Document:

Exhibit 4.5

 

  

  

 

SALEM MEDIA GROUP, INC.

 

Issuer

 

AND

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as Trustee

 

 

INDENTURE

 

Dated as of           , 20

 

 

Debt Securities

 

     

     

    

 

CROSS-REFERENCE TABLE(1)

 

	
        SECTION OF

        TRUST INDENTURE

        ACT OF 1939, AS AMENDED
	 	
         

        SECTION(S) OF

        INDENTURE

	310(a)	 	7.9
	310(b)	 	7.8
	311(a)	 	7.13
	311(b)	 	7.13
	312(a)	 	5.1, 5.2(a)
	312(b)	 	5.2(b)
	312(c)	 	5.2(c)
	313(a)	 	5.4
	313(b)	 	5.4
	313(c)	 	5.4
	313(d)	 	5.4
	314(a)	 	5.3, 14.12
	314(c)	 	14.7(a)
	314(e)	 	14.7(b)
	315(a)	 	7.1
	315(b)	 	7.14
	315(c)	 	7.1
	315(d)	 	7.1
	315(e)	 	6.7
	316(a)	 	6.6, 8.4
	316(b)	 	6.4
	316(c)	 	8.1
	317(a)	 	6.2
	317(b)	 	4.2
	318(a)	 	14.9

 

	(1)	This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

 

     

     

    

  

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I DEFINITIONS	 
	Section 1.1	 	Definitions of Terms	1
	Section 1.2	 	Incorporation by Reference of Trust Indenture Act	4
	 	 	 	 
	ARTICLE II ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	 
	Section 2.1	 	Designation and Terms of Securities	5
	Section 2.2	 	Form of Securities and Trustee’s Certificate	7
	Section 2.3	 	Denominations; Provisions for Payment	7
	Section 2.4	 	Execution and Authentication	8
	Section 2.5	 	Registration of Transfer and Exchange	9
	Section 2.6	 	Temporary Securities	10
	Section 2.7	 	Mutilated, Destroyed, Lost or Stolen Securities	10
	Section 2.8	 	Cancellation	10
	Section 2.9	 	Benefits of Indenture	11
	Section 2.10	 	Authenticating Agent	11
	Section 2.11	 	Global Securities	11
	Section 2.12	 	CUSIP and ISIN Numbers	12
	 	 	 	 
	ARTICLE III REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	 
	Section 3.1	 	Redemption	12
	Section 3.2	 	Notice of Redemption	12
	Section 3.3	 	Payment Upon Redemption	13
	Section 3.4	 	Sinking Fund	14
	Section 3.5	 	Satisfaction of Sinking Fund Payments with Securities	14
	Section 3.6	 	Redemption of Securities for Sinking Fund	14
	 	 	 	 
	ARTICLE IV COVENANTS	 
	Section 4.1	 	Payment of Principal, Premium and Interest	14
	Section 4.2	 	Paying Agent and Security Registrar	15
	Section 4.3	 	Appointment to Fill Vacancy in Office of Trustee	16
	Section 4.4	 	Compliance with Consolidation Provisions	16
	 	 	 	 
	ARTICLE V SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	 
	Section 5.1	 	Company to Furnish Trustee Names and Addresses of Securityholders	16
	Section 5.2	 	Preservation of Information; Communications With Securityholders	16
	Section 5.3	 	Reports by the Company	17
	Section 5.4	 	Reports by the Trustee	17
	 	 	 	 
	ARTICLE VI REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	 
	Section 6.1	 	Events of Default	17
	Section 6.2	 	Collection of Indebtedness and Suits for Enforcement by Trustee	19
	Section 6.3	 	Application of Moneys Collected	20
	Section 6.4	 	Limitation on Suits	20
	Section 6.5	 	Rights and Remedies Cumulative; Delay or Omission Not Waiver	21
	Section 6.6	 	Control by Securityholders	21
	Section 6.7	 	Undertaking to Pay Costs	22
	 	 	 	 
	ARTICLE VII CONCERNING THE TRUSTEE	 
	Section 7.1	 	Certain Duties and Responsibilities of Trustee	22
	Section 7.2	 	Certain Rights of Trustee	23
	Section 7.3	 	Trustee Not Responsible for Recitals or Issuance or Securities	24

 

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	Section 7.4	 	May Hold Securities and Otherwise Deal With the Company	24
	Section 7.5	 	Moneys Held in Trust	25
	Section 7.6	 	Compensation and Reimbursement	25
	Section 7.7	 	Reliance on Officer’s Certificate	25
	Section 7.8	 	Disqualification; Conflicting Interests	25
	Section 7.9	 	Corporate Trustee Required; Eligibility	26
	Section 7.10	 	Resignation and Removal; Appointment of Successor	26
	Section 7.11	 	Acceptance of Appointment By Successor	27
	Section 7.12	 	Merger, Conversion, Consolidation or Succession to Business.	28
	Section 7.13	 	Preferential Collection of Claims Against the Company	28
	Section 7.14	 	Notice of Default	28
	Section 7.15	 	Limitation of Liability	28
	 	 	 	 
	ARTICLE VIII  CONCERNING THE SECURITYHOLDERS	 
	Section 8.1	 	Evidence of Action by Securityholders	28
	Section 8.2	 	Proof of Execution by Securityholders	29
	Section 8.3	 	Who May be Deemed Owners	29
	Section 8.4	 	Certain Securities Owned by Company Disregarded	29
	Section 8.5	 	Actions Binding on Future Securityholders	30
	 	 	 	 
	ARTICLE IX  SUPPLEMENTAL INDENTURES	 
	Section 9.1	 	Supplemental Indentures Without the Consent of Securityholders	30
	Section 9.2	 	Supplemental Indentures With the Consent of Securityholders	31
	Section 9.3	 	Effect of Supplemental Indentures	32
	Section 9.4	 	Securities Affected by Supplemental Indentures	32
	Section 9.5	 	Execution of Supplemental Indentures	32
	 	 	 	 
	ARTICLE X  SUCCESSOR ENTITY	 
	Section 10.1	 	Company May Consolidate, Etc.	33
	Section 10.2	 	Successor Entity Substituted	33
	Section 10.3	 	Evidence of Consolidation, Etc. to Trustee	33
	 	 	 	 
	ARTICLE XI  SATISFACTION AND DISCHARGE	 
	Section 11.1	 	Satisfaction and Discharge of Indenture	34
	Section 11.2	 	Application of Trust Money	35
	 	 	 	 
	ARTICLE XII  LEGAL DEFEASANCE AND COVENANT DEFEASANCE	 
	Section 12.1	 	Option to Effect Legal Defeasance or Covenant Defeasance	35
	Section 12.2	 	Legal Defeasance and Discharge	35
	Section 12.3	 	Covenant Defeasance	36
	Section 12.4	 	Conditions to Legal or Covenant Defeasance	36
	Section 12.5	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	37
	Section 12.6	 	Repayment to Company	37
	Section 12.7	 	Reinstatement	38
	 	 	 	 
	ARTICLE XIII IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	 
	Section 13.1	 	No Recourse	38
	 	 	 	 
	ARTICLE XIV  MISCELLANEOUS PROVISIONS	 
	Section 14.1	 	Effect on Successors and Assigns	38
	Section 14.2	 	Actions by Successor	38
	Section 14.3	 	Surrender of Company Powers	39
	Section 14.4	 	Notices	39
	Section 14.5	 	Governing Law/Waiver of Jury Trial	39
	Section 14.6	 	Treatment of Securities as Debt	39
	Section 14.7	 	Compliance Certificates and Opinions	39
	Section 14.8	 	Payments on Business Days	40
	Section 14.9	 	Conflict with Trust Indenture Act	40
	Section 14.10	 	Counterparts	40
	Section 14.11	 	Severability	40
	Section 14.12	 	Compliance Certificates	40
	Section 14.13	 	USA Patriot Act	40
	Section 14.14	 	Consent to Jurisdiction and Service	41
	Section 14.15	 	Force Majeure	41

 

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INDENTURE

 

INDENTURE, dated as of           , 20 , among
SALEM MEDIA GROUP, INC., a Delaware corporation (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION,
a national banking association organized under the laws of the United States, as trustee (the “Trustee”):

 

WHEREAS, for its lawful corporate purposes,
the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of debt securities (hereinafter
referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one
or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the Trustee;

 

WHEREAS, to provide the terms and conditions
upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this
Indenture; and

 

WHEREAS, all things necessary to make this
Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, in consideration of the
premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal
and ratable benefit of the holders of Securities:

 

 

ARTICLE I

DEFINITIONS

 

SECTION 1.1DEFINITIONS OF TERMS.

 

The terms defined in this Section (except
as in this Indenture or any Board Resolution or indenture supplemental hereto otherwise expressly provided or unless the context
otherwise requires) for all purposes of this Indenture and of any Board Resolution or indenture supplemental hereto shall have
the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in
this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in
the Securities Act (except as herein or any Board Resolution or indenture supplemental hereto otherwise expressly provided or unless
the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities
Act as in force at the date of the execution of this instrument.

 

“Authenticating Agent”
means an authenticating agent with respect to all or any of the series of Securities appointed by the Trustee pursuant to Section
2.10.

 

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

 

“Authorized Officer,”
when used with respect to the Company, means the Chairman of the Board of Directors, the Chief Executive Officer, the President,
the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary
or any Executive Vice President or Senior Vice President of the Company.

 

“Bankruptcy Law”
means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

“Board of Directors”
means the Board of Directors of the Company or any duly authorized committee of such Board.

 

“Board Resolution” means
a copy of one or more resolutions certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted
by the Board of Directors, or such committee of the Board of Directors or officers of the Company to which authority to act on
behalf of the Board of Directors has been delegated, and to be in full force and effect on the date of such certification, and
to be delivered to the Trustee.

 

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“Business Day” means,
with respect to any series of Securities, any day other than a day on which federal or state banking institutions in the Borough
of Manhattan, the City and State of New York, are authorized or obligated by law, executive order or regulation to close.

 

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

 

“Commission” means the
Securities and Exchange Commission.

 

“Company” means Salem
Media Group, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and, subject to the provisions
of Article X, shall also include its successors and assigns. 

 

“Company Request”
and “Company Order” means a written request or order signed in the name of the Company by one or more Authorized
Officers of the Company, and delivered to the Trustee.

 

“Corporate Trust Office”
means the principal office of the Trustee at which, at any particular time, this Indenture shall be administered, which office
at the date hereof is located at 333 S. Grand Avenue, 5th Floor, Suite 5A, MAC: E2064-05A, Los Angeles, CA 90071; Attention: Corporate,
Municipal and Escrow Services. With respect to presentation for transfer or exchange, conversions or principal payment, such address
shall be 608 2nd Avenue South, Minneapolis, MN 55402, attention: Bondholder Communications, or such other address as
the Trustee may designate from time to time by written notice to the Securityholders and the Company, or the principal corporate
trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by written
notice to the Securityholders and the Company).

 

“Covenant Defeasance”
shall have the meaning set forth in Section 12.3.

 

“Custodian” means any
receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Default” means any
event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 

“Depositary” means,
with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a Global
Security, The Depository Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing
agency under the Securities Exchange Act of 1934, or other applicable statute or regulation, which, in each case, shall be designated
by the Company pursuant to either Section 2.1 or 2.11.

 

“Event of Default” means,
with respect to Securities of a particular series, any event specified in Section 6.1, continued for the period of time, if any,
therein designated.

 

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

 

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

 

“Governmental Obligations”
means securities that are (a) direct obligations of the U.S. for the payment of which its full faith and credit is pledged or (b)
obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the U.S., the payment of which
is unconditionally guaranteed as a full faith and credit obligation by the U.S. that, in either case, are not callable or redeemable
at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2)
of the Securities Act) as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest
on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided,
however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the
holder of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific
payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

 

    2 

     

    

 

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

 

“Indenture” means this
instrument as originally executed or as it may from time to time be supplemented or amended by one or more Board Resolutions or
one or more indentures supplemental hereto entered into in accordance with the terms hereof.

 

“Interest Payment Date,”
when used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security
or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment
of interest with respect to Securities of that series is due and payable.

 

“Legal Defeasance”
shall have the meaning set forth in Section 12.2.

 

“Officer’s Certificate”
means a certificate signed by an Authorized Officer of the Company that is delivered to the Trustee in accordance with the terms
hereof. Each such certificate shall include the statements provided for in Section 14.7, if and to the extent required by the provisions
thereof. An Officer’s Certificate given pursuant to Section 14.12 shall be signed by the principal executive, financial or
accounting officer of the Company but need not contain the statements provided for in Section 14.7.

 

“Opinion of Counsel”
means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel for the Company,
that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for
in Section 14.7, if and to the extent required by the provisions thereof.

 

“Outstanding,” when
used with reference to Securities of any series, means, subject to the provisions of Section 8.4, as of any particular time, all
Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore
canceled by the Trustee, or delivered to the Trustee or any Paying Agent for cancellation or that have previously been canceled;
(b) Securities or portions thereof for the payment or redemption of which cash or Governmental Obligations in the necessary amount
shall have been irrevocably deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have
been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); provided, however, that
if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall
have been given as in Article III provided, or provision satisfactory to the Trustee shall have been made for giving such notice;
and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant
to the terms of Section 2.7, unless the Trustee and the Company receive proof satisfactory to them that the replaced Security is
held by a protected purchaser.

 

“Paying Agent” shall
have the meaning set forth in Section 4.2(a).

 

“Person” means any individual,
corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability
company or government or other entity, and includes any syndicate or group that would be deemed to be a “person” under
Section 13(d)(3) of the Exchange Act.

 

“Predecessor Security”
of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.7 in lieu
of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

 

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

 

    3 

     

    

  

“Securities” means the
debt Securities authenticated and delivered under this Indenture.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Securityholder,” “holder
of Securities,” “registered holder,” or other similar term, means the Person or Persons in whose name
or names a particular Security shall be registered on the Security Register in accordance with the terms of this Indenture.

 

“Security Register”
shall have the meaning set forth in Section 4.2(a).

 

“Security Registrar”
shall have the meaning set forth in Section 4.2(a).

 

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

 

“Subsidiary” means,
with respect to any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the time be owned,
directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries,
(ii) any general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership or similar
interests shall at the time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one or more of
its Subsidiaries and (iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner.

 

“Trustee” means Wells
Fargo Bank, National Association, and, subject to the provisions of Article VII, shall also include its successors and assigns,
and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such
Person. The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with
respect to that series.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended.

 

“Trust Officer” means
any officer of the Trustee with direct responsibility for the administration of this Indenture and also means, with respect to
a particular corporate trust matter hereunder, any other officer of the Trustee to whom such matter is referred because of his
or her knowledge of and familiarity with the particular subject.

 

“Uniform Commercial Code”
means the New York Uniform Commercial Code as in effect from time to time.

 

“U.S.” means the United
States of America.

 

“USA Patriot Act” shall
have the meaning set forth in Section 14.13.

 

“Voting Stock,”
as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however
designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of
such Person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence
of a contingency. 

 

SECTION 1.2INCORPORATION BY REFERENCE OF TRUST INDENTURE
ACT.

 

Whenever this Indenture refers to a provision
of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture.

 

All Trust Indenture Act terms used in this
Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by
Commission rule have the meanings assigned to them by such definitions.

 

    4 

     

    

 

ARTICLE II

ISSUE, DESCRIPTION, TERMS, EXECUTION,
REGISTRATION

AND EXCHANGE OF SECURITIES

 

SECTION 2.1DESIGNATION AND TERMS OF SECURITIES.

 

The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series up
to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution
or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities of any series, there shall
be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or
more indentures supplemental hereto:

 

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

 

(2)                
the principal amount of the Securities being offered and any limit upon the aggregate principal amount of the Securities
of that series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series);

 

(3)                
the date or dates on which the principal of the Securities of the series is payable, any original issue discount that may
apply to the Securities of that series upon their issuance, the principal amount due at maturity, and the place(s) of payment;

 

(4)                
the rate or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or
rates, if any, and whether the rate(s) are fixed or variable;

 

(5)                
the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable
or the manner of determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination
of holders to whom interest is payable on any such Interest Payment Dates or the manner of determination of such record dates;

 

(6)                
the right, if any, to extend the interest payment periods and the duration of such extension;

 

(7)                
the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of
the series may be redeemed, in whole or in part, at the option of the Company;

 

(8)                
the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory
redemption, or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) or at
the option of a holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions
upon which, Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(9)                
the terms of the subordination of any series of subordinated debt;

 

(10)           
  the form of the Securities of the series including the form of the certificate of authentication for such
series;

 

(11)          
   if other than minimum denominations of two thousand U.S. dollars ($2,000) or any integral multiple of one
thousand U.S. dollars ($1,000) in excess thereof, the minimum denominations and multiples in excess thereof in which the
Securities of the series shall be issuable;

 

(12)            
whether the Securities are issuable as a Global Security and, in such case, the terms and the identity of the Depositary
for such series;

 

    5 

     

    

 

(13)            
whether the Securities will be convertible into or exchangeable for shares of common stock or other securities of the Company
or any other Person or other securities and, if so, the terms and conditions upon which such Securities will be so convertible
or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted,
any mandatory or optional (at the Company’s option or the holders’ option) conversion or exchange features, and the
applicable conversion or exchange period;

 

(14)            
if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall
be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.1;

 

(15)            
any additional or different Events of Default or restrictive covenants (which may but shall not be required to include,
among other restrictions, restrictions on the Company’s ability or the ability of the Company’s Subsidiaries to: incur
additional indebtedness; issue additional securities; create liens; pay dividends or make distributions in respect of their capital
stock; redeem capital stock; in the case of such Subsidiaries, pay dividends, make distributions or transfer assets; make investments
or other restricted payments; sell or otherwise dispose of assets; enter into sale leaseback transactions; engage in transactions
with stockholders and affiliates; issue or sell stock of the Company’s Subsidiaries; or effect a consolidation or merger)
or financial covenants (which may include, among other financial covenants, financial covenants that require the Company and its
Subsidiaries to maintain specified interest coverage, fixed charge, cash flow-based, asset-based or other financial ratios) provided
for with respect to the Securities of the series;

 

(16)            
if other than U.S. dollars, the coin or currency in which the Securities of the series are denominated (including, but
not limited to, foreign currency);

 

(17)            
the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium,
if any, and principal amounts of the Securities of the series to any Securityholder that is not a “United States person”
for federal tax purposes, and the terms and conditions, if any, relating to the Company’s ability to redeem such Securities
if the Company is required to pay such additional amounts;

 

(18)            
a discussion of any material U.S. federal income tax considerations applicable to the Securities of the series;

 

(19)            
any restrictions on transfer, sale or assignment of the Securities of the series;

 

(20)            
the terms, if any, relating to any auction or remarketing of the Securities of the series and any security for the obligations
of the Company with respect to such Securities;

 

(21)            
whether the Securities of the series are secured or unsecured, and if the Securities are secured, the terms of the secured
Securities;

 

(22)            
information describing any book-entry features;

 

(23)            
the identity of any guarantors and the terms of the guarantees; and

 

(24)            
any and all other terms with respect to the series (which terms shall not be inconsistent with the terms of this Indenture,
as amended by any Board Resolution or supplemental indenture, but which may modify or delete any provisions of this Indenture
insofar as it applies to such series), including any terms which may be required by or advisable under the laws of the U.S. or
regulations thereunder or advisable (as determined by the Company) in connection with the marketing of Securities of that series.

 

All Securities of any one series shall
be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to any such Board Resolution
or in any indentures supplemental hereto.

 

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

 

    6 

     

    

 

Securities of any particular series may
be issued at various times, with different dates on which the principal or any installment of principal is payable, with different
rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such
interest may be payable and with different redemption dates. A series may be reopened for issuances of additional Securities of
such series or to establish additional terms of such Securities. 

 

SECTION 2.2FORM OF SECURITIES AND TRUSTEE’S CERTIFICATE.

 

The Securities of any series and the Trustee’s
certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one
or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate,
and they may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed,
lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture,
or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation
of any securities exchange on which Securities of that series may be listed, or to conform to usage. 

 

SECTION 2.3DENOMINATIONS; PROVISIONS FOR PAYMENT.

 

The Securities shall be issuable as registered
Securities and in the minimum denomination of two thousand U.S. dollars ($2,000) or any integral multiple of one thousand U.S.
dollars ($1,000) in excess thereof, subject to Section 2.1(11). The Securities of a particular series shall bear interest payable
on the dates and at the rate specified with respect to that series. The principal of and the interest on the Securities of any
series, as well as any premium thereon, shall be payable in the coin or currency of the U.S. that at the time is legal tender for
public and private debt, at the office or agency of the Company maintained for that purpose in the United States, which shall initially
be an office or agency of the Trustee. Each Security shall be dated the date of its authentication. Interest on the Securities
shall be computed on the basis of a 360-day year composed of twelve 30-day months. Presentment and surrender of the Securities
is required for final payment thereon.

The interest installment on any Security
that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall
be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business
on the regular record date for such interest installment. In the event that any Security of a particular series or portion thereof
is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date
and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security
as provided in Section 3.3.

 

Any interest on any Security that is payable,
but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called
“Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular
record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as
provided in clause (1) or clause (2) below:

 

(1)                
The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or
their respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such
Defaulted Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount
of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such
Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment,
such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause
provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be
more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the
Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and,
in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special
record date therefor to be mailed, first class postage prepaid (or, in the case of Securities held in book-entry form, by electronic
transmission), to each Securityholder at his or her address as it appears in the Security Register (as hereinafter defined), not
less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special
record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such
Securities (or their respective Predecessor Securities) are registered on such special record date.

 

    7 

     

    

 

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

 

Unless otherwise set forth in a Board Resolution
or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.1 hereof,
the term “regular record date” as used in this Section with respect to a series of Securities and any Interest
Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest
Payment Date established for such series pursuant to Section 2.1 hereof shall occur, if such Interest Payment Date is the first
day of a month, or the last day of the month immediately preceding the month in which an Interest Payment Date established for
such series pursuant to Section 2.1 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether
or not such date is a Business Day.  

 

Subject to the foregoing provisions of
this Section and Sections 2.5 and 2.11, each Security of a series delivered under this Indenture upon transfer of or in exchange
for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that
were carried by such other Security. 

 

SECTION 2.4EXECUTION AND AUTHENTICATION.

 

The Securities shall be signed on behalf
of the Company by an Authorized Officer and, to the extent necessary, under its corporate seal. Signatures may be in the form of
a manual or facsimile signature.

 

The Company may use the facsimile signature
of any Person who shall have been an Authorized Officer thereof, notwithstanding the fact that at the time the Securities shall
be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. To the extent
a Company seal is necessary, the Company seal may be in the form of a facsimile of such seal and may be impressed, affixed, imprinted
or otherwise reproduced on the Securities. The Securities may contain such notations, legends or endorsements required by law,
stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee.

 

A Security shall not be valid until authenticated
manually by an authorized signatory of the Trustee. Such signature shall be conclusive evidence that the Security so authenticated
has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. At any time
and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed
by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities,
signed by an Authorized Officer, and the Trustee in accordance with such Company Order shall authenticate and deliver such Securities.

 

In authenticating such Securities and accepting
the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive, and (subject to
Section 7.1) shall be fully protected in conclusively relying upon, an Opinion of Counsel stating that the form and terms thereof
have been established in conformity with the provisions of this Indenture.

 

The Trustee shall not be required to authenticate
such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties
or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee. 

 

    8 

     

    

 

SECTION 2.5REGISTRATION OF TRANSFER AND EXCHANGE.

 

(a)                
Securities of any series may be exchanged upon presentation thereof at the office of the Security Registrar, for other
Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient
to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities
so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver
in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange shall be entitled
to receive, bearing numbers not contemporaneously outstanding.

 

(b)                
Upon surrender for transfer of any Security at the office of the Security Registrar, the Company shall execute, the Trustee
shall authenticate and the Security Registrar shall deliver in the name of the transferee or transferees a new Security or Securities
of the same series as the Security presented for a like aggregate principal amount.

 

All Securities presented or surrendered
for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the Company or the
Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar,
duly executed by the registered holder or by such holder’s duly authorized attorney in writing.

 

(c)                
Except as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officer’s Certificate,
or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration
of transfer of Securities, or issue of new Securities in case of partial repurchase or redemption of any series, but the Company
and the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other
than exchanges pursuant to Section 2.6, Section 3.3(b) and Section 9.4 not involving any transfer.

 

(d)                
The Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities
of the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange
any Securities of any series or portion thereof called for redemption, other than the unredeemed portion of any such Securities
being redeemed in part.

 

(e)                
Successive registrations and registrations of transfers and exchanges as aforesaid may be made from time to time as desired,
and each such registration shall be noted on the register for the Securities.

 

(f)                 
The Security Registrar shall provide to the Trustee such information as the Trustee may reasonably require in connection
with the delivery by such Security Registrar of Securities upon transfer or exchange of Securities.

 

(g)                
The provisions of this Section 2.5 are, with respect to any Global Security, subject to Section 2.11 hereof.

 

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

 

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

 

    9 

     

    

 

 

SECTION 2.6 TEMPORARY SECURITIES.

 

Pending the preparation of definitive
Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed,
lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the
definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate
for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by
the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect,
as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities
of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange therefor (without charge
to the holders), at the office of the Security Registrar, and the Trustee shall authenticate and the Security Registrar shall
deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series,
unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further
notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under
this Indenture as definitive Securities of such series authenticated and delivered hereunder. 

 

SECTION 2.7MUTILATED, DESTROYED, LOST OR STOLEN SECURITIES.

 

In case any temporary or definitive Security
shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and
upon a Company Request, the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing
a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution
for the Security so destroyed, lost or stolen. In every case, the requirements of Section 8-405 of the Uniform Commercial Code
shall be met and the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity
as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall
also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s
Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the
delivery of a Company Order. Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Trustee) connected therewith.

 

In case any Security that has matured or
is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security,
pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant
for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless,
and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss
or theft of such Security and of the ownership thereof.

 

Every replacement Security issued pursuant
to the provisions of this Section shall constitute an additional contractual obligation of the Company whether or not the mutilated,
destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits
of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder. All
Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all
other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the
replacement or payment of negotiable instruments or other securities without their surrender. 

 

SECTION 2.8 CANCELLATION.

 

All Securities surrendered
for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any Paying
Agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities
shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture. On the delivery
of a Company Order at the time of such surrender, the Trustee shall cancel Securities held by the Trustee in accordance with its
standard procedures and applicable law and provide confirmation to the Company of such cancellation if requested by the Company.
In the absence of such request, the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver
evidence of cancellation to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition
shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same
are delivered to the Trustee for cancellation.

 

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SECTION 2.9 BENEFITS OF INDENTURE.

 

Nothing in this Indenture or in the Securities,
express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities
any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision
herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the holders
of the Securities. 

 

SECTION 2.10 AUTHENTICATING AGENT.

 

So long as any of the Securities of any
series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Trustee shall
have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series issued upon exchange, transfer or partial redemption thereof, 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.
All references in this Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication by
an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation
that has a combined capital and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction
under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under
such laws to conduct such business and is subject to supervision or examination by federal or state authorities. If at any time
any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately.

 

Any Authenticating Agent may at any time
resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and upon a Company
Request shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating
Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may
appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance
of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally
named as an Authenticating Agent pursuant hereto. 

 

SECTION 2.11GLOBAL SECURITIES.

 

(a)                
If the Company shall establish pursuant to Section 2.1 that the Securities of a particular series are to be issued as a
Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.4, authenticate and deliver,
a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of,
all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii)
shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend
substantially to the following effect: “Except as otherwise provided in Section 2.11 of this Indenture, this Security may
be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee
of such successor Depositary.”

 

(b)                
Notwithstanding the provisions of Section 2.5, the Global Security of a series may be transferred, in whole but not in
part and in the manner provided in Section 2.5, only to another nominee of the Depositary for such series, or to a successor Depositary
for such series selected or approved by the Company or to a nominee of such successor Depositary. Nothing in this Section 2.11(b)
shall prohibit or render ineffective any transfer of a beneficial interest in a Global Security effected in accordance with the
other provisions of this Indenture.

 

    11 

     

    

 

(c)                
If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue
as Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing
under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed
by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or
if an Event of Default has occurred and is continuing and the Company has received a request from the Depositary, this Section
2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.4,
the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange
for such Global Security. In addition, the Company may at any time determine that the Securities of any series shall no longer
be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such
series. In such event the Company will execute and, subject to Section 2.4, the Trustee, upon receipt of an Officer’s Certificate
evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered
form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global
Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in
definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee.
Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall
be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or
indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Persons in whose
names such Securities are so registered. 

 

SECTION 2.12CUSIP AND ISIN NUMBERS.

 

The Company, in issuing the Securities,
shall use CUSIP and ISIN numbers for such Securities (if then generally in use). The Trustee shall use CUSIP and ISIN numbers
in notices of redemption as a convenience to holders; provided, however, that neither the Company nor the Trustee shall have any
responsibility for any defect in the CUSIP or ISIN number that appears on any Security, check, advice of payment or redemption
notice, and any such notice may state that no representation is made as to the correctness of such numbers either as printed on
the Securities or as contained in any notice of redemption and that reliance may be placed only on the other identification numbers
printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company
shall promptly notify the Trustee in writing in the event of any change in the CUSIP or ISIN numbers. 

 

ARTICLE III

REDEMPTION OF SECURITIES AND

SINKING FUND PROVISIONS

 

SECTION 3.1REDEMPTION.

 

The Company may redeem the Securities
of any series issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to
Section 2.1 hereof. The provisions of this Article III may be modified, amended or replaced, in part or in their entirety, with
Securities of any series, by an Officer’s Certificate pursuant to a Board Resolution or one or more indentures supplemental
hereto, in each case in accordance with Section 2.1 hereof. 

 

SECTION 3.2 NOTICE OF REDEMPTION.

 

(a)                
In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities
of any series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.1 hereof, the Company
shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed
by mailing, first class postage prepaid (or, in the case of Securities held in book-entry form, by electronic transmission), a
notice of such redemption not less than 30 days and not more than 60 days (except in accordance with Articles XI and XII) before
the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the Security Register,
unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided
shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any case,
failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or
any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such
series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s
Certificate evidencing compliance with any such restriction.

 

    12 

     

    

 

Each such notice of redemption shall specify
the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that
payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Paying Agent or as
otherwise established in a Board Resolution or an indenture supplemental hereto, upon presentation and surrender of such Securities,
that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date
interest will cease to accrue and that the redemption is from a sinking fund, if such is the case. If less than all the Securities
of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the
particular Securities to be so redeemed.

 

In case any Security is to be redeemed
in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to be redeemed,
and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series
in principal amount equal to the unredeemed portion thereof will be issued.

 

(b)                 If
less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’
notice (unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the
aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, (i) if the
Securities are in the form of Global Securities, by lot, or otherwise in accordance with the procedures of the Depositary,
or (ii) if the Securities are not in the form of Global Securities, by lot, a portion or portions (equal to one thousand U.S.
dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than
$2,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the
Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of
instructions signed on its behalf by an Authorized Officer, instruct the Trustee or any Paying Agent to call all or any part
of the Securities of a particular series for redemption and to give notice of redemption in the manner set forth in this
Section, such notice to be in the name of the Company or its own name as the Trustee or such Paying Agent may deem advisable.
In any case in which notice of redemption is to be given by the Trustee or any such Paying Agent, the Company shall deliver
or cause to be delivered to, or permit to remain with, the Trustee or such Paying Agent, as the case may be, such Security
Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such
Paying Agent to give any notice by mail that may be required under the provisions of this Section. 

 

SECTION 3.3PAYMENT UPON REDEMPTION.

 

(a)                
If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities
of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such
notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such
Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall
default in the payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On
presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the
notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest
accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest
installment payable on such date shall be payable to the registered holder at the close of business on the applicable record date
pursuant to Section 2.3).

 

    13 

     

    

 

(b)                
Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the
Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the
expense of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed
portion of the Security so presented. 

 

SECTION 3.4SINKING FUND.

 

If Securities of a series provide for a
sinking fund as contemplated by Section 2.1, the provisions of this Section 3.4 and Sections 3.5 and 3.6 shall be applicable to
any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.1 for
Securities of such series.

 

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 any 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 3.5. 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. 

 

SECTION 3.5SATISFACTION OF SINKING
FUND PAYMENTS WITH SECURITIES.

 

The Company (i) may deliver Outstanding
Securities of a series and (ii) may apply as a credit Securities of a series that have been redeemed either at the election of
the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant
to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the
Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series,
provided that such 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. 

 

SECTION 3.6REDEMPTION OF SECURITIES
FOR SINKING FUND.

 

Not less than 45 days
prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee),
the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund
payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering
and crediting Securities of that series pursuant to Section 3.5 and the basis for such credit and will, together with such Officer’s
Certificate, deliver to the Trustee any Securities to be so delivered. Not less than 30 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
3.2 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided
in Section 3.2. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Section 3.3. 

 

ARTICLE IV

COVENANTS

 

SECTION 4.1PAYMENT OF PRINCIPAL,
PREMIUM AND INTEREST.

 

The Company will duly and punctually pay
or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and place
and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may
be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to
the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer
to, a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an aggregate principal amount of Securities
of the applicable series in excess of U.S. $2,000,000 and only if such Securityholder shall have furnished wire instructions to
the Trustee no later than 15 days prior to the relevant payment date). Payments of interest on the Securities may be made at the
time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder
entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account
(such a wire transfer to be made only to a Securityholder of an aggregate principal amount of Securities of the applicable series
in excess of U.S. $2,000,000 and only if such Securityholder shall have furnished wire instructions in writing to the Security
Registrar and the Trustee no later than 15 days prior to the relevant payment date).

 

    14 

     

    

  

SECTION 4.2PAYING AGENT AND SECURITY
REGISTRAR.

 

(a)                
So long as any series of the Securities remain Outstanding, the Company shall maintain an office or agency where Securities
may be presented for registration of transfer or for exchange (“Security Registrar”), an office or agency
where Securities may be presented for payment (“Paying Agent”) and an office or agency where notices
to or upon the Company in respect of the Securities and this Indenture may be served. The Security Registrar shall keep a register
for the recordation of, and shall record, the names and addresses of holders of the Securities, the Securities held by each holder
and the transfer and exchange of Securities (the “Security Register”). The entries in the Security Register
shall be conclusive, and the parties may treat each Person whose name is recorded in the Security Register pursuant to the terms
hereof as a holder hereunder for all purposes of this Indenture. The Company may have one or more co-Security Registrars and one
or more additional Paying Agents.

 

The Company hereby initially designates
the Trustee as Paying Agent and Security Registrar, and the Corporate Trust Office shall be considered as one such office or agency
of the Company for each of the aforesaid purposes, such designation to continue with respect to such office or agency until the
Company shall, by written notice signed by an Authorized Officer and delivered to the Trustee, designate some other office or agency
for such purposes or any of them.

 

(b)                
The Company shall enter into an appropriate agency agreement with any Security Registrar, Paying Agent, or co-registrar
not a party to this Indenture, which shall incorporate the terms of the Trust Indenture Act. The agreement shall implement the
provisions of this Indenture that relate to such agent. The Company shall notify the Trustee in writing of the name and address
of any such agent. If the Company fails to maintain a Security Registrar or Paying Agent, the Trustee shall act as such and shall
be entitled to appropriate compensation therefor. The Company and any of its Subsidiaries may act as Paying Agent, Security Registrar
or co-registrar.

 

(c)                
If the Company shall appoint one or more Paying Agents for all or any series of the Securities, other than the Trustee,
the Company will cause each such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree
with the Trustee, subject to the provisions of this Section:

 

(1)                
that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest
on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities)
in trust for the benefit of the Persons entitled thereto;

 

(2)                
that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make
any payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due
and payable;

 

(3)                
that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon
the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent; and

 

(4)                
that it will perform all other duties of Paying Agent as set forth in this Indenture.

 

(d)                
If the Company shall act as its own Paying Agent with respect to any series of the Securities, it will on or before each
due date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in
trust for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest
so becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein
provided and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to
take such action. Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, prior to each
due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with the Paying Agent
a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company
will promptly notify the Trustee of this action or failure so to act.

 

    15 

     

    

 

(e)                
Notwithstanding anything in this Section to the contrary, 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 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 and conditions
as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by the Company or any Paying
Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability with respect to such money. 

 

SECTION 4.3APPOINTMENT TO FILL VACANCY
IN OFFICE OF TRUSTEE.

 

The Company, whenever necessary to avoid
or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall
at all times be a Trustee hereunder. 

 

SECTION 4.4COMPLIANCE WITH CONSOLIDATION
PROVISIONS.

 

The Company will not, while any of the
Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company is not the survivor
of such transaction, or sell or convey all or substantially all of its property to any other Person unless the provisions of Article
X hereof are complied with. 

 

ARTICLE V

SECURITYHOLDERS’ LISTS AND REPORTS
BY

THE COMPANY AND THE TRUSTEE

 

SECTION 5.1COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES
OF SECURITYHOLDERS.

 

The Company will furnish or cause to be
furnished to the Trustee (a) on each regular record date (as defined in Section 2.3) a list, in such form as the Trustee may reasonably
require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the
Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect
from the most recent list furnished to the Trustee by the Company and (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, in either case, no such list need be furnished for any
series for which the Trustee shall be the Security Registrar.

 

SECTION 5.2PRESERVATION OF INFORMATION; COMMUNICATIONS
WITH SECURITYHOLDERS.

 

(a)                
The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the
names and addresses of the Securityholders of each series of Securities and shall otherwise comply with Section 312(a) of the
Trust Indenture Act. If the Trustee is not the Security Registrar, the Company shall furnish to the Trustee at least ten (10)
days before each interest payment date with respect to any series of Securities and at such other times as the Trustee may request
in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of the Securityholders
of such series of Securities, which list may be conclusively relied upon by the Trustee.

 

    16 

     

    

 

(b)                
Securityholders of any series may communicate pursuant to Section 312(b) of the Trust Indenture Act with other Securityholders
of that series or any other series with respect to their rights under this Indenture or the Securities of that series or any other
series.

 

(c)                
The Company, the Trustee, the Security Registrar and any other Person shall have the protection of Section 312(c) of the
Trust Indenture Act. 

 

SECTION 5.3 REPORTS BY THE COMPANY.

 

(a)                
So long as any Security is Outstanding, the Company shall furnish a copy to the Trustee, within 15 days after the Company
files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies
of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the
Company files with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company
shall not be required to deliver to the Trustee any materials for which the Company has sought and received confidential treatment
by the Commission; and provided further, so long as such filings by the Company are available on the Commission’s Electronic
Data Gathering, Analysis and Retrieval System (EDGAR), such filings shall be deemed to have been furnished to the Trustee for
purposes of this Section 5.3 without any further action required by the Company. The Trustee shall have no obligation whatsoever
to determine whether or not such filings have been made.

 

(b)                
Delivery of such reports, information and documents to the Trustee shall be for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of the covenants contained in this Indenture (as to which
the Trustee is entitled to conclusively rely upon an Officer’s Certificate). 

 

SECTION 5.4REPORTS BY THE TRUSTEE.

 

(a)                
The Trustee shall transmit to the Securityholders such reports concerning the Trustee and its actions under this Indenture
as may be required pursuant to the Trust Indenture Act at the time and in the manner provided pursuant thereto. If required by
Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each May 15 following the date of this Indenture,
deliver to holders a brief report, dated as of such May 15, which complies with the provisions of such Section 313(a).

 

(b)                
The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 

(c)                
A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the
Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company
agrees to notify the Trustee when any Securities become listed on any securities exchange.

 

 

ARTICLE VI

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

ON EVENT OF DEFAULT

 

SECTION 6.1EVENTS OF DEFAULT.

 

(a)                
Whenever used herein with respect to Securities of a particular series, unless otherwise specified in a Board Resolution
or in an indenture supplemental hereto, “Event of Default” means any one or more of the following events that
has occurred and is continuing:

 

    17 

     

    

 

(1)                
the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when
the same shall become due and payable, and such default continues for a period of 30 days; provided, however, that a valid extension
of an interest payment period by the Company in accordance with the terms of any Board Resolution or indenture supplemental hereto
shall not constitute a default in the payment of interest for this purpose;

 

(2)                
the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as
and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment
required by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of
the maturity of such Securities in accordance with the terms of any Board Resolution or indenture supplemental hereto shall not
constitute a default in the payment of principal or premium, if any;

 

(3)                
the Company defaults in the performance or breach of its covenants or agreements with respect to that series contained
in this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.1 hereof (other than
a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more series of Securities
other than such series) for a period of 90 consecutive days after the date on which written notice of such failure, requiring
the same to be remedied and stating that such notice is a “Notice of Default” hereunder, shall have
been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of
at least 25% in principal amount of the Securities of that series at the time Outstanding;

 

(4)                
the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the
entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for
all or substantially all of its property or (iv) makes a general assignment for the benefit of its creditors;

 

(5)                
a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in
an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the
liquidation of the Company, and the order or decree remains unstayed and in effect for 60 consecutive days; or

 

(6)                
certain other specified events, as may be provided for in a Board Resolution or in a supplemental indenture.

 

(b)                
In each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal
of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less
than 25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the
Company (and to the Trustee if given by such Securityholders), may, and the Trustee at the request of the holders of not less
than 25% in aggregate principal amount of the Securities of that series then outstanding hereunder shall, declare the principal
of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series to be due and payable immediately,
and upon any such declaration the same shall become and shall be immediately due and payable. If an Event of Default specified
in clause (4) or clause (5) above occurs, the principal of and accrued and unpaid interest on all the Securities of that series
shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders
of the Securities.

 

(c)                
At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that
series shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall
have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities
of that series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments
of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that
series that shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and,
to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum
expressed in the Securities of that series to the date of such payment or deposit) and the amount payable to the Trustee under
Section 7.6, and (ii) any and all Events of Default under this Indenture with respect to such series, other than the nonpayment
of principal of (and premium, if any, on) and accrued and unpaid interest on Securities of that series that shall not have become
due by their terms, shall have been remedied or waived as provided in Section 6.6.

 

    18 

     

    

 

No such rescission and annulment shall
extend to or shall affect any subsequent default or impair any right consequent thereon.

 

(d)                
In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture
and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason
or shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings,
the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies
and powers of the Company and the Trustee shall continue as though no such proceedings had been taken. 

 

SECTION 6.2COLLECTION OF INDEBTEDNESS
AND SUITS FOR ENFORCEMENT BY TRUSTEE.

 

(a)                
The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities
of a series, and such default shall have continued for a period of 30 days, or (ii) in case it shall default in the payment of
the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether
upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise, or in any payment required by
any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable,
then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that
series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if
any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent
that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum
expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, and the amount payable to the Trustee under Section 7.6.

 

(b)                
If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of
an express trust, shall be entitled and empowered to institute any action or proceeding at law or in equity for the collection
of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any
such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged
or decreed to be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the
Securities of that series, wherever situated.

 

(c)                
In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition
or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such
proceedings and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law)
be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the
claims of the Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company
under this Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable
by the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim,
and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.6; and any receiver, assignee
or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such
payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders,
to pay to the Trustee any amount due it under Section 7.6.

 

(d)                
All rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to
Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production
thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the
Trustee of any amounts due under Section 7.6, be for the ratable benefit of the holders of the Securities of such series.

 

    19 

     

    

 

In case of an Event of Default hereunder,
the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity
or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or
in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee
by this Indenture or by law.

 

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

 

SECTION 6.3APPLICATION OF MONEYS
COLLECTED.

 

Any moneys collected by the Trustee pursuant
to this Article VI with respect to a particular series of Securities shall be applied in the following order, at the date or dates
fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest,
upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon surrender
thereof if fully paid:

 

FIRST: To the payment of reasonable costs
and expenses of collection and of all amounts payable to the Trustee under Section 7.6;

 

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

 

THIRD: To the payment of the remainder,
if any, to the Company or any other Person lawfully entitled thereto.

 

The Trustee may fix a record date and
payment date for any payment to holders pursuant to this Section 6.3. At least 15 days before such record date, the Company shall
mail to each holder and the Trustee a notice that states the record date, the payment date and the amount to be paid. 

 

SECTION 6.4LIMITATION ON SUITS.

 

No holder of any Security of any series
shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of
the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided;
(ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have
made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii)
such holder or holders shall have offered to the Trustee such indemnity reasonably satisfactory to it against the costs, losses,
expenses and liabilities to be incurred therein or thereby; (iv) the Trustee for 60 days after its receipt of such notice, request
and offer of indemnity, shall have failed to institute any such action, suit or proceeding and (v) during such 60 day period, the
holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with
the request.

 

    20 

     

    

 

Notwithstanding anything contained herein
to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal
of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in
such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment
on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and
by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security
of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series
shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or
prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference
to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal,
ratable and common benefit of all holders of Securities of such series (it being understood that the Trustee does not have an
affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such holders). For the protection
and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief
as can be given either at law or in equity. 

 

SECTION 6.5RIGHTS AND REMEDIES CUMULATIVE;
DELAY OR OMISSION NOT WAIVER.

 

(a)                
Except as otherwise provided in Section 2.7, all powers and remedies given by this Article VI to the Trustee or to the
Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies
available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities.

 

(b)                
No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon
any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a
waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.4, every power and remedy given
by this Article VI or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Securityholders. 

 

SECTION 6.6CONTROL BY SECURITYHOLDERS.

 

The holders of a majority in aggregate
principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.4, 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 such series; provided, however, that such direction shall not be in
conflict with any rule of law or with this Indenture. Subject to the provisions of Section 7.1, the Trustee shall have the right
to decline to follow any such direction if the Trustee in good faith shall, by a Trust Officer or officers of the Trustee, determine
that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee
in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority
in aggregate principal amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance
with Section 8.4, may on behalf of the holders of all of the Securities of such series waive any past default in the performance
of any of the covenants contained herein or established pursuant to Section 2.1 with respect to such series and its consequences,
except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series
as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has
been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with
the Trustee (in accordance with Section 6.1(c)), which requires the consent of each holder affected by such waiver. Upon any such
waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee
and the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively;
but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

 

    21 

     

    

 

SECTION 6.7UNDERTAKING TO PAY COSTS.

 

All parties to this Indenture agree, and
each holder of any Securities by such holder’s 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 an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against
any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder,
or group of Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or
to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest
on any Security of such series, on or after the respective due dates expressed in such Security or established pursuant to this
Indenture.

 

 

ARTICLE VII

CONCERNING THE TRUSTEE

 

SECTION 7.1CERTAIN DUTIES AND RESPONSIBILITIES
OF TRUSTEE.

 

(a)                
The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing
of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with
respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and
no implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities
of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series
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 or her own affairs. Except during the continuance
of an Event of Default with respect to the Securities of a series, in the absence of bad faith on its part, the Trustee may with
respect to the Securities of such series conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture;
but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to
the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements
of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 

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

 

(i)                  
this subsection (b) shall not be construed to limit the effect of subsection (a) of this Section;

 

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

 

(iii)               
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time
Outstanding relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series; and

 

(iv)              
None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if
there is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under the
terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it.

 

    22 

     

    

 

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

 

SECTION 7.2CERTAIN RIGHTS OF TRUSTEE.

 

Except as otherwise provided in Section
7.1:

 

(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, consent, order, approval, bond, security or other paper
or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(b)                
Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution
or an instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect
thereof is specifically prescribed herein);

 

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

 

(d)                
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders
shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, losses, expenses and
liabilities that may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation,
upon the occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or waived), to
exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the
same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct
of his or her own affairs;

 

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

 

(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, consent, order, approval, bond, security, or other papers or documents,
unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities
of the particular series affected thereby (determined as provided in Section 8.4), and, if so requested, except as otherwise prohibited
by applicable law or as would reasonably be expected to violate or result in the loss or impairment of any attorney-client or
work product privilege, the Trustee shall be entitled to examine the books, records, and premises of the Company, personally or
by agent, or attorney, and it shall incur no liability or additional liability of any kind by reason of such inquiry or investigation;
provided, however, that the Company shall not be required to provide access or furnish information in the event of any litigation
involving this Indenture or the Securities except pursuant to applicable rules of discovery; and provided, further, that if the
payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making
of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it
by the terms of this Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a
condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee,
shall be repaid by the Company upon demand;

 

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

 

    23 

     

    

 

(h)                
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;

 

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

 

(j)                 
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 each agent,
custodian and other Person employed to act hereunder;

 

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

 

(l)                 
The Trustee shall not be liable for the acts or omissions of any other agent of the Company, and may assume performance
by any such agent of its duties, absent written notice or actual knowledge to the contrary; and

 

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

 

SECTION 7.3TRUSTEE NOT RESPONSIBLE
FOR RECITALS OR ISSUANCE OR SECURITIES.

 

(a)                
The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes
no responsibility for the correctness of the same.

 

(b)                
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c)                
The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds
of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this
Indenture or established pursuant to Section 2.1, or for the use or application of any moneys received by any Paying Agent other
than the Trustee. 

 

SECTION 7.4MAY HOLD SECURITIES AND
OTHERWISE DEAL WITH THE COMPANY.

 

Subject to the Trust Indenture Act, the
Trustee, the Security Registrar, any Paying Agent or any other agent of the Company, in its individual or any other capacity, may
buy, own, hold, sell and become the pledgee of any of the Securities or any other evidences of indebtedness or other securities,
whether heretofore or hereafter created or issued, of the Company or any Subsidiary or Affiliate of the Company with the same rights
it would have if it were not Trustee, Security Registrar, Paying Agent or such other agent; and the Trustee may engage or be interested
in any financial or other transaction with the Company or any Subsidiary or Affiliate of the Company, including, without limitation,
secured and unsecured loans to the Company or any Subsidiary or Affiliate of the Company; and may maintain any and all other general
banking and business relations with the Company and any Subsidiary or Affiliate of the Company with like effect and in the same
manner and to the same extent as if the Trustee were not a party to this Indenture; and no implied covenant shall be read into
this Indenture against the Trustee in respect of any such matters.

 

    24 

     

    

 

SECTION 7.5MONEYS HELD IN TRUST.

 

Subject to the provisions of Sections
11.2, 12.5, 12.6 and 12.7, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust
for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law.
The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the
Company to pay thereon. 

 

SECTION 7.6COMPENSATION AND REIMBURSEMENT.

 

(a)                
The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such compensation (which
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and
the Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created
and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly
provided herein, the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable
compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ), except any such
expense, disbursement or advance as may arise from its negligence or willful misconduct and except as the Company and Trustee
may from time to time agree in writing. The Company also covenants to indemnify the Trustee (and its officers, agents, directors
and employees) for, and to hold it harmless against, any loss, costs, damages, liability or expense incurred without negligence
or willful misconduct on the part of the Trustee (as determined by a court of competent jurisdiction in a final and non-appealable
judgment) and arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs
and expenses of defending itself against any claim of liability in the premises.

 

(b)                
To secure the Company’s payment obligations in this Section 7.6, the Trustee shall have a lien prior to the Securities
of any series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest
on particular Securities of such series.

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 6.1(a)(4) or 6.1(a)(5) occurs, the expenses and the compensation for the
services are intended to constitute expenses of administration under any Bankruptcy Law.

 

The provisions of this Section 7.6 shall
survive the resignation or removal of the Trustee and the termination or satisfaction of this Indenture. 

 

SECTION 7.7RELIANCE ON OFFICER’S
CERTIFICATE.

 

Except as otherwise provided in Section
7.1, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably necessary or desirable
that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless
other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or willful misconduct on
the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the
Trustee and such certificate, in the absence of negligence or willful misconduct on the part of the Trustee, shall be full warrant
to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith
thereof. 

 

SECTION 7.8DISQUALIFICATION; CONFLICTING
INTERESTS.

 

If the Trustee has or shall acquire any
“conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company
shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

 

    25 

     

    

 

 

SECTION 7.9CORPORATE TRUSTEE REQUIRED;
ELIGIBILITY.

 

There shall at all
times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing
business under the laws of the U.S. or any state or territory thereof or of the District of Columbia, or a corporation or other
Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate trust powers, having (or,
in the case of a subsidiary of a bank holding company, its bank holding company parent shall have) a combined capital and surplus
of at least one hundred million U.S. dollars ($100,000,000), and subject to supervision or examination by federal, state, territorial,
or District of Columbia authority.

 

 If such
corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation
or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control
with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10. 

 

SECTION 7.10RESIGNATION AND REMOVAL;
APPOINTMENT OF SUCCESSOR.

 

(a)                
The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series
by giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid
(or, in the case of Securities held in book-entry form, by electronic transmission), to the Securityholders of such series, as
their names and addresses appear upon the Security Register. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of
the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor
trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of
such notice of resignation, the resigning Trustee may at the expense of the Company, petition any court of competent jurisdiction
for the appointment of a successor trustee with respect to Securities of such series, or the holders of at least 10% in the aggregate
principal amount of Outstanding Securities may petition any such court for the appointment of a successor trustee. Such court
may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

(b)                
In case at any time any one of the following shall occur:

 

(i)                  
the Trustee shall fail to comply with the provisions of Section 7.8 after written request therefor by the Company or by
any Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or

 

(ii)                
the Trustee shall cease to be eligible in accordance with the provisions of Section 7.9 and shall fail to resign after
written request therefor by the Company or by any such Securityholder; or

 

(iii)               
the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy
proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, 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, the Company may
remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed
by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the
successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may,
on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and
prescribe, remove the Trustee and appoint a successor trustee.

 

    26 

     

    

 

(c)                
The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may, upon
30 days’ notice, remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint
a successor Trustee for such series with the consent of the Company.

 

(d)                
Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series
pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee
as provided in Section 7.11.

 

(e)                
Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more
series or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular
series. 

 

SECTION 7.11ACCEPTANCE OF APPOINTMENT
BY SUCCESSOR.

 

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

 

(b)                
In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all)
series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall
execute and deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (i)
shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor trustee relates, (ii) 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 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 with respect to the Securities of that or those series to which the appointment of such successor trustee relates
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, and each such successor trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor trustee, 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.

 

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

 

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

 

    27 

     

    

 

(e)                
Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of
the succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses
appear upon the Security Register. If the Company fails to transmit such notice within ten days after acceptance of appointment
by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company. 

 

SECTION 7.12MERGER, 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 trust business
of the Trustee (including the administration of the trust created by this Indenture), shall be the successor of the Trustee hereunder,
provided that such corporation shall be qualified under the provisions of Section 7.8 and eligible under the provisions of Section
7.9, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein
to the contrary notwithstanding. 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. 

 

SECTION 7.13PREFERENTIAL COLLECTION
OF CLAIMS AGAINST THE COMPANY.

 

The Trustee shall comply with Section
311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act.
A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included
therein. 

 

SECTION 7.14NOTICE OF DEFAULT.

 

If any Default or any Event of Default
occurs and is continuing and if the Trustee has notice of such Default or Event of Default, the Trustee shall mail to each Securityholder
in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Default or Event of Default
within 90 days after it occurs (or, the Trustee does not have notice of such Default or Event of Default until after that time,
15 days after the Trustee has notice of such Default or Event of Default), unless such Default or Event of Default has been cured;
provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on
any Security, the Trustee shall be protected in withholding such notice if and so long as the Trustee in good faith determines
that the withholding of such notice is in the interest of the Securityholders.

 

SECTION 7.15LIMITATION OF LIABILITY

 

The Trustee is entering
into this Indenture and the other documents contemplated hereby and related hereto to which it is a party solely in its capacity
as trustee under the Indenture and not in its individual capacity (except as expressly stated herein) and in no case shall the
Trustee (or any Person acting as successor trustee under this Indenture) be personally liable for or on account of any of the statements,
representations, warranties, covenants or obligations stated to be those of the Company hereunder or thereunder, all such liability,
if any, being expressly waived by the parties hereto and any person claiming by, through or under such party.

 

 

ARTICLE VIII

CONCERNING THE SECURITYHOLDERS

 

SECTION 8.1EVIDENCE OF ACTION BY
SECURITYHOLDERS.

 

Whenever in this Indenture it is provided
that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular series may
take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any
other action), the fact that at the time of taking any such action the holders of such majority or specified percentage of that
series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders
of Securities of that series in person or by agent or proxy appointed in writing.

 

    28 

     

    

 

If the Company shall solicit from the
Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company
may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination
of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but
the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction,
notice, consent, waiver or other action may be given before or after the record date, but only the Securityholders of record at
the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders
of the requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series
shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders
on the record date 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. 

 

SECTION 8.2PROOF OF EXECUTION BY
SECURITYHOLDERS.

 

Subject to the provisions of Section 7.1,
proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his agent or proxy and
proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:

 

(a)                
The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable
to the Trustee.

 

(b)                
The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security
Registrar thereof.

 

The Trustee may require such additional
proof of any matter referred to in this Section as it shall deem necessary. 

 

SECTION 8.3WHO MAY BE DEEMED OWNERS.

 

Prior to the due presentment for registration
of transfer of any Security, the Company, the Trustee, any Paying Agent and any Security Registrar may deem and treat the Person
in whose name such Security shall be registered upon the books of the Security Registrar as the absolute owner of such Security
(whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other
than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject
to Section 2.3) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent
nor any Security Registrar shall be affected by any notice to the contrary. 

 

SECTION 8.4CERTAIN SECURITIES OWNED
BY COMPANY DISREGARDED.

 

In determining whether the holders of
the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent or waiver
under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that
series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or any other
obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination,
except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or
waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so
owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall
establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the
pledgee is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the
Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of
counsel shall be full protection to the Trustee. 

 

    29 

     

    

 

SECTION 8.5ACTIONS BINDING ON FUTURE
SECURITYHOLDERS.

 

At any time prior to (but not after) the
evidencing to the Trustee, as provided in Section 8.1, of the taking of any action by the holders of the majority or percentage
in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action,
any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders of which have
consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.2,
revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall
be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued
in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in
regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal
amount of the Securities of a particular series specified in this Indenture in connection with such action shall be conclusively
binding upon the Company, the Trustee and the holders of all the Securities of that series. 

 

ARTICLE IX

SUPPLEMENTAL INDENTURES

 

SECTION 9.1SUPPLEMENTAL INDENTURES WITHOUT THE CONSENT
OF SECURITYHOLDERS.

 

In addition to any supplemental indenture
otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture
or indentures supplemental hereto (which shall comply with the provisions of the Trust Indenture Act as then in effect), without
the consent of the Securityholders, for one or more of the following purposes:

 

(a)                
to cure any ambiguity, defect, omission or inconsistency herein or in the Securities of any series (with such ambiguity,
defect, omission or inconsistency being evidenced by an Officer’s Certificate);

 

(b)                
to comply with Article X, including to evidence the succession of another Person to the Company and the assumption by any
such successor of the covenants of the Company herein and in the Securities contained or to provide for the assumption of a guarantor’s
obligations to holders of the Securities in the case of a merger or consolidation or sale of all or substantially all of the guarantor’s
assets;

 

(c)                
to provide for uncertificated Securities in addition to or in place of certificated Securities; provided that the
uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code;

 

(d)                
to add to the covenants of the Company or any guarantor for the benefit of the holders of the Securities of any series
or to surrender any right or power conferred upon the Company or any guarantor;

 

(e)                
to provide for the issuance of additional Securities of any series in accordance with the terms of this Indenture;

 

(f)                 
to evidence and provide for the acceptance of appointment hereunder by a successor trustee;

 

(g)                
to comply with any requirements of the Commission or any successor in connection with the qualification of this Indenture
under the Trust Indenture Act;

 

(h)                
to provide security for the Securities of any series or to provide for any guarantee of the Securities of any series or
to confirm or evidence the release, termination or discharge of any guarantee of or lien securing the Securities of any series
when such release, termination or discharge is permitted by this Indenture;

 

(i)                  
to make any change that would provide any additional rights or benefits to the holders of the Securities of any series
or that does not adversely affect the legal rights under this Indenture of any holder;

 

    30 

     

    

 

(j)                 
to make any amendment to the provision of this Indenture relating to the transfer and legending of the Securities of any
series; provided, however, that (1) compliance with this Indenture as so amended would not result in Securities of such series
being transferred in violation of the Securities Act or any other applicable securities law and (2) such amendment does not materially
and adversely affect the rights of holders to transfer Securities of such series; or

 

(k)               
to conform the text of this Indenture, any guarantee of the Securities of any series or the notes to any provision of the
“Description of Debt Securities and Guarantees” included in the prospectus forming a part of the registration statement
filed by the Company with the Commission on Form S-3 on August 4, 2016 or any subsequent description of Securities contained in
any prospectus supplement, to the extent that such provision in that “Description of Debt Securities and Guarantees”
or any subsequent description of Securities contained in any prospectus supplement was intended by the Company to be a verbatim
recitation of a provision of this Indenture, any guarantee of the Securities of any series or the Securities, as applicable (with
such intention being evidenced by an Officer’s Certificate).

 

The Trustee is hereby authorized to join
with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations
that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental indenture authorized
by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders of any of
the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.2. 

 

SECTION 9.2SUPPLEMENTAL INDENTURES
WITH THE CONSENT OF SECURITYHOLDERS.

 

With the consent (evidenced as provided
in Section 8.1) of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected
by such supplemental indenture or indentures at the time Outstanding (including consents obtained in connection with a tender offer
or exchange offer for the Securities), the Company, when authorized by a Board Resolution, and the Trustee may from time to time
and at any time enter into an indenture or indentures supplemental hereto (which shall comply with the provisions of the Trust
Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating (or waiving
any past default or compliance with) any of the provisions of this Indenture or of any supplemental indenture or of modifying in
any manner not covered by Section 9.1 the rights of the holders of the Securities of such series under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected
thereby,

 

(a)                
reduce the percentage or aggregate principal amount of Securities, the holders of which are required to consent to any
modification, amendment, supplement or waiver;

 

(b)                
reduce the principal amount of, or premium, if any, or rate of interest on, such Securities;

 

(c)                
extend the fixed maturity of such Securities;

 

(d)                
extend the time for payment of interest on such Securities;

 

(e)                
reduce the redemption or repurchase price of such Securities or change the time at which the Securities may or must be
redeemed or repurchased;

 

    31 

     

    

 

(f)                 
change the currency of payment of principal of, or premium, if any, or interest on, such Securities;

 

(g)                
waive a default in the payment of principal of, premium, if any, or interest on such Securities (except as provided in
Section 6.1(c));

 

(h)                
voluntarily release a guarantor of such Securities other than in accordance with this Indenture;

 

(i)                 
reduce the percentage or aggregate principal amount of Outstanding Securities the consent of whose holders is necessary
for waiver of compliance with certain provisions of this Indenture or for waiver of certain defaults; or

 

(j)                
impair the right to institute suit for the enforcement of any payment on or after the stated maturity (or, in the case
of a redemption, on or after the redemption date) of such Securities.

 

It shall not be necessary for the consent
of the Securityholders of any series affected thereby under this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

 

SECTION 9.3EFFECT OF SUPPLEMENTAL
INDENTURES.

 

Upon the execution of any supplemental
indenture pursuant to the provisions of this Article IX or of Section 10.1, this Indenture shall, with respect to such series,
be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations,
duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby
shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments,
and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions
of this Indenture for any and all purposes. 

 

SECTION 9.4SECURITIES AFFECTED BY
SUPPLEMENTAL INDENTURES.

 

Securities of any series affected by a
supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions
of this Article IX or of Section 10.1, may bear a notation in form approved by the Company, provided such form meets the requirements
of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture.
If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors,
to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated
by the Trustee and delivered in exchange for the Securities of that series then Outstanding. 

 

SECTION 9.5EXECUTION OF SUPPLEMENTAL
INDENTURES.

 

Upon the request of the Company, accompanied
by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of
evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in
the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties
or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to
enter into such supplemental indenture. The Trustee shall receive, in addition to the documents required by Section 14.7(a), an
Officer’s Certificate and an Opinion of Counsel stating that and as conclusive evidence that any supplemental indenture executed
pursuant to this Article IX is authorized or permitted by, and conforms to, the terms of this Article IX, constitutes the legal,
valid and binding obligation of the Company, enforceable against it in accordance with its terms (subject to customary exceptions)
and that it is proper for the Trustee under the provisions of this Article IX to join in the execution thereof.

 

Promptly after the execution by the Company
and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall transmit by mail, first
class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders
of all series affected thereby as their names and addresses appear upon the Security Register. Any failure of the Company to mail
such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

    32 

     

    

 

 

ARTICLE X

SUCCESSOR ENTITY

 

SECTION 10.1COMPANY MAY CONSOLIDATE,
ETC.

 

Except as provided pursuant to Section
2.1 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures
supplemental to this Indenture, nothing contained in this Indenture shall prevent any consolidation or merger of the Company with
or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company
or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition
of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other corporation
(whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided,
however, the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is
not the survivor of such transaction), sale, conveyance, transfer or other disposition, (a) the due and punctual payment of the
principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series,
according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture
with respect to each series or established with respect to such series pursuant to Section 2.1 to be kept or performed by the
Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act,
as then in effect) executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company
shall have been merged, or by the entity which shall have acquired such property and (b) in the event that the Securities of any
series then Outstanding are convertible into or exchangeable for shares of common stock or other securities of the Company, such
entity shall, by such supplemental indenture, make provision so that the Securityholders of Securities of that series shall thereafter
be entitled to receive upon conversion or exchange of such Securities the number of securities or property to which a holder of
the number of shares of common stock or other securities of the Company deliverable upon conversion or exchange of those Securities
would have been entitled had such conversion or exchange occurred immediately prior to such consolidation, merger, sale, conveyance,
transfer or other disposition. 

 

SECTION 10.2SUCCESSOR ENTITY SUBSTITUTED.

 

(a)                
In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the
successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee of the
obligations set forth under Section 10.1 on all of the Securities of all series Outstanding, such successor entity shall succeed
to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor
corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

(b)                
In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology
and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

(c)                
Nothing contained in this Article X shall require any action by the Company in the case of a consolidation or merger of
any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase
or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company). 

 

SECTION 10.3EVIDENCE OF CONSOLIDATION,
ETC. TO TRUSTEE.

 

The Trustee, subject to the provisions
of Section 7.1, shall receive an Officer’s Certificate and an Opinion of Counsel stating that and as conclusive evidence
that any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the
provisions of this Article X.

 

    33 

     

    

 

 

ARTICLE XI

SATISFACTION AND DISCHARGE

 

SECTION 11.1SATISFACTION AND DISCHARGE
OF INDENTURE.

 

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

 

(a)                
either

 

(i)                  
all Securities of such series theretofore authenticated and delivered (other than (i) Securities which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 2.7 and (ii) Securities for whose payment cash, Governmental
Obligations or a combination thereof 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 Sections 12.5 and 12.6) have been delivered to
the Trustee for cancellation; or

 

(ii)                
all such Securities of such series not theretofore delivered to the Trustee for cancellation, or

 

                                                               
(A)                       
have become due and payable by reason of the mailing of a notice of redemption or otherwise, or

 

                                                               
(B)                       
will become due and payable within one year,

 

and the Company, in the case of (A) or
(B) above, has deposited or caused to be deposited with the Trustee as trust funds in trust specifically pledged as security for,
and dedicated solely to, the benefit of the Securityholders of the Securities of that series, cash in U.S. dollars, Governmental
Obligations or a combination thereof in such amount as will be sufficient, without consideration of any reinvestment of interest,
to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for
principal (and premium, if any) and interest, if any, to the date of such deposit (in the case of Securities which have become
due and payable), or to the Stated Maturity or the Redemption Date, as the case may be;

 

(b)                
in respect of clause (a)(ii), no Event of Default has occurred and is continuing on the date of deposit (other than an
Event of Default resulting from the borrowing of funds to be applied to such deposit and any similar deposit relating to other
indebtedness and, in each case, the granting of certain liens to secure such borrowing);

 

(c)                
the Company or any guarantor has paid or caused to be paid all other sums payable hereunder by the Company with respect
to such series; and

 

(d)                
the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money towards
the payment of the notes at maturity or on the redemption date, as the case may be.

 

Notwithstanding the satisfaction and discharge
of this Indenture with respect to such series, the obligations of the Company to the Trustee with respect to such series under
this Section 11.1 and Sections 7.6 and 7.10, the obligations of the Company to any Authenticating Agent under Section 2.10, and,
if cash, Governmental Obligations or a combination thereof shall have been deposited with the Trustee pursuant to subclause (ii)
of clause (a) of this Section, the obligations of the Trustee under Section 11.2, shall survive.

 

    34 

     

    

 

 

SECTION 11.2APPLICATION OF TRUST
MONEY.

 

Subject to the provisions of Section 12.6,
all cash and Governmental Obligations deposited with the Trustee pursuant to Section 11.1 shall be held in trust and applied by
the Trustee, in accordance with the provisions of the series of Securities and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company or any of its Subsidiaries acting as Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of all sums due and to become due thereon in respect of the principal of (and premium, if any)
and interest, if any, on the Securities for which payment of such cash and Governmental Obligations has been deposited with the
Trustee.

 

If the Trustee or Paying Agent is unable
to apply any cash or Governmental Obligations in accordance with this Article XI 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,
then the obligations of the Company under this Indenture and the Securities of such series shall be revived and reinstated as
though no deposit had occurred pursuant to this Article XI until such time as the Trustee or Paying Agent is permitted to apply
all such cash and Governmental Obligations in accordance with this Article XI; provided, however, that, if the Company has made
any payment of principal, premium, if any, interest on or principal of any Securities because of the reinstatement of its obligations,
the Company shall be subrogated to the rights of the holders of such Securities to receive such payment from the cash and Governmental
Obligations held by the Trustee or Paying Agent. 

 

ARTICLE XII

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION 12.1OPTION TO EFFECT LEGAL
DEFEASANCE OR COVENANT DEFEASANCE.

 

The Company may at any time, at the option
of its Board of Directors evidenced by a Board Resolution set forth in an Officer’s Certificate, elect to have either Section
12.2 or 12.3 hereof be applied to all outstanding Securities of a series upon compliance with the conditions set forth below in
this Article XII. 

 

SECTION 12.2LEGAL DEFEASANCE AND
DISCHARGE.

 

Upon the Company’s exercise under
Section 12.1 hereof of the option applicable to this Section 12.2 with respect to a series of Securities, the Company will, subject
to the satisfaction of the conditions set forth in Section 12.4 hereof, be deemed to have been discharged from its obligations
with respect to all outstanding Securities of such series on the date the conditions set forth below are satisfied (hereinafter,
“Legal Defeasance”). For this purpose, Legal Defeasance means that the Company will be deemed to have paid and
discharged the entire Indebtedness represented by the Outstanding Securities of such series, which will thereafter be deemed to
be Outstanding only for the purposes of Section 12.5 hereof and the Articles and other Sections of this Indenture referred to in
clauses (1) and (2) below, and to have satisfied all their other obligations under such Securities and this Indenture (and the
Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the
following provisions which will survive until otherwise terminated or discharged hereunder:

 

(1)                
the rights of holders of Outstanding Securities of such series to receive payments in respect of the principal of, premium
on, if any, or interest on such Securities when such payments are due from the trust referred to in Section 12.4 hereof;

 

(2)                
the Issuers’ obligations with respect to such Securities under Article 2 and Section 4.2 hereof;

 

(3)                
the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection
therewith; and

 

    35 

     

    

 

(4)                
this Article XII.

 

Subject to compliance with this Article
XII, the Company may exercise its option under this Section 12.2 with respect to a series of Securities, notwithstanding the prior
exercise of its option under Section 12.3 hereof with respect to such series of Securities. 

 

SECTION 12.3COVENANT DEFEASANCE.

 

Upon the Company’s exercise under
Section 12.1 hereof of the option applicable to this Section 12.3 with respect to a series of Securities, the Company will, subject
to the satisfaction of the conditions set forth in Section 12.4 hereof, be released from its obligations under Section 5.3 and
Article X and any additional covenants specified in any Board Resolution or indenture supplemental hereto with respect to the
Outstanding Securities of such series on and after the date the conditions set forth in Section 12.4 hereof are satisfied (hereinafter,
“Covenant Defeasance”), and the Securities of such series will thereafter be deemed 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 such covenants, but will continue to be deemed Outstanding for all other purposes hereunder (it being understood that such
Securities will not be deemed Outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect
to the Outstanding Securities of such series, the Company may omit to comply with and shall have no liability in respect of any
term, condition or limitation set forth in Section 5.3 or Article X and any additional covenants specified in any Board Resolution
or indenture supplemental hereto, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section
or Article or by reason of any reference in any such Section or Article 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 6.1 hereof with respect to Outstanding
Securities of such series, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected
thereby. 

 

SECTION 12.4CONDITIONS TO LEGAL
OR COVENANT DEFEASANCE.

 

In order to exercise either Legal Defeasance
or Covenant Defeasance under either Section 12.2 or 12.3 hereof with respect to the Outstanding Securities of a particular series:

 

(1)                
the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Securityholders of the Securities
of that series, cash in U.S. dollars, Governmental Obligations, or a combination thereof, in such amounts as will be sufficient,
in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants, to pay the
principal of, premium on, if any, and interest on, the Outstanding Securities of such series on the stated date for payment thereof
or on the applicable redemption date, as the case may be, and the Company must specify whether the Securities of such series are
being defeased to such stated date for payment or to a particular redemption date;

 

(2)                
in the case of an election under Section 12.2 hereof, the Company must deliver to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee confirming that:

 

                                       
(A)                       
the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or

 

                                       
(B)                       
since the date of this Indenture, there has been a change in the applicable federal income tax law,

 

in either case to the effect that, and
based thereon such Opinion of Counsel shall confirm that, the holders of the Outstanding Securities of such series will not recognize
income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not
occurred;

 

(3)                
 in the case of an election under Section 12.3 hereof, the Company must deliver to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee confirming that the holders of the Outstanding Securities of such series will not recognize income,
gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax
on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not
occurred;

 

    36 

     

    

 

(4)                
no Default or Event of Default with respect to the Securities of such series shall have occurred and be continuing on the
date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit
(and any similar concurrent deposit relating to other Indebtedness), and the granting of liens to secure such borrowings);

 

(5)                
such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under,
any material agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased,
discharged or replaced) to which the Company is a party or by which the Company is bound; and

 

(6)                
the Company must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

 

SECTION 12.5DEPOSITED MONEY AND
GOVERNMENT SECURITIES TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS.

 

Subject to Section 12.6 hereof, all cash
and Governmental Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 12.4 hereof in respect
of the Outstanding Securities of a particular series shall be held in trust and applied by the Trustee, in accordance with the
provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as Paying Agent) as the Trustee may determine, to the holders of such Securities of all sums due and to become due thereon
in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent
required by law.

 

The Company will pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the cash or Governmental Obligations deposited pursuant
to Section 12.4 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the holders of the Outstanding Securities of the applicable series.

 

Notwithstanding anything in this Article
XII to the contrary, the Trustee shall deliver or pay to the Company from time to time upon Company Request any cash or Governmental
Obligations held by it as provided in Section 12.4 hereof which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under
Section 12.4(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance. 

 

SECTION 12.6REPAYMENT TO COMPANY.

 

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, premium on, if any, or interest on
any Security and remaining unclaimed for two years after such principal, premium, if any, or interest, has become due and payable
shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be paid
to the Company on its request or (if then held by the Company) will be discharged from such trust; and the holder of such Security
will thereafter, as an unsecured general creditor, be permitted to 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, will
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment,
may give written notice to the holder of such Security, at such holder’s address as it appears upon the Security Register,
that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of
such notification, any unclaimed balance of such money then remaining will, unless otherwise required by mandatory provisions of
applicable escheat or abandoned or unclaimed property law, be repaid to the Company.

 

    37 

     

    

 

 

SECTION 12.7REINSTATEMENT.

 

If the Trustee or Paying Agent is unable
to apply any cash or Governmental Obligations in accordance with Section 12.2 or 12.3 hereof, as the case may be, by reason of
any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the Company’s obligations under this Indenture and the Securities of the particular series shall be revived and reinstated
as though no deposit had occurred pursuant to Section 12.2 or 12.3 hereof until such time as the Trustee or Paying Agent is permitted
to apply all such cash or Governmental Obligations in accordance with Section 12.2 or 12.3 hereof, as the case may be; provided,
however, that, if the Company makes any payment of principal of, premium on, if any, or interest on, any Security of the particular
series following 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 cash or Governmental Obligations held by the Trustee or Paying Agent. 

 

ARTICLE XIII

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS AND DIRECTORS

 

SECTION 13.1NO RECOURSE.

 

No recourse under or upon any obligation,
covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall
be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor
or successor corporation, either directly or through the Company or any such 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; 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, stockholders, officers or directors as such,
of the Company or of any predecessor or successor corporation, 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 of the Securities
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, stockholder, 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 of the Securities 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 Securities.

 

 

ARTICLE XIV

MISCELLANEOUS PROVISIONS

 

SECTION 14.1EFFECT ON SUCCESSORS
AND ASSIGNS.

 

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

 

SECTION 14.2ACTIONS BY SUCCESSOR.

 

Any act or proceeding by any provision
of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may
be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall
at the time be the lawful successor of the Company.

 

    38 

     

    

 

 

SECTION 14.3SURRENDER OF COMPANY
POWERS.

 

The Company by instrument in writing executed
by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and
thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation. 

 

SECTION 14.4NOTICES.

 

Except as otherwise expressly provided
herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be given, made or served
by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given
or served by being deposited in first class mail, postage prepaid, addressed, as follows: Salem Media Group, Inc., 4880 Santa
Rosa Road, Camarillo, California 93012, Attention: Secretary. Any notice, election, request or demand by the Company or any Securityholder
or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made,
for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee. 

 

SECTION 14.5GOVERNING LAW/WAIVER
OF JURY TRIAL.

 

This Indenture and each Security shall
be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance
with the laws of said State, except to the extent that the Trust Indenture Act is applicable. EACH PARTY HERETO HEREBY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. 

 

SECTION 14.6TREATMENT OF SECURITIES
AS DEBT.

 

It is intended that the Securities will
be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted
to further this intention. 

 

SECTION 14.7 COMPLIANCE CERTIFICATES
AND OPINIONS.

 

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

 

(b)                
Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with
a condition or covenant in this Indenture shall include (i) a statement that the Person making such certificate or opinion has
read such covenant or condition; (ii) 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; (iii) a statement that, in the opinion of such
Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion
as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion
of such Person, such condition or covenant has been complied with.

 

    39 

     

    

 

 

SECTION 14.8PAYMENTS ON BUSINESS
DAYS.

 

Except as provided pursuant to Section
2.1 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures
supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of
redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) may be made
on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and
no interest shall accrue for the period after such nominal date. 

 

SECTION 14.9CONFLICT WITH TRUST
INDENTURE ACT.

 

If and to the extent that any provision
of this Indenture limits, qualifies or conflicts with any provision of the Trust Indenture Act, such Trust Indenture Act provision
shall control. 

 

SECTION 14.10 COUNTERPARTS.

 

This Indenture may be executed in any
number of counterparts, each of which shall be deemed an original, but such counterparts shall together constitute but one and
the same instrument. 

 

SECTION 14.11SEVERABILITY.

 

In case any one or more of the provisions
contained in this Indenture or in the Securities of any series 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 Indenture or of
such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision
had never been contained herein or therein. 

 

SECTION 14.12COMPLIANCE CERTIFICATES.

 

The Company shall deliver to the Trustee,
within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an Officer’s
Certificate stating whether or not the signers know of any Default or Event of Default that occurred during such fiscal year.
Such certificate shall contain a certification from the principal executive officer, principal financial officer or principal
accounting officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance
under this Indenture and that the Company has complied with all conditions and covenants under this Indenture. For purposes of
this Section 14.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided
under this Indenture. If any of the officers of the Company signing such certificate has knowledge of such a Default or Event
of Default, the certificate shall describe any such Default or Event of Default and its status. 

 

SECTION 14.13USA PATRIOT ACT

 

The parties hereto acknowledge that, in
accordance with Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (as amended,
modified or supplemented from time to time, the “USA Patriot Act”), the Trustee, like all financial institutions,
is required to obtain, verify, and record information that identifies each Person or legal entity that opens an account. The parties
to this Indenture agree that they will provide the Trustee with such information as the Trustee may request in order for the Trustee
to satisfy the requirements of the USA Patriot Act.

 

    40 

     

    

 

SECTION 14.14CONSENT TO JURISDICTION
AND SERVICE

 

To the fullest extent permitted by applicable
law, each party hereby irrevocably submits to the non-exclusive jurisdiction of any Federal or State court located in the Borough
of Manhattan in The City of New York, New York in any suit, action or proceeding based on or arising out of or relating to this
Indenture or any Securities and irrevocably agrees that all claims in respect of such suit or proceeding may be determined in any
such court. Each party irrevocably waives, to the fullest extent permitted by law, any objection which it may have to the laying
of the venue of any such suit, action or proceeding brought in an inconvenient forum. Each party agrees that final judgment in
any such suit, action or proceeding brought in such a court shall be conclusive and binding upon such party, and may be enforced
in any courts to the jurisdiction of which such party is subject by a suit upon such judgment, provided, that service of process
is effected upon such party in the manner specified herein or as otherwise permitted by law.

 

SECTION 14.15FORCE 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, 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.

 

 

 

[Signature page follows]

 

    41 

     

    

 

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

 

 

 

	 	SALEM MEDIA GROUP, INC.	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

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

 

  

Signature
Page to IndentureNEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A
LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.
THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT

 

car
charging group, inc.

 

	Warrant Shares:		Initial
    Issue Date: March 11, 2016

 

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, ___________________________________
or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time following the date hereof (the “Initial Issue Date”) and on or
prior to the close of business on the five year anniversary of the Initial Issue Date (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Car Charging Group, Inc., a Nevada corporation (the “Company”),
up to ___________ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock.
The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section
2(b).

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated March 11, 2016, among the Company and
the purchasers signatory thereto.

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Issue Date and on or before the Termination Date by delivery to the Company (or such other
office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder
appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise in the form annexed hereto
and within three (3) Trading Days of the date said Notice of Exercise is delivered to the Company, the Company shall have received
payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United
States bank or, if available, pursuant to the cashless exercise procedure specified in Section 2(c) below. No ink-original Notice
of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been
exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading
Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases
of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number
of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and
the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company
shall deliver any objection to any Notice of Exercise Form within one (1) Business Day of receipt of such notice. The Holder
and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any
given time may be less than the amount stated on the face hereof.

 

    	1

    	 	 	 

    

 

b)
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $1.00, subject to adjustment
hereunder (the “Exercise Price”).

 

c)
Cashless Exercise. If there is no effective Registration Statement registering, or no current prospectus available for,
the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole or in part, at such time by
means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to
the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A)
= 	the
    VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless
    exercise,” as set forth in the applicable Notice of Exercise;
	 	 	 
	 	(B)
    = 	the
    Exercise Price of this Warrant, as adjusted hereunder; and 
	 	 	 
	 	(X)
    = 	the
    number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
    if such exercise were by means of a cash exercise rather than a cashless exercise.

 

For
purposes of this Section 2(c)(A), “VWAP” shall be defined, for any date, the price determined by the first of the
following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock
is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m.
(New York City time)), (b) if the OTC Bulletin Board is not a Trading Market, the volume weighted average price of the Common
Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted
for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published
by OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid
price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as
determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Shares then outstanding
and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

    	2

    	 	 	 

    

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. Warrant Shares purchased hereunder shall be transmitted by the Transfer Agent
to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit
or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A)
there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares
by the Holder or (B) the shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to
Rule 144, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise by the date that
is three (3) Trading Days after latest of (A) the delivery to the Company of the Notice of Exercise and (B) surrender of this
Warrant (if required) (such date, the “Warrant Share Delivery Date”). The Warrant Shares shall be deemed to
have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of
record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise
Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi)
prior to the issuance of such shares, having been paid. If the Company fails for any reason to deliver to the Holder the Warrant
Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated
damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock
on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading
Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant
Shares are delivered or Holder rescinds such exercise.

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to an exercise
on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open
market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in
satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price
(including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying
(1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue
times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored
(in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would
have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder
purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares
of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount
of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law
or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

    	3

    	 	 	 

    

 

v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

vi.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of Warrant Shares, all of which taxes and expenses shall be paid by
the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by
the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed
by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise.

 

vii.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of
shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock
issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of
shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any
other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on
conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates.
Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged
by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of
the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and
of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a
Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic
or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a
more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.
Upon the written
or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number
of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates
since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership
Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to
the issuance of shares of Common Stock issuable upon exercise of this Warrant. The provisions of this paragraph shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph
(or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained
or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained
in this paragraph shall apply to a successor holder of this Warrant. The Holder, upon not
less than 61 days’ prior notice to the Company, may increase, decrease or eliminate the Beneficial Ownership Limitation
provisions of this Section 2(e). Any such increase, decrease or elimination will not be effective until the 61st day after such
notice is delivered to the Company.

 

    	4

    	 	 	 

    

 

f)
Forced Exercise. 

 

(i)
If at any time following the Effective Date, (A) the Closing Bid Price of the Common Stock is equal to or greater than $2.625
(subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends and the like after the Initial
Issue Date) (the “Trigger Price”) for a period of ten (10) consecutive Trading Days (the ten (10) consecutive
Trading Days on which the condition in this clause (A) is satisfied are referred to herein as the “Forced Exercise Measuring
Period”), and (B) no Equity Conditions Failure shall exist (collectively, the “Forced Exercise Conditions”),
the Company shall have the right to require the Holder to exercise all or any portion of this Warrant as designated in a Forced
Exercise Notice (as defined below), as of the Forced Exercise Date (as defined below) (a “Forced Exercise”);
provided, that any Forced Exercise hereunder shall be cancelled and deemed null and void if the Company fails to satisfy any of
the Forced Exercise Conditions during any of the Trading Days in the period commencing on and including the Forced Exercise Notice
Date and ending on and including the Forced Exercise Date. The Company may exercise its right to require exercise of this Warrant
under this Section 2(f) by delivering a written notice thereof by facsimile and overnight courier to the Holder and the Transfer
Agent (the “Forced Exercise Notice” and the date such notice is deemed delivered to all of the holders is referred
to as the “Forced Exercise Notice Date”) no later than two (2) Trading Days after the applicable Forced Exercise
Measuring Period. The Forced Exercise Notice delivered shall be irrevocable and shall state (A) the date on which the Forced Exercise
shall occur (the “Forced Exercise Date”) which date shall be the fifth (5th) Trading Day after the Forced Exercise
Notice Date, (B) the aggregate number of Warrant Shares of which the Company has elected to be subject to Forced Exercise from
all of the holders of Warrants pursuant to this Section 2(f) (and such similar section in the other Warrants), (C) (x) that the
Closing Bid Price of the Common Stock during each Trading Day in the Forced Exercise Measuring Period equaled or exceeded the
Trigger Price and (y) no Equity Conditions Failure exists, and (D) the number of shares of Common Stock to be issued to the Holder
on the Forced Exercise Date (the “Forced Exercise Warrant Share Amount”). Each Forced Exercise shall either
be effected as a cash exercise or on a cashless basis, at the Holder’s sole discretion. Notwithstanding anything to the
contrary, no such redemption under this Section shall result in any Holder exceeding the Beneficial Ownership Limitation.

 

(ii)
Pro Rata Redemption Requirement. If the Company elects to cause an Forced Exercise pursuant to Section 2(f)(i), then it
must simultaneously take the same action with respect to the other Warrants. If the Company elects to cause an Forced Exercise
pursuant to Section 2(f)(i) (or similar provisions under the other Warrants) with respect to less than all of the Warrant Shares
underlying the Warrants then outstanding, then the Company shall require exercise of the Warrant Shares from each of the holders
of the Warrants equal to the product of (A) the aggregate number of Warrant Shares which the Company has elected to cause to be
exercised pursuant to Section 2(f)(i), multiplied by (B) a fraction, the numerator of which is the sum of the aggregate number
of Warrant Shares underlying the Warrants issued to such holder pursuant to the Securities Purchase Agreement and the denominator
of which is the sum of the aggregate number of Warrant Shares underlying the Warrants issued to all holders pursuant to the Securities
Purchase Agreement (such fraction with respect to each holder is referred to as its “Exercise Allocation Percentage,”
and such amount with respect to each holder is referred to as its “Pro Rata Exercise Amount”). In the event
that the initial holder of any SPA Warrants shall sell or otherwise transfer any of such holder’s Warrants, the transferee
shall be allocated a pro rata portion of such holder’s Exercise Allocation Percentage and Pro Rata Exercise Amount.

 

    	5

    	 	 	 

    

 

(iii)
For the purposes of this Warrant, the following definitions shall apply:

 

(1)
“Equity Conditions” means: (i) on each day during the period beginning ten (10) Trading Days prior to the applicable
date of determination and ending on and including the applicable date of determination (the “Equity Conditions Measuring
Period”), the Common Stock shall have been listed or designated for quotation (as applicable) on the Trading Market
and shall not have been suspended from trading on a Trading Market (other than suspensions of not more than two (2) days and occurring
prior to the applicable date of determination due to business announcements by the Company) nor shall delisting or suspension
by the Trading Market be pending in writing by a Trading Market; (ii) on each day during the Equity Conditions Measuring Period,
the applicable Forced Exercise Shares are registered for resale pursuant to an effective registration statement naming the Holder
as a selling stockholder thereunder (and the prospectus thereunder is available for use by the Holder as to all such Forced Exercise
Shares), as determined by counsel to the Company pursuant to a written opinion letter addressed and in form and substance reasonably
acceptable to the Holder (the “Registration Statement”), (iii) the Company shall have no knowledge of any fact that
would cause the Registration Statement not to be effective and available for the resale of all such Forced Exercise Shares by
the Holder in accordance with the terms thereof, (iv) on each day during the Equity Conditions Measuring Period, the Company shall
have delivered all Warrant Shares issuable upon the valid exercise of this Warrant on a timely basis pursuant to the applicable
provisions hereof; (v) such Forced Exercise Shares may be issued in full without violating Section 2(e) or the rules or regulations
of the Trading Market on which the Common Stock are then listed or designated for quotation (as applicable); (vi) on each day
during the Equity Conditions Measuring Period, no public announcement of a pending, proposed or intended Fundamental Transaction
shall have occurred which has not been abandoned, terminated or consummated; (vii) the Holder shall not be in possession of any
material, non-public information provided to the Holder by the Company, any of its affiliates or any of their respective officers,
employees, directors, representatives, agents or the like; (viii) on each day during the Equity Conditions Measuring Period, the
Company shall not be in breach of any material term or condition of this Warrant, (ix) there is a sufficient number of authorized
shares of Common Stock for issuance of all Securities under the Transaction Documents and (x) on each day during the Equity Conditions
Measuring Period, there shall not be any Volume Failure.

 

(2)
“Equity Conditions Failure” means, with respect to a particular date of determination, that on any day during
the period commencing ten (10) Trading Days immediately prior to such date of determination, the Equity Conditions have not been
satisfied (or waived in writing by the Holder).

 

(3)
“Volume Failure” means, with respect to a particular date of determination, that the aggregate daily dollar
trading volume (as reported on Bloomberg) of the Common Stock on the Trading Market on any Trading Day during the ten (10) consecutive
Trading Day period ending on the Trading Day immediately preceding such date of determination is less than $125,000.

 

    	6

    	 

    

 

Section
3. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include (A) any shares of Common Stock issued by the
Company upon exercise of this Warrant or (B) PIK Shares), (ii) subdivides outstanding shares of Common Stock into a larger number
of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of
shares or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each
case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock
(excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number
of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant
shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment
made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case
of a subdivision, combination or re-classification.

 

b)
Subsequent Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding,
shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce
any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents, at a price
per share less than the Exercise Price then in effect (such lower price, the “Base Share Price” and such issuances
collectively, a “Dilutive Issuance”) (it being understood and agreed that if the holder of the Common Stock
or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions,
floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued
in connection with such issuance, be entitled to receive shares of Common Stock at a price per share that is less than the Exercise
Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance at
such effective price), then simultaneously with the consummation of each Dilutive Issuance the Exercise Price shall be reduced
and only reduced in accordance with the following formula: [EP2 = EP1 * (A+B) / (A+C)], where:

 

EP2
= New Exercise Price

 

EP1
= Exercise Price in effect immediately prior to Dilutive Issuance

 

(A)
= Number of shares of Common Stock deemed to be outstanding immediately prior to the Dilutive Issuance (including all shares of
outstanding common stock, and all shares issuable hereunder)

 

(B)
= Aggregate consideration received by the Company with respect to the Dilutive Issuance divided by EP1

 

(C)
= Number of shares of Common Stock or common Stock Equivalents issued or subject to the Dilutive Issuance

 

    	7

    	 

    

 

Such
adjustment shall be made whenever such Common Stock or Common Stock Equivalents are issued. Notwithstanding the foregoing, no
adjustments shall be made, paid or issued under this Section 3(b) in respect of an Exempt Issuance. The Company shall notify
the Holder, in writing, no later than the Trading Day following the issuance or deemed issuance of any Common Stock or Common
Stock Equivalents subject to this Section 3(b), indicating therein the applicable issuance price, or applicable reset price, exchange
price, conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”). For purposes
of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon the occurrence
of any Dilutive Issuance, the Holder is entitled to receive a reduction in the Exercise Price that will equal the New Exercise
Price regardless of whether the Holder accurately refers to the New Exercise Price in the Notice of Exercise. Notwithstanding
any change to the Exercise Price pursuant to this Section 3(b), there shall not be any change to the number of Warrant Shares
by virtue of this Section 3(b). If the Company enters into a Variable Rate Transaction, despite the prohibition thereon in the
Purchase Agreement, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest possible
conversion or exercise price at which such securities may be converted or exercised. Notwithstanding the provisions in this Section,
no adjustment shall be made to the Exercise Price in the event the Company completes an offering whereby all Common Stock or all
Common Stock Equivalents are sold at or above $0.70 for a period of sixty (60) days from the Initial Issue Date.

 

c)
Subsequent Rights Offerings. If the Company, at any time while the Warrant is outstanding, shall issue rights, options
or warrants to all holders of Common Stock (and not to the Holder) entitling them to subscribe for or purchase shares of Common
Stock at a price per share less than the VWAP then in effect, then the Exercise Price shall be multiplied by a fraction, of which
the denominator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights, options
or warrants plus the number of additional shares of Common Stock offered for subscription or purchase, and of which the numerator
shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights, options or warrants plus
the number of shares which the aggregate offering price of the total number of shares so offered (assuming receipt by the Company
in full of all consideration payable upon exercise of such rights, options or warrants) would purchase at such VWAP. Such adjustment
shall be made whenever such rights, options or warrants are issued, and shall become effective immediately after the record date
for the determination of stockholders entitled to receive such rights, options or warrants.

 

d)
Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders
of Common Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights
or warrants to subscribe for or purchase any security, then in each such case the Exercise Price shall be adjusted by multiplying
the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive
such distribution by a fraction of which the denominator shall be the VWAP determined as of the record date mentioned above, and
of which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date of
the portion of such assets or evidence of indebtedness or rights or warrants so distributed applicable to one outstanding share
of the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall be described in
a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription rights
applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made and shall become
effective immediately after the record date mentioned above.

 

    	8

    	 	 	 

    

 

e)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each, a “Fundamental Transaction”), then, upon any subsequent exercise
of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise
immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation
in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any
Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within
30 days after, the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder
an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation
of such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black and
Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined
as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest
rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the
applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100
day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement
of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the
price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental
Transaction, and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental
Transaction and the Termination Date. The Company shall cause any successor entity in a Fundamental Transaction in which the Company
is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under
this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is
exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to
the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise
of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder
to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental
Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being
for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead
to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the
Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named
as the Company herein.

 

    	9

    	 	 	 

    

 

f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the
Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment..

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall
be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a
party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby
the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary
dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed
to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior
to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken
for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as
of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants
are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is
expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall
be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or
in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent
that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of
the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.
The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective
date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    	10

    	 

    

 

Section
4. Transfer of Warrant.

 

a)
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d)
hereof and to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without
limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender
this Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to the Company assigning
this Warrant full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase
of Warrant Shares without having a new Warrant issued.

 

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Initial Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

    	11

    	 

    

 

d)
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 4.1 of the Purchase Agreement.

 

e)
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a
view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth
in Section 3.

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

d)
Authorized Shares.

 

 i. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

    	12

    	 

    

 

ii.
Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

iii.
Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable
or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may
be necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be determined in accordance with the provisions of the Purchase Agreement.

 

    	13

    	 	 	 

    

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered
and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities
laws.

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding
the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Purchase Agreement.

 

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant Shares.

 

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

********************

 

(Signature
Page Follows)

 

    	14

    	 	 	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
above indicated.

 

	 	car
    charging group, inc.
	 	 
	 	By:	
	 	 	Michael
    J. Calise
	 	 	Chief
    Executive Officer

 

    	15

    	 	 	 

    

 

NOTICE
OF EXERCISE

 

To:
car charging group, inc.

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

[  ]
in lawful money of the United States; or

 

[  ]
if permitted, the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3)
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

	 		 

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 		 

 

(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended.

 

SIGNATURE
OF HOLDER

 

Name
of Investing Entity:

 

Signature
of Authorized Signatory of Investing Entity:

 

Name
of Authorized Signatory:

 

Title
of Authorized Signatory:

 

Date:

 

 

    	 

    	 	 	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 	 
	 	 	 	(Please
    Print)
	 	 	 	 
	Address:	 	 	 
	 	 	 	(Please
    Print)
	Dated:
    _________________ ___, _________	 	 
	 	 	 	 
	Holder’s
    Signature:	 	 	 
	 	 	 	 
	Holder’s
    Address:

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