Document:

EXHIBIT 4.5 

 

PATTERN ENERGY GROUP INC.

 

as Issuer

 

and

 

as Trustee

 

Subordinated Indenture

 

Dated as of , 20

 

CROSS REFERENCE SHEET(1)

 

Between

 

Provisions of the Trust Indenture Act
of 1939 and the Indenture to be dated as of , 20 between PATTERN ENERGY GROUP INC. and , as Trustee:

 

	 	 	 
	
        Section of the
Act 
	 	
        Section of Indenture 

	310(a)(1) and (2)	 	5.08
	310(a)(3) and (4)	 	Inapplicable
	310(b)	 	5.12 and 5.09(a), (b) and (d)
	310(c)	 	Inapplicable
	311(a)	 	5.12
	311(b)	 	5.12
	311(c)	 	Inapplicable
	312(a)	 	3.06
	312(b)	 	3.06
	312(c)	 	4.02(c)
	313(a)	 	3.08
	313(b)(1)	 	Inapplicable
	313(b)(2)	 	3.08
	313(c)	 	3.08
	313(d)	 	3.08
	314(a)	 	3.07
	314(b)	 	Inapplicable
	314(c)(1) and (2)	 	10.05
	314(c)(3)	 	Inapplicable
	314(d)	 	Inapplicable
	314(e)	 	10.05
	314(f)	 	Inapplicable
	315(a), (c) and (d)	 	5.01
	315(b)	 	4.11
	315(e)	 	4.12
	316(a)(1)	 	4.09
	316(a)(2)	 	Not required
	316(a) (last sentence)	 	6.04
	316(b)	 	4.07
	317(a)	 	4.02
	317(b)	 	3.04(a) and (b)
	318(a)	 	10.07

 

 

	(1)	This Cross Reference Sheet is not part of the Indenture. 

    	 

    	 

    

 

TABLE OF CONTENTS 

 

	 	 	 	 	 	 	 
	 	 	 	 	PAGE	 
	ARTICLE 1	 
	DEFINITIONS	 
	Section 1.01.	 	Certain Terms Defined	 	 	4	 
	ARTICLE 2	 
	SECURITIES	 
	Section 2.01.	 	Forms Generally	 	 	8	 
	Section 2.02.	 	Form of Trustee’s Certificate of Authentication	 	 	8	 
	Section 2.03.	 	Amount Unlimited; Issuable in Series	 	 	8	 
	Section 2.04.	 	Authentication and Delivery of Securities	 	 	9	 
	Section 2.05.	 	Execution of Securities	 	 	10	 
	Section 2.06.	 	Certificate of Authentication	 	 	12	 
	Section 2.07.	 	Denomination and Date of Securities; Payments of Interest	 	 	12	 
	Section 2.08.	 	Registration, Transfer and Exchange	 	 	12	 
	Section 2.09.	 	Mutilated, Defaced, Destroyed, Lost and Stolen Securities	 	 	13	 
	Section 2.10.	 	Cancellation of Securities; Disposition Thereof	 	 	13	 
	Section 2.11.	 	Temporary Securities	 	 	13	 
	Section 2.12.	 	Computation of Interest	 	 	14	 
	ARTICLE 3	 
	COVENANTS OF THE ISSUER AND THE TRUSTEE	 
	Section 3.01.	 	Payment of Principal and Interest	 	 	14	 
	Section 3.02.	 	Offices for Payments, Etc.	 	 	14	 
	Section 3.03.	 	Appointment to Fill a Vacancy in Office of Trustee	 	 	14	 
	Section 3.04.	 	Paying Agents	 	 	14	 
	Section 3.05.	 	Certificate of the Issuer	 	 	15	 
	Section 3.06.	 	Securityholders Lists	 	 	15	 
	Section 3.07.	 	Reports by the Issuer	 	 	15	 
	Section 3.08.	 	Reports by the Trustee	 	 	15	 
	ARTICLE 4	 
	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	 
	Section 4.01.	 	Event of Default Defined; Acceleration of Maturity; Waiver of Default	 	 	15	 
	Section 4.02.	 	Collection of Indebtedness by Trustee; Trustee May Prove Indebtedness	 	 	17	 

    	 

    	 

    

	Section 4.03.	 	Application of Proceeds	 	 	18	 
	Section 4.04.	 	Suits for Enforcement	 	 	18	 
	Section 4.05.	 	Restoration of Rights on Abandonment of Proceedings	 	 	19	 
	Section 4.06.	 	Limitations on Suits by Securityholders	 	 	19	 
	Section 4.07.	 	Unconditional Right of Securityholders to Institute Certain Suits	 	 	19	 
	Section 4.08.	 	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	 	 	19	 
	Section 4.09.	 	Control by Securityholders	 	 	19	 
	Section 4.10.	 	Waiver of Past Defaults	 	 	20	 
	Section 4.11.	 	Trustee to Give Notice of Default, But May Withhold in Certain Circumstances	 	 	20	 
	Section 4.12.	 	Right of Court to Require Filing of Undertaking to Pay Costs	 	 	20	 
	ARTICLE 5	 
	CONCERNING THE TRUSTEE	 
	Section 5.01.	 	Duties and Responsibilities of the Trustee; During Default; Prior to Default	 	 	20	 
	Section 5.02.	 	Certain Rights of the Trustee	 	 	21	 
	Section 5.03.	 	Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof	 	 	22	 
	Section 5.04.	 	Trustee and Agents May Hold Securities, Etc.	 	 	22	 
	Section 5.05.	 	Moneys Held by Trustee	 	 	22	 
	Section 5.06.	 	Compensation and Indemnification of Trustee and Its Prior Claim	 	 	22	 
	Section 5.07.	 	Right of Trustee to Rely on Officers’ Certificate, Etc.	 	 	22	 
	Section 5.08.	 	Persons Eligible for Appointment as Trustee	 	 	22	 
	Section 5.09.	 	Resignation and Removal; Appointment of Successor Trustee	 	 	22	 

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Section 5.10.	 	Acceptance of Appointment by Successor Trustee	 	 	23	 
	Section 5.11.	 	Merger, Conversion, Consolidation or Succession to Business of Trustee	 	 	24	 
	Section 5.12.	 	Preferential Collection of Claims Against the Issuer	 	 	24	 
	ARTICLE 6	 
	CONCERNING THE SECURITYHOLDERS	 
	Section 6.01.	 	Evidence of Action Taken by Securityholders	 	 	24	 
	Section 6.02.	 	Proof of Execution of Instruments and of Holding of Securities; Record Date	 	 	24	 
	Section 6.03.	 	Holders to Be Treated as Owners	 	 	24	 
	Section 6.04.	 	Securities Owned by Issuer Deemed Not Outstanding	 	 	25	 
	Section 6.05.	 	Right of Revocation of Action Taken	 	 	25	 
	ARTICLE 7	 
	SUPPLEMENTAL INDENTURES	 
	Section 7.01.	 	Supplemental Indentures Without Consent of Securityholders	 	 	25	 
	Section 7.02.	 	Supplemental Indentures With Consent of Securityholders	 	 	26	 
	Section 7.03.	 	Effect of Supplemental Indenture	 	 	27	 
	Section 7.04.	 	Documents to Be Given to Trustee	 	 	27	 
	Section 7.05.	 	Notation on Securities in Respect of Supplemental Indentures	 	 	27	 
	Section 7.06.	 	Subordination Unimpaired	 	 	27	 
	ARTICLE 8	 
	CONSOLIDATION, MERGER, SALE OR CONVEYANCE	 
	Section 8.01.	 	Issuer May Consolidate, Etc. on Certain Terms	 	 	27	 
	Section 8.02.	 	Successor Corporation Substituted	 	 	27	 
	Section 8.03.	 	Opinion of Counsel to Trustee	 	 	27	 
	ARTICLE 9	 
	SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS	 
	Section 9.01.	 	Satisfaction and Discharge of Indenture	 	 	28	 
	Section 9.02.	 	Application by Trustee of Funds Deposited for Payment of Securities	 	 	28	 
	Section 9.03.	 	Repayment of Moneys Held by Paying Agent	 	 	28	 
	Section 9.04.	 	Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years	 	 	28	 
	ARTICLE 10	 
	MISCELLANEOUS PROVISIONS	 
	Section 10.01.	 	Incorporators, Stockholders, Officers and Directors of Issuer Exempt from Individual Liability	 	 	29	 
	Section 10.02.	 	Provisions of Indenture for the Sole Benefit of Parties and Securityholders	 	 	29	 

    	 

    	 

    

	Section 10.03.	 	Successors and Assigns of Issuer Bound by Indenture	 	 	29	 
	Section 10.04.	 	Notices and Demands on Issuer, Trustee and Securityholders	 	 	29	 
	Section 10.05.	 	Officers’ Certificates and Opinions of Counsel; Statements to Be Contained Therein	 	 	29	 
	Section 10.06.	 	Payments Due on Saturdays, Sundays and Holidays	 	 	30	 
	Section 10.07.	 	Conflict of Any Provision of Indenture with Trust Indenture Act of 1939	 	 	30	 
	Section 10.08.	 	New York Law to Govern	 	 	30	 
	Section 10.09.	 	Counterparts	 	 	30	 
	Section 10.10.	 	Effect of Headings	 	 	30	 
	Section 10.11.	 	Separability Clause	 	 	30	 
	ARTICLE 11	 
	REDEMPTION OF SECURITIES AND SINKING FUNDS	 
	Section 11.01.	 	Applicability of Article	 	 	30	 
	Section 11.02.	 	Notice of Redemption; Partial Redemptions	 	 	31	 
	Section 11.03.	 	Payment of Securities Called for Redemption	 	 	31	 
	Section 11.04.	 	Exclusion of Certain Securities from Eligibility for Selection for Redemption	 	 	31	 
	Section 11.05.	 	Mandatory and Optional Sinking Funds	 	 	32	 
	ARTICLE 12	 
	DEFEASANCE	 
	Section 12.01.	 	Issuer’s Option to Effect Defeasance	 	 	33	 
	Section 12.02.	 	Defeasances and Discharge	 	 	33	 
	Section 12.03.	 	Covenant Defeasance	 	 	33	 
	Section 12.04.	 	Conditions to Defeasance	 	 	33	 
	Section 12.05.	 	Deposited Money and U.S. Government Obligations to Be Held in Trust; Reinstatement; Miscellaneous	 	 	34	 

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ARTICLE 13	 
	SUBORDINATION OF SECURITIES	 
	Section 13.01.	 	Securities Subordinate to Senior Indebtedness	 	 	35	 
	Section 13.02.	 	Payment Over of Proceeds Upon Dissolution, Etc. of the Issuer	 	 	35	 
	Section 13.03.	 	No Payment When Senior Indebtedness in Default in Payment	 	 	35	 
	Section 13.04.	 	Payment Permitted If No Default	 	 	35	 
	Section 13.05.	 	Subrogation to Rights of Holders of Senior Indebtedness	 	 	36	 
	Section 13.06.	 	Provisions Solely to Define Relative Rights	 	 	36	 
	Section 13.07.	 	Trustee to Effectuate Subordination	 	 	36	 
	Section 13.08.	 	No Waiver of Subordination Provisions	 	 	36	 
	Section 13.09.	 	Notice to Trustee	 	 	36	 
	Section 13.10.	 	Reliance on Certificate of Liquidating Agent	 	 	37	 
	Section 13.11.	 	Trustee Not Fiduciary for Holders of Senior Indebtedness	 	 	37	 
	ARTICLE 14	 
	CONVERSION OF SECURITIES	 
	Section 14.01.	 	Applicability; Conversion Privilege and Conversion Price	 	 	37	 
	Section 14.02.	 	Exercise of Conversion Privilege	 	 	37	 
	Section 14.03.	 	Fractions of Shares	 	 	38	 
	Section 14.04.	 	Adjustment of Conversion Price	 	 	38	 
	Section 14.05.	 	Notice of Adjustments of Conversion Price	 	 	39	 
	Section 14.06.	 	Notice of Certain Corporate Action	 	 	39	 
	Section 14.07.	 	Issuer to Reserve Common Stock	 	 	40	 
	Section 14.08.	 	Taxes on Conversions	 	 	40	 
	Section 14.09.	 	Covenant as to Common Stock	 	 	40	 
	Section 14.10.	 	Cancellation of Converted Securities	 	 	40	 
	Section 14.11.	 	Provisions in Case of Consolidation, Merger or Sale of Assets	 	 	40	 

 

THIS SUBORDINATED INDENTURE, dated as
of , 20 between PATTERN ENERGY GROUP INC. (the “Issuer”), a corporation organized under the laws of the State
of Delaware, and (the “Trustee”).

 

W I T N E S S E T H:

 

WHEREAS, the Issuer has duly authorized
the issue from time to time of its unsecured subordinated debentures, notes or other evidences of Indebtedness to be issued in
one or more series (the “Securities”) up to such principal amount or amounts as

 

    	 

    	 

    

may from time to time be authorized in accordance with the terms
of this Indenture and to provide, among other things, for the authentication, delivery and administration thereof, the Issuer has
duly authorized the execution and delivery of this Indenture; and

 

WHEREAS, all things necessary to make
this Indenture a valid indenture and agreement according to its terms have been done;

 

NOW, THEREFORE:

 

In consideration of the premises and the
purchases of the Securities by the holders thereof, the Issuer and the Trustee mutually covenant and agree for the equal and proportionate
benefit of the respective holders from time to time of the Securities or of a series thereof as follows:

 

ARTICLE 1 

DEFINITIONS

 

Section 1.01. Certain Terms Defined.
The following terms (except as otherwise expressly provided or unless the context otherwise clearly requires) for all purposes
of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Article. All other
terms used in this Indenture that are defined in the Trust Indenture Act of 1939 or the definitions of which in the Securities
Act of 1933 are referred to in the Trust Indenture Act of 1939, including terms defined therein by reference to the Securities
Act of 1933 (except as herein otherwise expressly provided or unless the context otherwise clearly requires), shall have the meanings
assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of this Indenture.

 

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All accounting terms used herein and not
expressly defined shall have the meanings assigned to such terms in accordance with generally accepted accounting principles, and
the term “generally accepted accounting principles” means such accounting principles as are generally accepted
at the time of any computation. The words “herein”, “hereof” and “hereunder”
and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.
The terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular.

 

“Board of Directors”
means either the Board of Directors of the Issuer or any committee of such Board duly authorized to act hereunder.

 

“Business Day” means,
with respect to any Security, a day that in the city (or in any of the cities, if more than one) in which amounts are payable,
as specified in the form of such Security, is not a day on which banking institutions are authorized by law or regulation to close.

 

“Capital Lease Obligations”
means any obligation to pay rent or other amounts under a lease of (or other agreement conveying the right to use) real or personal
property that is required to be classified and accounted for as a capital lease obligation under generally accepted accounting
principles, and, for the purposes of this Indenture, the amount of such obligation at any date shall be the capitalized amount
thereof at such date, determined in accordance with such principles.

 

“Capital Stock” means
any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.

 

“Commission” means
the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or
if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties now
assigned to it under the Trust Indenture Act, then the body performing such duties on such date.

 

“Common Stock” means
any stock of any class of the Issuer which has no preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Issuer and which is not subject to redemption by the Issuer.

 

“Consolidated Net Assets”
means the total of all assets (less depreciation and amortization reserves and other valuation reserves and loss reserves) which,
under generally accepted accounting principles, would appear on the asset side of a consolidated balance sheet of the Issuer and
its Subsidiaries, less the aggregate of all liabilities, deferred credits, minority shareholders’ interests in Subsidiaries,
reserves and other items which, under such principles, would appear on the liability side of such consolidated balance sheet, except
Funded Indebtedness and Stockholders’ Equity; provided, however, that in determining Consolidated Net Assets,
there shall not be included as assets, (a) all assets (other than goodwill, which shall be included) which would be classified
as intangible assets under generally accepted accounting principles, including, without limitation, patents, trademarks, copyrights
and unamortized debt discount and expense, (b) any treasury stock carried as an asset, or (c) any write-ups of capital assets (other
than write-ups resulting from the acquisition of stock or assets of another corporation or business).

 

“Conversion Price”
has the meaning specified in Section 14.01.

 

“Corporate Trust Office”
means the office of the Trustee at which the corporate trust business of the Trustee shall, at any particular time, be principally
administered, which office is, at the date as of which this Indenture is dated, located at .

 

“Depositary” means,
with respect to the Securities of any series issuable or issued in the form of one or more Global Securities, the Person designated
as Depositary by the Issuer pursuant to Section 2.03 until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary
hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities
of that series shall mean the Depositary with respect to the Global Securities of that series.

 

“Event of Default”
means any event or condition specified as such in Section 4.01.

 

“Funded Indebtedness”
of any Person means all indebtedness for borrowed money created, incurred, assumed or guaranteed in any manner by such Person,
and all indebtedness incurred or assumed by such Person in connection with the

 

    	 

    	 

    

acquisition of any business, property or asset, which in each
case matures more than one year after, or which by its terms is renewable or extendible or payable out of the proceeds of similar
indebtedness incurred pursuant to the terms of any revolving credit agreement or any similar agreement at the option of such Person
for a period ending more than one year after the date as of which Funded Indebtedness is being determined (excluding any amount
thereof which is included in current liabilities); provided, however, that Funded Indebtedness shall

 

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not include: (a) any indebtedness for the payment, redemption
or satisfaction of which money (or evidences of indebtedness, if permitted under the instrument creating or evidencing such indebtedness)
in the necessary amount shall have been irrevocably deposited in trust with a trustee or proper depository either on or before
the maturity or redemption date thereof or (b) any indebtedness of such Person to any of its subsidiaries or of any subsidiary
to such Person or any other subsidiary or (c) any indebtedness incurred in connection with the financing of operating, construction
or acquisition projects, provided that the recourse for such indebtedness is limited to the assets of such projects.

 

“Global Security” means
a Security evidencing all or a part of a series of Securities, issued to the Depositary for such series in accordance with Section
2.05, and bearing the legend prescribed in Section 2.05.

 

“Holder”, “holder
of Securities”, “Securityholder” or other similar terms mean the Person in whose name a Security is
registered in the security register kept by the Issuer for the purpose in accordance with the terms hereof.

 

“Indebtedness” means
(a) any liability of any Person (i) for borrowed money, or any non-contingent reimbursement obligation relating to a letter of
credit, or (ii) evidenced by a bond, note, debenture or similar instrument (including a purchase money obligation) given in connection
with the acquisition of any businesses, properties or assets of any kind (other than a trade payable or a current liability arising
in the ordinary course of business), or (iii) for the payment of money relating to a Capital Lease Obligation; (b) any liability
of others described in the preceding clause (a) that the Person has guaranteed or that is otherwise its legal liability; and (c)
any amendment, supplement, modification, deferral, renewal, extension or refunding of any liability of the types referred to in
clauses (a) and (b) above.

 

“Indenture” means this
instrument as originally executed and delivered or, if amended or supplemented as herein provided, as so amended or supplemented
or both, and shall include the forms and terms of particular series of Securities established as contemplated hereunder.

 

“Interest” means, when
used with respect to non-interest bearing Securities, interest payable after maturity.

 

“Issuer” means Pattern
Energy Group Inc., a corporation organized under the laws of the State of Delaware, and, subject to Article 8, its successors and
assigns.

 

“Issuer Order” means
a written statement, request or order of the Issuer signed in its name by the chairman of the Board of Directors, the chief executive
officer, chief financial officer, president, any vice president or the treasurer of the Issuer.

 

“New York Agency” means
the office of , serving as agent of the Trustee in The City of New York, which office is, at the date as of which this Indenture
is dated, located at .

 

“Officers’ Certificate”
means a certificate signed by the chairman of the Board of Directors or the chief executive officer, chief financial officer, president
or any vice president and by the treasurer or the secretary or any assistant secretary of the Issuer and delivered to the Trustee.
Each such certificate shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements provided for
in Section 10.05 hereof, if and to the extent that such sections are applicable.

 

“Opinion of Counsel”
means an opinion in writing signed by legal counsel who may be an employee of or counsel to the Issuer and who shall be reasonably
satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act of 1939 and include the
statements provided for in Section 10.05 hereof, if and to the extent that such sections are applicable.

 

“Original Issue Discount Security”
means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the maturity thereof pursuant to Section 4.01.

 

“Outstanding”, when
used with reference to Securities, shall, subject to the provisions of Section 6.04, mean, as of any particular time, all Securities
authenticated and delivered by the Trustee under this Indenture, except

 

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

 

(b) Securities, or portions
thereof, for the payment or redemption of which moneys in the necessary amount shall have been deposited in trust with the Trustee
or with any paying agent (other than the Issuer) or shall have been set aside, segregated and held in trust by the Issuer for the
holders of such Securities (if the Issuer shall act as its own paying agent), provided that if such Securities, or portions
thereof, are to be redeemed prior to the maturity thereof, notice of such

 

    	 

    	 

    

redemption shall have been given as herein provided,
or provision reasonably satisfactory to the Trustee shall have been made for giving such notice;

 

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(c) Securities in substitution
for which other Securities shall have been authenticated and delivered, or which shall have been paid, pursuant to the terms of
Section 2.09 (except with respect to any such Security as to which proof reasonably satisfactory to the Trustee is presented that
such Security is held by a person in whose hands such Security is a legal, valid and binding obligation of the Issuer); and

 

(d) Securities converted for
Common Stock pursuant to Article 14.

 

In determining whether the holders of the requisite principal
amount of Outstanding Securities of any or all series have given any request, demand, authorization, direction, notice, consent
or waiver hereunder, the principal amount of an Original Issue 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 4.01.

 

“Periodic Offering”
means an offering of Securities of a series from time to time, the specific terms of which Securities, including, without limitation,
the rate or rates of interest, if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any,
with respect thereto, are to be determined by the Issuer or its agents upon the issuance of such Securities.

 

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

 

“principal” whenever
used with reference to the Securities or any Security or any portion thereof, shall be deemed to include “and premium, if
any”.

 

“Principal Property”
means all property and equipment directly engaged in the exploration, production, refining, marketing and transportation activities
of the Issuer and its Subsidiaries, except any such property and equipment which the Board of Directors declares is not material
to the business of the Issuer and its Subsidiaries taken as a whole.

 

“Responsible Officer”
when used with respect to the Trustee means the chairman of the board of directors, any vice chairman of the board of directors,
the chairman of the trust committee, the chairman of the executive committee, any vice chairman of the executive committee, the
president, any vice president, the cashier, the secretary, the treasurer, any senior trust officer, any trust officer, any assistant
trust officer, any assistant vice president, any assistant cashier, any assistant secretary, any assistant treasurer, or any other
officer or assistant officer of the Trustee customarily performing functions similar to those performed by the persons who at the
time shall be such officers, respectively, or to whom any corporate trust matter is referred because of his knowledge of and familiarity
with the particular subject.

 

“Restricted Subsidiary”
means any Subsidiary of the Issuer that owns a Principal Property and has Stockholders’ Equity that is greater than 2% of
the Consolidated Net Assets of the Issuer.

 

“Security” or “Securities”
has the meaning stated in the first recital of this Indenture, or, as the case may be, Securities that have been authenticated
and delivered under this Indenture.

 

“Senior Funded Indebtedness”
means any Funded Indebtedness which is also Senior Indebtedness.

 

“Senior Indebtedness”
shall mean the principal of and premium, if any, and interest on (including interest accruing after the filing of a petition initiating
any proceeding pursuant to any bankruptcy law) and other amounts due on or in connection with any Indebtedness of the Issuer, whether
outstanding on the date of this Indenture or hereafter created, incurred or assumed, unless, in the case of any particular Indebtedness,
the instrument creating or evidencing the same or pursuant to which the same is outstanding expressly provides that such Indebtedness
shall be subordinated to the Securities. Notwithstanding the foregoing, Senior Indebtedness shall not include Indebtedness of the
Issuer to a Subsidiary of the Issuer for money borrowed or advanced from such Subsidiary.

 

“Stockholders’ Equity”
means the aggregate of (however designated) capital, capital stock (including preferred stock), capital surplus, capital in excess
of par value of stock, earned surplus, net income retained for use in the business and cumulative foreign exchange translation
adjustments, after deducting the cost of shares of the Issuer held in its treasury.

 

“Subsidiary” means
(a) any corporation 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 thereof is at the time directly or

 

    	 

    	 

    

indirectly owned by the Issuer or by the Issuer and one or more
Subsidiaries or by one or more Subsidiaries, and (b) any limited partnership in which the Issuer or a Subsidiary is a general partner
and in which more than 50% of the voting interests thereof is at the time directly or indirectly owned by the Issuer or by the
Issuer and one or more Subsidiaries or by one or more Subsidiaries. The term “subsidiary”, when used with respect to
any Person other than the Issuer, shall have a meaning correlative to the foregoing.

 

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“Trust Indenture Act of 1939”
(except as otherwise provided in Section 7.01 and 7.02) means the Trust Indenture Act of 1939 as in force at the date as of which
this Indenture was originally executed.

 

“Trustee” means the
Person identified as “Trustee” in the first paragraph hereof and, subject to the provisions of Article 5, shall also
include any successor trustee. “Trustee” shall also mean or include each Person who is then a trustee hereunder and
if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall
mean the trustee with respect to the Securities of such series.

 

“U.S. Government Obligations”
shall have the meaning set forth in Section 9.01.

 

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

 

“Yield to Maturity”
means the yield to maturity on a series of Securities, calculated at the time of issuance of such series, or, if applicable, at
the most recent redetermination of interest on such series, and calculated in accordance with accepted financial practice.

 

ARTICLE 2 

SECURITIES

 

Section 2.01. Forms Generally.
The Securities of each series shall be substantially in such form (not inconsistent with this Indenture) as shall be established
by or pursuant to a resolution of the Board of Directors (as set forth in such resolution or, to the extent established pursuant
to rather than set forth in such resolution, an Officers’ Certificate detailing such establishment) or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Indenture and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent
with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto,
or with any rules of any securities exchange or to conform to general usage, all as may be determined by the officers executing
such Securities, as evidenced by their execution of the Securities.

 

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

 

Section 2.02. Form of Trustee’s
Certificate of Authentication. The Trustee’s certificate of authentication on all Securities shall be in substantially
the following form:

 

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

 

	 	 	 
	 
	 	 	as Trustee
	 	 
	By:	 	 
	 	 	Authorized Officer

 

Section 2.03. Amount Unlimited; Issuable
in Series. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be issued in one or
more series. There shall be established in or pursuant to a resolution of the Board of Directors and set forth in an Officers’
Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series,

 

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

 

(b) any limit upon the aggregate principal
amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section
2.08, 2.09, 2.11, 7.05, 7.06 or 11.03);

 

    

     

    

 

(c) the date or dates on which the principal
of the Securities of the series is payable;

 

(d) if other than the coin or currency
of the United States, the coin or currency in which the Securities of that series are denominated, the coin or currency in which
payment of the principal of or interest, if any, on the Securities of that series shall be payable and the method of valuing that
coin or currency for purposes of determining the aggregate principal amount of Securities of that series then Outstanding and the
amount to be paid to satisfy a judgment denominated in the coin or currency of the United States;

 

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(e) the rate or rates at which the Securities
of the series shall bear interest, if any, or the method by which such rate shall be determined, the date or dates from which such
interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates for the determination
of Holders to whom interest is payable;

 

(f) the place or places where the principal
of and any interest on Securities of the series shall be payable (if other than as provided in Section 3.02);

 

(g) the price or prices at which, the
period or periods within which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in
part, at the option of the Issuer, pursuant to any sinking fund or otherwise;

 

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

 

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

 

(j) if other than the principal amount
thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration
of the maturity thereof pursuant to Section 4.01 or provable in bankruptcy pursuant to Section 4.02;

 

(k) if the amount of payments of principal
of and interest on the Securities of the series may be determined with reference to an index based on a coin or currency other
than that in which the Securities of the series are denominated, the manner in which such amounts shall be determined;

 

(l) whether and under what circumstances
the Issuer will pay additional amounts on the Securities of the series held by a person who is not a U.S. person in respect of
any tax, assessment or governmental charge withheld or deducted and, if so, whether the Issuer will have the option to redeem such
Securities rather than pay such additional amounts;

 

(m) any trustees, authenticating or paying
agents, transfer agents or registrars or any other agents with respect to the Securities of such series;

 

(n) any other events of default or covenants
with respect to the Securities of such series;

 

(o) whether the Securities of the series
shall be issued in the form of one or more Global Securities and, in such case, the Depositary for such Global Security or Global
Securities;

 

(p) the terms and conditions, if any,
pursuant to which the Securities of the series are convertible into Common Stock of the Issuer; and

 

(q) any other terms of the series (which
terms shall not be inconsistent with the provisions of this Indenture).

 

All Securities of any one series shall
be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to such resolution
of the Board of Directors or Officers’ Certificate or in any such indenture supplemental hereto. 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 such a resolution of the Board of Directors, such Officers’ Certificate or in any such indenture
supplemental hereto.

 

Section 2.04. Authentication and Delivery
of Securities. At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver
Securities of any series executed by the Issuer to the Trustee for authentication, and the Trustee shall thereupon authenticate
and deliver such Securities pursuant to an Issuer Order, or pursuant to such procedures acceptable to the Trustee and to such recipients
as may be specified from time to time by an Issuer Order. The maturity date, original issue date, interest rate and any other terms
of the Securities of such series may, if not previously established by a Board Resolution, Officers’ Certificate or indenture
supplemental hereto pursuant to Section 2.03, be determined by or pursuant to such Issuer Order and procedures. If provided for
in such procedures, such Issuer Order may authorize authentication and delivery pursuant to oral instructions from the

 

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Issuer or its duly authorized agent, which instructions shall
be promptly confirmed in writing. In authenticating such Securities and accepting the additional responsibilities under this Indenture
in relation to such Securities the Trustee shall be entitled to receive (in the case of subparagraphs (a), (b), (c) and (d) below
only at or before the time of the first request of the Issuer to the Trustee to authenticate Securities of such series), and (subject
to Section 5.01) shall be fully protected in relying upon, unless and until such documents have been superseded or revoked:

 

(a) a copy of any resolution or resolutions
of the Board of Directors relating to such series, in each case certified by the Secretary or an Assistant Secretary of the Issuer;

 

(b) an executed supplemental indenture,
if any;

 

(c) an Officers’ Certificate setting
forth the form and terms, or the manner of establishing the terms, of the Securities as required pursuant to Section 2.01 and 2.03,
respectively and prepared in accordance with Section 10.05;

 

(d) an Opinion of Counsel, prepared in
accordance with Section 10.05, to the effect that

 

(i) the form or forms of such Securities have been
established by or pursuant to a resolution of the Board of Directors or by a supplemental indenture as permitted by Section 2.01
and 2.03 in conformity with the provisions of this Indenture;

 

(ii) in the case of an underwritten offering, the
terms of the Securities have been duly authorized and established in conformity with the provisions of this Indenture, and, in
the case of a Periodic Offering, certain terms of the Securities have been established pursuant to a resolution of the Board of
Directors, an Officers’ Certificate or a supplemental indenture in accordance with this Indenture, and when such other terms
as are to be established pursuant to procedures set forth in an Issuer Order shall have been established, all such terms will have
been duly authorized by the Issuer and will have been established in conformity with the provisions of this Indenture;

 

(iii) such Securities, when authenticated and delivered
by the Trustee and issued by the Issuer in the manner and subject to any conditions specified in such Opinion of Counsel, will
constitute valid and binding obligations of the Issuer;

 

(iv) all laws and requirements in respect of the
execution and delivery by the Issuer of the Securities have been complied with; and

 

(v) covering such other matters as the Trustee may
reasonably request; and

 

(e) an Issuer Order requesting such authentication
and setting forth delivery instructions if the Securities are not to be delivered to the Issuer, provided that, with respect
to Securities of a series subject to a Periodic Offering, (i) such Issuer Order may be delivered by the Issuer to the Trustee prior
to the delivery to the Trustee of such Securities for authentication and delivery, (ii) the Trustee shall authenticate and deliver
Securities of such series for original issue from time to time, in an aggregate principal amount not exceeding the aggregate principal
amount established for such series, pursuant to an Issuer Order or pursuant to procedures acceptable to the Trustee as may be specified
from time to time by an Issuer Order, (c) the maturity date or dates, original issue date or dates, interest rate or rates and
any other terms of Securities of such series shall be determined by an Issuer Order or pursuant to such procedures and (d) if provided
for in such procedures, such Issuer Order may authorize authentication and delivery pursuant to oral or electronic instructions
from the Issuer or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing.

 

The Trustee shall have the right to decline
to authenticate and deliver any Securities under this Section if the Trustee, being advised by counsel, determines that such action
may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors or board of trustees, executive
committee, or a trust committee of directors or trustees or Responsible Officers shall determine that such action would expose
the Trustee to personal liability to existing Holders or would affect the Trustee’s own rights, duties or immunities under
the Securities, this Indenture or otherwise.

 

Section 2.05. Execution of Securities.
The Securities shall be signed on behalf of the Issuer by both (a) the chairman of its Board of Directors or any vice chairman
of its Board of Directors or its chief executive officer, chief financial officer, president or any vice president and (b) by its
treasurer or any assistant treasurer or its secretary or any assistant secretary, under its corporate seal (if any) which may,
but need not, be attested. Such signatures may be the manual or facsimile signatures of the present or any future such officers.
The seal of the Issuer (if any) may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise
reproduced on the Securities. Typographical and other minor errors or defects in any such reproduction of the seal (if any) or
any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered
by the Trustee.

 

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In case any officer of the Issuer who
shall have signed any of the Securities shall cease to be such officer before the Security so signed shall be authenticated and
delivered by the Trustee or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or disposed
of as though the person who signed such Security had not ceased to be such officer of the Issuer; and any Security may be signed
on behalf of the Issuer by such persons as, at the actual date of the execution of such Security, shall be the proper officers
of the Issuer, although at the date of the execution and delivery of this Indenture any such person was not such an officer.

 

If the Issuer shall establish pursuant
to Section 2.03 that the Securities of a series are to be issued in the form of one or more Global Securities, then the Issuer
shall execute and the Trustee shall, in accordance with this Section and the Issuer Order with respect to such series, authenticate
and deliver one or more Global Securities that (a) shall represent and shall be denominated in an amount equal to the aggregate
principal amount of all of the Securities of such series having the same terms issued and not yet canceled, (b) shall be registered
in the name of the Depositary for such Global Security or Global Securities or the nominee of such Depositary, (c) shall be delivered
by the Trustee to such Depositary or pursuant to such Depositary’s instructions and (d) shall bear a legend substantially
to the following effect:

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO
THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF SUCH DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

Each Depositary designated pursuant to
Section 2.03 must, at the time of its designation and at all times while it serves as Depositary, be a clearing agency registered
under the Securities Exchange Act of 1934, as amended, and any other applicable statute or regulation.

 

Notwithstanding any other provision of
this Section 2.05, unless and until it is exchanged in whole or in part for Securities in definitive form, a Global Security representing
all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a
nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such
Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary.

 

If at any time the Depositary for any
Securities of a series represented by one or more Global Securities notifies the Issuer that it is unwilling or unable to continue
as Depositary for such Securities or if at any time the Depositary for such Securities shall no longer be eligible under this Section
2.05, the Issuer shall appoint a successor Depositary eligible under this Section 2.05 with respect to such Securities. If a successor
Depositary eligible under this Section 2.05 for such Securities is not appointed by the Issuer within 90 days after the Issuer
receives such notice or becomes aware of such ineligibility, the Issuer’s election pursuant to Section 2.03 that such Securities
be represented by one or more Global Securities shall no longer be effective and the Issuer will execute, and the Trustee, upon
receipt of an Officers’ Certificate for the authentication and delivery of definitive Securities of such series, will authenticate
and deliver, Securities of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate
principal amount equal to the principal amount of the Global Security or Global Securities representing such Securities in exchange
for such Global Security or Global Securities.

 

The Issuer may at any time and in its
sole discretion determine that the Securities of any series issued in the form of one or more Global Securities shall no longer
be represented by a Global Security or Global Securities. In such event the Issuer will execute, and the Trustee, upon receipt
of an Issuer Order for the authentication and delivery of definitive Securities of such series, will authenticate and deliver,
Securities of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate principal
amount equal to the principal amount of the Global Security or Global Securities representing such Securities, in exchange for
such Global Security or Global Securities.

 

If specified by the Issuer pursuant to
Section 2.03 with respect to Securities represented by a Global Security, the Depositary for such Global Security may surrender
such Global Security in exchange in whole or in part for Securities of the same series in definitive registered form on such terms
as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall execute, and the Trustee shall authenticate and
deliver, without service charge,

 

(a) to the Person specified by such Depositary a
new Security or Securities of the same series, of any authorized denominations as requested by such Person, in an aggregate principal
amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and

 

(b) to such Depositary a new Global Security in
a denomination equal to the difference, if any, between the principal

 

    	 

    	 

    

amount of the surrendered Global Security and the
aggregate principal amount of Securities authenticated and delivered pursuant to clause (a) above.

 

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Upon the exchange of a Global Security
for Securities in definitive registered form without coupons, in authorized denominations, such Global Security shall be canceled
by the Trustee or an agent of the Issuer or the Trustee. Securities in definitive registered form without coupons issued in exchange
for a Global Security pursuant to this Section 2.05 shall be registered in such names and in such authorized denominations as the
Depositary for such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct
the Trustee or an agent of the Issuer or the Trustee. The Trustee or such agent shall deliver such Securities to or as directed
by the Persons in whose names such Securities are so registered.

 

Section 2.06. Certificate of Authentication.
Only such Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, executed
by the Trustee by the manual signature of one of its authorized officers, shall be entitled to the benefits of this Indenture or
be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the Issuer shall be conclusive
evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled
to the benefits of this Indenture.

 

Section 2.07. Denomination and Date
of Securities; Payments of Interest. The Securities shall be issuable as registered securities without coupons and in denominations
as shall be specified as contemplated by Section 2.03. In the absence of any such specification with respect to the Securities
of any series, the Securities of such series shall be issuable in denominations of $1,000 and any multiple thereof. The Securities
shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plan as the officers of the Issuer
executing the same may determine with the approval of the Trustee as evidenced by the execution and authentication thereof.

 

Each Security shall be dated the date
of its authentication, shall bear interest, if any, from such date and shall be payable on the dates, in each case, which shall
be specified as contemplated by Section 2.03.

 

The person in whose name any Security
of any series is registered at the close of business on any record date applicable to a particular series with respect to any interest
payment date for such series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding
any transfer or exchange of such Security subsequent to the record date and prior to such interest payment date, except if and
to the extent the Issuer shall default in the payment of the interest due on such interest payment date for such series, in which
case such defaulted interest shall be paid to the persons in whose names Outstanding Securities for such series are registered
at the close of business on a subsequent record date (which shall be not less than five Business Days prior to the date of payment
of such defaulted interest) established by notice given by mail by or on behalf of the Issuer to the holders of Securities not
less than 15 days preceding such subsequent record date. The term “record date” as used with respect to any
interest payment date (except a date for payment of defaulted interest) shall mean the date specified as such in the terms of the
Securities of any particular series, or, if no such date is so specified, if such interest payment date is the first day of a calendar
month, the fifteenth day of the next preceding calendar month or, if such interest payment date is the fifteenth day of a calendar
month, the first day of such calendar month, whether or not such record date is a Business Day.

 

Section 2.08. Registration, Transfer
and Exchange. The Issuer will keep or cause to be kept at each office or agency to be maintained for the purpose as provided
in Section 3.02 a register or registers in which, subject to such reasonable regulations as it may prescribe, it will register,
and will register the transfer of, Securities as in this Article provided. Such register shall be in written form in the English
language or in any other form capable of being converted into such form within a reasonable time. At all reasonable times such
register or registers shall be open for inspection by the Trustee.

 

Upon due presentation for registration
of transfer of any Security of any series at any such office or agency to be maintained for the purpose as provided in Section
3.02, the Issuer shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new
Security or Securities of the same series in authorized denominations for a like aggregate principal amount.

 

Any Security or Securities of any series
may be exchanged for a Security or Securities of the same series in other authorized denominations, in an equal aggregate principal
amount. Securities of any series to be exchanged shall be surrendered at any office or agency to be maintained by the Issuer for
the purpose as provided in Section 3.02, and the Issuer shall execute and the Trustee shall authenticate and deliver in exchange
therefor the Security or Securities of the same series which the Securityholder making the exchange shall be entitled to receive,
bearing numbers not contemporaneously outstanding.

 

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All Securities presented for registration
of transfer, exchange, redemption or payment shall (if so required by the Issuer or the Trustee) be duly endorsed by, or be accompanied
by a written instrument or instruments of transfer in form reasonably satisfactory to the Issuer and the Trustee duly executed
by, the holder or his attorney duly authorized in writing.

 

The Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of
transfer of Securities. No service charge shall be made for any such transaction.

 

The Issuer shall not be required to exchange
or register a transfer of (a) any Securities of any series for a period of 15 days next preceding the first mailing of notice of
redemption of Securities of such series to be redeemed, or (b) any Securities selected, called or being called for redemption except,
in the case of any Security where notice has been given that such Security is to be redeemed in part, the portion thereof not so
to be redeemed.

 

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

 

Section 2.09. Mutilated, Defaced, Destroyed,
Lost and Stolen Securities. In case any temporary or definitive Security shall become mutilated, defaced or be destroyed, lost
or stolen, the Issuer in its discretion may execute, and upon the written request of any officer of the Issuer, the Trustee shall
authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated or defaced Security, or in lieu of and substitution for the Security so destroyed, lost or stolen.
In every case, the applicant for a substitute Security shall furnish to the Issuer and to the Trustee and any agent of the Issuer
or the Trustee such security or indemnity as may be required by them to indemnify and defend and to save each of them harmless
and, in every case of destruction, loss or theft, shall furnish evidence to their reasonable satisfaction of the destruction, loss
or theft of such Security and of the ownership thereof.

 

Upon the issuance of any substitute Security,
the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. In case any Security which
has matured or is about to mature or has been called for redemption in full shall become mutilated or defaced or be destroyed,
lost or stolen, the Issuer may instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender
thereof except in the case of a mutilated or defaced Security), if the applicant for such payment shall furnish to the Issuer and
to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as any of them may require to save each of
them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee
and any agent of the Issuer or the Trustee evidence to their reasonable satisfaction of the destruction, loss or theft of such
Security and of the ownership thereof.

 

Every substitute Security of any series
issued pursuant to the provisions of this Section by virtue of the fact that any such Security is destroyed, lost or stolen shall
constitute an additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Security shall be at
any time enforceable by anyone and that substitute Security shall be entitled to all the benefits of (but shall be subject to all
the limitations of rights set forth in) this Indenture equally and proportionately with any and all other Securities of such series
duly authenticated and delivered hereunder. All Securities shall be held and owned upon the express condition that, to the extent
permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, defaced or destroyed,
lost or stolen Securities and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or
hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without
their surrender.

 

Section 2.10. Cancellation of Securities;
Disposition Thereof. All Securities surrendered for payment, redemption, registration of transfer or exchange, or for credit
against any payment in respect of a sinking or analogous fund, if surrendered to the Issuer or any agent of the Issuer or of the
Trustee, shall be delivered to the Trustee for cancellation or, if surrendered to the Trustee, shall be canceled by it; and no
Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee
shall dispose of canceled Securities held by it in accordance with its customary procedures and deliver a certificate of disposition
to the Issuer. If the Issuer shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction
of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

 

Section 2.11. Temporary Securities.
Pending the preparation of definitive Securities for any series, the Issuer may execute and the Trustee shall authenticate and
deliver temporary Securities for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form
reasonably satisfactory to the Trustee). Temporary Securities of any series shall be issuable as registered Securities without
coupons, of any authorized denomination, and substantially in the form of the definitive Securities of such series but with such
omissions, insertions and variations as may be appropriate for temporary

 

    	 

    	 

    

Securities, all as may be determined by the Issuer with the
concurrence of the Trustee. Temporary Securities may contain such reference to any provisions of

 

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this Indenture as may be appropriate. Every temporary Security
shall be executed by the Issuer and be authenticated by the Trustee upon the same conditions and in substantially the same manner,
and with like effect, as the definitive Securities. Without unreasonable delay the Issuer shall execute and shall furnish definitive
Securities of such series and thereupon temporary Securities of such series may be surrendered in exchange therefor without charge
at each office or agency to be maintained by the Issuer for that purpose pursuant to Section 3.02, and the Trustee shall authenticate
and deliver in exchange for such temporary Securities of such series a like aggregate principal amount of definitive Securities
of the same series of authorized denominations. Until so exchanged, the temporary Securities of any series shall be entitled to
the same benefits under this Indenture as definitive Securities of such series.

 

Section 2.12. Computation of Interest.
Except as otherwise specified as contemplated by Section 2.03 for Securities of any series, interest on the Securities of each
series shall be computed on the basis of a 360 day year of twelve 30-day months.

 

ARTICLE 3 

COVENANTS OF THE ISSUER AND THE TRUSTEE

 

Section 3.01. Payment of Principal
and Interest. The Issuer covenants and agrees for the benefit of each series of Securities that it will duly and punctually
pay or cause to be paid the principal of, and interest on, each of the Securities of such series at the place or places, at the
respective times and in the manner provided in such Securities. Each installment of interest on the Securities of any series may
be paid by mailing checks for such interest payable to or upon the written order of the holders of Securities entitled thereto
as they shall appear on the registry books of the Issuer.

 

Section 3.02. Offices for Payments,
Etc. So long as any of the Securities remain Outstanding, the Issuer will maintain in The City of New York, the following for
each series: an office or agency (a) where the Securities may be presented for payment, (b) where the Securities may be presented
for registration of transfer and for exchange as in this Indenture provided, (c) where Securities may be surrendered for conversion
and (d) where notices and demands to or upon the Issuer in respect of the Securities or of this Indenture may be served. The Issuer
will give to the Trustee written notice of the location of any such office or agency and of any change of location thereof. Unless
otherwise specified in accordance with Section 2.03, the Issuer hereby initially designates the New York Agency as the office to
be maintained by it for each such purpose. In case the Issuer shall fail to so designate or maintain any such office or agency
or shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made
and notices may be served at the New York Agency.

 

Section 3.03. Appointment to Fill a
Vacancy in Office of Trustee. The Issuer, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint,
in the manner provided in Section 5.09, a Trustee, so that there shall at all times be a Trustee with respect to each series of
Securities hereunder.

 

Section 3.04. Paying Agents. Whenever
the Issuer shall appoint a paying agent other than the Trustee with respect to the Securities of any series, it will cause such
paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the
provisions of this Section,

 

(a) that it will hold all sums received
by it as such agent for the payment of the principal of or interest on the Securities of such series (whether such sums have been
paid to it by the Issuer or by any other obligor on the Securities of such series) in trust for the benefit of the holders of the
Securities of such series or of the Trustee,

 

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

 

(c) that it will pay any such sums so
held by it in trust to the Trustee upon the Trustee’s written request at any time during the continuance of the failure referred
to in clause (b) above.

 

The Issuer will, on or prior to each due
date of the principal of or interest on the Securities of such series, deposit with the paying agent a sum sufficient to pay such
principal or interest so becoming due, and (unless such paying agent is the Trustee) the Issuer will promptly notify the Trustee
of any failure to take such action.

 

If the Issuer shall act as its own paying
agent with respect to the Securities of any series, it will, on or before each due date of the principal of or interest on the
Securities of such series, set aside, segregate and hold in trust for the benefit of the holders of the Securities of such series
a sum sufficient to pay such principal or interest so becoming due. The Issuer will promptly

 

    	 

    	 

    

notify the Trustee of any failure to take such action.

 

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Anything in this Section to the contrary
notwithstanding, the Issuer may at any time, for the purpose of obtaining a satisfaction and discharge with respect to one or more
or all series of Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for
any such series by the Issuer or any paying agent hereunder, as required by this Section, such sums to be held by the Trustee upon
the trusts herein contained.

 

Anything in this Section to the contrary
notwithstanding, the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 9.03 and
9.04.

 

Section 3.05. Certificate of the Issuer.
The Issuer will deliver to the Trustee, on or before a date not more than 120 days after the end of each fiscal year of the Issuer
ending after the date of this Indenture, a written statement signed by the following officers (one of whom shall be the principal
executive, financial or accounting officer of the Issuer): the Chairman, the President or a Vice President, and by the Treasurer,
an Assistant Treasurer, the Comptroller, an Assistant Comptroller, the Secretary or the Assistant Secretary of the Issuer, stating
whether or not, after a review under each signer’s supervision of the activities of the Issuer during such year and of the
Issuer’s performance under this Indenture, to the best knowledge, based on such review, of the signers thereof, the Issuer
has fulfilled all of its obligations, conditions and covenants under this Indenture throughout such year, and, if there has been
a default in the fulfillment of any such obligation, condition or covenant specifying each default and the nature and status thereof.

 

Section 3.06. Securityholders Lists.
If and so long as the Trustee shall not be the Security registrar for the Securities of any series, the Issuer will furnish or
cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and addresses of the
holders of the Securities of such series pursuant to Section 312 of the Trust Indenture Act of 1939 (a) semi-annually not more
than 15 days after each record date for the payment of interest on such Securities, as hereinabove specified, as of such record
date and on dates to be determined pursuant to Section 2.03 for non-interest bearing securities in each year, and (b) at such other
times as the Trustee may request in writing, within thirty days after receipt by the Issuer of any such request as of a date not
more than 15 days prior to the time such information is furnished.

 

Section 3.07. Reports by the Issuer.
The Issuer covenants to file with the Trustee, within 15 days after the Issuer is required to file the same with the Commission,
copies of the annual reports and of the information, documents, and other reports which the Issuer may be required to file with
the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 or pursuant to Section 314 of the
Trust Indenture Act of 1939.

 

Section 3.08. Reports by the Trustee.
Any Trustee’s report required under Section 313(a) of the Trust Indenture Act of 1939 shall be transmitted on or before July
15 in each year following the date hereof, so long as any Securities are Outstanding hereunder, and shall be dated as of a date
convenient to the Trustee no more than 60 nor less than 45 days prior thereto. At the time it delivers such report, the Trustee
shall deliver a copy thereof to the Issuer.

 

ARTICLE 4 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
ON EVENT OF DEFAULT

 

Section 4.01. Event of Default Defined;
Acceleration of Maturity; Waiver of Default. “Event of Default” with respect to Securities of any series
wherever used herein, means each one of the following events which shall have occurred and be continuing (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(a) default in the payment of any installment
of interest upon any of the Securities of such series as and when the same shall become due and payable, and continuance of such
default for a period of 30 days; or

 

(b) default in the payment of all or any
part of the principal on any of the Securities of such series as and when the same shall become due and payable either at maturity,
upon redemption, by declaration or otherwise; or

 

(c) default in the payment of any sinking
fund installment as and when the same shall become due and payable by the terms of the Securities of such series; or

 

(d) default in the performance, or breach,
of any covenant or warranty of the Issuer in respect of the Securities of such series (other than a covenant or warranty in respect
of the Securities of such series a default in whose performance or whose breach is

 

    	 

    	 

    

elsewhere in this Section specifically dealt with), and continuance
of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Issuer by
the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities
of all series affected thereby, a written notice specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder; or

 

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(e) a court having jurisdiction in the
premises shall enter a decree or order for relief in respect of the Issuer in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee
or sequestrator (or similar official) of the Issuer or for any substantial part of its property or ordering the winding up or liquidation
of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days;
or

 

(f) the Issuer shall commence a voluntary
case under any applicable bankruptcy, insolvency or other similar law at the date of this Indenture or hereafter in effect, or
consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Issuer or for any
substantial part of its property, or make any general assignment for the benefit of creditors;

 

(g) an event of default, as defined in
any indenture or instrument evidencing or securing or under which the Issuer has at the date of this Indenture or shall hereafter
have outstanding, any Indebtedness in an amount exceeding $25,000,000, which default shall involve (i) the failure by the Issuer
to make any payment when such Indebtedness is due and payable after demand has been made and the passage of any applicable grace
period and such failure shall have continued for a period of thirty days after written notice thereof to the Issuer and the Trustee
by the holders of not less than 25% in aggregate principal amount of the Securities of such series or (ii) a default in the payment
of interest, premium, principal or a default in the payment of a sinking fund or redemption payment, which shall have resulted
in such Indebtedness having been accelerated so that the same shall be or become due and payable prior to the date on which the
same would otherwise become due and payable, and such acceleration shall not be stayed, rescinded or annulled within ten days after
written notice thereof to the Issuer and the Trustee by the holders of at least 25% in aggregate principal amount of the Securities
of such series; provided, however, that if such event of default under such indenture or instrument shall be remedied
or cured by the Issuer or be waived by the holders of such Indebtedness before any judgment or decree for the payment of the moneys
due shall have been obtained or entered, then the Event of Default hereunder by reason thereof shall be deemed likewise to have
been thereupon remedied, cured or waived without further action upon the part of either the Trustee or any of the holders of the
Securities of such series; or

 

(h) any other Event of Default provided
in the supplemental indenture or provided in or pursuant to the resolution of the Board of Directors under which such series of
Securities is issued or in the form of Security for such series.

 

If an Event of Default with respect to
Securities of such series occurs and is continuing, then, and in each and every such case, unless the principal of all of the Securities
of such series shall have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate principal
amount of the Securities of such series then Outstanding hereunder (each such series voting as a separate class) by notice in writing
to the Issuer (and to the Trustee if given by Securityholders), may declare the entire principal (or, if the Securities of such
series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series)
of all Securities of such series and the interest accrued thereon, if any, to be due and payable immediately, and upon any such
declaration the same shall become immediately due and payable.

 

The foregoing provisions, however, are
subject to the condition that if, at any time after the principal (or, if the Securities are Original Issue Discount Securities,
such portion of the principal as may be specified in the terms thereof) of the Securities of any series shall have been so declared
due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter
provided, the Issuer shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of interest upon
all the Securities of such series and the principal of any and all Securities of such series which shall have become due otherwise
than by acceleration (with interest upon such principal and, to the extent that payment of such interest is enforceable under applicable
law, on overdue installments of interest, at the same rate as the rate of interest or Yield to Maturity (in the case of Original
Issue Discount Securities) specified in the Securities of such series to the date of such payment or deposit) and such amount as
shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other expenses
and liabilities incurred, and all advances made, by the Trustee except as a result of negligence or bad faith, and if any and all
Events of Default under the Indenture, other than the non-payment of the principal of Securities which shall have become due by
acceleration, shall have been cured, waived or otherwise remedied as provided herein—then and in every such case the holders
of a majority in aggregate principal amount of all the Securities of such series, each series voting as a separate class, then
Outstanding, by written notice to the Issuer and to the Trustee, may waive all defaults with respect to such series and rescind
and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect
any subsequent default or shall impair any right consequent thereon.

 

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For all purposes under this Indenture,
if a portion of the principal of any Original Issue Discount Securities shall have been accelerated and declared due and payable
pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled,
the principal amount of such Original Issue Discount Securities shall be deemed, for all purposes hereunder, to be such portion
of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the principal
thereof as shall be due and payable as a result of such acceleration, together with interest, if any, thereon and all other amounts
owing thereunder, shall constitute payment in full of such Original Issue Discount Securities.

 

The Trustee shall not be charged with
notice of any event of default referred to in Section 4.01(g) unless (i) an officer of the Trustee assigned to its Corporate Trustee
Administration Department shall have actual knowledge thereof or (ii) the Trustee shall have received written notice thereof from
the Issuer, the holder of any Indebtedness referred to in Section 4.01(g) or the holders of not less than 25% in aggregate principal
amount of the Securities of any series.

 

Section 4.02. Collection of Indebtedness
by Trustee; Trustee May Prove Indebtedness. The Issuer covenants that (x) in case default shall be made in the payment of any
installment of interest on any of the Securities of any series when such interest shall have become due and payable, and such default
shall have continued for a period of 30 days or (y) in case default shall be made in the payment of all or any part of the principal
of any of the Securities of any series when the same shall have become due and payable, whether upon maturity of the Securities
of such series or upon any redemption or by declaration or otherwise—then upon demand of the Trustee, the Issuer will pay
to the Trustee for the benefit of the Holders of the Securities of such series the whole amount that then shall have become due
and payable on all Securities of such series for principal or interest, as the case may be (with interest to the date of such payment
upon the overdue principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments
of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified
in the Securities of such series); and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses
of collection, including reasonable compensation to the Trustee and each predecessor Trustee, their respective agents, attorneys
and counsel, and any expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except
as a result of its negligence or bad faith.

 

Until such demand is made by the Trustee,
the Issuer may pay the principal of and interest on the Securities of any series to the registered holders, whether or not the
principal of and interest on the Securities of such series be overdue.

 

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

 

In case there shall be pending proceedings
relative to the Issuer or any other obligor upon the Securities under Title 11 of the United States Code or any other applicable
Federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or
such other obligor, or in case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Securities
of any series, or to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal
of any Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether
the Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention
in such proceedings or otherwise:

 

(a) to file and prove a claim or claims
for the whole amount of principal and interest (or, if the Securities of any series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of such series) owing and unpaid in respect of the Securities
of any series, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys
and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor
Trustee, except as a result of negligence or bad faith) and of the Securityholders allowed in any judicial proceedings relative
to the Issuer or other obligor upon the Securities of any series, or to the creditors or property of the Issuer or such other obligor,

 

(b) unless prohibited by applicable law
and regulations, to vote on behalf of the holders of the Securities of any series in any election of a trustee or a standby trustee
in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or person performing similar functions
in comparable proceedings, and

 

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(c) to collect and receive any moneys
or other property payable or deliverable on any such claims, and to distribute all amounts received with respect to the claims
of the Securityholders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other similar
official is hereby authorized by each of the Securityholders to make payments to the Trustee, and, in the event that the Trustee
shall consent to the making of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient
to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and
all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result
of negligence or bad faith and all other amounts due to the Trustee or any predecessor Trustee pursuant to Section 5.06.

 

Nothing herein contained shall be deemed
to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Securityholder any plan or
reorganization, arrangement, adjustment or composition affecting the Securities of any series or the rights of any Holder thereof,
or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding except, as aforesaid,
to vote for the election of a trustee in bankruptcy or similar person.

 

All rights of action and of asserting
claims under this Indenture, or under any of the Securities, may be enforced by the Trustee without the possession of any of the
Securities or the production thereof on any trial or other proceedings relative thereto, and any such action or proceedings instituted
by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment
of the expenses, liabilities incurred, disbursements and compensation of the Trustee, each predecessor Trustee and their respective
agents and attorneys, shall be for the ratable benefit of the holders of the Securities in respect of which such action was taken.

 

In any proceedings brought by the Trustee
(and also any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party)
the Trustee shall be held to represent all the holders of the Securities in respect to which such action was taken, and it shall
not be necessary to make any holders of such Securities parties to any such proceedings.

 

Section 4.03. Application of Proceeds.
Any moneys collected by the Trustee pursuant to this Article in respect of any series shall be applied in the following order at
the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal or interest, upon
presentation of the several Securities in respect of which monies have been collected and stamping (or otherwise noting) thereon
the payment, or issuing Securities of such series in reduced principal amounts in exchange for the presented Securities of like
series if only partially paid, or upon surrender thereof if fully paid:

 

FIRST: To the payment of costs and expenses applicable
to such series in respect of which monies have been collected, including reasonable compensation to the Trustee and each predecessor
Trustee and their respective agents and attorneys and of all expenses and liabilities incurred, and all advances made, by the Trustee
and each predecessor Trustee except as a result of negligence or bad faith, and all other amounts due to the Trustee or any predecessor
Trustee pursuant to Section 5.06;

 

SECOND: In case the principal of the Securities
of such series in respect of which moneys have been collected shall not have become and be then due and payable, to the payment
of interest on the Securities of such series in default in the order of the maturity of the installments of such interest, with
interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of interest at the
same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in such Securities,
such payments to be made ratably to the persons entitled thereto, without discrimination or preference;

 

THIRD: In case the principal of the Securities of
such series in respect of which moneys have been collected shall have become and shall be then due and payable, to the payment
of the whole amount then owing and unpaid upon all the Securities of such series for principal and interest, with interest upon
the overdue principal, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest
at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in
the Securities of such series; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid
upon the Securities of such series, then to the payment of such principal and interest or Yield to Maturity, without preference
or priority of principal over interest or Yield to Maturity, or of interest or Yield to Maturity over principal, or of any installment
of interest over any other installment of interest, or of any Security of such series over any other Security of such series, ratably
to the aggregate of such principal and accrued and unpaid interest or Yield to Maturity; and

 

FOURTH: To the payment of the remainder, if any,
to the Issuer or any other person lawfully entitled thereto.

 

Section 4.04. Suits for Enforcement.
In case an Event of Default has occurred, has not been waived and is continuing, the Trustee may in its discretion proceed to protect
and enforce the rights vested in it by this Indenture by such appropriate judicial

 

    	 

    	 

    

proceedings as the Trustee shall deem most effectual to protect
and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement
of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture or to
enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

 

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Section 4.05. Restoration of Rights
on Abandonment of Proceedings. In case the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then
and in every such case the Issuer and the Trustee shall be restored respectively to their former positions and rights hereunder,
and all rights, remedies and powers of the Issuer, the Trustee and the Securityholders shall continue as though no such proceedings
had been taken.

 

Section 4.06. Limitations on Suits
by Securityholders. No Holder of any Security of any series shall have any right by virtue or by availing of any provision
of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with
respect to this Indenture, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for
any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of default and of the
continuance thereof, as hereinbefore provided, and unless also the Holders of not less than 25% in aggregate principal amount of
the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action or proceedings
in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against
the costs, expenses and liabilities to be incurred therein or thereby and the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity shall have failed to institute any such action or proceeding and no direction inconsistent with
such written request shall have been given to the Trustee pursuant to Section 4.09; it being understood and intended, and being
expressly covenanted by the taker and Holder of every Security with every other taker and Holder and the Trustee, that no one or
more Holders of Securities of any series shall have any right in any manner whatever by virtue or by availing of any provision
of this Indenture to affect, disturb or prejudice the rights of any other such Holder of Securities, or to obtain or seek to obtain
priority over or preference to any other such Holder or to enforce any right under this Indenture, except in the manner herein
provided and for the equal, ratable and common benefit of all Holders of Securities of the applicable series. For the protection
and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief
as can be given either at law or in equity.

 

Section 4.07. Unconditional Right of
Securityholders to Institute Certain Suits. Notwithstanding any other provision in this Indenture and any provision of any
Security, the right of any Holder of any Security to receive payment of the principal of and interest on such Security on or after
the respective due dates expressed or provided for in such Security, or to institute 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 4.08. Powers and Remedies Cumulative;
Delay or Omission Not Waiver of Default. Except as provided in Sections 2.09 and 4.06, no right or remedy herein conferred
upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and every right
and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

No delay or omission of the Trustee or
of any Securityholder to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall
impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and,
subject to Section 4.06, every power and remedy given by this Indenture or by law to the Trustee or to the Securityholders may
be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.

 

Section 4.09. Control by Securityholders.
The Holders of a majority in aggregate principal amount of the Securities of each series affected (with each series voting as a
separate class) at the time Outstanding shall have the right to direct the time, method, and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to the Securities
of such series by this Indenture; provided that such direction shall not be otherwise than in accordance with law and the
provisions of this Indenture and provided further that (subject to the provisions of Section 5.01) the Trustee shall have
the right to decline to follow any such direction if the Trustee, being advised by counsel, shall determine that the action or
proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors, the executive committee
or a trust committee of directors or Responsible Officers of the Trustee shall determine that the action or proceedings so directed
would involve the Trustee in personal liability or if the Trustee in good faith shall so determine that the actions or forbearances
specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Securities of all series
so affected not joining in the giving of said direction, it being understood that (subject to Section 5.01) the Trustee shall have
no duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders.

 

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Nothing in this Indenture shall impair
the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such
direction or directions by Securityholders.

 

Section 4.10. Waiver of Past Defaults.
Prior to a declaration of the acceleration of the maturity of the Securities of any series as provided in Section 4.01, the Holders
of a majority in aggregate principal amount of the Securities of such series at the time Outstanding (each such series voting as
a separate class) may on behalf of the Holders of all the Securities of such series waive any past default or Event of Default
described in clause (d) or (g) of Section 4.01 which relates to less than all series of Securities then Outstanding, except a default
in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Holder affected as
provided in Section 7.02. Prior to a declaration of acceleration of the maturity of the Securities of any series as provided in
Section 4.01, the Holders of Securities of a majority in principal amount of all the Securities then Outstanding (voting as one
class) may on behalf of all Holders waive any past default or Event of Default referred to in said clause (d) or (g) which relates
to all series of Securities then Outstanding, or described in clause (e) or (f) of Section 4.01, except a default in respect of
a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Security affected
as provided in Section 7.02. In the case of any such waiver, the Issuer, the Trustee and the Holders of the Securities of each
series affected shall be restored to their former positions and rights hereunder, respectively.

 

Upon any such waiver, such default shall
cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed
to have been cured, and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any subsequent
or other default or Event of Default or impair any right consequent thereon.

 

Section 4.11. Trustee to Give Notice
of Default, But May Withhold in Certain Circumstances. The Trustee shall give to the Securityholders of any series, as the
names and addresses of such Holders appear on the registry books, notice by mail of all defaults known to the Trustee which have
occurred with respect to such series, such notice to be transmitted within 90 days after the occurrence thereof, unless such defaults
shall have been cured before the giving of such notice (the term “default” or “defaults”
for the purposes of this Section being hereby defined to mean any event or condition which is, or with notice or lapse of time
or both would become, an Event of Default); provided that, except in the case of default in the payment of the principal
of or interest on any of the Securities of such series, or in the payment of any sinking or purchase fund installment with respect
to the Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors or trustees and/or Responsible Officers of the Trustee in good faith
determines that the withholding of such notice is in the interests of the Securityholders of such series.

 

Section 4.12. Right of Court to Require
Filing of Undertaking to Pay Costs. All parties to this Indenture agree, and each Holder of any Security by his acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right
or remedy under this Indenture or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion
assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard
to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not
apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder or group of Securityholders of any series
holding in the aggregate more than 10% in aggregate principal amount of the Securities of such series, or, in the case of any suit
relating to or arising under clauses (d) or (g) of Section 4.01 (if the suit relates to Securities of more than one but less than
all series), 10% in aggregate principal amount of Securities Outstanding affected thereby, or in the case of any suit relating
to or arising under clauses (d) or (g) (if the suit relates to all the Securities then Outstanding), (e) or (f) of Section 4.01,
10% in aggregate principal amount of all Securities Outstanding, or to any suit instituted by any Securityholder for the enforcement
of the payment of the principal of or interest on any Security on or after the due date expressed in such Security.

 

ARTICLE 5 

CONCERNING THE TRUSTEE

 

Section 5.01. Duties and Responsibilities
of the Trustee; During Default; Prior to Default. With respect to the Holders of any series of Securities issued hereunder,
the Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a particular series and after the
curing or waiving of all Events of Default which may have occurred with respect to such series, undertakes to perform such duties
and only such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to the Securities
of a series has occurred (which has not been cured or waived) the Trustee shall with respect to such series of Securities exercise
such of the rights and powers vested in it by this Indenture, and use the same

 

    	 

    	 

    

degree of care and skill in their exercise, as a prudent man
would exercise or use under the circumstances in the conduct of his own affairs.

 

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

 

(a) prior to the occurrence of an Event
of Default with respect to the Securities of any series and after the curing or waiving of all such Events of Default with respect
to such series which may have occurred:

 

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

 

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

 

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

 

(c) the Trustee shall not be liable with
respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders pursuant
to Section 4.09 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture.

 

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

 

The provisions of this Section 5.01 are
in furtherance of and subject to Sections 315 and 316 of the Trust Indenture Act of 1939.

 

Section 5.02. Certain Rights of the
Trustee. In furtherance of and subject to the Trust Indenture Act of 1939, and subject to Section 5.01:

 

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

 

(b) any request, direction, order or demand
of the Issuer mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect
thereof be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy
thereof certified by the secretary or an assistant secretary of the Issuer;

 

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

 

(d) the Trustee shall be under no obligation
to exercise any of the trusts or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders
pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security
or indemnity against the costs, expenses and liabilities which might be incurred therein or thereby;

 

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

 

(f) prior to the occurrence of an Event
of Default hereunder and after the curing or waiving of all Events of Default, the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement,

 

    	 

    	 

    

instrument, opinion, report, notice, request, consent, order,
approval, appraisal, bond, debenture, note, coupon, security, or other paper or document unless requested in writing so to do by
the Holders of not less than a majority in aggregate principal amount of the Securities of all series affected then Outstanding;
provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be
incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably

 

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assured to the Trustee by the security afforded to it by the
terms of this Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a condition to proceeding;
the reasonable expenses of every such investigation shall be paid by the Issuer or, if paid by the Trustee or any predecessor trustee,
shall be repaid by the Issuer upon demand; and

 

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

 

Section 5.03. Trustee Not Responsible
for Recitals, Disposition of Securities or Application of Proceeds Thereof. The recitals contained herein and in the Securities,
except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee assumes
no responsibility for the correctness of the same. The Trustee makes no representation as to the validity or sufficiency of this
Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Issuer of any of the Securities
or of the proceeds thereof.

 

Section 5.04. Trustee and Agents May
Hold Securities, Etc. The Trustee or any agent of the Issuer or the Trustee, in its individual or any other capacity, may become
the owner or pledgee of Securities with the same rights it would have if it were not the Trustee or such agent and may otherwise
deal with the Issuer and receive, collect, hold and retain collections from the Issuer with the same rights it would have if it
were not the Trustee or such agent.

 

Section 5.05. Moneys Held by Trustee.
Subject to the provisions of Section 9.04 hereof, all moneys received by the Trustee shall, until used or applied as herein provided,
be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent
required by mandatory provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under any liability
for interest on any moneys received by it hereunder.

 

Section 5.06. Compensation and Indemnification
of Trustee and Its Prior Claim. The Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall
be entitled to, reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) and the Issuer covenants and agrees to pay or reimburse the Trustee and each predecessor Trustee upon
its request for all reasonable expenses, disbursements and advances incurred or made by or on behalf of it in accordance with any
of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and
of all agents and other persons not regularly in its employ) except to the extent any such expense, disbursement or advance may
arise from its negligence or bad faith. The Issuer also covenants to indemnify the Trustee and each predecessor Trustee for, and
to hold it harmless against, any loss, liability or expense arising out of or in connection with the acceptance or administration
of this Indenture or the trusts hereunder and the performance of its duties hereunder, including the costs and expenses of defending
itself against or investigating any claim of liability in the premises, except to the extent such loss, liability or expense is
due to the negligence or bad faith of the Trustee or such predecessor Trustee. The obligations of the Issuer under this Section
to compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the Trustee and each predecessor Trustee
for expenses, disbursements and advances shall constitute additional Indebtedness hereunder and shall survive the satisfaction
and discharge of this Indenture. Such additional Indebtedness shall be a senior claim to that of the Securities upon all property
and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular Securities,
and the Securities are hereby subordinated to such senior claim.

 

Section 5.07. Right of Trustee to Rely
on Officers’ Certificate, Etc. Subject to Sections 5.01 and 5.02, whenever in the administration of the trusts of this
Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering
or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may,
in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an
Officers’ Certificate delivered to the Trustee, and such certificate, in the absence of negligence or bad faith on the part
of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions of this
Indenture upon the faith thereof.

 

Section 5.08. Persons Eligible for
Appointment as Trustee. The Trustee for each series of Securities hereunder shall at all times be a corporation having a combined
capital and surplus of at least $50,000,000, and which is eligible in accordance with the provisions of Section 310(a) of the Trust
Indenture Act of 1939. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements
of a Federal, State or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published.

 

Section 5.09. Resignation and Removal;
Appointment of Successor Trustee. (a) The Trustee, or any trustee or trustees

 

    	 

    	 

    

hereafter appointed, may at any time resign with respect to
one or more or all series of Securities by giving written notice of resignation to the

 

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Issuer and by mailing notice thereof by first class mail to
Holders of the applicable series of Securities at their last addresses as they shall appear on the Security register. Upon receiving
such notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees with respect to the applicable series
by written instrument in duplicate, executed by authority of the Board of Directors, one copy of which instrument shall be delivered
to the resigning Trustee and one copy to the successor trustee or trustees. If no successor trustee shall have been so appointed
with respect to any series and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning
trustee may petition any court of competent jurisdiction for the appointment of a successor trustee, or any Securityholder who
has been a bona fide Holder of a Security or Securities of the applicable series for at least six months may, subject to the provisions
of Section 4.12, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor
trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

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

 

(i) the Trustee shall fail to comply with the provisions
of Section 310(b) of the Trust Indenture Act of 1939 with respect to any series of Securities after written request therefor by
the Issuer or by any Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six
months; or

 

(ii) the Trustee shall cease to be eligible in accordance
with the provisions of Section 310(a) of the Trust Indenture Act of 1939 and shall fail to resign after written request therefor
by the Issuer or by any Securityholder; or

 

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

 

then, in any such case, the Issuer may remove the Trustee with
respect to the applicable series of Securities and appoint a successor trustee for such series by written instrument, in duplicate,
executed by order of the Board of Directors of the Issuer, one copy of which instrument shall be delivered to the Trustee so removed
and one copy to the successor trustee, or, subject to Section 315(e) of the Trust Indenture Act of 1939, any Securityholder who
has been a bona fide Holder of a Security or Securities of such series for at least six months may on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a
successor trustee with respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe,
remove the Trustee and appoint a successor trustee.

 

(c) The Holders of a majority in aggregate
principal amount of the Securities of each series at the time Outstanding may at any time remove the Trustee with respect to Securities
of such series and appoint a successor trustee with respect to the Securities of such series by delivering to the Trustee so removed,
to the successor trustee so appointed and to the Issuer the evidence provided for in Section 6.01 of the action in that regard
taken by the Securityholders.

 

(d) Any resignation or removal of the
Trustee with respect to any series and any appointment of a successor trustee with respect to such series pursuant to any of the
provisions of this Section 5.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section
5.10.

 

Section 5.10. Acceptance of Appointment
by Successor Trustee. Any successor trustee appointed as provided in Section 5.09 shall execute and deliver to the Issuer and
to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the
predecessor trustee with respect to all or any applicable series shall become effective and such successor trustee, without any
further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series
of its predecessor hereunder, with like effect as if originally named as trustee for such series hereunder; but, nevertheless,
on the written request of the Issuer or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing
to act shall, subject to Section 9.04, pay over to the successor trustee all moneys at the time held by it hereunder and shall
execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties and obligations. Upon
request of any such successor trustee, the Issuer shall execute any and all instruments in writing for more fully and certainly
vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless,
retain a prior claim upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to
the provisions of Section 5.06.

 

If a successor trustee is appointed with
respect to the Securities of one or more (but not all) series, the Issuer, the predecessor Trustee and each successor trustee with
respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain
such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor
Trustee with respect to the Securities of any series as to which the

 

    	 

    	 

    

predecessor Trustee is not retiring shall continue to be vested
in the predecessor Trustee, and shall add to or change any of the provisions of this Indenture as

 

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shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust or trusts under separate
indentures.

 

Upon acceptance of appointment by any
successor trustee as provided in this Section 5.10, the Issuer shall mail notice thereof by first-class mail to the Holders of
Securities of any series for which such successor trustee is acting as trustee at their last addresses as they shall appear in
the Security register. If the acceptance of appointment is substantially contemporaneous with the resignation, then the notice
called for by the preceding sentence may be combined with the notice called for by Section 5.09. If the Issuer fails to mail such
notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice
to be mailed at the expense of the Issuer.

 

Section 5.11. Merger, Conversion, Consolidation
or Succession to Business of Trustee. Any corporation into which the Trustee may be merged or converted or with which it may
be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party,
or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of
the Trustee hereunder, provided that such corporation shall be eligible under the provisions of Section 5.08, without the
execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

 

In case at the time such successor to
the Trustee shall succeed to the trusts created by this Indenture any of the Securities of any series shall have been authenticated
but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and
deliver such Securities so authenticated; and, in case at that time any of the Securities of any series shall not have been authenticated,
any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of
the successor Trustee; and in all such cases such certificate shall have the full force which it is anywhere in the Securities
of such series or in this Indenture provided that the certificate of the Trustee shall have; provided, that the right to
adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities of any series in the name of any
predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.

 

Section 5.12. Preferential Collection
of Claims Against the Issuer. Reference is made to Section 311 of the Trust Indenture Act of 1939, as amended.

 

ARTICLE 6 

CONCERNING THE SECURITYHOLDERS

 

Section 6.01. Evidence of Action Taken
by Securityholders. Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all series may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by such specified percentage of Securityholders
in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee. Proof of execution of any instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 5.01 and 5.02) conclusive in favor
of the Trustee and the Issuer, if made in the manner provided in this Article.

 

Section 6.02. Proof of Execution of
Instruments and of Holding of Securities; Record Date. Subject to Sections 5.01 and 5.02, the execution of any instrument by
a Securityholder or his agent or proxy may be proved in accordance with such reasonable rules and regulations as may be prescribed
by the Trustee or in such manner as shall be reasonably satisfactory to the Trustee. The holding of Securities shall be proved
by the Security register or by a certificate of the registrar thereof. The Issuer may set a record date for purposes of determining
the identity of holders of Securities of any series entitled to vote or consent to any action referred to in Section 6.01 which
record date may be set at any time or from time to time by notice to the Trustee, for any date or dates (in the case of any adjournment
or reconsideration) not more than 60 days nor less than five days prior to the proposed date of such vote or consent, and thereafter,
notwithstanding any other provisions hereof, only holders of Securities of such series of record on such record date shall be entitled
to so vote or give such consent or revoke such vote or consent.

 

Section 6.03. Holders to Be Treated
as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person in whose name any
Security shall be registered upon the Security register for such series as the absolute owner of such Security (whether or not
such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving
payment of or on account of the principal of and, subject to the provisions

 

    	 

    	 

    

of this Indenture, interest on such Security and for all other
purposes; and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to
the contrary. All such payments so made to any such person, or upon his order, shall be valid, and, to the extent of the sum or
sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security.

 

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Section 6.04. Securities Owned by Issuer
Deemed Not Outstanding. In determining whether the Holders of the requisite aggregate principal amount of Outstanding Securities
of any or all series have concurred in any direction, consent or waiver under this Indenture, Securities which are owned by the
Issuer or any other obligor on the Securities or by any person directly or indirectly controlling or controlled by or under direct
or indirect common control with the Issuer or any other obligor on the Securities shall be disregarded and deemed not to be Outstanding
for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver only Securities which the Trustee knows are so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the reasonable
satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the
Issuer or any other obligor upon the Securities or any person directly or indirectly controlling or controlled by or under direct
or indirect common control with the Issuer or any other obligor on the Securities. In case of a dispute as to such right, the advice
of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon request
of the Trustee, the Issuer shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Securities,
if any, known by the Issuer to be owned or held by or for the account of any of the above-described persons; and, subject to Sections
5.01 and 5.02, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein
set forth and of the fact that all Securities not listed therein are Outstanding for the purpose of any such determination.

 

Section 6.05. Right of Revocation of
Action Taken. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 6.01, of the taking
of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case
may be, specified in this Indenture in connection with such action, any Holder of a Security the serial number of which is shown
by the evidence to be included among the serial numbers of the Securities the Holders of which have consented to such action may,
by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article, revoke such action
so far as concerns such Security. Except as aforesaid any such action taken by the Holder of any Security shall be conclusive and
binding upon such Holder and upon all future Holders and owners of such Security and of any Securities issued in exchange or substitution
therefor or on registration of transfer thereof, irrespective of whether or not any notation in regard thereto is made upon any
such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all
series, as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon the Issuer,
the Trustee and the Holders of all the Securities affected by such action.

 

ARTICLE 7 

SUPPLEMENTAL INDENTURES

 

Section 7.01. Supplemental Indentures
Without Consent of Securityholders. The Issuer, when authorized by a resolution of its Board of Directors (which resolution
may provide general terms or parameters for such action and may provide that the specific terms of such action may be determined
in accordance with or pursuant to an Issuer Order), and the Trustee may from time to time and at any time enter into an indenture
or indentures supplemental hereto for one or more of the following purposes:

 

(a) to convey, transfer, assign, mortgage
or pledge to the Trustee as security for the Securities of one or more series any property or assets;

 

(b) to evidence the succession of another
corporation to the Issuer, or successive successions, and the assumption by the successor corporation of the covenants, agreements
and obligations of the Issuer pursuant to Article 8;

 

(c) to add to the covenants of the Issuer
such further covenants, restrictions, conditions or provisions as its Board of Directors and the Trustee shall consider to be for
the protection of the Holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default in any
such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any
of the several remedies provided in this Indenture as herein set forth; provided, that in respect of any such additional
covenant, restriction, condition or provision 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 an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the
right of the Holders of a majority in aggregate principal amount of the Securities of such series to waive such an Event of Default;

 

(d) to cure any ambiguity or to correct
or supplement any provision contained herein or in any supplemental indenture, which may be defective or inconsistent with any
other provision contained herein or in any supplemental indenture; or to make

 

    	 

    	 

    

such other

 

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provisions in regard to matters or questions arising under this
Indenture or under any supplemental indenture as the Board of Directors may deem necessary or desirable; provided that no
such action shall adversely affect the interests of the Holders of the Securities in any material respect;

 

(e) to establish the form or terms of
Securities of any series as permitted by Sections 2.01 and 2.03; and

 

(f) to make provision with respect to
the conversion rights, if any, of Holders of Securities pursuant to the requirements of Article 14 hereof; and

 

(g) to evidence and provide for the acceptance
of appointment hereunder by a successor trustee with respect to the Securities of one or more series and to add to or change any
of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one trustee, pursuant to the requirements of Section 5.10.

 

The Trustee is hereby authorized to join
with the Issuer in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations
which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder,
but the Trustee shall not be obligated to enter into any such supplemental indenture which affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise.

 

Any supplemental indenture authorized
by the provisions of this Section may be executed without the consent of the Holders of any of the Securities at the time Outstanding,
notwithstanding any of the provisions of Section 7.02.

 

Section 7.02. Supplemental Indentures
With Consent of Securityholders. With the consent (evidenced as provided in Article 6) of the Holders of not less than a majority
in aggregate principal amount of the Securities at the time Outstanding of each series affected by such supplemental indenture,
the Issuer, when authorized by a resolution of its Board of Directors, and the Trustee may, from time to time and at any time,
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights
of the Holders of the Securities of each such series; provided, that no such supplemental indenture shall (a) extend the final
maturity of any Security, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest
thereon, or reduce any amount payable on redemption thereof or reduce the amount of the principal of an Original Issue Discount
Security that would be due and payable upon an acceleration of the maturity thereof pursuant to Section 4.01 or the amount thereof
provable in bankruptcy pursuant to Section 4.02, or impair or affect the right of any Securityholder to institute suit for the
payment thereof or, if the Securities provide therefor, any right of repayment at the option of the Securityholder without the
consent of the Holder of each Security so affected, or adversely affect the right to convert any Security as provided in Article
14 or modify the provisions of this Indenture with respect to the subordination of the Securities in a manner adverse to the Holders,
or (b) reduce the aforesaid percentage of Securities of any series, the consent of the Holders of which is required for any such
supplemental indenture, without the consent of the Holders of each Security so affected.

 

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

 

Upon the request of the Issuer, accompanied
by a copy of a resolution of the Board of Directors certified by the secretary or an assistant secretary of the Issuer authorizing
the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders
as aforesaid and other documents, if any, required by Section 6.01, the Trustee shall join with the Issuer in the execution of
such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental
indenture.

 

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

 

Promptly after the execution by the Issuer
and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Issuer shall mail a notice thereof
by first class mail to the Holders of Securities of each series affected thereby at their addresses as they shall appear on the
registry books of the Issuer, setting forth in general terms the substance of such supplemental indenture. Any failure of the Issuer
to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture.

 

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Section 7.03. Effect of Supplemental
Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and
be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties
and immunities under this Indenture of the Trustee, the Issuer and the Holders of Securities of each series affected thereby shall
thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all
the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.

 

Section 7.04. Documents to Be Given
to Trustee. The Trustee, subject to the provisions of Sections 5.01 and 5.02, may receive an Officers’ Certificate and
an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article 7 complies with
the applicable provisions of this Indenture.

 

Section 7.05. Notation on Securities
in Respect of Supplemental Indentures. Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to the provisions of this Article may bear a notation in form approved by the Trustee for such series as to
any matter provided for by such supplemental indenture. If the Issuer or the Trustee shall so determine, new Securities of any
series so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture
contained in any such supplemental indenture may be prepared by the Issuer, authenticated by the Trustee and delivered in exchange
for the Securities of such series then Outstanding.

 

Section 7.06. Subordination Unimpaired.
No supplemental indenture executed pursuant to this Article 7 shall adversely affect the rights of any holder of Senior Indebtedness
under Article 13 without the consent of such holder.

 

ARTICLE 8 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

 

Section 8.01. Issuer May Consolidate,
Etc. on Certain Terms. The Issuer covenants that it will not merge or consolidate with any other corporation or sell or convey
all or substantially all of its assets to any Person, unless (a) either the Issuer shall be the continuing corporation, or the
successor corporation or the Person which acquires by sale or conveyance substantially all the assets of the Issuer (if other than
the Issuer) shall be a corporation organized under the laws of the United States of America or any State thereof and shall expressly
assume the due and punctual payment of the principal of and interest on all the Securities, according to their tenor, and the due
and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed or observed by
the Issuer and shall have provided for conversion rights in accordance with Section 14.11, by supplemental indenture in form reasonably
satisfactory to the Trustee, executed and delivered to the Trustee by such corporation, and (b) the Issuer or such successor corporation,
as the case may be, shall not, immediately after such merger or consolidation, or such sale or conveyance, be in default in the
performance of any such covenant or condition of this Indenture.

 

Section 8.02. Successor Corporation
Substituted. In case of any such consolidation, merger, sale or conveyance, and following such an assumption by the successor
corporation, such successor corporation shall succeed to and be substituted for the Issuer, with the same effect as if it had been
named herein. Such successor corporation may cause to be signed, and may issue either in its own name or in the name of the Issuer
prior to such succession any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Issuer
and delivered to the Trustee; and, upon the order of such successor corporation instead of the Issuer and subject to all the terms,
conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which
previously shall have been signed and delivered by the officers of the Issuer to the Trustee for authentication, and any Securities
which such successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the
Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities theretofore
or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date
of the execution hereof.

 

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

 

In the event of any such sale or conveyance
(other than a conveyance by way of lease) the Issuer or any successor corporation which shall theretofore have become such in the
manner described in this Article shall be discharged from all obligations and covenants under this Indenture and the Securities
and may be liquidated and dissolved.

 

Section 8.03. Opinion of Counsel to
Trustee. The Trustee, subject to the provisions of Sections 5.01 and 5.02, may receive an Opinion of Counsel, prepared in accordance
with Section 10.05, as conclusive evidence that any such consolidation, merger, sale, lease or conveyance, and any such assumption,
and any such liquidation or dissolution, complies with the applicable

 

    	 

    	 

    

provisions of this Indenture.

 

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ARTICLE 9 

SATISFACTION AND DISCHARGE OF INDENTURE;
UNCLAIMED MONEYS

 

Section 9.01. Satisfaction and Discharge
of Indenture. If at any time (a) the Issuer shall have paid or caused to be paid the principal of and interest on all the Securities
of any series Outstanding hereunder (other than Securities of such series which have been destroyed, lost or stolen and which have
been replaced or paid as provided in Section 2.09) as and when the same shall have become due and payable, or (b) the Issuer shall
have delivered to the Trustee for cancellation all Securities of any series theretofore authenticated (other than any Securities
of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section
2.09) or (c) (i) all the Securities of such series not theretofore delivered to the Trustee for cancellation shall have become
due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one
year under arrangements reasonably satisfactory to the Trustee for the giving of notice of redemption, and (ii) the Issuer shall
have irrevocably deposited or caused to be deposited with the Trustee as trust funds the entire amount in cash (other than moneys
repaid by the Trustee or any paying agent to the Issuer in accordance with Section 9.04) or direct obligations of the United States
of America, backed by its full faith and credit (“U.S. Government Obligations”), maturing as to principal and
interest in such amounts and at such times as will insure the availability of cash sufficient (in case U.S. Government Obligations
have been so deposited, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee) to pay at maturity or upon redemption all Securities of such series (other than
any Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided
in Section 2.09) not theretofore delivered to the Trustee for cancellation, including principal and interest due or to become due
on or prior to such date of maturity as the case may be, and if, in any such case, the Issuer shall also pay or cause to be paid
all other sums payable hereunder by the Issuer with respect to Securities of such series, then this Indenture shall cease to be
of further effect with respect to Securities of such series (except as to (A) rights of registration of transfer and exchange and
conversion, if any, of Securities of such series, and the Issuer’s right of optional redemption, if any, (B) substitution
of mutilated, defaced, destroyed, lost or stolen Securities, (C) rights of holders to receive payments of principal thereof and
interest thereon, upon the original stated due dates therefor (but not upon acceleration) and remaining rights of the holders to
receive mandatory sinking fund payments, if any, (D) the rights, obligations and immunities of the Trustee hereunder, (E) the rights
of the Securityholders of such series as beneficiaries hereof with respect to the property so deposited with the Trustee payable
to all or any of them and (F) the obligations of the Issuer under Section 3.02), and the Trustee, on demand of the Issuer accompanied
by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Issuer, shall execute proper instruments
acknowledging such satisfaction of and discharging this Indenture with respect to such series; provided, that the rights
of Holders of the Securities to receive amounts in respect of principal of and interest on the Securities held by them shall not
be delayed longer than required by then-applicable mandatory rules or policies of any securities exchange upon which the Securities
are listed. The Issuer agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred and
to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Indenture
or the Securities of such series.

 

Section 9.02. Application by Trustee
of Funds Deposited for Payment of Securities. Subject to Section 9.04, all moneys deposited with the Trustee pursuant to Section
9.01 shall be held in trust and applied by it to the payment, either directly or through any paying agent (including the Issuer
acting as its own paying agent), to the Holders of the particular Securities of such series for the payment or redemption of which
such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such
money need not be segregated from other funds except to the extent required by law.

 

Section 9.03. Repayment of Moneys Held
by Paying Agent. In connection with the satisfaction and discharge of this Indenture or any defeasance under Article 12 with
respect to Securities of any series, all moneys then held by any paying agent under the provisions of this Indenture with respect
to such series of Securities shall, upon demand of the Issuer, be repaid to it or paid to the Trustee and thereupon such paying
agent shall be released from all further liability with respect to such moneys.

 

Section 9.04. Return of Moneys Held
by Trustee and Paying Agent Unclaimed for Two Years. Any moneys deposited with or paid to the Trustee or any paying agent for
the payment of the principal of or interest on any Security of any series and not applied but remaining unclaimed for two years
after the date upon which such principal or interest shall have become due and payable, shall, upon the written request of the
Issuer and unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid
to the Issuer by the Trustee for such series or such paying agent, and the Holder of the Security of such series shall, unless
otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look only
to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any

 

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paying agent with respect to such moneys shall 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 Issuer cause to be published once, in a newspaper published in the English language, customarily published on
each Business Day and of general circulation in the Borough of Manhattan, The City and State of New York, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication,
any unclaimed balance of such money then remaining will be repaid to the Issuer.

 

ARTICLE 10 

MISCELLANEOUS PROVISIONS

 

Section 10.01. Incorporators, Stockholders,
Officers and Directors of Issuer Exempt from Individual Liability. No recourse under or upon any obligation, covenant or agreement
contained in this Indenture, or in any Security, or because of any Indebtedness evidenced thereby, shall be had against any incorporator,
as such or against any past, present or future stockholder, officer or director, as such, of the Issuer or of any successor, either
directly or through the Issuer or any successor, under any rule of law, statute or constitutional provision or by the enforcement
of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released
by the acceptance of the Securities by the holders thereof and as part of the consideration for the issue of the Securities.

 

Section 10.02. Provisions of Indenture
for the Sole Benefit of Parties and Securityholders. Nothing in this Indenture or in the Securities, expressed or implied,
shall give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors and the
Holders of the Securities, any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision
herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of
the Holders of the Securities.

 

Section 10.03. Successors and Assigns
of Issuer Bound by Indenture. All the covenants, stipulations, promises and agreements in this Indenture contained by or in
behalf of the Issuer shall bind its successors and assigns, whether so expressed or not.

 

Section 10.04. Notices and Demands
on Issuer, Trustee and Securityholders. Any notice or demand which by any provision of this Indenture is required or permitted
to be given or served by the Trustee or by the Holders of Securities to or on the Issuer may be given or served by being deposited
postage prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until another address of the Issuer
is filed by the Issuer with the Trustee) to Pattern Energy Group Inc., Pier 1, Bay 3 San Francisco, CA 94111. Any notice, direction,
request or demand by the Issuer or any Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or
made, for all purposes if in writing and by being deposited postage prepaid, first-class mail (except as otherwise specifically
provided herein) addressed to the Corporate Trust Office, Attention: Corporate Trustee Administration Department.

 

Where this Indenture provides for notice
to Holders, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to each Holder entitled thereto, at his last address as it appears in the Security register. In any case where
notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders.

 

Where this Indenture provides for notice
in any manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

In case, by reason of the suspension of
or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer and Securityholders when such
notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be reasonably
satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice.

 

Section 10.05. Officers’ Certificates
and Opinions of Counsel; Statements to Be Contained Therein. Upon any application or demand by the Issuer to the Trustee to
take any action under any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officers’ Certificate
stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and
an Opinion of Counsel stating that in the opinion of such counsel all such conditions

 

    	 

    	 

    

precedent have been complied with, except that in the case of
any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture
relating to such particular application or demand, no additional certificate or opinion need be furnished.

 

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Each certificate or opinion provided for
in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture
(other than the certificate required by Section 3.05) shall include (a) a statement that the person making such certificate or
opinion has read such covenant or condition, (b) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based, (c) a statement that, in the opinion
of such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to
whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion of such
person, such condition or covenant has been complied with.

 

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

 

Any certificate, statement or opinion
of an officer of the Issuer or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion
of or representations by an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel, as the
case may be, knows that the certificate or opinion or representations with respect to the accounting matters upon which his certificate,
statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are
erroneous.

 

Any certificate or opinion of any independent
firm of public accountants filed with the Trustee shall contain a statement that such firm is independent.

 

Section 10.06. Payments Due on Saturdays,
Sundays and Holidays. If the date of maturity of interest on or principal of the Securities of any series or the date fixed
for redemption or repayment of any such Security shall not be a Business Day, then payment of interest or principal need not be
made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of
maturity or the date fixed for redemption or repayment, and no interest shall accrue on the payment so deferred for the period
after such date.

 

Section 10.07. Conflict of Any Provision
of Indenture with Trust Indenture Act of 1939. If and to the extent that any provision of this Indenture limits, qualifies
or conflicts with the duties imposed by or with another provision (an “incorporated provision”) included in
this Indenture by operation of Sections 310 to 318, inclusive, of the Trust Indenture Act of 1939, such imposed duties or incorporated
provision shall control.

 

Section 10.08. New York Law to Govern.
This Indenture and each Security shall be deemed to be a contract under the laws of the State of New York, and for all purposes
shall be construed in accordance with the laws of such State, except as may otherwise be required by mandatory provisions of law.

 

Section 10.09. Counterparts. This
Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together
constitute but one and the same instrument.

 

Section 10.10. Effect of Headings.
The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction
hereof.

 

Section 10.11. Separability Clause.
In case any provision of this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

ARTICLE 11 

REDEMPTION OF SECURITIES AND SINKING FUNDS

 

Section 11.01. Applicability of Article.
The provisions of this Article shall be applicable to the Securities of any series

 

    	 

    	 

    

which are redeemable before their maturity or to any sinking
fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 2.03 for Securities
of such series.

 

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Section 11.02. Notice of Redemption;
Partial Redemptions. Notice of redemption to the Holders of Securities of any series to be redeemed as a whole or in part at
the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, at least 30
days and not more than 60 days prior to the date fixed for redemption to such Holders of Securities of such series at their last
addresses as they shall appear upon the registry books. Any notice which is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or any defect
in the notice to the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity
of the proceedings for the redemption of any other Security of such series.

 

The notice of redemption to each such
Holder shall specify the principal amount of each Security of such series held by such Holder to be redeemed, the date fixed for
redemption, the redemption price, the place or places of payment, that payment will be made upon presentation and surrender of
such Securities, that such redemption is pursuant to the mandatory or optional sinking fund, or both, if such be the case, that
interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after said date interest
thereon or on the portions thereof to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part
only the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and
after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of such series in principal
amount equal to the unredeemed portion thereof will be issued.

 

The notice of redemption of Securities
of any series to be redeemed at the option of the Issuer shall be given by the Issuer or, at the Issuer’s request, by the
Trustee in the name and at the expense of the Issuer.

 

On or prior to the redemption date specified
in the notice of redemption given as provided in this Section, the Issuer will deposit with the Trustee or with one or more paying
agents (or, if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided in Section 3.04)
an amount of money sufficient to redeem on the redemption date all the Securities of such series so called for redemption at the
appropriate redemption price, together with accrued interest to the date fixed for redemption. If less than all the Outstanding
Securities of a series are to be redeemed, the Issuer will deliver to the Trustee at least 70 days prior to the date on which notice
of redemption is to be issued an Officers’ Certificate stating the aggregate principal amount of Securities to be redeemed.

 

If less than all the Securities of a series
are to be redeemed, the Trustee shall select, in such manner as it shall deem appropriate and fair, Securities of such Series to
be redeemed in whole or in part. Securities may be redeemed in part in multiples equal to the minimum authorized denomination for
Securities of such series or any multiple thereof. The Trustee shall promptly notify the Issuer in writing of the Securities of
such series selected for redemption and, in the case of any Securities of such series selected for partial redemption, the principal
amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating
to the redemption of Securities of any series shall relate, in the case of any Security redeemed or to be redeemed only in part,
to the portion of the principal amount of such Security which has been or is to be redeemed.

 

Section 11.03. Payment of Securities
Called for Redemption. If notice of redemption has been given as above provided, the Securities or portions of Securities specified
in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price,
together with interest accrued to the date fixed for redemption, and on and after said date (unless the Issuer shall default in
the payment of such Securities at the redemption price, together with interest accrued to said date) interest on the Securities
or portions of Securities so called for redemption shall cease to accrue and, except as provided in Sections 5.05 and 9.04, such
Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under this Indenture,
and the Holders thereof shall have no right in respect of such Securities except the right to receive the redemption price thereof
and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a place of payment specified
in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption
price, together with interest accrued thereon to the date fixed for redemption; provided that any semiannual payment of
interest becoming due on or prior to the date fixed for redemption shall be payable to the Holders of such Securities registered
as such on the relevant record date subject to the terms and provisions of Section 2.04 hereof.

 

If any Security called for redemption
shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest
from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security)
borne by the Security.

 

Upon presentation of any Security redeemed
in part only, the Issuer shall execute and the Trustee shall authenticate and deliver to or on the order of the Holder thereof,
at the expense of the Issuer, a new Security or Securities of such series, of authorized denominations, in principal amount equal
to the unredeemed portion of the Security so presented.

 

    	 

    	 

    

Section 11.04. Exclusion of Certain
Securities from Eligibility for Selection for Redemption. Securities shall be excluded from eligibility for selection for redemption
if they are identified by registration and certificate number in a written statement signed by an

 

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authorized officer of the Issuer and delivered to the Trustee
at least 40 days prior to the last date on which notice of redemption may be given as being owned of record and beneficially by,
and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such written statement directly
or indirectly controlling or controlled by or under direct or indirect common control with the Issuer.

 

Section 11.05. Mandatory and Optional
Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein
referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum amount provided
for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment”. The
date on which a sinking fund payment is to be made is herein referred to as the “sinking fund payment date”.

 

In lieu of making all or any part of any
mandatory sinking fund payment with respect to any series of Securities in cash, the Issuer may at its option (a) deliver to the
Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory
sinking fund) by the Issuer or receive credit for Securities of such series (not previously so credited) theretofore purchased
or otherwise acquired (except as aforesaid) by the Issuer and delivered to the Trustee for cancellation pursuant to Section 2.10,
(b) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this Section, (c) receive credit
for Securities of such series (not previously so credited) redeemed by the Issuer through any optional redemption provision contained
in the terms of such series or (d) which have been converted into Common Stock or otherwise acquired by the Issuer pursuant to
the terms of such Securities. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund
redemption price specified in such Securities.

 

On or before the sixtieth day next preceding
each sinking fund payment date for any series, the Issuer will deliver to the Trustee a written statement (which need not contain
the statements required by Section 10.05) signed by an authorized officer of the Issuer (a) specifying the portion of the mandatory
sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series,
(b) stating that none of the Securities of such series has theretofore been so credited, (c) stating that no defaults in the payment
of interest or Events of Default with respect to such series have occurred (which have not been waived or cured) and are continuing
and (d) stating whether or not the Issuer intends to exercise its right to make an optional sinking fund payment with respect to
such series and, if so, specifying the amount of such optional sinking fund payment which the Issuer intends to pay on or before
the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the
Trustee in order for the Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the
Trustee shall be delivered for cancellation pursuant to Section 2.10 to the Trustee with such written statement (or reasonably
promptly thereafter if acceptable to the Trustee). Such written statement shall be irrevocable and upon its receipt by the Trustee
the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or
before the next succeeding sinking fund payment date. Failure of the Issuer, on or before any such sixtieth day, to deliver such
written statement and Securities specified in this paragraph, if any, shall not constitute a default but shall constitute, on and
as of such date, the irrevocable election of the Issuer (i) that the mandatory sinking fund payment for such series due on the
next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of
such series in respect thereof and (ii) that the Issuer will make no optional sinking fund payment with respect to such series
as provided in this Section.

 

If the sinking fund payment or payments
(mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of
any preceding sinking fund payments made in cash shall exceed $50,000 (or a lesser sum if the Issuer shall so request) with respect
to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the
redemption of Securities of such series at the sinking fund redemption price together with accrued interest to the date fixed for
redemption. If such amount shall be $50,000 or less and the Issuer makes no such request then it shall be carried over until a
sum in excess of $50,000 is available. The Trustee shall select, in the manner provided in Section 11.02, for redemption on such
sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be,
and shall (if requested in writing by the Issuer) inform the Issuer of the serial numbers of the Securities of such series (or
portions thereof) so selected. The Trustee, in the name and at the expense of the Issuer (or the Issuer, if it shall so request
the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner
provided in Section 11.02 (and with the effect provided in Section 11.03) for the redemption of Securities of such series in part
at the option of the Issuer. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities
of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied
in accordance with the provisions of this Section. Any and all sinking fund moneys held on the stated maturity date of the Securities
of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular
Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment
of the principal of, and interest on, the Securities of such series at maturity.

 

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On or prior to each sinking fund payment
date, the Issuer shall pay to the Trustee in cash or shall otherwise provide for the payment of all interest accrued to the date
fixed for redemption on Securities to be redeemed on such sinking fund payment date.

 

The Trustee shall not redeem or cause
to be redeemed any Securities of a series with sinking fund moneys or mail any notice of redemption of Securities for such series
by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event
of Default except that, where the mailing of notice of redemption of any Securities shall theretofore have been made, the Trustee
shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Issuer a sum sufficient
for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event
of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or
Event of Default, be deemed to have been collected under Article 4 and held for the payment of all such Securities. In case such
Event of Default shall have been waived as provided in Section 4.10 or the default cured on or before the sixtieth day preceding
the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment
date in accordance with this Section to the redemption of such Securities.

 

ARTICLE 12 

DEFEASANCE

 

Section 12.01. Issuer’s Option
to Effect Defeasance. The Issuer may at its option, by Board Resolution, at any time, elect to defease the Issuer’s obligations
under the Outstanding Securities of any series and this Indenture in accordance with either Section 12.02 or Section 12.03 upon
compliance with the conditions set forth below in this Article 12. Notwithstanding any such election, the terms of the Securities
of such series shall remain in full force and effect.

 

Section 12.02. Defeasances and Discharge.
Upon the Issuer’s exercise of the option set forth in Section 12.01 applicable to this Section, and after the expiration
of the 90-day (or other) period referred to in clause (f)(ii) of Section 12.04, the Issuer shall be deemed to have been discharged
from its obligations with respect to the Outstanding Securities of such series on the date the conditions set forth below are satisfied
(hereinafter, “defeasance”). For this purpose, such defeasance means that the Issuer shall be deemed to have
paid and discharged the entire indebtedness represented by the Outstanding Securities of such series and to have satisfied all
its other obligations under the Securities of such series and this Indenture insofar as the Securities of such series are concerned
(and the Trustee, upon an Issuer Order and at the expense of the Issuer, shall execute proper instruments acknowledging the same),
except for the following which shall survive until otherwise terminated or discharged hereunder: (a) the rights of holders of Outstanding
Securities of such series to receive, solely from the trust fund described in Section 12.04 and as more fully set forth in such
Section, payments in respect of the principal of and interest on the Securities of such series when such payments are due, (b)
the Issuer’s obligations with respect to such Securities of such series under Sections 2.08, 2.09 and 3.02, (c) the rights,
powers, trusts, duties, and immunities of the Trustee hereunder, including but not limited to Article 5, (d) the Issuer’s
right of optional redemption, if any, (e) the rights of Holders to receive mandatory sinking fund payments, if any, and (f) this
Article 12. Subject to compliance with this Article 12, the Issuer may exercise its option under this Section 12.02 notwithstanding
the prior exercise of its option under Section 12.03 with respect to the Securities of such series.

 

Section 12.03. Covenant Defeasance.
Upon the Issuer’s exercise of the option set forth in Section 12.01 applicable to this Section, and after the expiration
of the 90-day (or other) period referred to in clause (f)(ii) of Section 12.04, the Issuer shall be released, on and after the
date the conditions set forth below are satisfied, from its obligations with respect to the Outstanding Securities of any series
under any covenants established with respect to such series pursuant to Section 2.02(n) (hereinafter, “covenant defeasance”).
For this purpose, such covenant defeasance means that, with respect to the Outstanding Securities of such series, the Issuer may
omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section,
whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in
any such Section to any other provision herein or in any other document, and such omission to comply shall not constitute a default
or Event of Default under Section 4.01(d), but, except as specified above, the remainder of this Indenture and the Securities of
such series shall be unaffected thereby.

 

Section 12.04. Conditions to Defeasance.
The following shall be the conditions to application of either Section 12.02 or Section 12.03 to the Outstanding Securities of
any series.

 

(a) The Issuer shall irrevocably have
deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of the

 

    	 

    	 

    

holders of Securities of such series (i) money in an amount,
or (ii) U.S. Government Obligations which through the scheduled payment of principal and interest, if any, in respect thereof in
accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii)
a combination thereof, sufficient, in each case, in the opinion of a nationally recognized firm of

 

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independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee to pay and discharge the principal
of and interest, if any, on the Outstanding Securities of such series on the stated maturity of such principal or interest or earlier
date of redemption.

 

(b) No Event of Default or event which
after notice or lapse of time or both would become an Event of Default with respect to the Securities of such series shall have
occurred and be continuing on the date of such deposit.

 

(c) Such defeasance or covenant defeasance
shall not cause the Trustee for the Securities of such series to have a conflicting interest as defined in Section 310(b) of the
Trust Indenture Act of 1939 with respect to any Securities of the Issuer.

 

(d) Such defeasance or covenant defeasance
shall be permitted by, and shall not result in breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Issuer is a party or by which it is bound.

 

(e) Such defeasance or covenant defeasance
shall not cause any Securities of such series then listed on any registered national securities exchange under the Securities Exchange
Act of 1934, as amended, to be delisted.

 

(f) In the case of an election under Section
12.02, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that the Issuer has received from, or there
has been published by, the Internal Revenue Service a ruling to the effect that, and based thereon such opinion shall confirm that,
(i) 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 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 defeasance had not occurred, and (ii) that after the passage of 90 days (or such other
period of time as then required by the non-insider preference provisions of any applicable federal bankruptcy laws) following the
deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar
laws affecting creditors’ rights generally, and (iii) that there would not occur any violation of the Investment Company
Act of 1940, as amended, on the part of the Issuer, the trust funds representing such deposit or the Trustee as a result of such
deposit and the related exercise of the Issuer’s election under this Article 12.

 

(g) In the case of an election under Section
12.03, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect 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. Such Opinion shall also cover the matters referred to in clauses (ii) and (iii)
of Section 12.04(f).

 

(h) The Issuer shall have delivered to
the Trustee an irrevocable Issuer Order to apply the monies so deposited towards payment of all indebtedness on the Securities
of such series at their stated maturity or earlier date of redemption, and an Officers’ Certificate and an Opinion of Counsel,
each stating that all conditions precedent provided for relating to either the defeasance under Section 12.02 or the covenant defeasance
under Section 12.03 (as the case may be) have been complied with.

 

Section 12.05. Deposited Money and
U.S. Government Obligations to Be Held in Trust; Reinstatement; Miscellaneous. Subject to the provisions of Section 9.04, all
money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 12.04 in
respect of the Outstanding Securities of any series shall 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
Issuer acting as its own paying agent), as the Trustee may determine, to the holders of Securities of such series, of all sums
due and to become due thereon in respect of principal and interest, if any, but such money need not be segregated from other funds
except to the extent required by law.

 

The Issuer shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant
to Section 9.01 or 12.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of the Outstanding Securities of such series.

 

If the Trustee is unable to apply any
money or U.S. Government Obligations in accordance with Section 9.01 or 12.04 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 Issuer’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 9.01 or 12.04; provided that if the Issuer has made any payment of principal
of or interest on any Securities of such series because of the reinstatement of its

 

    	 

    	 

    

obligations, the Issuer shall be subrogated to the rights of
the Holders of such Securities of such series to receive such payment from the money or U.S. Government Obligations held by the
Trustee.

 

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ARTICLE 13 

SUBORDINATION OF SECURITIES

 

Section 13.01. Securities Subordinate
to Senior Indebtedness. The Issuer covenants and agrees, and each Holder of a Security, by acceptance thereof, whether upon
original issue or upon transfer or assignment, likewise covenants and agrees, that, to the extent and in the manner hereinafter
set forth, the payment of the principal of and interest on each and all of the Securities is hereby expressly made subordinate
and subject in right of payment to the prior payment in full of all Senior Indebtedness.

 

Section 13.02. Payment Over of Proceeds
Upon Dissolution, Etc. of the Issuer. In the event of any insolvency or bankruptcy case or proceeding, or any receivership,
liquidation, reorganization or other similar case or proceeding in connection therewith, relative to the Issuer or to its creditors,
as such, or to its property, and in the event of any voluntary liquidation, dissolution or other winding up of the Issuer, whether
or not involving insolvency or bankruptcy, then the holders of Senior Indebtedness shall be entitled to receive payment in full
of all amounts due or to become due on or in respect of all Senior Indebtedness before the Holders of the Securities are entitled
to receive any payment on account of principal of or interest on the Securities, and to that end (but subject to the power of a
court of competent jurisdiction to make other equitable provision reflecting the rights conferred by the provisions of this Article
upon the Senior Indebtedness and the holders thereof with respect to the Securities and the Holders thereof by a lawful plan of
reorganization under applicable bankruptcy law) the holders of Senior Indebtedness shall be entitled to receive any payment or
distribution of any kind or character, whether in cash, property or securities, which may be payable or deliverable in any such
case or proceeding in respect of the Securities, except securities of the Issuer which are subordinate and subject in right of
payment to the prior payment in full of all Senior Indebtedness then outstanding.

 

In the event that, notwithstanding the
foregoing, the Trustee or the Holder of any Security shall have received any payment or distribution of any kind or character,
whether in cash, property or securities (other than as aforesaid), before all Senior Indebtedness is paid in full or payment thereof
provided for, and if such fact shall then have been made known to the Trustee or, as the case may be, such Holder, then and in
such event such payment or distribution shall be paid over or delivered forthwith to the trustee in bankruptcy, receiver, liquidating
trustee, custodian, agent or other Person making payment or distribution of assets or securities of the Issuer for application
to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay all Senior Indebtedness in full, after
giving effect to any concurrent payment or distribution to or for the holders Senior Indebtedness.

 

In the event that any Securities are declared
due and payable before their final maturity because of the occurrence of an Event of Default (under circumstances when the provisions
of the foregoing paragraph shall not be applicable), the holders of the Senior Indebtedness outstanding at the time such Securities
become due and payable because of such occurrence of an Event of Default shall be entitled to receive payment in full of all amounts
due or to become due or in respect of all Senior Indebtedness before the Holders of the Securities are entitled to receive any
payment on account of the principal of or interest on the Securities.

 

The consolidation of the Issuer with,
or the merger of the Issuer into, another corporation or the liquidation or dissolution of the Issuer following the conveyance
or transfer of its properties and assets substantially as an entirety to another corporation upon the terms and conditions set
forth in Article Eight shall not be deemed a dissolution, winding up, liquidation or reorganization for the purposes of this Section
if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions set
forth in Article Eight.

 

Nothing in this Article shall apply to
claims of, or payments to, the Trustee under or pursuant to Section 5.06.

 

Section 13.03. No Payment When Senior
Indebtedness in Default in Payment. (a) In the event and during the continuation of any default in the payment of principal
of or interest on any Senior Indebtedness beyond any applicable period of grace, unless and until such default in payment shall
have been cured or waived or shall have ceased to exist, or (b) in the event any judicial proceeding shall be pending with respect
to any such default in payment, then no payment of principal of or interest on the Securities shall be made by the Issuer; provided,
however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article Eleven
by means of Securities redeemed or acquired prior to such default in payment or by means of conversion Securities.

 

Section 13.04. Payment Permitted If
No Default. Nothing contained in this Article or elsewhere in this Indenture or in any of the Securities shall prevent (a)
the Issuer, at any time except during the pendency of any case or proceeding, or any dissolution or other winding up referred to
in Section 13.02 or under the other conditions described in Section 13.02 or the conditions described in Section 13.03 from making
payments at any time of principal of or interest on the Securities, or (b) the

 

    	 

    	 

    

application by the Trustee of any money deposited with it hereunder
to the payment of or on account of the principal of or interest on the Securities if, at the time of such application, the Trustee
did not have knowledge that such payment would have been prohibited by the provisions of this Article.

 

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Section 13.05. Subrogation to Rights
of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities
shall be subrogated (to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to
the provisions of this Article) to the rights of the holders of such Senior Indebtedness to receive payments or distributions from
the Issuer applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest on the Securities shall
be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness to which
the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article, and no payments over
pursuant to the provisions of this Article to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall,
as between the Issuer, its creditors other than holders of Senior Indebtedness, and the Holders of the Securities, be deemed to
be a payment or distribution by the Issuer to or on account of the Senior Indebtedness.

 

Section 13.06. Provisions Solely to
Define Relative Rights. The provisions of this Article are and are intended solely for the purpose of defining the relative
rights of the Holders of the Securities, on the one hand, and the holders of Senior Indebtedness, on the other hand. Nothing contained
in this Article or elsewhere in this Indenture or in the Securities is intended to or shall impair, as between the Issuer and the
Holders of the Securities, the obligation of the Issuer, which is absolute and unconditional, to pay to the Holders of the Securities
the principal of and interest on the Securities as and when the same shall become due and payable in accordance with their terms,
or is intended to or shall affect the relative rights against the Issuer of the Holders of the Securities and creditors of the
Issuer other than the holders of Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or the Holder of
any Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the
rights, if any, under this Article of the holders of Senior Indebtedness to receive cash, property or securities of the Issuer
otherwise payable or deliverable to the Trustee or such Holder.

 

Section 13.07. Trustee to Effectuate
Subordination. Each Holder of a Security by acceptance thereof, whether upon original issue or upon transfer or assignment,
authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination
provided in this Article and appoints the Trustee his attorney-in-fact for any and all such purposes.

 

Section 13.08. No Waiver of Subordination
Provisions. No right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided
shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Issuer or by any act or
failure to act, in good faith, by any such holder, or by any noncompliance by the Issuer with the terms, provisions and covenants
of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with.

 

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

 

Section 13.09. Notice to Trustee.
The Issuer shall give prompt written notice to the Trustee of any fact known to the Issuer which would prohibit the making of any
payment of money to or by the Trustee in respect of the Securities pursuant to the provisions of this Article. Notwithstanding
the provisions of this Article or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the
existence of any facts which would prohibit the making of any payment to or by the Trustee in respect of the Securities pursuant
to the provisions of this Article, unless and until a responsible officer of the Trustee shall have received at its Corporate Trust
Office written notice thereof from the Issuer or a holder or holders of Senior Indebtedness or from any trustee therefor; and,
prior to the receipt of any such written notice, the Trustee, subject to the provisions of Section 5.01, shall be entitled in all
respects to assume that no such facts exist.

 

Subject to the provisions of Section 5.01,
the Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself or herself to
be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a holder
of Senior Indebtedness or a trustee on behalf of any such holder. In the event that the Trustee determines in good faith that further
evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or
distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of
the Trustee as to the amount of Senior Indebtedness held by such Person, the

 

    	 

    	 

    

extent to which such Person is

 

36

 

    	 

    	 

    

 

entitled to participate in such payment or distribution and
any other facts pertinent to the rights of such Person under this Article, and if such evidence is not furnished, the Trustee may
defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment.

 

Section 13.10. Reliance on Certificate
of Liquidating Agent. Upon any payment or distribution referred to in this Article, the Trustee, subject to the provisions
of Section 5.01, and the Holders of the Securities shall be entitled to rely upon any order or decree entered by any court of competent
jurisdiction in which such insolvency, bankruptcy, receivership, liquidation reorganization, dissolution, winding up or similar
case or proceeding is pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee
for the benefit of creditors, agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders
of Securities, for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior
Indebtedness and other indebtedness of the Issuer, the amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article.

 

Section 13.11. Trustee Not Fiduciary
for Holders of Senior Indebtedness. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness.
The Trustee’s duties to holders of Senior Indebtedness are limited to those specifically set forth in this Indenture and
no implied covenants or obligations shall be read into this Indenture against the Trustee. The Trustee shall not be liable to any
such holders if it shall in good faith mistakenly pay over or distribute to Holders of Securities or to the Issuer or to any other
Person cash, property or securities to which any holders of Senior Indebtedness shall be entitled by virtue of this Article or
otherwise.

 

ARTICLE 14 

CONVERSION OF SECURITIES

 

Section 14.01. Applicability; Conversion
Privilege and Conversion Price. Securities of any series which are convertible into Common Stock shall be convertible in accordance
with their terms and (except as otherwise specified as contemplated by Section 2.03 for Securities of any series) in accordance
with this Article.

 

Subject to and upon compliance with the
provisions of this Article 14, at the option of the Holder thereof, any Security or any portion of the principal amount thereof
which is $1,000 or an integral multiple of $1,000 may be converted at the principal amount thereof, (or, with respect to Original
Issue Discount Securities, at the amount determined pursuant to Section 2.03), or of such portion thereof, into fully paid and
nonassessable shares (calculated as to each conversion to the nearest one-hundredth of a share) of Common Stock, at the Conversion
Price, determined as hereinafter provided, in effect at the time of conversion. Such conversion right shall expire at the close
of business on the date specified for Securities of such Series. In case a Security or portion thereof is called for redemption,
such conversion right in respect of the Security or portion so called shall expire at the close of business on the date fixed for
redemption, unless the Issuer defaults in making the payment due upon redemption.

 

The price at which shares of Common Stock
shall be delivered upon conversion (herein called the “Conversion Price”) shall be the price specified in relation
to Securities of such series pursuant to Section 2.03. The Conversion Price shall be adjusted in certain instances as provided
in paragraphs (a), (b), (c), (d) and (g) of Section 14.04.

 

Section 14.02. Exercise of Conversion
Privilege. In order to exercise the conversion privilege, the Holder of any Security to be converted shall surrender such Security,
together with the conversion notice duly executed, at any office or agency of the Issuer maintained for that purpose pursuant to
Section 3.02, accompanied by written notice to the Issuer at such office or agency that the Holder elects to convert such Security
or, if less than the entire principal amount thereof is to be converted, the portion thereof to be converted. Securities or portions
thereof surrendered for conversion during the period from the close of business on any regular record date next preceding any interest
payment date to the opening of business on such interest payment date shall (unless such Securities or portions thereof have been
called for redemption on a redemption date within such period) be accompanied by payment to the Issuer or its order, in New York
Clearing House funds or other funds acceptable to the Issuer, of an amount equal to the interest payable on such interest payment
date on the principal amount of Securities or portions thereof being surrendered for conversion. No payment or adjustment shall
be made upon any conversion on account of any interest accrued on the Securities surrendered for conversion or, except as provided
in Section 14.04, on account of any dividends on the Common Stock issued upon conversion.

 

Securities shall be deemed to have been
converted immediately prior to the close of business on the day of surrender of such Securities for conversion in accordance with
the foregoing provisions, and at such time the rights of the Holders of such Securities as Holders shall cease, and the Person
or Persons entitled to receive the Common Stock issuable upon conversion shall be treated for all purposes as the record holder
or holders of such Common Stock at such time. As promptly as practicable

 

    	 

    	 

    

on or after the conversion date, the Issuer shall issue and
shall deliver at such office or agency a certificate or certificates for the number of full shares of Common Stock issuable upon
conversion, together with payment in lieu of any fraction of a share, as provided in Section 14.03.

 

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In the case of any Security which is converted
in part only, upon such conversion the Issuer shall execute and the Trustee shall authenticate and deliver to the Holder thereof,
at the expense of the Issuer, a new Security or Securities of authorized denominations in aggregate principal amount equal to the
unconverted portion of the principal amount of such Security.

 

Section 14.03. Fractions of Shares.
No fractional shares of Common Stock shall be issued upon conversion of Securities. If more than one Security shall be surrendered
for conversion at one time by the same Holder, the number of full shares which shall be issuable upon conversion thereof shall
be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof) so surrendered. Instead
of any fractional share of Common Stock which would otherwise be issuable upon conversion of any Security or Securities (or specified
portions thereof), the Issuer shall pay a cash adjustment in respect of such fraction in an amount equal to the same fraction of
the market price (determined as provided in the last sentence of paragraph (f) of Section 14.04) at the close of business on the
day of conversion.

 

Section 14.04. Adjustment of Conversion
Price. (a) In case the Issuer shall pay or make a dividend or other distribution on any class of capital stock of the Issuer
in Common Stock, the Conversion Price in effect at the opening of business on the day following the date fixed for the determination
of stockholders entitled to receive such dividend or other distribution shall be reduced by multiplying such Conversion Price by
a fraction of which the numerator shall be the number of shares of Common Stock outstanding at the close of business on the date
fixed for such determination and the denominator shall be the sum of such number of shares and the total number of shares constituting
such dividend or other distribution, such reduction to become effective immediately after the opening of business on the day following
the date fixed for such determination. For the purposes of this paragraph (a), the number of shares of Common Stock at any time
outstanding shall not include shares held in the treasury of the Issuer but shall include shares issuable in respect of scrip certificates
issued in lieu of fractions of shares of Common Stock. The Issuer will not pay any dividend or make any distribution on shares
of Common Stock held in the treasury of the Issuer.

 

(b) In case the Issuer shall issue rights
or warrants to all holders of its Common Stock entitling them to subscribe for or purchase shares of Common Stock at a price per
share less than the market price (determined as provided in paragraph (f) of this Section) of the Common Stock on the date fixed
for the determination of stockholders entitled to receive such rights or warrants, the Conversion Price in effect at the opening
of business on the day following the date fixed for such determination shall be reduced by multiplying such Conversion Price by
a fraction of which the numerator shall be the number of shares of Common Stock outstanding at the close of business on the date
fixed for such determination plus the number of shares of Common Stock which the aggregate of the offering price of the total number
of shares of Common Stock so offered for subscription or purchase would purchase at such market price and the denominator shall
be the number of shares of Common Stock outstanding at the close of business on the date fixed for such determination plus the
number of shares of Common Stock so offered for subscription or purchase, such reduction to become effective immediately after
the opening of business on the day following the date fixed for such determination. For the purposes of this paragraph (b), the
number of shares of Common Stock at any time outstanding shall not include shares held in the treasury of the Issuer but shall
include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. The Issuer will
not issue any rights or warrants in respect of shares of Common Stock held in the treasury of the Issuer.

 

(c) In case outstanding shares of Common
Stock shall be subdivided into a greater number of shares of Common Stock, the Conversion Price in effect at the opening of business
on the day following the day upon which such subdivision becomes effective shall be proportionately reduced, and, conversely, in
case outstanding shares of Common Stock shall each be combined into a smaller number of shares of Common Stock, the Conversion
Price in effect at the opening of business on the day following the day upon which such combination becomes effective shall be
proportionately increased, such reduction or increase, as the case may be, to become effective immediately after the opening of
business on the day following the day upon which such subdivision or combination becomes effective.

 

(d) In case the Issuer shall, by dividend
or otherwise, distribute to all holders of its Common Stock evidences of its indebtedness or assets (including securities, but
excluding any rights or warrants referred to in paragraph (b) of this Section, any dividend or distribution paid in cash out of
the retained earnings of the Issuer and any dividend or distribution referred to in paragraph (a) of this Section), the Conversion
Price shall be adjusted so that the same shall equal the price determined by multiplying the Conversion Price in effect immediately
prior to the close of business on the date fixed for the determination of stockholders entitled to receive such distribution by
a fraction of which the numerator shall be the market price per share (determined as provided in paragraph (f) of this Section)
of the Common Stock on the date fixed for such determination, reduced by the then fair market value (as determined by the Board
of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Trustee) of the portion
of the assets or evidence of indebtedness so distributed applicable to one share of Common Stock and the denominator shall be such
market price per share of the Common Stock, such adjustment to become effective immediately prior to the opening of business on
the day following the date fixed for the

 

    	 

    	 

    

determination of stockholders entitled to receive such distribution.

 

38

 

    	 

    	 

    

 

(e) The reclassification of Common Stock
into securities including other than Common Stock (other than any reclassification upon a consolidation or merger to which Section
14.11 applies) shall be deemed to involve (a) a distribution of such securities other than Common Stock to all holders of Common
Stock (and the effective date of such reclassification shall be deemed to be “the date fixed for the determination of stockholders
entitled to receive such distribution” and “the date fixed for such determination”) within the meaning of paragraph
(d) of this Section, and (b) a subdivision or combination, as the case may be, of the number of shares of Common Stock outstanding
immediately prior to such reclassification into the number of shares of Common Stock outstanding immediately thereafter (and the
effective date of such reclassification shall be deemed to be “the day upon which such subdivision becomes effective”
or “the day upon which such combination becomes effective”, as the case may be, and “the day upon which such
subdivision or combination becomes effective” within the meaning of paragraph (c) of this Section).

 

(f) For the purpose of any computation
under paragraphs (b) and (d) of this Section, the market price on any date shall be deemed to be the average of the daily market
prices for the ten consecutive Business Days selected by the Issuer commencing not less than ten nor more than 80 Business Days
before the day in question. The closing price for each day shall be the last reported sales price regular way on the composite
tape or, in case no such reported sale takes place on such day, the average of the reported closing bid and asked prices regular
way, in either case on the New York Stock Exchange or, if the Common Stock is not listed or admitted to trading on such Exchange,
on the principal national securities exchange on which the Common Stock is listed or admitted to trading or, if not listed or admitted
to trading on any national securities exchange, the average of the closing bid and asked prices as furnished by any New York Stock
Exchange member firm selected from time to time by the Issuer for that purpose.

 

(g) The Issuer may make such reductions
in the Conversion Price, in addition to those required by paragraphs (a), (b), (c) and (d) of this Section, as it considers to
be advisable in order that any event treated for Federal income tax purposes as a dividend of stock or stock rights shall not be
taxable to the recipients.

 

Section 14.05. Notice of Adjustments
of Conversion Price. Whenever the Conversion Price is adjusted as herein provided:

 

(a) the Issuer shall compute the adjusted
Conversion Price in accordance with Section 14.04 and shall prepare a certificate signed by the Treasurer or an Assistant Treasurer,
the Controller or an Assistant Controller of the Issuer setting forth the adjusted Conversion Price and showing in reasonable detail
the facts upon which such adjustment is based, and such certificate shall forthwith be filed with the Trustee and at each office
or agency maintained for the purpose of conversion of Securities pursuant to Section 3.02; and

 

(b) a notice stating that the Conversion
Price has been adjusted and setting forth the adjusted Conversion Price shall forthwith be required, and as soon as practicable
after it is required, such notice shall be prepared by the Issuer, filed with the Trustee and mailed by the Issuer to all Holders
at their last addresses as they shall appear in the Security register.

 

Section 14.06. Notice of Certain Corporate
Action. In case:

 

(a) the Issuer shall declare a dividend
(or any other distribution) on Common Stock payable otherwise than in cash out of its retained earnings; or

 

(b) the Issuer shall authorize the granting
to the holders of Common Stock of rights or warrants to subscribe for or purchase any shares of capital stock of any class or of
any other rights; or

 

(c) of any reclassification of the Common
Stock (other than a subdivision or combination of its outstanding shares of Common Stock), or of any consolidation or merger to
which the Issuer is a party and for which approval of any stockholders of the Issuer is required, or of the sale or transfer of
all or substantially all of the assets of the Issuer; or

 

(d) of the voluntary or involuntary dissolution,
liquidation or winding up of the Issuer; then the Issuer shall cause to be filed with the Trustee and at each office or agency
maintained for the purpose of conversion of Securities pursuant to Section 3.02, and shall cause to be mailed to all Holders at
their last addresses as they shall appear in the Security register, at least 20 days (or ten days in any case specified in clause
(a) or (b) above) prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, rights or warrants, or, if a record is not to be taken,
the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution, rights or warrants are
to be determined, or (y) the date on which such reclassification, liquidation or winding up is expected to become effective, and
the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common
Stock for

 

39

 

    	 

    	 

    

 

securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, dissolution, liquidation or winding up. The failure to give notice required by this Section
or any defect therein shall not affect the legality or validity of any dividend, distribution, rights, warrants, reclassification,
consolidation, merger, sale, transfer, dissolution, liquidation or winding up, or the vote on any such action.

 

Section 14.07. Issuer to Reserve Common
Stock. The Issuer shall at all times reserve and keep available, free from pre-emptive rights, out of its authorized but unissued
Common Stock, for the purpose of effecting the conversion of Securities, the full number of shares of Common Stock then issuable
upon the conversion of all outstanding Securities.

 

Section 14.08. Taxes on Conversions.
The Issuer will pay any and all transfer taxes that may be payable in respect of the issue or delivery of shares of Common Stock
on conversion of Securities pursuant thereto. The Issuer shall not, however, be required to pay any tax which may be payable in
respect of any transfer involved in the issue and delivery of shares of Common Stock in a name other than that of the Holder of
the Security or Securities to be converted, and no such issue or delivery shall be made unless and until the Person requesting
such issue has paid to the Issuer the amount of any such tax, or has established to the satisfaction of the Issuer that such tax
has been paid.

 

Section 14.09. Covenant as to Common
Stock. The Issuer covenants that all shares of Common Stock which may be issued upon conversion of Securities will upon issue
be fully paid and nonassessable.

 

Section 14.10. Cancellation of Converted
Securities. All Securities delivered for conversion shall be delivered to the Trustee for cancellation and the Trustee shall
dispose of the same as provided in Section 2.10.

 

Section 14.11. Provisions in Case of
Consolidation, Merger or Sale of Assets. In case of any consolidation of the Issuer with, or merger of the Issuer into, any
other corporation, any merger of another corporation into the Issuer (other than a merger which does not result in any reclassification,
conversion, exchange or cancellation of outstanding shares of Common Stock of the Issuer) or any sale or transfer of all or substantially
all of the assets of the Issuer, the corporation formed by such consolidation or resulting from such merger or which acquires such
assets, as the case may be, shall execute and deliver to the Trustee a supplemental indenture providing that the Holder of each
Security then outstanding shall have the right thereafter, during the period such Security shall be convertible as specified in
Section 14.01, to convert such Security only into the kind and amount of securities, cash and other property receivable upon such
consolidation, merger, sale or transfer by a holder of the number of shares of Common Stock of the Issuer into which such Security
might have been converted immediately prior to such consolidation, merger, sale or transfer, assuming such holder of Common Stock
of the Issuer (a) is not a corporation with which the Issuer consolidated or into which the Issuer merged or which merged into
the Issuer or to which such sale or transfer was made, as the case may be (“constituent corporation”), or an
affiliate of a constituent corporation and (b) failed to exercise his rights of election, if any, as to the kind or amount of securities,
cash and other property receivable upon such consolidation, merger, sale or transfer (provided that if the kind or amount of securities,
cash and other property receivable upon such consolidation, merger, sale or transfer is not the same for each share of Common Stock
of the Issuer held immediately prior to such consolidation, merger, sale or transfer by others than a constituent corporation or
an affiliate thereof and in respect of which such rights of election shall not have been exercised (“non-electing share”),
then for the purpose of this Section the kind and amount of securities, cash and other property receivable upon such consolidation,
merger, sale or transfer by each non-electing share shall be deemed to be the kind and amount so receivable per share by a plurality
of the non-electing shares). Such supplemental indenture shall provide for adjustments which, for events subsequent to the effective
date of such supplemental indenture, shall be as nearly equivalent as may be practicable to the adjustments provided for in this
Article. The above provisions of this Section shall similarly apply to successive consolidations, mergers, sales or transfers.

 

[Signature page follows] 

 

40

 

    	 

    	 

    

 

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

 

	 	 	 
	PATTERN ENERGY GROUP INC.
	 	 
	By:	 	 
	 	 	Name:
	 	 	Title:
	 
	, as Trustee
	 	 
	By:	 	 
	 	 	Name:
	 	 	Title:

 

41Exhibit 10.1 

JOINT VENTURE AGREEMENT

THIS JOINT
VENTURE AGREEMENT (the "Agreement") is made this 15 day of March, 2017, by and between CromSat Corp., a Florida corporation
with offices at 1805 Ponce de Leon Blvd., Suite 500, Coral Gables, FL 33134, USA ("CromSat") and Cape Point Telekom,
S.A, de C.V. a Mexican Corporation with offices at Campos Eliseos 400, Colonia Chapultepec V Seccion, Delegacion Miguel Hidalgo,
CP 11560, Ciudad de Mexico ("Cape Point").

RECITALS

WHEREAS, CromSat
has subscribed a leasing agreement for the satellite capacity in Ka-Band of the Amazonas 5 over Mexico, with Hispasat Mexico, S.A.
de C.V. dated on September 24, 2013 ("Leasing Agreement"). Cromsat agreed with Hispasat to appoint a Mexican entity for
acquiring all the required permits and/or authorizations in force and full effect in order to sell this capacity under any commercial
model. The appointed Mexican entity is subject to comply with all the provisions of this Agreement, including but not limiting
to all the rights it shall have under this Joint Venture. As acquiring the required permits and/or authorizations in force and
full effect in order to sell this capacity under any commercial model, by itself or with the support of its American affiliates,
Cape Point Telekom, Inc and/or Cape Point Holdings, Inc, Cape Point shall have the rights derived from the Leasing Agreement. The
satellite will be available for CromSat once Hispasat signs the definitive orbit acceptance and has finished running the protocol
testing. The capacity leased will be hired by Cromsat until the end of the Amazonas 5 useful life estimated in 15 years since the
satellite enter into service or 20 years since the subscription of the Leasing Agreement, whatever happens first. CromSat is contributing
all of the benefits and rights from the Leasing Agreement to this Joint Venture. CromSat through its affiliates, subsidiaries or
any third party appointed by Cromsat, will continue to receive approvals, permits, and other authorizations to develop the Property
and assets in Mexico; and

WHEREAS, Cape
Point provides the management in connection with the business of this Joint Venture and will develop the sales and marketing of
the Ka-Band access. Furthermore, Cape Point will contribute to this Joint Venture with: (i) 8,000,000 shares of Series B Preferred
Stock of Cape Point Holdings, Inc., a Florida corporation, which has a market and stated value equal to $40,000,000 USD, (ii) all
the agreements that have been or will be subscribed with different telecommunications entities in order to sell the capacity acquired
by Cromsat under the Leasing Agreement (the "Project's Agreements"), a (iii) all the Project's Agreements incomes and/or
collection rights. Solely Cromsat under this Joint Venture has the right to use, substitute, give and/or provide any of Cape Point
aforementioned contributions (individually or jointly) as guarantees to any third parties, including but not limited to the Fideicomiso
given guarantee substitution in accordance with the Leasing Agreement ; and

NOW,
THEREFORE, in consideration of the mutual promises, covenants and other agreements set forth herein, CromSat and Cape Point hereby
agree as follows:

NOW, THEREFORE,
in consideration of the mutual covenants herein contained, the Parties agree as follows:

1.                 
FORMATION. CromSat and Cape Point form a joint venture (the "Joint Venture") solely
for the term and purposes and in accordance with the provisions of this Agreement. The Joint Venture will operate as Cape Point
Telekom, S.A. de C.V. a Mexican Corporation.

2.                 
PURPOSE. CromSat and Cape Point intend to develop and sell subscriptions, equipment, and bandwidth
to clients throughout Mexico and Central America in accordance with the Cape Point Holdings, Inc.
business plan. Neither Cape Point nor its affiliated companies will be liable for any obligations, responsibilities, or debt derived
from the project or incurred by CromSat.

    	 

    	 

    

 

3.                 
POWERS. The Joint Venture shall have all powers reasonably necessary or incidental to carrying
out its purpose, including, but not limited to all powers now or hereafter conferred by the laws of the State of Florida concerning
partnerships, and shall do any and all things related or incidental to its business as fully as natural persons might or could
do under the laws of Florida.

4.                 
OFFICE. The principal office of the Joint Venture will be at Campos Eliseos 400, Colonia Chapultepec
V Secci6m, Delegacion Miguel Hidalgo, CP 11560, Mexico, Ciudad de Mexico. 

5.                 
CONTRIBUTIONS. CromSat shall contribute the following capital to the Joint Venture: All of
its rights and privileges as detailed in the Leasing Agreement. 

(a)               
All of its rights and privileges as detailed in the Leasing Agreement.

(b)              
Furthermore, all liability to Hispasat will be held exclusively by CromSat and not the Joint
Venture, Cape Point or its affiliates unless the option detailed in Section 5(c) is exercised by Cape Point. 

(c)               
Cape Point has the exclusive option to assume the liability for the Leasing Agreement and
receive an assignment of the Leasing Agreement from CromSat by giving written notice to CromSat, and receiving acceptance and acknowledgment
from Hispasat in accordance with the Leasing Agreement. 

Cape Point will contribute
to this Joint Venture with 8,000,000 shares of Series B Preferred Stock of Cape Point Holdings, Inc., a Florida corporation, which
has a market and stated value equal to $40,000,000 USD so that Cromsat make use it and/or provide it as a guarantee in accordance
with the Leasing Agreement requirements to Hispasat or any third party.

Cape Point will contribute
to this Joint Venture with all the collection rights derived from the agreements signed with other entities for the commercialization
of the capacity provided under the Leasing Agreement to Cromsat; so that Cromsat make use and/or provide any of the collection
rights as guarantee in accordance with the Leasing Agreement requirements, to Hispasat or any third party.

6.                 
PROPERTY. Except as agreed in writing, all property owned by the Joint Venture whether real
or personal, tangible or intangible, shall be deemed to be owned by the Joint Venture and neither Cape Point or its affiliates
shall have any title, ownership, or other intellectual property right or license under this Agreement. 

7.                 
REQUIREMENTS TO CONDUCT BUSINESS. Cape Point and their affiliates will execute and file all
certificates, and take all other action, that may be required to conduct business in the Republic of Mexico. 

8.                 
TERM. The term of this Agreement will commence as of the date hereof and will end on the earlier
of December 31, 2037, or 

8.1.           
such other date mutually agreed upon by CromSat and Cape Point;

8.2.           
adjudication of either CromSat and Cape Point as bankrupt, its filing of a
voluntary petition in bankruptcy, the filing of any petition against it under any federal or state bankruptcy law,
or its filing of a petition or answer seeking the appointment of a receiver of its assets or an arrangement with creditors under
any such laws; 

    	 

    	 

    

 

8.3.           
in case there is any satellite launch failure or any other breach caused by
Hispasat and Cromsat has made all its reasonable efforts to remedy the aforementioned defaults; in this case the Parties shall
not be responsible for any liability derived therefrom in relation with this Agreement. 

 

8.4.           
breach by either CromSat and Cape Point or of any material covenant under this Agreement (subject
to the provisions of Paragraph 9, below). 

 

9.                 
NOTICE AND CURE OF A MATERIAL BREACH. If there is a material breach of this Agreement, the
party intending to terminate must give the defaulting party 30 days' written notice thereof, detailing the particular action or
condition that is claimed to constitute a material breach. The defaulting party may cure the breach during this period or take
steps to cure, and if cured, or if the steps taken to cure the breach will do so within a reasonable period if diligently prosecuted,
then this Agreement will not terminate. 

 

10.             
REPRESENTATIONS. CromSat and Cape Point represent to the others as follows: 

 

10.1.       
CromSat and Cape Point are corporations, duly organized, validly existing, and in good standing
under the laws of the State of Florida and Mexico with all requisite corporate power, authority, and legal right to own its property
and conduct its business as now conducted and as contemplated under this Agreement. 

 

10.2.       
Each is duly qualified to do business in each jurisdiction in which the nature of its properties
or its business requires such qualification and in which the failure to so qualify would materially adversely affect its business
or financial condition. 

 

10.3.       
The execution, delivery, and performance by each party to this Agreement and the performance
by each party of its obligations hereunder (i) are within their respective power and authority; (ii) have been duly authorized
by all necessary action on the part of their respective governing bodies; (iii) will not contravene any provision of law or regulation,
or any writ or decree of any court or governmental instrumentality or their respective articles, bylaws, or other organizational
documents or other agreement of either, or any other agreement, instrument, or undertaking binding upon either or any of their
respective assets; and (iv) will not contravene any agreements with any of lenders or investors of either. 

 

10.4.       
This Agreement has been duly executed and delivered by each party and constitutes the valid,
legal, and binding obligation of each party, enforceable in accordance with its terms. 

 

10.5.       
No approval or consent of, or filing with, any governmental authority is required to be obtained
or effected by either party in connection with its execution, delivery, and performance of this Agreement. 

 

10.6.       
There is no pending or, to my knowledge, threatened action, suit or proceeding or investigation
before any court, board of arbitration or arbitrator, governmental body, agency, instrumentality, or official against or affecting
either party, the outcome of which, if adversely determined, would have a material adverse effect on its business or assets or
could adversely impair the ability of either party to fully perform its obligations under this Agreement. 

    	 

    	 

    

 

10.7.       
Neither party is a party to any agreement or instrument or subject to any
restriction having a materially adverse effect on its business, operations, property, assets, or condition, financial or other,
or its ability to perform its obligations under this Agreement or any agreement or instrument thereunder and is not in default
in the performance, observance, or fulfillment of the material obligations, covenants, or
agreements contained in any agreement or instrument or by which any of its property or assets is bound. 

 

10.8.       
Neither party is in default under any applicable order, writ, injunction, or decree of any
court, governmental department, board, or agency, or instrumentality of any arbitrator. 

 

10.9.       
Each party has obtained or shall obtain in respect of this Agreement and the transactions
contemplated hereby, on or prior to the date hereof, all governmental permissions, rights, licenses, and permits, if any, to carry
out the transactions contemplated thereby. Neither party has received notice of any violation of any applicable law, regulation,
order, or requirement which would have a materially adverse effect on its business or on the transactions contemplated by this
Agreement, and which has not been complied with or corrected in all material respects. 

 

11.             
CONTRIBUTIONS. 

 

11.1.       
CromSat and Cape Point have each made the contributions to the capital of the Joint Venture
as set forth herein. Except as agreed in writing by the parties, neither CromSat Nor Cape Point shall have any obligation to make
any further contributions to the Joint Venture. 

 

11.2.       
No interest shall accrue on any contributions made to the Joint Venture by CromSat and Cape
Point, and neither Party shall have the right to withdraw or to be repaid any contribution. 

 

12.             
INTERESTS, FEES, PROFITS, AND LOSSES. Cape Point shall have a 90 percent equity interest in
the Joint Venture and in the profits and is chargeable with such percentage of the losses of the Joint Venture. CromSat shall have
a 10 percent equity interest in the Joint Venture and in the profits and are chargeable with such percentage of the losses of the
Joint Venture. 

 

13.             
MANAGEMENT. 

 

13.1.       
CPT will designate a manager (the "Manager") of the Joint Venture. 

 

13.2.       
Subject to the provisions of subsection 04 below, the Manager will have full power and authority
to conduct and manage the business of the Joint Venture and to undertake and implement, on behalf of the Joint Venture the following:

 

		13.2.1.	oversight over scouting for various business opportunities, assigning
employees or independent contractors to various duties and developing 

 

		13.2.2.	responsibility for day-to-day operations; and 

 

		13.2.3.	the outsourcing of research, development, and advisory activities
to third parties. 

 

13.3.       
Subject to the provisions below, the Manager will have full power and authority to implement
all Joint Decisions (as defined below) approved by CromSat and Cape Point. 

 

    	 

    	 

    

 

13.4.       
None of the following matters ("Joint Decisions") may be undertaken by or on behalf
of the Joint Venture, and no expenditures or obligations may be incurred in connection therewith, without the prior consent or
approval of both CromSat and Cape Point: 

 

		13.4.1.	the application for or prosecution of any rights relating to intellectual
property held or used by the Joint Venture; 

 

		13.4.2.	the marketing of the Joint Venture; 

 

		13.4.3.	the issuance of press releases or information statements; 

 

13.5.       
The Manager, on behalf of the Joint Venture, shall diligently and in good faith manage the
Joint Venture and implement or cause to be implemented any Joint Decisions, and otherwise conduct the business of the Joint Venture
in accordance with this Agreement. The Manager will devote such time and attention to the business of the Joint Venture as is reasonably
necessary to accomplish the purposes of the Joint Venture. 

 

13.6.       
Cape Point will collect all sums payable to the Joint Venture and will distribute such amounts,
after expenses of the Joint Venture, to the parties in accordance with their respective interests in the Joint Venture. 

 

13.7.       
Cape Point will maintain complete and accurate current books of account for the Joint Venture.
Such books of account must be kept in accordance with generally accepted accounting principles and practices. Cape Point and CromSat
shall at all reasonable times have access to, and may inspect and make copies of, such books of account and all other books and
records of the Joint Venture and the Manager. At the request of either party, an audit of the accounts of the Joint Venture will
be annually made by independent certified public accountants selected by Cape Point and CromSat, and their report is to be furnished
to all parties. 

 

13.8.       
Within thirty days after the close of each fiscal year, the Manager will cause to be prepared
by the Joint Venture's independent certified public accountants and furnished to both parties the following: 

 

		13.8.1.	A balance sheet of the Joint Venture as of the end of the fiscal
year and a related statement of income or loss for the Joint Venture for such fiscal year that, if requested by either party shall
be certified by such accountants. 

 

		13.8.2.	A statement setting forth in reasonable detail each party's share
of the income or loss of the Joint Venture for such fiscal year. 

 

		13.8.3.	Such other information as may be reasonably necessary in order to
enable the parties to prepare their tax returns. 

 

14.             
BANK ACCOUNTS. All sums received and all other funds of the Joint Venture will be deposited
in bank accounts approved by all the parties to this Agreement, and withdrawals from such accounts
may be made upon the signature of the Manager. 

 

15.             
TRANSFERS OF INTEREST IN THE JOINT VENTURE. Cape Point Telekom may, without the prior written
consent of the other party, sell, assign, or transfer in any way, or mortgage, hypothecate, or otherwise encumber either of their
respective interests in the Joint Venture. 

    	 

    	 

    

 

16.             
INDEMNIFICATION. Cromsat shall be liable, responsible or accountable in damages for any act
or omission by Cape Point Telekom performed pursuant to the authority granted to such party by this Agreement, or in accordance
with its provisions; provided, however, that such act or omission did not constitute fraud, willful misconduct or gross
negligence. 

 

17.             
LIQUIDATION. 

 

17.1.       
Upon the termination of this Agreement, all assets of the Joint Venture must be liquidated
as quickly as practicable, but in a manner that minimizes losses occurring in such liquidation. 

 

17.2.       
The proceeds of the liquidation are to be applied in the following order of priority: 

 

		17.2.1.	payment of the expenses of the liquidation; 

 

		17.2.2.	payment to Cape Point according to each of their equity in the Joint
Venture as detailed in this Joint Venture Agreement; and 

 

The payments of all
other debts and obligations of the Joint Venture, and the creation of a reserve for any contingent liabilities of the Joint Venture
will be in Cromsat's own expense;

 

18.             
INTEGRATION: GOVERNING LAW. This Agreement merges and supersedes all prior Agreements between
the parties hereto, and shall be governed by, and construed in accordance with, the law of Florida. 

 

19.             
SURVIVAL. All the representations and covenants contained in this Agreement will survive the
termination of this Agreement. 

 

20.             
AMENDMENTS. No modification, amendment, or waiver of any provision of this Agreement, or consent
to any departure by either party therefrom, shall in any event be effective unless the same shall be in writing and signed by the
other party. 

 

21.             
SEVERABILITY. In case any one or more of the provisions contained in this Agreement should
be invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions contained
herein and therein shall not in any way be affected or impaired thereby. 

 

22.             
COUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which shall
constitute an original, but all of which, when taken together, shall constitute but one instrument.

    	 

    	 

    

IN WITNESS WHEREOF, the
parties have executed this Joint Venture Agreement to be effective the date first written above.

CromSat Corp., a Florida Corporation

 

 

_______________________________________

Name: Arturo Villalobos

Title: Counsel

Cape Point Telekom

Sociedad Anonima de Capital Variable

By: ____________________________________

Name: Citlalli Morales 

Title: Attorney

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