Securities of each series to be affected by such
supplemental indenture. The Indenture also contains provisions permitting Holders of specified percentages in principal amount
of Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Note.

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Note is registrable in the Securities Register, upon surrender
of this Note for registration of transfer at the office or agency of the Company maintained under Section 10.02 of the Base
Indenture duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities
Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes,
of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.
No service charge shall be made for any such registration of transfer or exchange, but the Company or the Trustee may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

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

 

The Notes are issuable only in registered
form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. This global Security is exchangeable
for Notes in definitive form only under certain limited circumstances set forth in the Indenture. Notes so issued are issuable
only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided
in the Base Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal
amount of Notes of a different authorized denomination, as requested by the Holder surrendering the same.

 

This Note does not in any way give rise
to any rights of set-off, recoupments or counterclaims against any claims and obligations of the Company or the Guarantor or any
of the Guarantor’s regulated operating subsidiaries to any Person in whose name this Note is registered or any creditor
of the Company or the Guarantor or any of the Guarantor’s regulated operating subsidiaries. By acquiring this Note, the
Holder is deemed to agree and acknowledge that no security or encumbrance of any kind is, or will at any time be, provided by
the Company or of the Guarantor or any of their affiliates to secure the rights of Holders.

 

No recourse shall be had for the payment
of the principal of or the interest on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or
in respect of the Indenture, against any incorporator, shareholder, officer or director, past, present or future, as such, of
the Company or of any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law,
or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part
of the consideration for the issuance hereof, expressly waived and released.

 

    	 	-16-	 

     

    

 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY
WITHIN SUCH STATE.

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned
assigns and transfers this Security to:

 

 

 

 

 

 

 

 

(Insert assignee’s social security or tax identification
number)

  

 

 

 

(Insert address and zip code of assignee)

 

hereby irrevocably constituting and
appointing ______________________________________________________ as agent to transfer this Security on the books of the Securities
Registrar. The agent may substitute another to act for him or her.

 

	Dated:	 	Signature:
	 	 	 
	 	 	 
	 	 	Signature Guarantee:

	 	 
	 	(Sign exactly as your name appears on the other side of this Security)

 

Signatures must be guaranteed by an
 “eligible guarantor institution” meeting the requirements of the Securities Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Securities Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.

 

Article 6

ORIGINAL ISSUE OF NOTES

 

Section 6.01          Original
Issue of Notes. Notes in the aggregate principal amount not to exceed $500,000,000, except as provided in Section 2.02
hereof, may, upon execution of this First Supplemental Indenture, be executed by the Company and delivered to the Trustee for
authentication, and the Trustee shall thereupon authenticate and deliver said Notes to or upon the written order of the Company,
signed by its Chief Executive Officer, President, any Senior Vice President, Vice President or Secretary, without any further
action by the Company.

 

    	 	-17-	 

     

    

  

Article 7

EVENTS OF DEFAULT

 

Solely with respect to the Notes, for so
long as any of the Notes remain outstanding, pursuant to Section 3.01(r) of the Base Indenture, Sections 5.01 and 5.02
of the Base Indenture shall be superseded with respect to the Notes by the following provisions.

 

Section 7.01     Events
of Default.

  

(a)            An
 “Event of Default” with respect to the Notes, means each one of the following events which shall have occurred
and be continuing (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):

 

(i)             a
default in payment of principal or any premium when due, other than if the Company is required to postpone payment due to failure
to satisfy the BMA Redemption Requirements;

 

(ii)            a
default for 30 days in the payment of any interest upon any of the Notes, other than upon the occurrence of a Mandatory Deferral
Event (or if the Company or the Guarantor has validly elected to defer the payment of such interest in accordance with Section 2.09);

 

(iii)           the
guarantees of the Notes by the Guarantor cease to be in full force and effect or are declared to be null and void and unenforceable
(other in accordance with the terms of the Indenture); or

 

(iv)           the
Company or the Guarantor shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now
or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to
the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official)
of the Company or the Guarantor or for any substantial part of its or their property, or make any general assignment for the benefit
of creditors, or shall admit in writing its inability to pay its or their respective debts generally as they become due.

 

(b)             If
an Event of Default described in clause (iv) in Section 7.01(a) occurs and is continuing, then the principal amount
of the Notes will be immediately due and payable without any declaration or any other action on the part of the Trustee or any
Holder of the Notes.

 

(c)             If
an Event of Default described in clause (i), (ii) or (iii) in Section 7.01(a) occurs and is continuing, either
the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal of all
the Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders),
and upon any such declaration such principal shall become immediately due and payable.

 

    	 	-18-	 

     

    

 

 

Section 7.02          Acceleration
of Maturity; Rescission and Annulment.

 

At any time after a declaration of acceleration
with respect to the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the
Trustee as provided in Article 5 of the Base Indenture, the Holders of not less than a majority in principal amount of the
Outstanding Notes, by written notice to the Company or the Guarantor, as the case may be, and the Trustee, may rescind and annul
such declaration and its consequences if:

 

(a)             the
Company or the Guarantor have paid or deposited with the Trustee a sum of money sufficient to pay:

  

(i)             all
overdue installments of any interest on and Additional Amounts with respect to such Notes and any coupon appertaining thereto
(including, for the avoidance of doubt, Arrears of Interest),

 

(ii)            the
principal of and any premium on any Notes which have become due otherwise than by such declaration of acceleration and interest
thereon and any Additional Amounts with respect thereto at the rate or rates borne by or provided for in such Notes,

 

(iii)           to
the extent that payment of such interest or Additional Amounts is lawful, interest upon overdue installments of any interest and
Additional Amounts at the rate or rates borne by or provided for in such Notes, and

 

(iv)           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 all other amounts due the Trustee under Section 6.06 of the Base Indenture; and

 

(b)             all
Events of Default with respect to the Notes, other than the non-payment of the principal of, any premium and interest on, and
any Additional Amounts with respect to the Notes which shall have become due solely by such declaration of acceleration, shall
have been cured or waived as provided in Section 5.13 of the Base Indenture.

 

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

 

Article 8

COVENANTS

 

Solely with respect to the Notes, for so
long as any of the Notes remain outstanding, pursuant to Section 3.01 of the Base Indenture, Article 10 of the Base
Indenture shall be supplemented with respect to the Notes by the following provisions.

 

Until all the principal of and interest
on each Note have been paid in full, the Company covenants and agrees with the Holders that:

 

Section 8.01          Activities
of the Company. The Company’s activities shall be limited to issuing and repurchasing senior or subordinated debt instruments
and lending the proceeds from the sale of any such senior or subordinated debt instruments to PartnerRe U.S. Corporation on terms
identical in all material respects to the terms of the debt instruments issued by the Company in such transaction, and any other
activities necessary or incidental to these activities.

 

Section 8.02          Use
of Proceeds. The Company shall use the proceeds of the Notes to repurchase any senior or subordinated debt instruments previously
issued and outstanding and/or to acquire debt instruments of PartnerRe U.S. Corporation on terms identical in all material respects
to those of these Notes and shall hold such debt instruments for so long as any Note remains outstanding. Any such debt instrument
of PartnerRe U.S. Corporation shall be evidenced at all times by a note or agreement duly executed and delivered by PartnerRe
U.S. Corporation. The Company shall modify or waive the terms of any such debt instrument of PartnerRe U.S. Corporation only if
and to the extent that the terms of the Notes have been modified or waived in accordance with the terms of the Indenture.

 

Section 8.03          Proper
Records. The Company will keep proper books of record and account in which complete and correct entries are made of all transactions
relating to its business and activities.

  

    	 	-19-	 

     

    

 

Section 8.04         Compliance
with Laws. The Company will comply with all laws, rules, regulations and orders of any government agency applicable to it
or its property, except where failures to do so could not, in the aggregate, result in a material adverse effect on its ability
to satisfy its obligations on the Notes.

  

Section 8.05          Reserved.

 

Section 8.06          Dividend
and Other Payment Stoppages During Deferral Periods. So long as the Notes remain outstanding, if (i) the Guarantor
or the Company has given notice of their election to commence an Optional Deferral Period, (ii) the Guarantor or the Company
has given notice identifying the commencement of a Mandatory Deferral Period or (iii) an Optional Deferral Period or a Mandatory
Deferral Period has commenced and is continuing, then beginning on the earliest of such dates and until such time as the Guarantor
or the Company has paid all Arrears of Interest (including compounded interest on the deferred amounts), the Guarantor will not,
nor will it permit its subsidiaries to:

 

(a)             declare
or pay any dividends or distributions on its preferred shares or common shares (collectively, “capital stock”),
other than (1) a dividend payable solely in the form of equity securities, warrants, options or other rights where the dividend
stock or the stock issuable upon exercise of the warrants, options or other rights is the same stock as that on which the dividend
is being paid or ranks equally with or junior to such capital stock or (2) any inter-company payments, other than dividend
payments by the Company or its direct parent, PartnerRe U.S. Corporation;

 

(b)             repurchase,
redeem or otherwise acquire for consideration any shares of capital stock, directly or indirectly, other than (1) as a result
of a reclassification of capital stock for or into other capital stock or the exchange or conversion of one share of capital stock
for or into another share of capital stock, (2) through the use of the proceeds of a substantially contemporaneous sale of
capital stock or (3) as required by or necessary to fulfill the terms of any employment contract, benefit plan or similar
arrangement with or for the benefit of one or more employees, directors or consultants;

 

(c)             make
any payment of principal of, or interest or premium, if any, on, or repay, repurchase or redeem any debt securities that the Guarantor
issues or guarantees for which such securities or guarantees, as the case may be, rank upon the Guarantor’s liquidation
equal with or junior to the guarantees of the Notes, other than (1) any payment of current or deferred interest on equal-ranking
securities that is made pro rata to the amounts due on such equal-ranking securities (including the Notes and the guarantees
of the Notes) and (2) any payment of principal or current or deferred interest with respect to any equal-ranking securities
to the extent necessary to avoid a breach of any terms of the indentures or guarantees governing such equal-ranking securities;
or

 

(d)             make
any guarantee payments regarding any guarantee issued by the Guarantor of securities of any of its subsidiaries if that guarantee
ranks upon the Guarantor’s liquidation equal with or junior to the guarantees of the Notes, other than (1) any payment
of current or deferred interest on equal-ranking securities that is made pro rata to the amounts due on such equal ranking
securities (including the Notes and the guarantees of the Notes) and (2) any payment of principal or current or deferred
interest with respect to any equal-ranking securities to the extent necessary to avoid a breach of any terms of the indentures
or guarantees governing such equal-ranking securities.

 

Article 9

MODIFICATION AND WAIVER

 

Solely with respect to the Notes, for so
long as any of the Notes remain outstanding, the Company (when authorized by or pursuant to a Company’s Board Resolution),
the Guarantor (when authorized pursuant to a Board Resolution of the Guarantor’s Board of Directors) and the Trustee may
enter into an indenture or indentures supplemental hereto in accordance with Article 9 of the Base Indenture as amended and
supplemented by the following provision.

 

Section 9.01          Modification
and Waiver. Notwithstanding anything to the contrary in the Indenture, no modification or amendment to the Stated Maturity
or the principal of, or any premium or installment of interest on, or any Additional Amounts with respect to, any of the Notes
is permitted without (i) the consent of the Holder of each Note affected thereby and (ii) BMA Approval.

 

    	 	-20-	 

     

    

 

Article 10

ADDITIONAL TERMS

  

Section 10.01        Additional
Terms. The Notes will not be convertible into shares of Common Stock or Preferred Stock of the Company and/or exchangeable
for other securities. The amount of payments of principal with respect to the Notes shall not be determined with reference to
an index, formula or other method or methods. No Notes are issuable upon the exercise of warrants. Each of Section 4.02(b) of
the Base Indenture relating to defeasance and Section 4.02(c) of the Base Indenture relating to covenant defeasance
shall apply to the Notes, and the covenants subject to Section 4.02(c) and Section 10.06 of the Base Indenture
shall include the covenants set forth in, and made applicable to the Notes by, Article 8 of this First Supplemental Indenture.

 

Section 10.02        No
Rights of Set-off; No Encumbrances. The Notes will not in any way give rise to any rights of set-off, recoupments or counterclaims
against any claims and obligations of the Company or the Guarantor or any of the Guarantor’s regulated operating subsidiaries
to any Person in whose name the Notes are registered or any creditor of the Company or the Guarantor or any of the Guarantor’s
regulated operating subsidiaries. By acquiring the Notes, each Holder is deemed to agree and acknowledge that no security or encumbrance
of any kind is, or will at any time be, provided by the Company or the Guarantor or any of their affiliates to secure the rights
of Holders.

 

Section 10.03        Contractual
Subordination. The Notes are junior subordinated unsecured obligations of the Company and will be contractually subordinated
in right of payment to any existing and future liabilities of the Guarantor’s subsidiaries (other than the Company, PartnerRe
Finance II Inc. and PartnerRe Ireland Finance DAC), including amounts owed to holders of reinsurance and insurance policies issued
by its reinsurance and insurance company subsidiaries.

 

Section 10.04        Agreement
to Certain Tax Treatment. The Company, the Guarantor and PartnerRe U.S. Corporation agree, and each Holder and beneficial
owner of the Notes will, by accepting the Notes or a beneficial interest therein, be deemed to have agreed, to treat the Notes
as indebtedness of PartnerRe U.S. Corporation for U.S. federal income tax purposes, unless otherwise required by applicable law.

 

Article 11

MISCELLANEOUS

 

Section 11.01        Ratification
of Indenture. The Indenture, as supplemented by this First Supplemental Indenture, is in all respects ratified and confirmed,
and this First Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein
provided.

 

Section 11.02        Trustee
Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the Trustee, and the Trustee
assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of
this First Supplemental Indenture.

 

Section 11.03        Governing
Law. This First Supplemental Indenture and each Note shall be deemed to be a contract made under the laws of the State of
New York, and for all purposes shall be construed in accordance with the laws of said State applicable to contracts made and to
be performed entirely within said State.

 

Section 11.04        Separability.
In case any one or more of the provisions contained in this First Supplemental Indenture or in the Notes shall for any reason
be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect
any other provisions of this First Supplemental Indenture or of the Notes, but this First Supplemental Indenture and the Notes
shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

 

Section 11.05        Counterparts.
This First Supplemental Indenture may be executed in any number of counterparts each of which shall be an original; but such
counterparts shall together constitute but one and the same instrument.

 

* * *

 

    	 	-21-	 

     

    

 

This instrument may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic
signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records
Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed
to have been duly and validly delivered and be valid and effective for all purposes.

  

    	 	-22-	 

     

    

  

IN WITNESS WHEREOF, the parties hereto
have caused this First Supplemental Indenture to be duly executed by their respective officers thereunto duly authorized as of
the day and year first above written.

   

	 	PARTNERRE FINANCE B LLC, as Company
	 	 
	 	By:	/s/ Thomas L. Forsyth
	 	 	Name: 	Thomas L. Forsyth
	 	 	Title: 	President & CEO
	 	 	 
	 	 	 
	 	PARTNERRE LTD., as Guarantor
	 	 
	 	By:	/s/ Nick Burnet
	 	 	Name: 	Nick Burnet
	 	 	Title: 	Executive Vice President & 
	 	 	 	Chief Financial Officer
	 	 	 
	 	 	 
	 	THE BANK OF NEW YORK MELLON, as Trustee
	 	 
	 	By:	/s/ Laurence J. O’Brien
	 	 	Name: 	Laurence J. O’Brien
	 	 	Title: 	Vice President

 

[First Supplemental Indenture]

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