Document:

Exhibit 4.6

 

FORM OF INDENTURE

 

EDUCATION REALTY TRUST, INC.

 

 

 

INDENTURE

 

Dated as of ___________

 

 

 

[_________________]

 

Trustee

 

 

 

    	 

    	 

    

 

CROSS-REFERENCE TABLE*

  

	Trust Indenture	 
	Act Section	Indenture Section
	310	(a)(1) 	7.10
	 	(a)(2)	7.10
	 	(a)(3)	N.A.
	 	(a)(4)	N.A.
	 	(a)(5)	7.10
	 	(b)	7.10
	 	(c)	N.A.
	311	(a) 	7.11
	 	(b)	7.11
	 	(c)	N.A.
	312	(a) 	2.06
	 	(b)	12.03
	 	(c)	12.03
	313	(a) 	7.06
	 	(b)(2)	7.06; 7.07
	 	(c)	7.06; 12.02
	 	(d)	7.06
	314	(a) 	4.03;12.02; 12.05
	 	(c)(1)	12.04
	 	(c)(2)	12.04
	 	(c)(3)	N.A.
	 	(e)	12.05
	 	(f)	N.A.
	315	(a) 	7.01
	 	(b)	7.05,12.02
	 	(c)	7.01
	 	(d)	7.01
	 	(e)	6.11
	316	(a) (last sentence) 	2.09
	 	(a)(1)(A)	6.05
	 	(a)(1)(B)	6.04
	 	(a)(2)	N.A.
	 	(b)	6.07
	 	(c)	2.13
	317	(a)(1) 	6.08
	 	(a)(2)	6.09
	 	(b)	2.05
	318	(a) 	12.01
	 	(b)	N.A.
	 	(c)	12.01

N.A. means not applicable.

 * This Cross Reference Table is
not part of the Indenture.

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1.
	DEFINITIONS AND INCORPORATION
	BY REFERENCE
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	6
	Section 1.03	Incorporation by Reference of Trust Indenture Act	6
	Section 1.04	Rules of Construction	7
	 	 	 
	ARTICLE 2.
	THE SECURITIES
	Section 2.01	Issuable in Series	7
	Section 2.02	Establishment of Terms of Series of Securities	7
	Section 2.03	Execution and Authentication	10
	Section 2.04	Registrar and Paying Agent	11
	Section 2.05	Paying Agent to Hold Money in Trust	11
	Section 2.06	Holder Lists	11
	Section 2.07	Transfer and Exchange	12
	Section 2.08	Replacement Securities	12
	Section 2.09	Outstanding Securities	12
	Section 2.10	Treasury Securities	13
	Section 2.11	Temporary Securities	13
	Section 2.12	Cancellation	13
	Section 2.13	Defaulted Interest	13
	Section 2.14	Global Securities	14
	Section 2.15	CUSIP Numbers	15
	 
	ARTICLE 3.
	REDEMPTION AND PREPAYMENT
	Section 3.01	Notices to Trustee	15
	Section 3.02	Selection of Securities to Be Redeemed or Purchased	15
	Section 3.03	Notice of Redemption	16
	Section 3.04	Effect of Notice of Redemption	17
	Section 3.05	Deposit of Redemption or Purchase Price	17
	Section 3.06	Securities Redeemed or Purchased in Part	17
	 
	ARTICLE 4.
	COVENANTS
	Section 4.01	Payment of Securities	18
	Section 4.02	Maintenance of Office or Agency	18
	Section 4.03	Reports	18
	Section 4.04	Compliance Certificate	19
	Section 4.05	Taxes	19
	Section 4.06	Stay, Extension and Usury Laws	20
	Section 4.07	Corporate Existence	20

 

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	ARTICLE 5. 
	SUCCESSORS
	Section 5.01	Merger, Consolidation, or Sale of Assets	20
	Section 5.02	Successor Person Substituted	21
	 	 	 
	ARTICLE 6.
	DEFAULTS AND REMEDIES
	Section 6.01	Events of Default	21
	Section 6.02	Acceleration	22
	Section 6.03	Other Remedies	23
	Section 6.04	Waiver of Past Defaults	23
	Section 6.05	Control by Majority	23
	Section 6.06	Limitation on Suits	24
	Section 6.07	Rights of Holders of Securities to Receive Payment	24
	Section 6.08	Collection Suit by Trustee	24
	Section 6.09	Trustee May File Proofs of Claim	25
	Section 6.10	Priorities	25
	Section 6.11	Undertaking for Costs	25
	 	 	 
	ARTICLE 7.
	TRUSTEE
	Section 7.01	Duties of Trustee	26
	Section 7.02	Rights of Trustee	27
	Section 7.03	Individual Rights of Trustee	27
	Section 7.04	Trustee’s Disclaimer	28
	Section 7.05	Notice of Defaults	28
	Section 7.06	Reports by Trustee to Holders of the Securities	28
	Section 7.07	Compensation and Indemnity	28
	Section 7.08	Replacement of Trustee	29
	Section 7.09	Successor Trustee by Merger, etc.	30
	Section 7.10	Eligibility; Disqualification	30
	Section 7.11	Preferential Collection of Claims Against Company	30
	 	 	 
	ARTICLE 8.
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance	31
	Section 8.02	Legal Defeasance and Discharge	31
	Section 8.03	Covenant Defeasance	32
	Section 8.04	Conditions to Legal or Covenant Defeasance	32
	Section 8.05	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	33
	Section 8.06	Repayment to Company	34
	Section 8.07	Reinstatement	34
	 	 	 
	ARTICLE 9.
	AMENDMENT, SUPPLEMENT AND WAIVER
	Section 9.01	Without Consent of Holders of Securities	34
	Section 9.02	With Consent of Holders of Securities	36
	Section 9.03	Compliance with Trust Indenture Act	37
	Section 9.04	Revocation and Effect of Consents	37

 

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	Section 9.05	Notation on or Exchange of Securities	37
	Section 9.06	Trustee to Sign Amendments, etc.	37
	 	 	 
	ARTICLE 10.
	GUARANTEES
	Section 10.01	Guarantees.	37
	Section 10.02	Limitation on Guarantor Liability.	39
	Section 10.03	Execution and Delivery of Security Guarantee.	39
	Section 10.04	Guarantors May Consolidate, etc., on Certain Terms.	39
	Section 10.05	Releases Following Sale of Assets.	40
	 	 	 
	ARTICLE 11.
	satisfaction and discharge
	Section 11.01	Satisfaction and Discharge	40
	Section 11.02	Application of Trust Money	41
	 	 	 
	ARTICLE 12.
	MISCELLANEOUS
	Section 12.01	Trust Indenture Act Controls	42
	Section 12.02	Notices	42
	Section 12.03	Communication by Holders of Securities with Other Holders of Securities	43
	Section 12.04	Certificate and Opinion as to Conditions Precedent	43
	Section 12.05	Statements Required in Certificate or Opinion	43
	Section 12.06	Rules by Trustee and Agents	44
	Section 12.07	No Personal Liability of Directors, Officers, Employees and Stockholders	44
	Section 12.08	Governing Law	44
	Section 12.09	No Adverse Interpretation of Other Agreements	44
	Section 12.10	Successors	44
	Section 12.11	Severability	44
	Section 12.12	Counterpart Originals	44
	Section 12.13	Table of Contents, Headings, etc.	44

 

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INDENTURE dated
as of ___________, 2009 between Education Realty Trust, Inc., a Maryland corporation, the Guarantors
(as defined herein) and [___________], as trustee.

 

The Company, the Guarantors
and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined
herein) of the Securities issued under this Indenture:

 

ARTICLE
1.

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

Section 1.01         Definitions

 

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

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For 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; provided that beneficial
ownership of 10% or more of the Voting Stock of a Person will be deemed to be control. For purposes of this definition, the terms
“controlling,” “controlled by” and “under common control with” have correlative meanings.

 

“Agent”
means any Registrar, co-registrar, Paying Agent or additional paying agent.

 

“Authentication
Order” means a written order signed in the name of the Company by an Officer.

 

“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 thereof.

 

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

 

“Business
Day” means any day other than a Legal Holiday.

 

“Capital Lease
Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease
that would at that time be required to be capitalized on a balance sheet in accordance with GAAP.

 

“Capital Stock”
means:

 

(1)         in
the case of a corporation, corporate stock;

  

(2)         in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

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(3)         in
the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

 

(4)         any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person.

 

“Company”
means Education Realty Trust, Inc., a Maryland corporation, and any and all successors thereto.

 

“Corporate
Trust Office of the Trustee” will be at the address of the Trustee specified in Section 12.02 hereof or such other address
as to which the Trustee may give notice to the Company.

 

“Default”
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

“Depositary”
means, with respect to the Securities issuable or issued in whole or in part in global form, the Person specified in Section 2.02
hereof as the Depositary with respect to the Securities, and any and all successors thereto appointed as depositary hereunder and
having become such pursuant to the applicable provision of this Indenture.

 

“Discount
Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and
payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02.

 

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

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession
as amended and/or modified from time to time.

 

“Global Securities”
means a Security or Securities, as the case may be, in the form established pursuant to Section 2.02 evidencing all or part of
a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary
or nominee.

 

“Government
Securities” means securities issued or directly and fully guaranteed or insured by the United States government or any
agency or instrumentality of the United States government (provided that the full faith and credit of the United States
is pledged in support of those securities), and additionally, in respect of any Series of Securities denominated in other than
United States dollars, securities issued or directly and fully guaranteed or insured by the government in whose currencies such
Series of Securities are denominated (which in the case of the Euro shall be deemed to include any government whose functional
currency is the Euro).

 

“Guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection or deposit in the ordinary course of business,
direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Indebtedness.

 

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“Guarantors”
means each of:

 

(1)         the guarantors listed on the signature pages hereto; and

 

(2)         any other Subsidiary that executes a Security Guarantee in accordance with the provisions of this Indenture,

 

and their respective
successors and assigns.

 

“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under:

 

(1)         interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and
interest rate collar agreements;

 

(2)         other agreements or arrangements designed to manage interest rates or interest rate risk; and

 

(3)         other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity
prices.

 

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

 

“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent:

 

(1)         in
respect of borrowed money;

 

(2)         evidenced
by bonds, notes, debentures or similar instruments or letters of credit or reimbursement agreements in respect thereof (other than
reimbursement obligations with respect to letters of credit securing obligations (other than obligations described in (1), (2)
(other than letters of credit), (3), (4), (5) or (6)) entered into in the ordinary course of business of such Person to the extent
such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third
Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit);

 

(3)         in
respect of banker’s acceptances;

 

(4)         representing
Capital Lease Obligations;

 

(5)         representing
the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense
or trade payable; or

 

(6)         representing
any Hedging Obligations,

 

if and to the extent
any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet
of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness
of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified
Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any indebtedness of any other Person.

 

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The amount of any Indebtedness
outstanding as of any date will be:

 

(1)         the
accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

(2)         the
principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the
case of any other Indebtedness; and

 

(3)         with
respect to Hedging Obligations, the amount of Indebtedness required to be recorded as a liability in accordance with GAAP.

 

“Indenture”
means this instrument as amended and supplemented from time to time by one or more indentures supplemental hereto entered into
pursuant to the applicable provisions hereof, and shall include the terms of particular Series of Securities established as contemplated
by Section 2.02; provided, however, that, if at any time more than one Person is acting as Trustee under this instrument,
“Indenture” shall mean, with respect to any one or more Series of Securities for which such Person is Trustee, this
instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof and shall include the terms of the or those particular Series
of Securities for which such Person is Trustee established as contemplated by Section 2.02, exclusive, however, of any provisions
or terms which relate solely to other Series of Securities for which such Person is not Trustee, regardless of when such terms
or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto
executed and delivered after such Person had become Trustee but to which such Person, as such Trustee, was not a party.

 

“interest”
with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

“Legal Holiday”
means a Saturday, a Sunday or a day on which banking institutions in the City of New York or in Memphis, Tennessee or at a place
of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place
of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue
on such payment for the intervening period.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other
title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in
and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction.

 

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

 

“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the
documentation governing any Indebtedness.

 

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“Officer”
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary or
any Vice-President of such Person.

 

“Officers’
Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be
the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company,
that meets the requirements of Sections 12.04 and 12.05 hereof.

 

“Opinion of
Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements
of Sections 12.04 and 12.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company
or the Trustee.

 

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

 

“principal”
of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in
respect of, the Security.

 

“Responsible
Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Office of the Trustee (or
any successor group of the Trustee) with direct responsibility for the administration of this Indenture and, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity
with the particular subject.

 

“SEC”
means the Securities and Exchange Commission.

 

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

 

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

 

“Security
Guarantee” means the guarantee of any Series of Securities by a Guarantor under Article 10.

 

“Series”
or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.01 and 2.02 hereof.

 

“Significant
Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1–02
of Regulation S–X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture.

 

“Stated Maturity”
means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which such payment of
interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not include
any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled
for the payment thereof.

 

“Subsidiary”
means, with respect to any specified Person:

 

(1)         any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person
or one or more of the other Subsidiaries of that Person (or a combination thereof); and

 

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(2)         any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such
Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination
thereof).

 

“TIA”
means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date on which this Indenture
is qualified under the TIA; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA”
means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

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

 

“U.S. Legal
Tender” means such coin or currency of the United States of America as at the time of payment shall be legal tender for
the payment of public and private debts.

 

“Voting Stock”
of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the
board of directors of such Person.

 

Section
1.02         Other Definitions

  

	.	 	Defined in
	Term	 	Section
	“Covenant Defeasance”	 	8.03
	“Event of Default”	 	6.01
	“Legal Defeasance”	 	8.02
	“Paying Agent”	 	2.04
	“Registrar”	 	2.04

 

Section
1.03         Incorporation by Reference of Trust Indenture Act

 

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

 

The following TIA terms
used in this Indenture have the following meanings:

 

“indenture
securities” means the Securities;

 

“indenture
security Holder” means a Holder of a Security;

 

“indenture
to be qualified” means this Indenture;

 

“indenture
trustee” or “institutional trustee” means the Trustee; and

 

“obligor”
on the Securities means the Company and any successor obligor upon the Securities.

 

All other terms used
in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA
have the meanings so assigned to them.

 

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Section
1.04         Rules of Construction

 

Unless the context
otherwise requires:

 

(1)         a term has the meaning assigned to it;

 

(2)         an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(3)         “or” is not exclusive;

 

(4)         words in the singular include the plural, and in the plural include the singular;

 

(5)         “will” shall be interpreted to express a command;

 

(6)         provisions apply to successive events and transactions; and

 

(7)         references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor
sections or rules adopted by the SEC from time to time.

 

ARTICLE
2.

THE SECURITIES

 

Section
2.01         Issuable in Series

 

The aggregate principal
amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in
one or more Series. All Securities of a Series shall be identical except as may be set forth in the Board Resolution, supplemental
indenture or Officers’ Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a
Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate
or supplemental indenture may provide for the method by which specified terms (such as interest rate, maturity date, record date
or date from which interest shall accrue) are to be determined. All Series of Securities shall be entitled to the benefits of the
Indenture, provided that Securities may differ between Series in respect of any matters as provided by the Board Resolution, supplemental
indenture or Officers’ Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a
Board Resolution.

 

Section
2.02         Establishment of Terms of Series of Securities

 

At or prior to the
issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection
2.02(a) and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.02(b) through
2.02(v)) by a Board Resolution, a supplemental indenture or an Officers’ Certificate pursuant to authority granted under
a Board Resolution:

 

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

  

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

 

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(c)         any
limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the Series pursuant to Section 2.07, 2.08, 2.11, 3.06 or 9.05);

 

(d)         the
date or dates or the method by which such date or dates will be determined on which the principal of the Securities of the Series
is payable;

 

(e)         the
rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates, at
which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue,
the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable
on any interest payment date and the basis upon which interest shall be calculated if other than that of a 360-day year consisting
of twelve 30-day months;

 

(f)         the
place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, or the method of
such payment, if by wire transfer, mail or other means;

 

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

 

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

 

(i)         the
dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the
option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

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

 

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

 

(l)         if other
than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon
declaration of acceleration of the maturity thereof pursuant to Section 6.02;

 

(m)       if other
than United States dollars, the currency of denomination of the Securities of the Series;

 

(n)        if other
than United States dollars, the designation of the currency, currencies or currency units in which payment of the principal of
and interest, if any, on the Securities of the Series will be made;

  

(o)        if payments
of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency units
other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined;

 

    	8

    	 

    
 

(p)         the
manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined,
if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity
index, stock exchange index or financial index;

 

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

 

(r)         the
provisions, if any, relating to any guarantees of the Securities of the Series;

 

(s)         any
addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the
Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section
6.02;

 

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

 

(u)        any
other terms of the Securities of the Series (which terms shall not be inconsistent with the provisions of this Indenture, except
as permitted by Section 9.01, but which may modify or delete any provision of this Indenture insofar as it applies to such Series);

 

(v)        any
trustees, depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities
of such Series if other than those appointed herein; and

 

(w)        the
date as of which any temporary Global Security representing Outstanding Securities of or within the Series shall be dated if other
than the date of original issuance of the first Security of the Series to be issued;

 

(x)         the
applicability, if any, of Sections 8.02 and/or 8.03 to the Securities of or within the Series and any provisions in modification
of, in addition to or in lieu of any of the provisions of Article Eight;

 

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

 

(z)        if the
Securities of or within the Series are to be issued upon the exercise of debt warrants, the time, manner and place for such Securities
to be authenticated and delivered;

 

(aa)      whether
and under what circumstances the Company will pay Additional Amounts on the Securities of or within the Series to any Holder who
is not a United States person (including any modification to the definition of such term) in respect of any tax, assessment or
governmental charge and, if so, whether the Company will have the option to redeem such Securities rather than pay such Additional
Amounts (and the terms of any such option);

 

(bb)     the obligation, if any, of the Company to permit the Securities of such Series to be converted into or exchanged for common
stock of the Company or other Securities or property of the Company and the terms and conditions upon which such conversion or
exchange shall be effected (including, without limitation, the initial conversion or exchange price or rate, the conversion or
exchange period, any adjustment of the applicable conversion or exchange price or rate and any requirements relative to the reservation
of such shares for purposes of conversion or exchange);

 

    	9

    	 

    
 

(cc)         if
convertible or exchangeable, any applicable limitations on the ownership or transferability of the Securities or property into
which such Securities are convertible or exchangeable; and

 

(dd)        the
applicability, if any, of Article 10 or the Security Guarantee to the Securities of or within the Series and any provisions in
modification, in addition to or in lieu of any of the provisions of Article 10 or any Security Guarantee.

 

All Securities of any
one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture,
if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above,
and the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities of such
Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate.

 

Section
2.03         Execution and Authentication

 

An Officer must sign
the Securities for the Company by manual or facsimile signature.

 

If an Officer whose
signature is on a Security no longer holds that office at the time a Security is authenticated, the Security will nevertheless
be valid.

 

A Security will not
be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the Security
has been authenticated under this Indenture.

 

The Trustee shall at
any time, and from time to time, authenticate Securities of a Series for original issue in the principal amount provided in the
Board Resolution, supplemental indenture hereto or Officers’ Certificate described in Section 2.02 with respect to such
Series upon receipt by the Trustee of an Authentication Order. Such Authentication Order may authorize authentication and delivery
pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall
be promptly confirmed in writing. Each Security shall be dated the date of its authentication unless otherwise provided by the
Board Resolution, supplemental indenture hereto or Officers’ Certificate described in Section 2.02 with respect to such
Series.

 

The aggregate principal
amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such
Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section
2.02, except as provided in Section 2.08.

 

Prior to the issuance
of Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying
on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities
of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that
Series, (b) an Officers’ Certificate complying with Section 12.04 and stating that all conditions precedent provided for
in this Indenture relating to the authentication and delivery of Securities of such Series have been complied with, and (c) an
Opinion of Counsel complying with Section 12.04 and stating that all conditions precedent provided for in this Indenture relating
to the authentication and delivery of Securities of such Series have been complied with.

  

The Trustee shall have
the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines
that such action may not lawfully be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive
committee or a trust committee of directors and/or vice-presidents shall determine that such action would expose the Trustee to
personal liability to Holders of any then outstanding Series of Securities.

 

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The Trustee may appoint
an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities
whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company.

 

Section
2.04         Registrar and Paying Agent

 

The
Company will maintain with respect to each Series of Securities at the place or places specified with respect to such Series pursuant
to Section 2.02 an office or agency where Securities of such Series may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Securities of such Series may be presented for payment (“Paying
Agent”). The Registrar will keep a register of the Securities of such Series and of their transfer and exchange. The Company
may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent
or Registrar without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent
not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee
shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar.

 

If at any time the
Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee
with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands.

 

The Company hereby
appoints the Trustee as the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying
Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.

 

Section
2.05         Paying Agent to Hold Money in Trust

 

The Company will require
each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent will hold in trust for the benefit of Holders
of any Series of Securities for which it is acting as Paying Agent, or the Trustee, all money held by the Paying Agent for the
payment of principal, premium, if any, or interest on such Series of Securities, and will notify the Trustee of any default by
the Company in making any such payment. While any such default continues, the Trustee may require the Paying Agent to pay all money
held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon
payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) will have no further liability for the
money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit
of the Holders of any Series of Securities for which it acts as Paying Agent all money held by it as Paying Agent for such Series.
Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent for each Series
of Securities.

 

Section
2.06         Holder Lists

 

The Trustee will preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders
of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company
will furnish to the Trustee at least seven Business Days before each interest payment date and at such other times as the Trustee
may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses
of the Holders of each Series of Securities and the Company shall otherwise comply with TIA § 312(a).

 

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Section
2.07         Transfer and Exchange 

 

Where Securities of a
Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal
principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements
for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at
the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise
expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges
pursuant to Sections 2.11, 3.06 or 9.05).

 

Neither the Company
nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period
beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of
that Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer
of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed
of any such Securities selected, called or being called for redemption in part.

 

Section
2.08         Replacement Securities

 

If any mutilated Security
is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Security, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement
Security of the same Series if the Trustee’s requirements are met. If required by the Trustee or the Company, an affidavit
of loss and indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to
protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Security
is replaced. The Company may charge for its expenses in replacing a Security.

 

Every replacement Security
is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and proportionately
with all other Securities of the same Series duly issued hereunder.

 

Section
2.09         Outstanding Securities

 

The Securities outstanding
at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest in a Global Security effected by the Trustee in accordance with the provisions hereof, and those
described in this Section 2.09 as not outstanding. Except as set forth in Section 2.10 hereof, a Security does not cease to be
outstanding because the Company or an Affiliate of the Company holds the Security. 

 

If a Security is replaced
pursuant to Section 2.08 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Security is held by a protected purchaser.

 

If the principal amount
of any Security is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

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If the Paying Agent
(other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient
to pay Securities payable on that date, then on and after that date such Securities will be deemed to be no longer outstanding
and will cease to accrue interest.

 

In determining whether
the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such
purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a
declaration of acceleration of the maturity thereof pursuant to Section 6.02.

 

Section
2.10         Treasury Securities

 

In determining whether
the Holders of the required principal amount of Securities of a Series have concurred in any direction, waiver or consent, Securities
of such Series owned by the Company, or by any Person directly or indirectly controlling or controlled by or under direct or indirect
common control with the Company, will be considered as though not outstanding, except that for the purposes of determining whether
the Trustee will be protected in relying on any such direction, waiver or consent, only Securities of such Series that the Trustee
knows are so owned will be so disregarded.

 

Section
2.11         Temporary Securities

 

Until certificates
representing Securities are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order,
will authenticate temporary Securities. Temporary Securities will be substantially in the form of certificated Securities but may
have variations that the Company considers appropriate for temporary Securities and as may be reasonably acceptable to the Trustee.
Without unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Securities of the same Series
and date of maturity in exchange for temporary Securities. After preparation of such definitive Securities, the temporary Securities
will be exchangeable for such definitive Securities upon surrender of the temporary Securities.

 

Holders of temporary
Securities will be entitled to all of the benefits of this Indenture.

 

Section
2.12         Cancellation

 

The Company at any
time may deliver Securities to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Securities
surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Securities surrendered
for registration of transfer, exchange, payment, replacement or cancellation and will destroy canceled Securities (subject to the
record retention requirements of the Exchange Act). Certification of the destruction of all canceled Securities will be delivered
to the Company. The Company may not issue new Securities to replace Securities that it has paid or that have been delivered to
the Trustee for cancellation.

 

Section
2.13         Defaulted Interest

 

If the Company defaults
in a payment of interest on the Securities of a Series, it will pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are Holders of the Securities of such Series on a subsequent
special record date, in each case at the rate provided in such Series of Securities and in Section 4.01 hereof. The Company will
notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Security of such Series and the date
of the proposed payment. The Company will fix or cause to be fixed each such special record date and payment date, provided
that no such special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least
15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at
the expense of the Company) will mail or cause to be mailed to Holders of Securities of such Series a notice that states the special
record date, the related payment date and the amount of such interest to be paid.

 

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Section
2.14         Global Securities

 

(a)         Terms
of Securities. The Board Resolution, supplemental indenture hereto or Officers’ Certificate described in Section 2.02
with respect to a Series shall establish whether the Securities of a Series shall be issued in whole or in part in the form of
one or more Global Securities and the Depositary for such Global Security or Securities.

 

(b)         Transfer
and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.07 of the Indenture and in addition thereto,
any Global Security shall be exchangeable pursuant to Section 2.07 of the Indenture for Securities of the Series with respect to
which such Global Security was issued registered in the names of Holders other than the Depositary for such Security or its nominee
only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security
or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company
fails to appoint a successor Depositary within 90 days of such event, (ii) the Company executes and delivers to the Trustee an
Officers’ Certificate to the effect that such Global Security shall be so exchangeable or (iii) an Event of Default with
respect to the Securities represented by such Global Security shall have happened and be continuing. Any Global Security that is
exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary
shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and
terms.

 

Except as provided
in this Section 2.14(b), a Global Security may not be transferred except as a whole by the Depositary with respect to such Global
Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

(c)         Legend.
Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“This Security is a Global
Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depositary or a nominee
of the Depositary. This Security is exchangeable for Securities registered in the name of a person other than the Depositary or
its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary
to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.”

 

(d)         Acts
of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request,
demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the
Indenture.

 

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(e)         Payments.
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02, payment of
the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

(f)         Consents,
Declaration and Directions. Except as provided in Section 2.14(e), the Company, the Trustee and any Agent shall treat a person
as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified
in a written statement of the Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations,
waivers or directions required to be given by the Holders pursuant to this Indenture.

 

Section
2.15         CUSIP Numbers

 

The Company in issuing
the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption
and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption
shall not be affected by any defect in or omission of such numbers.

 

ARTICLE
3.

REDEMPTION AND PREPAYMENT

 

Section
3.01         Notices to Trustee

 

The Company may, with
respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and
pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided
for in such Securities or in the Board Resolution, supplemental indenture or Officer’s Certificate described in Section 2.02
with respect to such Series. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the
Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it must furnish to the
Trustee, at least 45 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth:

 

(1)         the term of the applicable Series of Securities pursuant to which the redemption shall occur;

 

(2)         the redemption date;

 

(3)         the principal amount of Securities of such Series to be redeemed; and

 

(4)         the redemption price.

  

Section
3.02         Selection of Securities to Be Redeemed or Purchased

 

Unless otherwise indicated
for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all of
the Securities of a Series are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Securities
of such Series for redemption or purchase as follows:

 

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(1)         if the Securities of such Series are listed on any national securities exchange, in compliance with the requirements of the
principal national securities exchange on which the Securities of such Series are listed; or

 

(2)         if the Securities of such Series are not listed on any national securities exchange, on a pro rata basis (based on amounts
tendered), by lot or by such method as the Trustee shall deem fair and appropriate.

 

In the event of partial
redemption or purchase by lot, the Securities of a Series to be redeemed or purchased will be selected, unless otherwise provided
herein, not less than 30 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Securities
of such Series not previously called for redemption or purchase.

 

The Trustee will promptly
notify the Company in writing of the Securities selected for redemption or purchase and, in the case of any Security selected for
partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Securities and portions of Securities
selected will be in amounts of the minimum authorized denomination for Securities of that Series or integral multiples thereof;
except that if all of the Series of Securities of a Holder are to be redeemed or purchased, the entire outstanding amount of such
Securities held by such Holder, even if not an integral multiple of the minimum authorized denomination, shall be redeemed or purchased.
Except as provided in the preceding sentence, provisions of this Indenture that apply to Securities called for redemption or purchase
also apply to portions of Securities called for redemption or purchase.

 

Section
3.03         Notice of Redemption

 

Unless otherwise indicated
for a particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, at least
30 days but not more than 60 days before a redemption date, the Company will mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder whose Securities are to be redeemed at its registered address, except that redemption notices
may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Securities
or a satisfaction and discharge of such Securities and this Indenture pursuant to Articles 8 or 11 of this Indenture.

 

The notice will identify
the Securities of the Series to be redeemed and will state:

 

(1)         the redemption date;

 

(2)         the redemption price;

 

(3)         if any Security of the Series is being redeemed in part, the portion of the principal amount of such Security to be redeemed
and that, after the redemption date upon surrender of such Security, a new Security or Securities in principal amount equal to
the unredeemed portion will be issued upon cancellation of the original Security;

  

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

 

(5)         that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

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(6)         that, unless the Company defaults in making such redemption payment, interest on Securities of the Series called for redemption
ceases to accrue on and after the redemption date;

 

(7)         the Section of the Securities of the Series and/or Section of this Indenture applicable to such Series pursuant to which the
Securities of the Series called for redemption are being redeemed; and

 

(8)         that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed
on the Securities of the Series.

 

At the Company’s
request, the Trustee will give the notice of redemption in the Company’s name and at its expense; provided, however,
that the Company has delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’ Certificate requesting
that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph.

 

Section
3.04         Effect of Notice of Redemption

 

Once notice of redemption
is mailed in accordance with Section 3.03 hereof, Securities of a Series called for redemption become irrevocably due and payable
on the redemption date at the redemption price. A notice of redemption may not be conditional.

 

Section
3.05         Deposit of Redemption or Purchase Price

 

Prior to 10:00 a.m.
New York City time on the relevant redemption or purchase date, the Company will deposit with the Trustee or with the Paying Agent
money sufficient to pay the redemption or purchase price of and accrued interest, if any, on all Securities to be redeemed or purchased
on that date. The Trustee or the Paying Agent will promptly return to the Company any money deposited with the Trustee or the Paying
Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest, if any,
on, all Securities to be redeemed or purchased.

 

If the Company complies
with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on
the Securities or the portions of Securities called for redemption or purchase. If a Security is redeemed or purchased on or after
an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid
to the Person in whose name such Security was registered at the close of business on such record date. If any Security called for
redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Company to comply
with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal
is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Securities
and in Section 4.01 hereof.

  

Section
3.06         Securities Redeemed or Purchased in Part

 

Upon surrender of a
Security that is redeemed or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the Trustee
will authenticate for the Holder at the expense of the Company a new Security of the same Series equal in principal amount to the
unredeemed or unpurchased portion of the Security surrendered.

 

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ARTICLE
4.

COVENANTS

 

Section
4.01         Payment of Securities

 

The Company will pay
or cause to be paid the principal of, premium, if any, and interest, on each Series of Securities on the dates and in the manner
provided for the Securities of such Series by the Board Resolution, supplemental indenture or Officer’s Certificate establishing
the terms of such Series. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent,
if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company
in immediately available funds in U.S. Legal Tender and designated for and sufficient to pay all principal, premium, if any, and
interest then due. If the Company or Subsidiary is acting as Paying Agent, the Company shall, prior to 10:00 a.m. New York City
time on the due date, segregate and hold in trust U.S. Legal Tender sufficient to make payments of principal, premium and interest
due on such date.

 

Unless otherwise indicated
for a Series of Securities in the Board Resolution, supplemental indenture or Officer’s Certificate described in Section
2.02, the Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal,
and on overdue installments of interest (without regard to any applicable grace period), at the rate equal to 1% per annum in excess
of the then applicable interest rate on each Series of Securities to the extent lawful. Notwithstanding anything to the contrary
contained in this Indenture, the Company may, to the extent it is required to do so by law, deduct or withhold income or other
similar taxes imposed by the United States of America from principal or interest payments hereunder.

 

Section
4.02         Maintenance of Office or Agency

 

The Company will maintain
in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee, being [_____________],
located at [_____________], or an affiliate of the Trustee, Registrar or co-registrar) where Securities of each Series may be surrendered
for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of Securities of each
Series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change
in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails
to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee.

 

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

  

The Company hereby
designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.04
hereof.

 

Section
4.03        Reports

 

(a)         Whether
or not required by the rules and regulations of the SEC, so long as Securities of any Series are outstanding, the Company will
file a copy of all of the information and reports referred to in clauses (1) and (2) below with the SEC for public availability
within the time periods specified in the SEC’s rules and regulations:

 

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(1)         all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q
and 10-K if the Company were required to file such forms, and, with respect to the annual information only, a report thereon by
the Company’s certified independent accountants; and

 

(2)         all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports.

 

If the SEC will not accept
a filing referred to above, then the Company will furnish such information and reports to the Trustee and Holders within 15 days
of the time periods specified in the SEC’s rules and regulations, and make such information available to prospective investors
upon request. The Company will at all times comply with TIA § 314(a).

 

(b)         The
Trustee shall not be under a duty to review or evaluate any report or information delivered to the Trustee pursuant to the provisions
of this Section 4.03 for the purposes of making such reports available to it and to the Holders of Securities of any Series who
may request such information. Delivery of such reports, information and documents to the Trustee as may be required under this
Section 4.03 is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice
of any information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

Section
4.04         Compliance Certificate

 

(a)         The
Company shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’ Certificate stating
that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision
of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations
under this Indenture and further stating, as to each such Officer signing such certificate, that to his or her knowledge after
due inquiry the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is
not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default
or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what
action the Company is taking or proposes to take with respect thereto) and that to his or her knowledge after due inquiry no event
has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Securities
of any Series is prohibited or if such event has occurred, a description of the event and what action the Company is taking or
proposes to take with respect thereto.

 

(b)         So long
as any of the Securities of any Series are outstanding, the Company will deliver to the Trustee, promptly upon any Officer becoming
aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action
the Company is taking or proposes to take with respect thereto.

 

Section
4.05         Taxes

 

The Company will pay,
and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies
except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse
in any material respect to the Holders of the Securities of any Series.

 

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Section
4.06         Stay, Extension and Usury Laws

 

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

 

Section
4.07         Corporate Existence

 

Subject to Article
5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect:

 

(1)         its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with
the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and

 

(2)         the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however,
that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other
existence of any of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable
in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse
in any material respect to the Holders of the Securities of any Series.

 

ARTICLE
5.

SUCCESSORS

 

Section
5.01         Merger, Consolidation, or Sale of Assets

 

The Company shall not
consolidate with or merge into, or convey, transfer or lease all or substantially all of its properties and assets to, any Person
(a “Successor Person”), and may not permit any Person to merge into, or convey, transfer or lease its properties
and assets substantially as an entirety to, the Company, unless:

 

(1)         the Successor Person (if any) is a corporation, partnership, trust or other entity organized and validly existing under the
laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this Indenture
and

  

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

 

The Company shall deliver
to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate to the foregoing effect and
an Opinion of Counsel stating that the proposed transaction and such supplemental indenture comply with this Indenture.

 

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		Section 5.02	Successor Person Substituted

 

Upon any consolidation
or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets
of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the Successor
Person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease,
conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation,
merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall
refer instead to the Successor Person and not to the Company), and may exercise every right and power of the Company under this
Indenture with the same effect as if such Successor Person had been named as the Company herein; provided, however, that
the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on the Securities except
in the case of a sale of all of the Company’s assets in a transaction that is subject to, and that complies with the provisions
of, Section 5.01 hereof.

 

ARTICLE
6.

DEFAULTS AND REMEDIES

 

		Section 6.01	Events of Default

 

“Event of
Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, subject
to any modifications, deletions or additions relating to any Series of Securities, as provided in the establishing Board Resolution,
supplemental indenture or Officers’ Certificate for such Series:

 

(1)         the Company defaults for 30 days in the payment when due of interest on, any Security of that Series;

 

(2)         the Company defaults in the payment when due (at Maturity) of the principal of, or premium, if any, on any Security of that
Series;

 

(3)         the Company fails to observe or perform any other covenant, representation, warranty or other agreement in this Indenture (other
than a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities other than
that Series) or the Securities of that Series for 60 consecutive days after notice to the Company by the Trustee or the Holders
of Securities of that Series of at least 25% in aggregate principal amount of such Securities then outstanding voting as a single
class;

 

(4)         a default occurs under any mortgage, indenture or instrument under which there may be issued or by which there may be secured
or evidenced any Indebtedness for money borrowed by the Company or any of its Subsidiaries (or the payment of which is guaranteed
by the Company or any of its Subsidiaries), whether such Indebtedness or guarantee now exists, or is created after the date of
this Indenture, if that default:

  

(A)         is caused by a failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the expiration of
the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or

 

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(B)         results in the acceleration of such Indebtedness prior to its express maturity,

 

and, in each case, the principal
amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a
Payment Default or the maturity of which has been so accelerated, aggregates $25.0 million or more;

 

(5)
     the Company or any Subsidiary that is a Significant Subsidiary or any group of Subsidiaries that, taken as a whole, would constitute
a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law:

 

(A)         commences a voluntary case,

 

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

 

(C)         consents to the appointment of a custodian of it or for all or substantially all of its property,

 

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

 

(E)         generally is not paying its debts as they become due; or

 

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

 

(A)         is for relief against the Company or any of its Significant Subsidiaries or any group of Subsidiaries that, taken as a whole,
would constitute a Significant Subsidiary in an involuntary case;

 

(B)         appoints a custodian of the Company or any of its Significant Subsidiaries or any group of Subsidiaries that, taken as a whole,
would constitute a Significant Subsidiary or for all or substantially all of the property of the Company or any of its Significant
Subsidiaries or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; or

 

(C)         orders the liquidation of the Company or any of its Significant Subsidiaries or any group of Subsidiaries that, taken as a
whole, would constitute a Significant Subsidiary;

 

and the order or decree remains
unstayed and in effect for 60 consecutive days; or

 

(7)         any other Event of Default with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate, in accordance with Section 2.02(s).

 

		Section 6.02	Acceleration

 

In the case of an Event
of Default with respect to Securities of any Series at the time outstanding specified in clause (5) or (6) of Section
6.01 hereof, with respect to the Company, any Subsidiary that is a Significant Subsidiary or any group of Subsidiaries that, taken
as a whole, would constitute a Significant Subsidiary, all outstanding Securities of such Series shall become due and payable immediately
without further action or notice. If any other Event of Default with respect to Securities of any Series at the time outstanding
occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities of
such Series may declare all the Securities of such Series to be due and payable immediately.

 

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Upon any such declaration,
the Securities of such Series shall become due and payable immediately. The Holders of a majority in aggregate principal amount
of the then outstanding Securities of such Series by written notice to the Trustee may on behalf of all of the Holders of Securities
of such Series rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and
if all existing Events of Default with respect to Securities of such Series (except nonpayment of principal, interest or premium
that has become due solely because of the acceleration) have been cured or waived.

 

		Section 6.03	Other Remedies

 

If an Event of Default
with respect to Securities of any Series occurs and is continuing, the Trustee may pursue any available remedy to collect the payment
of principal, premium, if any, and interest on the Securities of such Series or to enforce the performance of any provision of
the Securities of such Series or this Indenture.

 

The Trustee may maintain
a proceeding even if it does not possess any of the Securities of such Series or does not produce any of them in the proceeding.
A delay or omission by the Trustee or any Holder of a Security of any Series in exercising any right or remedy accruing upon an
Event of Default with respect to Securities of such Series shall not impair the right or remedy or constitute a waiver of or acquiescence
in such Event of Default. All remedies are cumulative to the extent permitted by law.

 

		Section 6.04	Waiver of Past Defaults

 

Holders of not less
than a majority in aggregate principal amount of the then outstanding Securities of a Series by notice to the Trustee may on behalf
of the Holders of all of the Securities of such Series waive an existing Default or Event of Default with respect to such Series
and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium, if
any, or interest on, the Securities of such Series (including in connection with any offer to purchase); provided, however,
that the Holders of a majority in aggregate principal amount of the then outstanding Securities of such Series may rescind an acceleration
and its consequences, including any related payment default that resulted from such acceleration. Upon any such waiver, such Default
shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

		Section 6.05	Control by Majority

 

Holders of a majority
in principal amount of the then outstanding Securities of a Series may direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee or exercising any trust or power conferred on it with respect to the Securities
of such Series. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee
determines may be unduly prejudicial to the rights of other Holders of Securities of such Series or that may involve the Trustee
in personal liability. The Trustee shall be entitled to take any other action deemed proper by the Trustee which is not inconsistent
with such direction or this Indenture.

 

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		Section 6.06	Limitation on Suits

 

A Holder of a Security
of any Series may pursue a remedy with respect to this Indenture or the Securities of that Series only if:

 

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

 

(2)         the Holders of at least 25% in principal amount of the then outstanding Securities of that Series make a written request to
the Trustee to pursue the remedy;

 

(3)         such Holder of a Security of that Series or Holders of Securities of that Series offer and, if requested, provide to the Trustee
indemnity satisfactory to the Trustee against any loss, liability or expense;

 

(4)         the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the
provision of indemnity; and

 

(5)         during such 60-day period the Holders of a majority in principal amount of the then outstanding Securities of that Series do
not give the Trustee a written direction inconsistent with the request.

 

A Holder of a Security
may not use this Indenture to prejudice the rights of another Holder of a Security of the same Series or to obtain a preference
or priority over another Holder of a Security of the same Series.

 

		Section 6.07	Rights of Holders of Securities to Receive Payment

 

Notwithstanding any
other provision of this Indenture, the right of any Holder of a Security of any Series to receive payment of principal, premium,
if any, and interest on a Security of that Series, on or after the respective due dates expressed in the Security of that Series
(including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such Holder.

 

		Section 6.08	Collection Suit by Trustee

 

If an Event of Default
with respect to Securities of any Series specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee is authorized
to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of,
premium, if any, and interest remaining unpaid on the Securities of that Series and interest on overdue principal and, to the extent
lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

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		Section 6.09	Trustee May File Proofs of Claim

 

The Trustee is authorized
to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders of the Securities of any Series allowed in any judicial proceedings relative to the Company (or any other
obligor upon the Securities of any Series), its creditors or its property and shall be entitled and empowered to collect, receive
and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof.
To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money,
securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under
any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize
or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting
the Securities of any Series or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder
in any such proceeding.

 

		Section 6.10	Priorities

 

If the Trustee collects
any money pursuant to this Article 6, it shall pay out the money in the following order:

 

 First:         to
the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expense
and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

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

 

Third:         to
the Company or to such party as a court of competent jurisdiction shall direct.

 

The Trustee may fix
a record date and payment date for any payment to Holders of Securities pursuant to this Section 6.10.

 

		Section 6.11	Undertaking for Costs

 

In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it
as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Security pursuant to Section 6.07 hereof, or
a suit by Holders of more than 10% in principal amount of the then outstanding Securities of any Series.

 

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ARTICLE
7.

TRUSTEE

 

		Section 7.01	Duties of Trustee

 

(a)         If an
Event of Default with respect to any Series of Securities has occurred and is continuing, the Trustee will exercise such of the
rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person
would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b)         Except
during the continuance of an Event of Default with respect to any Series of Securities:

 

(1)         the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform
only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall
be read into this Indenture against the Trustee; and

 

(2)         in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, in the case of any such certificates or opinions which by any provisions hereof are specifically required
to be furnished to the Trustee, the Trustee will examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture.

 

(c)         The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

(1)         this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 

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

 

(3)         the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.05 hereof.

 

(d)         Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), and (c) of this Section 7.01.

 

(e)          No provision
of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under no
obligation to exercise any of its rights and powers under this Indenture at the request of any Holders of a Series of Securities,
unless such Holders have offered to the Trustee security and indemnity reasonably satisfactory to it against any loss, liability
or expense.

 

(f)          The
Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

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		Section 7.02	Rights of Trustee

 

(a)         The
Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in the document.

 

(b)         Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee
will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full
and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in
good faith and in reliance thereon.

 

(c)         The
Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed
with due care.

 

(d)         The
Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the
rights or powers conferred upon it by this Indenture.

 

(e)         Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient
if signed by an Officer of the Company.

 

(f)         The
Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders of a Series of Securities unless such Holders have offered to the Trustee reasonable security or indemnity
against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.

 

(g)         The
Trustee shall not be deemed to have notice of any Default or Event of Default with respect to any Series of Securities unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default
or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Series
Securities governed by this Indenture with respect to which such Default or Event of Default relates.

 

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

 

(i)         Any
permissive right or authority granted to the Trustee shall not be construed as a mandatory duty.

 

Section
7.03         Individual Rights of Trustee

 

The Trustee in its
individual or any other capacity may become the owner or pledgee of Securities of any Series and may otherwise deal with the Company
or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee
acquires any conflicting interest, as described in the TIA, it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue as Trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject
to Sections 7.10 and 7.11 hereof.

 

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Section
7.04         Trustee’s Disclaimer

 

The Trustee will not
be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Securities of any Series,
it shall not be accountable for the Company’s use of the proceeds from the Securities of any Series or any money paid to
the Company or upon the Company’s direction under any provision of this Indenture, it will not be responsible for the use
or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement
or recital herein or any statement in the Securities of any Series or any other document in connection with the sale of the Securities
of any Series or pursuant to this Indenture other than its certificate of authentication.

 

Section
7.05         Notice of Defaults

 

If a Default or Event
of Default with respect to any Series of Securities of such Series occurs and is continuing and if it is known to the Trustee,
the Trustee will mail to Holders of Securities of such Series a notice of the Default or Event of Default within 90 days after
it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on a Security
of any Series, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines
that withholding the notice is in the interests of the Holders of the Securities of such Series.

 

Section
7.06         Reports by Trustee to Holders of the Securities

 

(a)         Within
60 days after each [_________] beginning with the [________] following the date of this Indenture, and for so long as Securities
of any Series remain outstanding, the Trustee will mail to the Holders of the Securities of such Series a brief report dated as
of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred
within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2).
The Trustee will also transmit by mail all reports as required by TIA § 313(c).

 

(b)         A copy
of each report at the time of its mailing to the Holders of Securities of any Series will be mailed by the Trustee to the Company
and filed by the Trustee with the SEC and each stock exchange on which the Securities of such Series are listed in accordance with
TIA § 313(d). The Company will promptly notify the Trustee when the Securities of any Series are listed on any stock
exchange.

 

Section
7.07         Compensation and Indemnity

 

(a)         The
Company will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder
as the Company and Trustee shall from time to time agree in writing. The Trustee’s compensation will not be limited by any
law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses will
include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

 

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(b)         The
Company shall indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection
with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture
against the Company (including this Section 7.07) and defending itself against any claim (whether asserted by the Company or any
Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder,
except to the extent any such loss, liability or expense may be attributable to its negligence or bad faith or willful misconduct.
The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify
the Company will not relieve the Company of its obligations hereunder. The Company will defend the claim and the Trustee will cooperate
in the defense. The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses of such counsel.
The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld.

 

(c)         The
obligations of the Company under this Section 7.07 will survive the satisfaction and discharge of this Indenture.

 

(d)         To secure
the Company’s payment obligations in this Section 7.07, the Trustee will have a Lien prior to the Securities of each Series
on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular
Securities of a Series. Such Lien will survive the satisfaction and discharge of this Indenture.

 

(e)         When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(5) or (6) hereof occurs, the
expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law.

 

(f)          The
Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable.

 

Section
7.08         Replacement of Trustee

 

(a)         A resignation
or removal of the Trustee and appointment of a successor Trustee with respect to the Securities of one or more Series will become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08.

 

(b)         The
Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders
of a majority in principal amount of the then outstanding Securities of a Series may remove the Trustee with respect to such Series
by so notifying the Trustee and the Company in writing. The Company may remove the Trustee with respect to the Securities of one
or more Series if:

 

(1)         the Trustee fails to comply with Section 7.10 hereof;

 

(2)         the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law;

 

(3)         a custodian or public officer takes charge of the Trustee or its property; or

 

(4)         the Trustee becomes incapable of acting.

 

(c)         If the
Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason with respect to the Securities of
one or more Series, the Company will promptly appoint a successor Trustee with respect to the Securities of that or those Series
(it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such
Series and that at any time there shall be only one Trustee with respect to the Securities of any Series). Within one year after
a successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities of a Series
may appoint a successor Trustee with respect to such Series to replace the successor Trustee for such Series appointed by the Company.

 

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(d)         If a
successor Trustee for a Series does not take office within 60 days after the retiring Trustee for such Series resigns or is removed,
the retiring Trustee, the Company, or the Holders of at least 10% in principal amount of the then outstanding Securities of such
Series may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to such Series.

 

(e)         If the
Trustee for a Series, after written request by any Holder of Securities of such Series who has been a Holder of Securities of such
Series for at least six months, fails with respect to such Series to comply with Section 7.10, such Holder may petition any court
of competent jurisdiction for the removal of the Trustee for such Series and the appointment of a successor Trustee for such Series.

 

(f)         A successor
Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation
or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties
of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders of each Series of Securities
for which it acts as Trustee. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee,
provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof
will continue for the benefit of the retiring Trustee.

 

Section
7.09         Successor Trustee by Merger, etc.

 

If the Trustee consolidates,
merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor
corporation without any further act will be the successor Trustee.

 

Section
7.10         Eligibility; Disqualification

 

There will at all times
be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of
any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of at least $100 million as set forth in its most recent
published annual report of condition.

 

This Indenture will
always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b).

 

Section
7.11         Preferential Collection of Claims Against Company

 

The Trustee is subject
to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or
been removed shall be subject to TIA § 311(a) to the extent indicated therein.

 

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ARTICLE
8.

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section
8.01         Option to Effect Legal Defeasance or Covenant Defeasance

 

If, pursuant to Section
2.02, provision is made for either or both of (a) defeasance of the Securities of or within a Series under Section 8.02 or (b)
covenant defeasance of the Securities of or within a Series under Section 8.03 to be applicable to the Securities of a Series,
then the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article (with such
modifications thereto as may be specified pursuant to Section 2.02 with respect to the Securities of such Series), shall be applicable
to the Securities of such Series, and the Company may, at the option of the Board of Directors evidenced by a resolution set forth
in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding
Securities of such Series upon compliance with the conditions set forth below in this Article 8.

 

Section
8.02         Legal Defeasance and Discharge

 

Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company shall, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all
outstanding Securities of a Series on the date the conditions set forth below are satisfied with respect to the Securities of such
Series (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 8.05 hereof and the other Sections of this
Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under the Securities of such
Series 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, or interest
or premium, if any, on such Securities when such payments are due from the trust referred to in Section 8.04 hereof;

 

(2)         the Company’s obligations with respect to the Securities of such Series under Article 2 and Section 4.02 hereof;

 

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

 

(4)         this Article 8.

 

Subject to compliance
with this Article 8, the Company may exercise its option under this Section 8.02 with respect to Securities of a Series notwithstanding
the prior exercise of its option under Section 8.03 hereof with respect to Securities of such Series.

 

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Section
8.03         Covenant Defeasance

  

Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company shall, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in
Sections 4.3 and 4.4, as well as any additional covenants contained in a supplemental indenture hereto for a particular Series
of Securities, with respect to the outstanding Securities of a Series on and after the date the conditions set forth in Section
8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Securities of such Series shall thereafter
be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders of
Securities of such Series (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 the Securities of such Series 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 will have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission
to comply will not constitute a Default or an Event of Default with respect to Securities of such Series under Section 6.01 hereof,
but, except as specified above, the remainder of this Indenture and the Securities of such Series will be unaffected thereby. In
addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(5) hereof will not constitute
Events of Default.

 

Section
8.04         Conditions to Legal or Covenant Defeasance

 

In order to exercise
either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof:

 

(1)         the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of Securities of a Series,
cash in such currency, currencies or currency units in which such Securities are then specified as payable at Stated Maturity,
non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal of, premium, 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 maturity or to a particular redemption date;

 

(2)         in the case of an election under Section 8.02 hereof, the Company has delivered to the Trustee an Opinion of Counsel in the
United States 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;

 

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(3)         in the case of an election under Section 8.03 hereof, the Company must deliver to the Trustee an Opinion of Counsel in the
United States 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;

 

(4)         no Default or Event of Default with respect to Securities of such Series shall have occurred and be continuing on the date
of such deposit (other than a Default or Event of Default with respect to Securities of such Series resulting from the borrowing
of funds to be applied to such deposit);

 

(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) with respect to such Securities to which the Company or any of its
Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound;

 

(6)         the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of Securities of such Series over the other creditors of the Company or with the intent
of defeating, hindering, delaying or defrauding any other creditors of the Company or others; and

 

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

 

Section 8.05         Deposited
Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions

 

Subject
to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee
(or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Securities of a Series will be held in trust and applied by the Trustee, in accordance with
the provisions of the Securities of such Series 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 the Securities of such Series 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 non-callable Government
Securities deposited pursuant to Section 8.04 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 an outstanding Series of Securities.

 

Notwithstanding anything
in this Article 8 to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company
any money or non-callable Government Securities held by it as provided in Section 8.04 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 8.04(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.

 

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Section 8.06         Repayment
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, if any, or interest on any Series of Securities
and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall 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 Security
of such Series will thereafter 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 at the expense
of the Company cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice 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
or publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 

Section 8.07         Reinstatement

 

If the Trustee or Paying Agent is unable to apply any United States dollars
or other currency or non-callable Government Securities in accordance with Section 8.02 or 8.03 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 each applicable Series of Securities will be revived and reinstated
as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted
to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company
makes any payment of principal of, premium, if any, or interest on any Series of Securities following the reinstatement of its
obligations, the Company will be subrogated to the rights of the Holders of such Series of Securities to receive such payment
from the money held by the Trustee or Paying Agent.

 

ARTICLE
9.

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01         Without
Consent of Holders of Securities

 

Notwithstanding Section 9.02 of this Indenture,
the Company and the Trustee may amend or supplement this Indenture or any Series of Securities without the consent of any Holder
of Securities:

 

(1)         to evidence the succession of another Person to the Company or a Guarantor and the assumption by any such successor of the
covenants of the Company or such Guarantor herein, in any Security Guarantee and in the Securities contained; provided that
such succession is otherwise in compliance with this Indenture and applicable law;

 

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

 

(3)         to add any additional Events of Default for the benefit of the Holders of all or any Series of Securities (and if such Events
of Default are to be for the benefit of less than all Series of Securities, stating that such Events of Default are expressly being
included solely for the benefit of such Series); provided, however, that in respect of any such additional Events of Default
such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than
that allowed in the case of other defaults) or may provide for an immediate enforcement upon such default or may limit the remedies
available to the Trustee upon such default or may limit the right of the Holders of a majority in aggregate principal amount of
that or those Series of Securities to which such additional Events of Default apply to waive such default;

 

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(4)         to permit or facilitate the issuance of Securities in uncertificated form, provided that any such action shall not adversely
affect the interest of the Holders of Securities of any Series in any material respect;

 

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

 

(6)         to secure the Securities of any Series;

 

(7)         to establish the form or terms of Securities of any Series as permitted by Sections 2.01 and 2.02, including the provisions
and procedures relating to Securities convertible into or exchangeable for other securities or property of the Company;

 

(8)         to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of
one or more Series and to add or change any of the provisions of the Indenture or any Guarantee as shall be reasonable and necessary
solely to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; provided that such
succession is otherwise in compliance with this Indenture and applicable law;

 

(9)         to cure any ambiguity, defect or inconsistency;

 

(10)         to provide for uncertificated Securities in addition to or in place of certificated Securities or to alter the provisions of
Article 2 hereof (including the related definitions) in a manner that does not materially adversely affect any Holder of any Series
of Securities;

 

(11)         to provide for the assumption of the Company’s obligations to the Holders of each Series of Securities by a successor
to the Company pursuant to Article 5 hereof;

 

(12)         to make any change that would provide any additional rights or benefits to the Holders of each Series of Securities or that
does not adversely affect the legal rights hereunder of any Holder of any Series of Securities; or

 

(13)         to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.

 

Upon the request of
the Company accompanied by a resolution of the Board of Directors authorizing the execution of any such amended or supplemental
Indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company
in the execution of any amended or supplemental Indenture authorized or permitted by the terms of this Indenture and to make any
further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into
such amended or supplemental Indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

 

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Section 9.02         With
Consent of Holders of Securities 

 

Except as provided below in this Section
9.02, the Company and the Trustee may amend or supplement this Indenture and the Securities of an affected Series with the consent
of the Holders of at least a majority in principal amount of the Securities of such affected Series then outstanding, voting as
a separate class, (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or
purchase of, the Securities of each affected Series). Subject to Sections 6.04 and 6.07 hereof, any existing Default or Event
of Default with respect to a Series of Securities (other than a Default or Event of Default in the payment of the principal of,
premium, if any, or interest on the Securities of such Series, except a payment default resulting from an acceleration that has
been rescinded) or compliance with any provision of this Indenture or the Securities of such Series may be waived with the consent
of the Holders of a majority in principal amount of the then outstanding Securities of such Series voting as a single class (including
consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Securities of such Series). Section
2.08 hereof shall determine which Securities are considered to be “outstanding” for purposes of this Section 9.02.

 

Upon the request of
the Company accompanied by a Board Resolution authorizing the execution of any such amended or supplemental Indenture, and upon
the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Securities of each required
Series as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with
the Company in the execution of such amended or supplemental Indenture unless such amended or supplemental Indenture directly affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion,
but will not be obligated to, enter into such amended or supplemental Indenture.

 

It is not be necessary
for the consent of the Holders of Securities of any Series under this Section 9.02 to approve the particular form of any proposed
amendment or waiver, but it is sufficient if such consent approves the substance thereof.

 

After an amendment,
supplement or waiver under this Section 9.02 becomes effective, the Company will mail to the Holders of Securities of each Series
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice,
or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental Indenture
or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Securities
of any Series then outstanding voting as a single class may waive compliance in a particular instance by the Company with any provision
of this Indenture with respect to such Series or such Series of Securities. However, without the consent of each Holder affected,
an amendment or waiver under this Section 9.02 may not (with respect to any Securities held by a non-consenting Holder):

 

(1)         reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;

 

(2)         reduce the principal of or change the fixed maturity of any Security or alter or waive any of the provisions with respect to
the redemption of the Securities;

 

(3)         reduce the rate of or change the time for payment of interest, including default interest, on any Security;

 

(4)         waive a Default or Event of Default in the payment of principal of or premium, if any, or interest on any Securities (except
a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in aggregate principal amount
of the then outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);

 

(5)         make any Security payable in currency other than that stated in the Securities;

 

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(6)         make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Securities
to receive payments of principal of, or interest or premium, if any, on the Securities;

 

(7)         waive a redemption payment, if any, with respect to any Securities or change any of the provisions with respect to the redemption
of any Securities; or

 

(8)         make any change in the foregoing amendment and waiver provisions.

 

Section 9.03         Compliance
with Trust Indenture Act 

 

Every amendment or supplement to this Indenture
or the Securities will be set forth in an amended or supplemental Indenture that complies with the TIA as then in effect.

 

Section 9.04         Revocation
and Effect of Consents

 

Until an amendment, supplement or waiver becomes effective,
a consent to it by a Holder of a Security is a continuing consent by the Holder of a Security and every subsequent Holder of a
Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of
the consent is not made on any Security. However, any such Holder of a Security or subsequent Holder of a Security may revoke
the consent as to its Security if the Trustee receives written notice of revocation before the date the waiver, supplement or
amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter
binds every Holder.

 

Section 9.05         Notation
on or Exchange of Securities

 

The Trustee may place an appropriate notation
about an amendment, supplement or waiver on any Security thereafter authenticated. If the Company so determines, the Company in
exchange for all Securities of a Series may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate
new Securities of such Series that reflect the amendment, supplement or waiver.

 

Failure to make the
appropriate notation or issue a new Security will not affect the validity and effect of such amendment, supplement or waiver.

 

Section
9.06         Trustee to Sign Amendments, etc.

 

The Trustee will sign
any amended or supplemental Indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect
the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or supplemental Indenture until
the Board of Directors approves it. In executing any amended or supplemental indenture, the Trustee will be entitled to receive
and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section
12.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental
Indenture is authorized or permitted by this Indenture.

 

ARTICLE
10.

GUARANTEES

 

Section
10.01         Guarantees.

 

(a)         If,
pursuant to Section 2.02, provision is made for the Guarantee of the Securities of a Series, then subject to this Article 10, each
of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Security of such Series authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability
of this Indenture, the Securities of such Series or the obligations of the Company hereunder or thereunder, that:

 

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(1)         the principal of, premium, and interest on such Securities and any Additional Amounts will be promptly paid in full when due,
whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on such Securities,
if any, if lawful, and all other obligations of the Company to the Holders of Securities of such Series or the Trustee hereunder
or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and

 

(2)         in case of any extension of time of payment or renewal of any such Securities or any of such other obligations, that same will
be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity,
by acceleration or otherwise.

 

Failing payment when
due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally
obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b)         The
Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Securities or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the
Securities with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce
the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each
Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever
and covenant that the Security Guarantee will not be discharged except by complete performance of the obligations contained in
such Securities and this Indenture.

 

(c)         If any
Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the
Trustee or such Holder, the Security Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.

 

(d)         Each
Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the
Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article 6 hereof for the purposes of the Security Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event
of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and
payable) will forthwith become due and payable by the Guarantors for the purpose of the Security Guarantee. The Guarantors will
have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights
of the Holders under the Security Guarantee.

 

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Section
10.02         Limitation on Guarantor Liability.

 

Each Guarantor, and
by its acceptance of Securities, each Holder, hereby confirms that it is the intention of all such parties that the Security Guarantee
of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Security Guarantee.
To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations
of such Guarantor under its Security Guarantee and this Article 10 shall be limited to the maximum amount as will, after giving
effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws,
and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations of such Guarantor
under its Security Guarantee not constituting a fraudulent transfer or conveyance.

 

Section
10.03         Execution and Delivery of Security Guarantee.

 

To evidence its Security
Guarantee set forth in Section 10.01, each Guarantor hereby agrees that a notation of such Security Guarantee will be endorsed
by an Officer of such Guarantor on each Security of a guaranteed Series authenticated and delivered by the Trustee and that this
Indenture will be executed on behalf of such Guarantor by one of its Officers.

 

Each Guarantor hereby
agrees that its Security Guarantee set forth in Section 10.01 will remain in full force and effect notwithstanding any failure
to endorse on each Security of a guaranteed Series a notation of such Security Guarantee.

 

If an Officer whose
signature is on this Indenture or on the Security Guarantee no longer holds that office at the time the Trustee authenticates the
Security on which a Security Guarantee is endorsed, the Security Guarantee will be valid nevertheless.

 

The delivery of any
Security of a guaranteed Series by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the
Security Guarantee set forth in this Indenture on behalf of the Guarantors.

 

Section
10.04         Guarantors May Consolidate, etc., on Certain Terms.

 

Except as otherwise
provided in Section 10.05, no Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate
with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another
Guarantor, unless:

 

(1)         immediately after giving effect to such transaction, no Default or Event of Default exists; and

 

(2)         subject to Section 10.05 hereof, the Person acquiring the property in any such sale or disposition or the Person formed by
or surviving any such consolidation or merger unconditionally assumes all the obligations of that Guarantor, pursuant to a supplemental
indenture in form and substance reasonably satisfactory to the Trustee, under the Securities of a guaranteed Series, this Indenture
and the Security Guarantee on the terms set forth herein or therein.

 

In case of any such
consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed
and delivered to the Trustee and satisfactory in form to the Trustee, of the Security Guarantee endorsed upon the Securities of
a guaranteed Series and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed
by the Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the same effect as if it had
been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Security Guarantees
to be endorsed upon all of the Securities of a guaranteed Series issuable hereunder which theretofore shall not have been signed
by the Company and delivered to the Trustee. All the Security Guarantees so issued will in all respects have the same legal rank
and benefit under this Indenture as the Security Guarantees theretofore and thereafter issued in accordance with the terms of this
Indenture as though all of such Security Guarantees had been issued at the date of the execution hereof.

 

    	39

    	 

    

 

Except as set forth
in Articles 4 and 5 hereof, nothing contained in this Indenture or in any of the Securities will prevent any consolidation or merger
of a Guarantor with or into the Company or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor
as an entirety or substantially as an entirety to the Company or another Guarantor.

 

Section
10.05         Releases Following Sale of Assets.

 

In the event of any
sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation or otherwise,
or a sale or other disposition of all to the Capital Stock of any Guarantor, in each case to a Person that is not (either before
or after giving effect to such transactions) a wholly-owned Subsidiary of the Company, then such Guarantor (in the event of a sale
or other disposition, by way of merger, consolidation or otherwise, of all of the capital stock of such Guarantor) or the corporation
acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor)
will be released and relieved of any obligations under its Security Guarantee; provided that the net proceeds of such sale
or other disposition are applied in accordance with applicable provisions of this Indenture, if any, including, without limitation,
provisions included in any Board Resolution or Officers’ Certificate pursuant to a Board Resolution described in Section
2.02. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that
such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, the Trustee will execute
any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its Security Guarantee.

 

Any Guarantor not released
from its obligations under its Security Guarantee will remain liable for the full amount of principal of and interest on the Securities
of a Series that it has guaranteed and for the other obligations of any Guarantor of Securities of a Series that it has guaranteed
under this Indenture as provided in this Article 10.

 

 

ARTICLE
11.

satisfaction and discharge

 

Section 11.01         Satisfaction
and Discharge 

 

This Indenture will be discharged and will cease to be of
further effect as to all Securities of a Series issued hereunder, when:

 

(1)         either:

 

(a)         all
Securities of such Series that have been authenticated (except lost, stolen or destroyed Securities that have been replaced or
paid and Securities for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company) have
been delivered to the Trustee for cancellation; or

 

(b)         all
Securities of such Series that have not been delivered to the Trustee for cancellation have become due and payable by reason of
the making of a notice of redemption or otherwise or will become due and payable within one year and the Company has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of such Series,
cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient without
consideration of any reinvestment of interest to pay and discharge the entire indebtedness on the Securities of such Series not
delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption;

 

    	40

    	 

    

 

(2)         no Default or Event of Default has occurred and is continuing on the date of such deposit or will occur as a result of such
deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which
the Company is a party or by which the Company is bound;

 

(3)         the Company has paid or caused to be paid all sums payable by it under this Indenture; and

 

(4)         the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward
the payment of the Securities of such Series at maturity or the redemption date, as the case may be.

 

In addition, the Company
must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction
and discharge have been satisfied.

 

Notwithstanding the
satisfaction and discharge of this Indenture as to all Securities of any Series under this Indenture, if money has been deposited
with the Trustee pursuant to subclause (b) of clause (1) of this Section with respect to a Series of Securities, the provisions
of Section 11.02 and Section 8.06 will survive with respect to such Series of Securities. In addition, nothing in this Section
11.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge
of this Indenture.

 

Section 11.02         Application
of Trust Money 

 

Subject to the provisions of Section 8.06, all money deposited
with the Trustee pursuant to Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of the
Securities of such Series and this Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium,
if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from
other funds except to the extent required by law.

 

If the Trustee or Paying
Agent is unable to apply any money or Government Securities in accordance with Section 11.01 by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company’s obligations under this Indenture and the Securities of such Series shall be revived and reinstated
as though no deposit had occurred pursuant to Section 11.01; provided that if the Company has made any payment of principal
of, premium, if any, or interest on any Securities of such Series because of the reinstatement of its obligations, the Company
shall be subrogated to the rights of the Holders of Securities of such Series to receive such payment from the money or Government
Securities held by the Trustee or Paying Agent.

 

The Company shall pay
and indemnify the Trustee against any tax, fee or other charge imposed or assessed against the Trustee with respect to the money
deposited with the Trustee pursuant to Section 11.01 hereof.

 

    	41

    	 

    

 

ARTICLE
12.

MISCELLANEOUS

 

Section 12.01         Trust
Indenture Act Controls

 

If any provision of this Indenture limits, qualifies
or conflicts with the duties imposed by TIA §318(c), the imposed duties will control.

 

Section 12.02         Notices

 

Any notice or communication by the Company or the Trustee to the others
is duly given if in writing and delivered in Person or mailed by first class mail (registered or certified, return receipt requested),
telex, telecopier or overnight air courier guaranteeing next day delivery, to the others’ address:

 

If to the Company:

 

	 	Education Realty Trust, Inc.
	 	999 South Shady Grove Road, Suite 600
	 	Memphis, TN 38120
	 	Fax No.: (901) 259-2594
	 	Telephone No.:  (901) 259-2507
	 	Attention:  Randall H. Brown

 

With a copy to:

 

	 	Bass, Berry & Sims PLC
	 	The Tower at Peabody Place
	 	100 Peabody Place Suite 900
	 	Memphis, Tennessee 38103
	 	Fax No.: (888) 543-4644
	 	Telephone No.:  (901) 543-5901
	 	Attention:  John A. Good

 

If to the Trustee:

 

	 	[_____________]
	 	[_____________]
	 	[_____________]
	 	Fax No.: [_____________]
	 	Telephone No.:  [_____________]
	 	Attention: [_____________]

 

The Company or the
Trustee, by notice to the others may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered;
five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing
next day delivery.

 

Any notice or communication
to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also
be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or
communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders.

 

    	42

    	 

    

 

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

 

If the Company mails
a notice or communication to Holders of a Series of Securities, it will mail a copy to the Trustee and each Agent for such Series
of Securities at the same time.

 

Section
12.03         Communication by Holders of Securities with Other Holders
of Securities

 

Holders may communicate
pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Securities. The
Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).

 

Section
12.04         Certificate and Opinion as to Conditions Precedent

 

Upon any request or
application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(1)         an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements
set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any,
provided for in this Indenture relating to the proposed action have been satisfied; and

 

(2)         an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth
in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.

 

Section
12.05         Statements Required in Certificate or Opinion

 

Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include:

 

(1)         a statement that the Person making such certificate or opinion has read such covenant or condition;

 

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

 

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

 

(4)         a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

 

In giving an Opinion
of Counsel, counsel may rely as to factual matters on an Officers’ Certificate or certificates of public officials.

 

    	43

    	 

    

 

Section
12.06         Rules by Trustee and Agents

 

The Trustee may make
reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions.

 

Section
12.07         No Personal Liability of Directors, Officers, Employees
and Stockholders

 

No past, present or
future director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations
of the Company under the Securities, this Indenture, or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Securities. The waiver may not be effective to waive liabilities under the federal
securities laws.

 

Section
12.08         Governing Law

 

THE INTERNAL LAW OF
THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE SECURITIES WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

Section
12.09         No Adverse Interpretation of Other Agreements

 

This Indenture may
not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person.
Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section
12.10         Successors

 

All agreements of the
Company in this Indenture and the Securities will bind its successors. All agreements of the Trustee in this Indenture will bind
its successors.

 

Section
12.11         Severability

 

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

 

Section
12.12         Counterpart Originals

 

The parties may sign
any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement.

 

Section
12.13         Table of Contents, Headings, etc.

 

The Table of Contents,
Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof.

  

    	44

    	 

    

 

 

	SIGNATURES
	 	 	 
	Dated as of [_____________]	 	 
	 	 	 
	 	COMPANY:
	 	 	 
	 	EDUCATION REALTY TRUST, INC.
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 	 
	 	Guarantors:
	 	 	 
	 	[_____________]
	 	 	 
	 	By	 
	 	Name:
	 	Title:
	 	 	 
	 	[_____________]
	 	 	 
	 	By	 
	 	Name:
	 	Title:
	 	 	 
	 	 	each as a Guarantor
	 	 	 
	 	Trustee:
	 	 	 
	 	[_____________]
	 	 	 
	 	By	 
	 	Name:
	 	Title:a50399814ex10-1.htm

  EXHIBIT 10.1

 

 

 

 

OPEXA THERAPEUTICS, INC.

 

DOCS® ATM financing facility

 

Shares of Common Stock,

$0.01 par value

 

 

SALES AGREEMENT

 

 

September 6, 2012

 

 

 

 

 

 

 

 

 

 

 

DOCS® is a registered service mark of Brinson Patrick Securities Corporation

 

  

  

  

 

THIS SALES AGREEMENT (the “Agreement”) dated as of September 6, 2012 between Brinson Patrick Securities Corporation, having its principal office at 1515 Broadway, 11th Floor, New York, New York 10036 (the “Sales Manager”) and Opexa Therapeutics, Inc., a corporation organized and existing under the laws of the State of Texas (the “Company”).

 

WHEREAS, the Company desires to issue and sell through the Sales Manager, as agent, shares of its Common Stock, $0.01 par value (the “Stock”), on the terms set forth in Article II below.

 

IN CONSIDERATION of the mutual covenants contained in this Agreement, the Company and the Sales Manager agree as follows:

 

ARTICLE I

 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

1.1           For purposes of this Agreement, unless the context requires to the contrary, the term “Company” shall also include all significant subsidiaries (as defined by Section 1-02 of Regulation S-X) of the Company.  The Company represents and warrants to, and agrees with, the Sales Manager that, as of the date of this Agreement and as of each Certificate Date (as defined in Section 2.1(d)):

 

(a)           The Company meets the requirements for use of Form S-3 under the Securities Act of 1933, as amended (the “Act”), and the rules and regulations thereunder (the “Rules and Regulations”), and the Company is eligible to use Form S-3 for the transactions contemplated by this Agreement, pursuant to General Instruction I.B.6. of Form S-3.  A registration statement on Form S-3 (Registration No. 333-163108) with respect to, among other securities, the Stock, including a form of prospectus, has been prepared by the Company in conformity with the requirements of the Act and the Rules and Regulations, has been filed with the Securities and Exchange Commission (the “Commission”) and has been declared effective by the Commission.  No stop order suspending the effectiveness of such registration statement has been issued, and no proceedings for that purpose has been instituted or are pending or, to the knowledge of the Company, are contemplated or threatened by the Commission.  Such registration statement, as it may have heretofore been or may hereafter be amended, is referred to herein as the “Registration Statement,” and the final form of prospectus included in the Registration Statement for purposes of offers and sales of the Stock contemplated herein, as amended or supplemented from time to time, is referred to herein as the “Prospectus.”  Any reference herein to the Registration Statement, the Prospectus, or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated (or deemed to be incorporated) by reference therein, and any reference herein to the terms “amend,” “amendment” or “supplement” with respect to the Registration Statement or Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein.

 

  

  

  

 

(b)           Each part of the Registration Statement, when such part became or becomes effective, and the Prospectus and any amendment or supplement thereto, on the date of filing thereof with the Commission and at each Settlement Date (as hereinafter defined), conformed or will conform in all material respects with the requirements of the Act and the Rules and Regulations; each part of the Registration Statement, when such part became or becomes effective, did not or will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendment or supplement thereto, on the date of filing thereof with the Commission and at each Settlement Date, did not or will not include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; except that the foregoing shall not apply to statements in or omissions from any such document in reliance upon, and in conformity with, written information furnished to the Company by or on behalf of the Sales Manager, specifically for use in the Registration Statement, the Prospectus or any amendment or supplement thereto.  There are no Commission comments to any part of the Registration Statement, Prospectus or any amendment or supplement thereto, that have not been resolved as of the date hereof.

 

(c)           The documents incorporated by reference in the Registration Statement or the Prospectus, or any amendment or supplement thereto, when they were or are filed with the Commission under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), conformed or will conform in all material respects with the requirements of the Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder.

 

(d)           The financial statements of the Company, together with the related schedules and notes thereto, set forth or included in the Registration Statement and Prospectus, fairly present the financial condition of the Company as of the dates indicated and the results of operations, changes in financial position, stockholders’ equity, and cash flows for the periods therein specified, in conformity with generally accepted accounting principles consistently applied throughout the periods involved (except as otherwise stated therein).  The summary and selected financial and statistical data, if any, included in the Registration Statement and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the financial statements presented therein.  As of the date hereof, there are no comments pending from the Commission that, if not resolved favourably to the Company, could have the effect of requiring a restatement of financial statements of the Company.

 

(e)           The accountants who certified the financial statements and the supporting schedules included in the Registration Statement are and, during the periods covered by their reports, were qualified and independent public accountants as required by Rule 2-01 of Regulation S-X.

 

  

2

  

 

(f)            The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Texas.  The Company is duly qualified and in good standing as a foreign corporation in each jurisdiction in which the character or location of its assets or properties (owned, leased or licensed) or the nature of its business makes such qualification necessary (including every jurisdiction in which it owns or leases real property), except for such jurisdictions where the failure to so qualify would not have a Material Adverse Effect on the Company.  For purposes of this Agreement, “Material Adverse Effect” means (i) any adverse effect on the business, operations, properties, prospects or financial condition of the Company, whether or not arising from transactions in the ordinary course of business, that is (either alone or together with all other adverse effects) material to the Company, and/or (ii) any material adverse effect on the transactions contemplated under this Agreement or any other agreement or document contemplated hereby or thereby.  Each of the Company’s significant subsidiaries is validly existing as a corporation, limited liability company or partnership, as applicable, in its respective jurisdiction of formation. Schedule 1.1(f) hereto identifies each of the Company’s subsidiaries that is a significant subsidiary (as defined in Section 1-02 of Regulation S-X) of the Company.  All of the issued and outstanding capital stock, limited liability company interests or partnership interests, as applicable, of each significant subsidiary has been duly authorized and validly issued, is fully paid and nonassessable and (except as otherwise disclosed in the Registration Statement and the Prospectus) is owned by the Company, directly or indirectly, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity.  Except as disclosed in the Registration Statement and the Prospectus, the Company does not own, lease or license any material asset or property or conduct any material business outside the United States of America.  The Company has all requisite corporate power and authority and all necessary authorizations, approvals, consents, orders, licenses, certificates and permits of and from all governmental orders or regulatory bodies or any other person or entity, to own, lease, license and operate its assets and properties and conduct its business as now being conducted and as described in the Registration Statement and the Prospectus; except for such authorizations, approvals, consents, orders, licenses, certificates and permits the absence of which would not have a Material Adverse Effect.

 

(g)           The Company has good and marketable title to, or leasehold interests in, all properties and assets (including, without limitation, mortgaged assets) as described in the Registration Statement and the Prospectus as owned by the Company, free and clear of all liens, charges, encumbrances or restrictions, except such as are described in the Registration Statement and the Prospectus and except such as would not have a Material Adverse Effect on the Company.  The Company has such consents, easements, rights-of-way or licenses (collectively, “rights-of-way”) from any person as are necessary to conduct its business in the manner described in the Registration Statement, except for those which if not obtained would not, singly or in the aggregate, have a Material Adverse Effect on the Company, and none of such rights-of-way contains any restriction that is materially burdensome to the Company.

 

(h)           The Company has been subject to the requirements of Section 12 of the Exchange Act during the period commencing 12 months preceding the filing of the Registration Statement and ending on the date hereof (the “Reporting Period”) and during such Reporting Period the Company has timely filed all material and reports required under Sections 13(a), 13(c) 14 and/or 15(d) of the Exchange Act.  All such materials and reports conformed in form and substance to the requirements of the Exchange Act and the rules and regulations thereunder.  There is no litigation or governmental or other proceeding or investigation before any court or administrative authority or before or by any public body or board pending or, to the knowledge of the Company, contemplated or threatened against, or involving the assets, properties or businesses of the Company which would have a Material Adverse Effect on the Company or the offering contemplated by this Agreement, except as described in the Registration Statement.

 

  

3

  

 

(i)            The Company maintains insurance (issued by insurers of recognized financial responsibility) of the types and in the amounts generally deemed adequate for its businesses and, to the knowledge of the Company, consistent with insurance coverage maintained by similar companies in similar businesses, including, but not limited to, product liability insurance covering the Company’s products, insurance covering real and personal property owned or leased by the Company against theft, damage, destruction, acts of vandalism and all other risks customarily insured against, all of which insurance is in full force and effect.

 

(j)            Subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, except as described therein, (i) there has not been any Material Adverse Effect, whether or not arising from transactions in the ordinary course of business; (ii) the Company has not sustained any material loss or interference with its assets, businesses or properties (whether owned or leased) from fire, explosion, earthquake, flood or other calamity, whether or not covered by insurance, or from any labor dispute or any court or legislative or other governmental action, order or decree; (iii) since the date of the latest balance sheet, included or incorporated by reference in the Registration Statement and the Prospectus, except as reflected therein, the Company has not undertaken any liability or obligation, direct or contingent, except such liabilities or obligations that would not have an Material Adverse Effect; and (iv) there has not been any transaction that is material to the Company, except transactions in the ordinary course of business that have been disclosed in the Registration Statement and the Prospectus.

 

(k)           There is no document or contract of a character required to be described in the Registration Statement or the Prospectus or to be filed as an exhibit to the Registration Statement that is not described or filed in the manner and within the time periods required under the Exchange Act and the rules and regulations thereunder.  Each document, instrument, contract and agreement of the Company described in the Registration Statement or the Prospectus or incorporated by reference therein or listed as exhibits to the Registration Statement is in full force and effect and is valid and enforceable by and against the Company in accordance with their terms, assuming the due authorization, execution and delivery thereof by each of the other parties thereto except as otherwise disclosed in the Registration Statement or Prospectus.  The Company is not, nor to the knowledge of the Company is any other party, in default in the observance or performance of any term or obligation to be performed by it under any such agreement, and no event has occurred which with notice or lapse of time or both would constitute such a default, which default or event would have a Material Adverse Effect.  No default exists, and no event has occurred which with notice or lapse of time or both would constitute a default, in the due performance and observance of any term, covenant or condition, by the Company of any other agreement or instrument to which the Company is a party or by which it or its properties or business may be bound or affected, which default or event would have a Material Adverse Effect.

 

(l)            The Company is not in violation of any term or provision of its charter, by-laws or operating agreement, as applicable.  The Company is not in violation of any franchise, license, permit, judgment, decree, order, statute, rule or regulation, where the consequences of such violation would have a Material Adverse Effect.

 

  

4

  

 

(m)           Except as described in the Prospectus, neither the execution, delivery and performance of this Agreement by the Company nor the consummation of any of the transactions contemplated hereby (including, without limitation, the issuance and sale by the Company of the Stock) will give rise to a right to terminate or accelerate the due date of any payment due under, or conflict with or result in the breach of any term or provision of, or constitute a default (or an event which with notice or lapse of time or both would constitute a default) under, or require any consent or waiver under, or result in the execution or imposition of any lien, charge, encumbrance, claim, security interest, restriction or defect upon any properties or assets of the Company pursuant to the terms of, any indenture, mortgage, deed of trust or other agreement or instrument to which the Company is a party or by which the Company is bound, or any of its properties are bound, or any franchise, license, permit, judgment, decree, order, statute, rule or regulation applicable to the Company or violate any provision of the charter or by-laws of the Company, except for such consents or waivers which have already been obtained and are in full force and effect.

 

(n)           All of the outstanding shares of common stock of the Company have been duly authorized and validly issued and are fully paid and nonassessable and none of such shares were issued in violation of any pre-emptive or other similar right.  The Stock has been duly authorized and, when issued and sold pursuant to this Agreement, will be validly issued, fully paid and nonassessable and will not be issued in violation of any pre-emptive or other similar right.  Except as disclosed in the Registration Statement and the Prospectus, there is no outstanding option, warrant or other right calling for the issuance of, and there is no commitment, plan or arrangement to issue, any capital stock of the Company or any security convertible into or exercisable or exchangeable for such capital stock, except for standard dividend reinvestment plans.  The Stock conforms in all material respects to all statements relating thereto contained in the Registration Statement and the Prospectus.  All stock options issued by the Company have been issued in compliance with law; and the terms and provision of such stock options were established in compliance with law.

 

(o)           Subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, except as (x) described or referred to therein, or (y) are not material (as to clauses (i) and (ii) only), are consistent with past practice (as to clauses (i) and (ii) only), and are publicly disclosed, the Company has not (i) issued any securities (except as would have been permitted pursuant to the proviso contained in Section 3.1(k) of this Agreement) or incurred any liability or obligation, direct or contingent, except such liabilities or obligations incurred in the ordinary course of business including, without limitation, debt financing to acquire and develop properties, (ii) entered into any transaction not in the ordinary course of business or (iii) declared or paid any dividend or made any distribution on any shares of its capital stock or redeemed, purchased or otherwise acquired or agreed to redeem, purchase or otherwise acquire any shares of its capital stock.

 

(p)           Except as disclosed in the Registration Statement and Prospectus, no holder of any security of the Company has the right, which has not been waived, to have any security owned by such holder included in the Registration Statement.

 

  

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(q)           All necessary corporate action has been duly and validly taken by the Company to authorize the execution, delivery and performance of this Agreement and the issuance and sale of the Stock by the Company.  This Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes and will constitute the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.  Except for any “blue sky” filings or Trading Market (as defined below) listing applications to be filed pursuant hereto, each approval, consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative or other governmental body necessary in connection with the execution and delivery by the Company of this Agreement and the consummation of the transactions contemplated hereby and the issuance and sale of the Stock by the Company has been obtained or made and is in full force and effect.  The Company will use commercially reasonable efforts to cause the Stock to be listed for trading on the Trading Market.  For purposes of this Agreement, the “Trading Market” is the national securities exchange or market on which the common stock of the Company trades or is admitted for trading.

 

(r)           The Company has not incurred any liability for a fee, commission or other compensation on account of the employment or engagement of a broker or finder in connection with, or as a result of, the transactions contemplated by this Agreement other than the fees payable to the Sales Manager contemplated by this Agreement.

 

(s)           The Company is conducting its business in compliance with all applicable laws, rules and regulations of the jurisdictions in which it is conducting business, except where the failure to be so in compliance would not have a Material Adverse Effect.

 

(t)            No transaction has occurred between or among the Company and any of its officers or directors or any affiliate or affiliates of any such officer or director that is required to be described in and is not described in the Registration Statement and the Prospectus.

 

(u)           The Company has not, nor will it, directly or indirectly, (i) taken any action designed to or which might reasonably be expected to cause or result in, or which has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Stock or (ii) sell, bid for, or purchase the Stock to be issued and sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the Stock other than the Sales Manager.

 

(v)           The Company has filed all federal, state, local and foreign tax returns that are required to be filed through the date hereof (and will file all such tax returns when and as required to be filed after the date hereof), or has received extensions thereof, and has paid all taxes shown on such returns to be due on or prior to the date hereof (and will pay all taxes shown on such returns to be due after the date hereof) and all assessments received by it to the extent that the same are material and have become due except where the failure to file such a return or pay such amount would not have a Material Adverse Effect.

 

  

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(w)           The Company owns or has valid, binding and enforceable licenses and otherwise have the legal right to use the patents and patent applications, inventions, copyrights, trade and service marks, trade and service mark registrations, trade names, service names, technology, licenses and know-how (including without limitation trade secrets and other unpatented and/or unpatentable proprietary rights but excluding generally commercially available “off the shelf” software programs licensed pursuant to shrink wrap or “click and accept” licenses) necessary to conduct the business of the Company in the manner described in the Registration Statement and the Prospectus (collectively, the “Company Intellectual Property”), except for any Company Intellectual Property the absence of which, individually or in the aggregate, would not have a Material Adverse Effect.  Except as described in the Prospectus, the Company Intellectual Property is free and clear of any pledge, lien, security interest, encumbrance, claim or equitable interest, whether imposed by agreement, contract, understanding, law, equity or otherwise, except for (i) liens for taxes not yet due, (ii) mechanics liens and similar liens for labor, materials or supplies incurred in the ordinary course of business for amounts that are not delinquent and (iii) any liens that individually or in the aggregate are not material (a “Permitted Liens”) or where any failure to have such adequate licenses or other rights of use to such intellectual property, individually or in the aggregate, would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.  The Company is not obligated to pay a royalty, grant a license or provide other consideration to any third party in connection with the Company Intellectual Property other than as disclosed in the Registration Statement and the Prospectus.  Except as disclosed in the Registration Statement and the Prospectus or as would not have a Material Adverse Effect, (i) the Company has not received any notice of infringement or conflict by others challenging the validity, enforceability or scope of any Company Intellectual Property or otherwise asserting rights of others with respect to any Company Intellectual Property, and the Company is unaware of any facts which would form a reasonable basis for any such claim, (ii) the conduct of the business of the Company in the manner described in the Registration Statement and the Prospectus does not and, to the knowledge of the Company, will not, infringe, interfere or conflict with any valid issued patent claim or other intellectual property right of any third party and (iii) no third party, including without limitation any academic or governmental organization, possesses or could obtain rights to the Company Intellectual Property which, if exercised, could enable such party to develop products competitive to those of the Company.  Except as disclosed in the Registration Statement and the Prospectus, the Company has not received any notice or has any knowledge of (i) any potential infringement or misappropriation by others of the Company Intellectual Property or (ii) any intellectual property of others that potentially conflicts or interferes with the Company Intellectual Property, that might reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.  To the Company’s knowledge, no claim of any patent or patent application (assuming the claims of patent applications issue as currently pending) included in the Company Intellectual Property is unenforceable or invalid, except for such unenforceability or invalidity that would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect.  Each former and current key employee and key independent contractor of the Company has signed and delivered one or more written contracts with the Company pursuant to which such employee or independent contractor assigns to the Company all of his, her or its rights in and to any inventions, discoveries, improvements, works of authorship, know-how or information made, conceived, reduced to practice, authored or discovered in the course of employment by or performance of services for the Company and any and all patent rights, copyrights, trademark and other intellectual property rights therein or thereto.

 

  

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(x)            Except as described in the Registration Statement and the Prospectus, the Company possesses all certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses as currently conducted, including without limitation all such certificates, authorizations and permits required by the United States Food and Drug Administration (the “FDA”) or any other federal, state or foreign agencies or bodies engaged in the regulation of pharmaceuticals or biohazardous materials, except where the failure to so possess such certificates, authorizations and permits, individually or in the aggregate, would not result in a Material Adverse Effect.  Except as described in the Registration Statement and the Prospectus, the Company has not received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit, nor is the Company aware of any facts which would form a reasonable basis for any such revocation or modification, which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect.

 

(y)           Except to the extent disclosed in the Registration Statement and the Prospectus, the Company has not received any written notices or statements from the FDA, the European Medicines Agency (the “EMEA”) or any other governmental agency, and otherwise has no knowledge or reason to believe, that (i) any new drug application or marketing authorization application for Tcelna may or will be rejected or determined to be non-approvable; (ii) a delay in time for review and/or approval of a marketing authorization application or marketing approval application in any jurisdiction for Tcelna is or may be required, requested or being implemented; (iii) any license, approval, permit or authorization to conduct any clinical trial of or market any product or potential product of the Company has been, will be or may be suspended, revoked, modified or limited, except in the cases of clauses (i), (ii) and (iii) where such rejections, determinations, delays, requests, suspensions, revocations, modifications or limitations might not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(z)            Except to the extent disclosed in the Registration Statement and the Prospectus, to the Company’s knowledge, the preclinical and clinical testing, application for marketing approval of, manufacture, distribution, promotion and sale of the products and potential products of the Company is in compliance, in all material respects, with all laws, rules and regulations applicable to such activities, including without limitation applicable good laboratory practices, good clinical practices and good manufacturing practices, except for such non-compliance as would not, individually or in the aggregate, have a Material Adverse Effect.  The descriptions of the results of such tests and trials contained in the Registration Statement and the Prospectus are accurate in all material respects.  Except to the extent disclosed in the Registration Statement and the Prospectus, the Company has not received notice of adverse finding, warning letter or clinical hold notice from the FDA or any other U.S. or non-U.S. government agency, or any untitled letter or other correspondence or notice from the FDA or any other governmental authority or agency or any institutional or ethical review board alleging or asserting noncompliance with any law, rule or regulation applicable in any jurisdiction, except notices, letters, and correspondences and non-U.S. counterparts thereof alleging or asserting such noncompliance as would not, individually or in the aggregate, have a Material Adverse Effect. Except to the extent disclosed in the Registration Statement and the Prospectus, the Company has not, either voluntarily or involuntarily, initiated, conducted or issued, or caused to be initiated, conducted or issued, any recall, field correction, market withdrawal or replacement, safety alert, warning, “dear doctor” letter, investigator notice, or other notice or action relating to an alleged or potential lack of safety or efficacy of any product or potential product of the Company, any alleged product defect of any product or potential product of the Company, or any violation of any material applicable law, rule, regulation or any clinical trial or marketing license, approval, permit or authorization for any product or potential product of the Company, and the Company is not aware of any facts or information that would cause it to initiate any such notice or action and has no knowledge or reason to believe that the FDA, the EMEA or any other governmental agency or authority or any institutional or ethical review board or other non-governmental authority intends to impose, require, request or suggest such notice or action.

 

  

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(aa)          The Company is not, nor will it be after the consummation of the transactions contemplated by this Agreement, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

(bb)          The Company’s systems of internal accounting controls taken as a whole are sufficient to meet the broad objectives of internal accounting control insofar as those objectives pertain to the prevention or detection of errors or irregularities in amounts that would be material in relation to the Company’s financial statements; and, to the best of the Company’s knowledge, neither the Company nor any employee or agent thereof has made any payment of funds of the Company or received or retained any funds, and no funds of the Company have been set aside to be used for any payment, in each case in violation of any law, rule or regulation.

 

(cc)          The Company is not involved in any labor dispute and, to the knowledge of the Company, no such dispute has been threatened, except for such disputes as would not have a Material Adverse Effect on the Company, or subject the Company or its shareholders to any material liability or disability.

 

(dd)          Except as disclosed in the Registration Statement or the Prospectus, (i) there has been no storage, disposal, generation, manufacture, refinement, transportation, handling or treatment of toxic wastes, hazardous wastes or hazardous substances by the Company (or to the knowledge of the Company, any of their predecessors in interest) at, upon or from any of the property now or previously owned or leased by the Company in violation of any applicable law, ordinance, rule, regulation, order, judgment, decree or permit or which would require remedial action under any applicable law, ordinance, rule, regulation, order, judgment, decree or permit, except for any violation or remedial action which would not have a Material Adverse Effect; (ii) there has been no material spill, discharge, leak, emission, injection, escape, dumping or release of any kind onto such property or into the environment surrounding such property of any toxic wastes, solid wastes, hazardous wastes or hazardous substances due to or caused by the Company, except for any such spill, discharge, leak emission, injection, escape, dumping or release which would not have a Material Adverse Effect; and (iii) the terms “hazardous wastes,” “toxic wastes” and “hazardous substances” shall have the meanings specified in any applicable local, state, federal and foreign laws or regulations with respect to environmental protection.

 

(ee)          Except as described in the Prospectus, there are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees or indebtedness by the Company to or for the benefit of any of the officers or directors of the Company or any of the members of any of them.

 

(ff)           There is and has been no failure on the part of the Company or any of the Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), including without limitation Section 402 related to loans and Sections 302 and 906 related to certifications.

 

  

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Any certificate signed by an officer of the Company and delivered to the Sales Manager or to counsel for the Sales Manager shall be deemed to be a representation and warranty by the Company to Sales Manager as to the matters set forth therein.

 

ARTICLE II

 

SALE AND DELIVERY OF SECURITIES

 

2.1           Sale and Delivery of Securities.

 

(a)           On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell through the Sales Manager, as agent, and the Sales Manager agrees to sell, as agent for the Company, on a best efforts basis, up to that number of shares of Stock as may be directed by the Company during the term of this Agreement, on the terms set forth herein.  The Stock will be sold from time to time as described in the Registration Statement and Prospectus, in amounts, and subject to price limitations, as directed by the Company and as agreed to by the Sales Manager.  The Sales Manager may sell the Stock by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the Act.  The Sales manager will sell the Stock into the existing trading market at the prevailing market price at the time of sale in ordinary brokerage transactions.  Such sales will be open to all market participants and the Sales Manager will make the Stock available in the same way it makes available any other securities that it is requested to sell by any shareholder of any issuer.  The parties acknowledge and agree that in effecting the “at the market” transactions under this Agreement, the Sales Manager will make the sales on an agency basis and not take ownership of the shares sold or otherwise act on a principal basis.

 

(b)           The Company or the Sales Manager may, upon notice to the other party hereto in writing (including by email correspondence) or by telephone (if confirmed promptly by facsimile or email), at any time and from time to time suspend the offering of Stock; provided, however, that such suspension shall not affect or impair the parties’ respective obligations with respect to the Stock sold hereunder prior to the giving of such notice.

 

(c)           The compensation to the Sales Manager for sales of Stock shall be at a fixed commission rate of 3% of the gross sales price per share for the Stock sold under this Agreement.  The remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect to such sale shall constitute the net proceeds to the Company for such Stock (the “Net Proceeds”).

 

(d)           Each time that the Company wishes to issue and sell the Stock hereunder  it will notify the Sales Manager by email notice (or other method mutually agreed to in writing by the parties) (a “Trading Instruction”) containing the parameters in accordance with which it desires the Stock to be sold, which shall at a minimum include the number/amount of shares of Stock to be issued, the time period during which sales are requested to be made, any limitation on the number/amount of shares of Stock that may be sold in any one trading day and any minimum price below which sales may not be made. The Company shall open and maintain a trading account (the “Trading Account”) at a clearing agent designated by the Sales Manager to facilitate the transactions contemplated by this Agreement.  The Sales Manager shall provide a written report (which may be by facsimile or electronic mail) to the Company following the close of trading on each day in which Stock is sold under this Agreement setting forth the number of shares of Stock sold on such day, the aggregate gross sales proceeds and the Net Proceeds to the Company, and the compensation payable by the Company to the Sales Manager with respect to such sales.  The Company shall, with respect to each sale of Stock, effect delivery of the applicable number of shares of Stock to the Trading Account, on or before the third business day (or such other day as is industry practice for regular-way trading) following each sale of the Stock (each, a “Settlement Date”).  The Net Proceeds from the sale of the Stock shall be available in the Trading Account following the settlement of the sale on the Settlement Date.  The Sales Manager’s compensation shall be withheld from the sales proceeds on each Settlement Date and shall be paid to the Sales Manager.

 

  

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(e)           At each Settlement Date, the Company shall be deemed to have affirmed each representation, warranty, covenant and other agreement contained in this Agreement.  Any obligation of the Sales Manager under this Agreement shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Article IV herein.

 

(f)            If the Company shall default on its obligation to deliver Stock on any Settlement Date, the Company shall (i) hold the Sales Manager harmless against any loss, claim or damage arising from or as a result of such default by the Company and (ii) pay the Sales Manager any commission to which it would otherwise be entitled absent such default.  If the Sales Manager shall default on its obligation to deliver the Net Proceeds on any Settlement Date for the Stock delivered by the Company, the Sales Manager shall pay the Company interest based on the effective overnight federal funds rate.

 

(g)           Under no circumstances shall the number and aggregate amount of the Stock sold by the Sales Manager pursuant to this Agreement exceed the number of shares indicated in the Trading Instructions.

 

(h)           The Sales Manager acknowledges and agrees that the Sales Manager shall conduct any sale of the Stock, and any related activities in respect thereof, in compliance with Regulation M under the Exchange Act.

 

ARTICLE III

 

COVENANTS OF THE COMPANY

 

3.1           The Company covenants and agrees with the Sales Manager that:

 

(a)           As promptly as practicable after the date of this Agreement, the Company will file a supplement to the Prospectus under Rule 424(b) of the Act naming the Sales Manager as an underwriter, to permit sales of the Stock under the Act.

 

  

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(b)           During the period in which the Sales Manager has been requested to offer and sell Stock, the Company will notify the Sales Manager promptly of the time when any subsequent amendment to the Registration Statement has become effective or any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or the Prospectus or for additional information.  The Company will prepare and file with the Commission, promptly upon the Sales Manager’s reasonable request, any amendments or supplements to the Registration Statement or Prospectus that, in the Sales Manager’s reasonable opinion, may be necessary or advisable in connection with the sale of the Stock pursuant to this Agreement.  The Company will not file any amendment or supplement to the Registration Statement or Prospectus (other than a supplement to the Prospectus that (i) relates solely to the issuance of securities other than the Stock of the Company pursuant to this Agreement and (ii) does not materially change the information about the Company or its business, operations, properties or financial condition disclosed in the Registration Statement or Prospectus previously thereto (an “Excluded Supplement”)) unless a copy thereof has been submitted to the Sales Manager at least three (3) business days before the filing and the Sales Manager has not reasonably objected thereto; and it will notify the Sales Manager at the time of filing thereof of any document that, upon filing, is deemed to be incorporated by reference in the Registration Statement or Prospectus (unless such document is available on the SEC’s EDGAR database, in which case no notification shall be required).  The Company will cause each amendment to the Registration Statement or supplement to the Prospectus, and each filing or report incorporated therein, to be prepared in form and substance as required by the Act, the Rules and Regulations, the Exchange Act and the rules and regulations thereunder, and to be timely filed with the Commission.  Any press releases or similar publicity by the Company related to this offering that is not covered by the preceding provisions of this Section 3(b) must be reasonably acceptable to the Sales Manager.

 

(c)           The Company will advise the Sales Manager, promptly after it shall receive notice or obtain knowledge thereof, of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Stock for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued.

 

(d)           Within the time during which a prospectus relating to the Stock is required to be delivered under the Act, the Company will comply with all requirements imposed upon it by the Act and by the Rules and Regulations, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Stock as contemplated by the provisions hereof and the Prospectus.  If during such period any event occurs as a result of which the Prospectus, as then amended or supplemented, would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Act, the Company will promptly notify the Sales Manager to suspend the offering of Stock during such period and the Company will amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance and will use commercially reasonable efforts to have any amendment or supplement to the Registration Statement or Prospectus declared effective as soon as possible, unless the Company has reasonable business reasons to defer public disclosure of the relevant information.

 

  

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(e)           The Company will use commercially reasonable efforts to qualify the Stock for sale under the securities laws of such jurisdictions as the Sales Manager designates in writing and to continue such qualifications in effect so long as required for the sale of the Stock, except that the Company shall not be required in connection therewith to qualify as a foreign corporation or to execute a general consent to service of process in any jurisdiction.

 

(f)           The Company will furnish to the Sales Manager and its legal counsel (at the expense of the Company) copies of the Registration Statement and the Prospectus during the period in which a prospectus relating to the Stock is required to be delivered under the Act, in each case as soon as available and in such quantities as the Sales Manager may from time to time reasonably request.  The Company will take such action as to enable the conditions set forth in Rule 153(b) to be satisfied at all times that the Sales Manager is selling Stock.

 

(g)           The Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company’s current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month period that satisfies the provisions of Section 11(a) of the Act and Rule 158 of the Rules and Regulations.

 

(h)           The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay all of its expenses incident to the performance of its obligations hereunder (including, but not limited to, any transaction fees imposed by any governmental or self-regulatory organization with respect to transactions contemplated by this Agreement and any blue sky fees) and will pay the expenses of printing all documents relating to the offering.  The Company will reimburse the Sales Manager for its reasonable out-of-pocket costs and expenses incurred in connection with entering into this Agreement, including, without limitation, reasonable travel, reproduction, printing and similar expenses, initial and ongoing due diligence, and reasonable fees and disbursements of its legal counsel, up to an aggregate amount of $20,000.  In addition, without limiting the foregoing, the Company will pay, or reimburse the Sales Manager for, any filing fees incurred by the Sales Manager in connection with filings (if any) required to be made by the Sales Manager with FINRA.

 

(i)           The Company will use commercially reasonable efforts to maintain the quotation of the Stock on the Trading Market and to file with the Trading Market all documents and notices required by the Trading Market of companies quotations for which are reported by the Trading Market.

 

(j)           The Company will apply the Net Proceeds from the sale of the Stock as set forth in the Prospectus.

 

  

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(k)           The Company will not, directly or indirectly, offer or sell any shares of common stock (other than the Stock) or securities convertible into or exchangeable for, or any rights to purchase or acquire, common stock, during the period from the date of this Agreement through the final Settlement Date for the sale of Stock hereunder without (i) giving the Sales Manager at least eight hours prior written notice specifying the nature of the proposed sale and the date of such proposed sale and (ii) suspending activity under this program for such period of time as may reasonably be determined by agreement of the Company and the Sales Manager; provided, however, that no such notice and suspension shall be required in connection with the Company’s issuance or sale of (i) shares of common stock pursuant to any employee or director stock option or benefits plan, stock ownership plan, dividend reinvestment plan described in the Prospectus, as such plans may be amended from time to time, (ii) common stock, options and equity-based awards issued pursuant to the exception contained in NASDAQ Rule 5635(c)(3) and (iii)  common stock issuable upon conversion of securities or the exercise of warrants, options or other rights in effect or outstanding on the date hereof.  Notwithstanding the foregoing, this paragraph (k) shall not apply during periods that the Company is neither selling Stock through the Sales Manager nor has requested the Sales Manager to sell Stock.

 

(l)           The Company will, at any time during the term of this Agreement, as supplemented from time to time, advise the Sales Manager immediately after it shall have received notice or obtained knowledge thereof, of any information or fact that would materially alter or affect any opinion, certificate, letter and other document provided to the Sales Manager pursuant to Article IV below.

 

(m)           Each time that the Registration Statement or the Prospectus shall be amended or supplemented (other than an Excluded Supplement) and on the dates specified in Section 4.1(f) below, the Company shall (unless the Company is not then selling Stock through the Sales Manager and has not requested the Sales Manager to sell Stock) furnish or cause to be furnished to the Sales Manager forthwith a certificate, in form and substance satisfactory to the Sales Manager, to the effect that the statements contained in the certificates referred to in Section 4.1(f) below that were last furnished to the Sales Manager are true and correct at the time of such amendment, supplement, filing, as the case may be, as though made at and as of such time (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such time) or, in lieu of such certificates, certificates of the same tenor as the certificates referred to in said Section 4.1(f) below, modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate.

 

(n)           Each time that a post-effective amendment to the Registration Statement is declared effective or the Company files an Annual Report on Form 10-K, and at such other times as may be reasonably requested by the Sales Manager, the Company shall (unless the Company is not then selling Stock through the Sales Manager and has not requested the Sales Manager to sell Stock) furnish or cause to be furnished forthwith to the Sales Manager and to its legal counsel, a written opinion of Pillsbury Winthrop Shaw Pittman LLP (“Company Counsel”), or other counsel reasonably satisfactory to the Sales Manager, dated the date of effectiveness of such amendment or the date of filing with the Commission of such document, as the case may be, in form and substance satisfactory to the Sales Manager, of the same tenor as the opinion referred to in Section 4.1(d) below, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinion.  In addition, at each such time, the Company shall cause to be forwarded to the Sales Manager such opinions of special counsel to the Company as may be reasonably requested by the Sales Manager.

 

  

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(o)           Each time that a post-effective amendment to the Registration Statement is declared effective or the Company files a Annual Report on Form 10-K, and at such other times as may be reasonably requested by the Sales Manager, the Company shall (unless the Company is not then selling Stock through the Sales Manager and has not requested the Sales Manager to sell Stock) cause MaloneBailey LLP, or other independent accountants then retained by the Company, forthwith to furnish to the Sales Manager a letter, dated the date of effectiveness of such amendment, or the date of filing of such supplement or other document with the Commission, as the case may be, in form and substance satisfactory to the Sales Manager, of the same tenor as the letter referred to in Section 4.1(e) below but modified to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.

 

(p)           The Company represents and agrees that, unless it obtains the prior consent of the Sales Manager, and the Sales Manager represents and agrees that, unless it obtains the prior consent of the Company, it has not made and will not make any offer relating to the Stock that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a “free writing prospectus” as defined in Rule 405, required to be filed with the Commission.  Any such free writing prospectus consented to by the Company and the Sales Manager is hereinafter referred to as a “Permitted Free Writing Prospectus.”  The Company represents that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule 433 (“Rule 433”), and has complied and will comply with the requirements of Rules 164 and 433, as applicable to any Permitted Free Writing Prospectus, including timely Commission filings where required, legending and record keeping.

 

For the purposes of this Section, “Issuer Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433  under the Act, relating to the Stock in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g).

 

ARTICLE IV

 

CONDITIONS OF THE SALES MANAGER’S OBLIGATIONS

 

4.1           The obligations of the Sales Manager to sell the Stock as provided in this Agreement shall be subject to the accuracy, as of the date hereof, and as of each Settlement Date contemplated under this Agreement, of the representations and warranties of the Company in this Agreement, to the performance by the Company of its obligations in this Agreement and to the following additional conditions:

 

(a)           The Registration Statement shall have been declared effective.  No stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceeding for that purpose shall have been instituted or, to the knowledge of the Company or the Sales Manager, threatened by the Commission, and any request of the Commission for additional information (to be included in the Registration Statement or the Prospectus or otherwise) shall have been complied with to the Sales Manager’s reasonable satisfaction.  The supplement to the Prospectus contemplated by Section 3.1(a) above shall have been filed.

 

  

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(b)           The Sales Manager shall not have advised the Company that the disclosures in the Registration Statement or the Prospectus are not reasonably acceptable to the Sales Manager.

 

(c)           Except as contemplated in the Prospectus, subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there shall not have been any material adverse change in the capital stock of the Company, or any material adverse change, or any development that may reasonably be expected to cause a material adverse change, in the condition (financial or other), business, prospects, net worth or results of operations of the Company, or any adverse change in the rating assigned to any debt securities of the Company, if any.

 

(d)           The Sales Manager shall have received at the date of the first sale of Stock hereunder (the “Commencement Date”) and at every other date specified in Section 3.1(n) above, opinions of Company Counsel and special counsel, dated as of the Commencement Date and dated as of such other date, in form and substance reasonably acceptable to the Sales Manager.

 

(e)           At the Commencement Date and at such other dates specified in Section 3.1(o) above, the Sales Manager shall have received a “comfort letter” from MaloneBailey LLP, independent public accountants for the Company, or other independent accountants then retained by the Company, dated the date of delivery thereof, in form and substance satisfactory to the Sales Manager.

 

(f)           The Sales Manager shall have received from the Company a certificate, or certificates, signed by (i) the Chief Financial Officer and (ii) the President and Chief Executive Officer or any Vice President of the Company, dated as of the Commencement Date and (unless the Company is not then selling Stock through the Sales Manager and has not requested the Sales Manager to sell Stock) dated as of the first business day of each calendar month thereafter (each, a “Certificate Date”), to the effect that, to the best of their knowledge based upon reasonable investigation:

 

(i)          The representations and warranties of the Company in this Agreement are true and correct, as if made at and as of the Commencement Date or the Certificate Date (as the case may be), and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the Commencement Date and each such Certificate Date (as the case may be);

 

(ii)          No stop order suspending the effectiveness of the Registration Statement has been issued, and no proceeding for that purpose has been instituted or, to the knowledge of such officer after due inquiry, is threatened, by the Commission;

 

(iii)        Since the date of this Agreement there has occurred no event required to be set forth in an amendment or supplement to the Registration Statement or Prospectus that has not been so set forth and there has been no document required to be filed under the Exchange Act and the rules and regulations thereunder that upon such filing would be deemed to be incorporated by reference in the Prospectus that has not been so filed; and

 

  

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(iv)           Since the date of this Agreement, there has not been any material adverse change in the assets or properties, business, prospects, results of operations, or condition (financial or otherwise) of the Company, which has not been described in an amendment or supplement to the Registration Statement or Prospectus (directly or by incorporation).

 

(g)           At the Commencement Date and on each Settlement Date, the Company shall have furnished to the Sales Manager such appropriate further information, officers’ certificates and similar documents as the Sales Manager may reasonably request.

 

(h)           At the Commencement Date and on each Settlement Date, the Company shall have listed for quotation the Stock on the Trading Market.

 

All such opinions, certificates, letters and other documents will be in compliance with the provisions hereof only if they are satisfactory in form and substance to the Sales Manager.  The Company will furnish the Sales Manager with such conformed copies of such opinions, certificates, letters and other documents, as the Sales Manager shall reasonably request.

 

ARTICLE V

 

INDEMNIFICATION AND CONTRIBUTION

 

5.1           The Company agrees to indemnify and hold harmless the Sales Manager, each director, officer, employee, partner and agent of the Sales Manager and each person, if any, who (i) controls the Sales Manager within the meaning of Section 15 of the Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with the Sales Manager (collectively, the “Sales Manager Indemnitees”), as follows:

 

(a)           against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus or the Prospectus (or any amendment or supplement thereto) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

(b)           against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, if such settlement is effected with the written consent of the Company; and

 

(c)           against any and all expense whatsoever, as incurred (including, subject to Section 5.3 below, the reasonable fees and disbursements of legal counsel chosen by the Sales Manager), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above; provided, however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by the Sales Manager expressly for use in the Registration Statement (or any amendment thereto) or any preliminary prospectus or the Prospectus (or any amendment or supplement thereto).

 

  

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5.2           The Sales Manager agrees to indemnify and hold harmless the Company and its directors and each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 5.1 above, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendments thereto) or any preliminary prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written information furnished to the Company by the Sales Manager expressly for use in the Registration Statement (or any amendment thereto) or such preliminary prospectus or the Prospectus (or any amendment or supplement thereto).  The total liability of the Sales Manager under this Section 5.2 shall not exceed the aggregate commissions received by the Sales Manager in respect of the Stock sold by the Sales Manager that is the subject of the dispute.

 

5.3           Any indemnified party that proposes to assert the right to be indemnified under this Article V will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Article V, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from any liability that it might have to any indemnified party to the extent it is not materially prejudiced as a result thereof.  If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with legal counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other expenses except as provided below.  The indemnified party will have the right to employ its own legal counsel in any such action, but the fees, expenses and other charges of such legal counsel will be at the expense of such indemnified party unless (1) the employment of legal counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on the written advice of legal counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict exists (based on the written advice of legal counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed legal counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of legal counsel will be at the expense of the indemnifying party or parties.  It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties.  All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly as they are incurred.  An indemnifying party will not be liable for any settlement of any action or claim effected without its written consent (which consent will not be unreasonably withheld).

 

  

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5.4           In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of this Article V is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or the Sales Manager, the Company and the Sales Manager will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted, but after deducting any contribution received by the Company from persons other than the Sales Manager, such as persons who control the Company within the meaning of the Act, officers of the Company who signed the Registration Statement and directors of the Company, who also may be liable for contribution) to which the Company and the Sales Manager may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Sales Manager on the other.  The relative benefits received by the Company on the one hand and the Sales Manager on the other hand shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company bear to the total compensation (before deducting expenses) received by the Sales Manager from the sale of Stock on behalf of the Company.  If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and the Sales Manager, on the other, with respect to the statements or omission which resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering.  Such relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the Sales Manager, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission.  The Company and the Sales Manager agree that it would not be just and equitable if contributions pursuant to this Section 5.4 were to be determined by pro rata allocation or by any other method of allocation, which does not take into account, the equitable considerations referred to herein.  The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense or damage, or action in respect thereof, referred to above in this Section 5.4 shall be deemed to include, for the purpose of this Section 5.4, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.  Notwithstanding the foregoing provisions of this Section 5.4, the Sales Manager shall not be required to contribute any amount in excess of the amount by which the aggregate commissions received by the Sales Manager exceeds the amount of any damages that the Sales Manager has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.  For purposes of this Section 5.4, any person who controls a party to this Agreement within the meaning of the Act will have the same rights to contribution as that party, and each officer and director of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof.  Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this Section 5.4, will notify any such party or parties from whom contribution may be sought, but the omission so to notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this Section 5.4.  No party will be liable for contribution with respect to any action or claim settled without its written consent (which consent will not be unreasonably withheld).

 

  

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5.5           The indemnity and contribution provided by this Article V shall not relieve the Company and the Sales Manager from any liability the Company and the Sales Manager may otherwise have (including, without limitation, any liability the Company may have for a breach of its obligations to deliver Stock on any Settlement Date pursuant to Article II above).

 

ARTICLE VI

 

REPRESENTATIONS AND AGREEMENTS TO SURVIVE DELIVERY

 

6.1           All representations, warranties and agreements of the Company herein or in certificates delivered pursuant hereto shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Sales Manager or any controlling persons and shall survive delivery of and payment for the Stock.

 

ARTICLE VII

 

TERMINATION

 

7.1           The Company shall have the right, by giving notice as hereinafter specified, to terminate this Agreement in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that the provisions of Section 3.1(h), Article V and Article VI above shall remain in full force and effect notwithstanding such termination.

 

7.2           The Sales Manager shall have the right, by giving notice as hereinafter specified, to terminate this Agreement in its sole discretion at any time.  Any such termination shall be without liability of any party to any other party except that the provisions of Section 3.1(h), Article V and Article VI above shall remain in full force and effect notwithstanding such termination.

 

  

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7.3           This Agreement shall remain in full force and effect unless terminated pursuant to Sections 7.1 or 7.2 above or otherwise by mutual agreement of the parties; provided that any termination shall in all cases be deemed to provide that Section 3.1(h), Article V and Article VI above shall remain in full force and effect.

 

7.4           Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Manager or the Company, as the case may be.  If such termination shall occur during a period when sales of Stock are being made pursuant to this Agreement, any sales of Stock made prior to the termination of this Agreement shall settle in accordance with the provisions of this Agreement.

 

ARTICLE VIII

 

NOTICES

 

8.1           All notices or communications hereunder shall be in writing and effective only upon receipt, and, if sent to the Sales Manager shall be sent by mail, hand delivery, facsimile or electronic mail to the Sales Manager at Brinson Patrick Securities Corporation, 1515 Broadway, 11th Floor, New York, New York 10036, facsimile number (212) 453-5555, Attention: Corporate Finance, corporatefinance@brinsonpatrick.com or if sent to the Company, shall be mailed, delivered,  faxed or emailed to the Company at Opexa Therapeutics, Inc., 2635 Technology Forest Blvd., The Woodlands, Texas  77381, Attention:  Neil K. Warma, facsimile number (281) 872-8585, nwarma@opexatherapeutics.com, with a copy to Pillsbury Winthrop Shaw Pittman LLP, 12255 El Camino Real, Suite 300, San Diego, California  92130, Attention:  Mike Hird, Esq., facsimile number (858) 509-4010, mike.hird@pillsburylaw.com.  Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.

 

ARTICLE IX

 

MISCELLANEOUS

 

9.1           This Agreement shall inure to the benefit of and be binding upon the Company and the Sales Manager and their respective successors and the controlling persons, officers and directors referred to in Article V above, and no other person will have any right or obligation hereunder.

 

9.2           Indemnification pursuant to Section 5.1 hereof will not constitute the exclusive remedy available to the Sales Manager Indemnitees for any breach or alleged breach by the Company of any representation, warranty, covenant or agreement contained in this Agreement.

 

9.3           This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, between the parties hereto with regard to the subject matter hereof.

 

  

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9.4           THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS.

 

9.5           This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  The parties agree that this Agreement will be considered signed when the signature of a party is delivered by facsimile transmission.  Such facsimile transmission shall be treated in all respects as having the same effect as an original signature.

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the date hereof.

 

	  	
OPEXA THERAPEUTICS, INC.

	  
	  	  	  	  
	  	  	  	  
	  	  	  	  
	  	
By:

	
/s/ Neil K. Warma

	  
	  	  	
Name:  Neil K. Warma

	  
	  	  	
Title:    President & Chief Executive Officer

	  
	  	  	  	  
	  	  	  	  

 

	  	
BRINSON PATRICK SECURITIES CORPORATION

	  
	  	  	  	  
	  	  	  	  
	  	
By:

	
/s/ Todd Wyche

	  
	  	  	
Name:  Todd Wyche

	  
	  	  	
Title:    Chief Executive Officer

	  

 

 

 

 

[signature page to Sales Agreement]

  

  

  

 

SCHEDULE 1.1(f)

 

List of Significant Subsidiaries

 

None

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