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Exhibit 10.25 

SECOND AMENDMENT TO FIFTH AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT
THIS SECOND AMENDMENT TO FIFTH AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT (this “Amendment”), dated as of December 24, 2021 (the “Effective Date”), is made by and among PARLEX 2 FINANCE, LLC, a Delaware limited liability company (“Parlex 2”), PARLEX 2A FINCO, LLC, a Delaware limited liability company (“Parlex 2A”), PARLEX 2 UK FINCO, LLC, a Delaware limited liability company (“Parlex 2 UK”), PARLEX 2 EUR FINCO, LLC, a Delaware limited liability company (“Parlex 2 EUR”), PARLEX 2 AU FINCO, LLC, a Delaware limited liability company (“Parlex 2 AU”), PARLEX 2 CAD FINCO, LLC, a Delaware limited liability company (“Parlex 2 CAD”), WISPAR 5 FINCO, LLC, a Delaware limited liability company (“Wispar 5”, and together with Parlex 2, Parlex 2A, Parlex 2 UK, Parlex 2 EUR, Parlex 2 AU, Parlex 2 CAD and any other Person when such Person joins as a Seller hereunder from time to time, individually and/or collectively as the context may require, “Seller”), BLACKSTONE MORTGAGE TRUST, INC., a Maryland corporation (“Guarantor”) (for the purpose of acknowledging and agreeing to the provision set forth in Section 3 hereof), and CITIBANK, N.A., a national banking association (“Buyer”).
W I T N E S E T H:
WHEREAS, Seller and Buyer have entered into that certain Fifth Amended and Restated Master Repurchase Agreement, dated as of April 16, 2021, as amended by that certain First Amendment to Fifth Amended and Restated Master Repurchase Agreement, dated as of August 26, 2021 (as the same may be further amended, supplemented, extended, restated, replaced or otherwise modified from time to time, the “Repurchase Agreement”);
WHEREAS, all capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Repurchase Agreement;
WHEREAS, Seller and Buyer desire to modify certain terms and provisions of the Repurchase Agreement as set forth herein.
NOW, THEREFORE, in consideration of ten dollars ($10) and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, Seller and Buyer covenant and agree as follows as of the Effective Date:
1.Modification of Repurchase Agreement. The Repurchase Agreement is hereby modified as of the Effective Date as follows:
(a)The following defined terms set forth in Article 2 and any references thereto in the Repurchase Agreement are hereby deleted in their entirety: “Compounded SOFR”, “Corresponding Tenor”, “Early Opt-in Election” and “Term SOFR Transition Event”.
(b)The following definitions in Section 2 of the Repurchase Agreement are hereby deleted in their entirety and the following corresponding definitions are substituted therefor:
“Benchmark” shall mean, (a) for any LIBOR Based Transaction, initially, LIBOR, (b) for any EURIBOR Based Transaction, initially, EURIBOR, (c) for any BBSY Rate Based Transaction, initially, the BBSY Rate, (d) for any CDOR Rate Based Transaction, initially, the CDOR Rate, (e) for any SOFR Based Transaction for which the Applicable SOFR designated on the related Confirmation is the SOFR Average, initially, the SOFR Average and (f) for any SOFR Based Transaction for which the Applicable SOFR designated on the related Confirmation is Term SOFR, initially, Term SOFR; 

provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark or with respect to any Transaction, as applicable, then “Benchmark” shall mean, with respect to such then-current Benchmark or with respect to any applicable Transaction, as applicable, the related Benchmark Replacement. Notwithstanding the foregoing, if any setting of any Benchmark as provided above would result in such Benchmark setting being less than the applicable Benchmark Floor, such setting of such Benchmark shall instead be deemed to be such Benchmark Floor.
“Benchmark Floor” shall mean the greater of (a) 0.00% and (b) such higher amount as may be specified with respect to any Transaction in the related Confirmation.
“Benchmark Replacement” shall mean, with respect to any replacement of any then-current Benchmark under the terms of this Agreement, the sum of (a) the alternate benchmark rate that has been selected by Buyer giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for such Benchmark for U.S. dollar-denominated commercial mortgage loan repurchase facilities or other similar agreements at such time and (b) the Benchmark Replacement Adjustment; provided, that such Unadjusted Benchmark Replacement is consistent with the benchmark rate selected by Buyer in its other commercial mortgage loan repurchase facilities with similarly situated counterparties and wherein Buyer has a similar contractual right; provided, further, that in connection with the replacement of LIBOR or another Benchmark pursuant to Article 3(g)(i), such Unadjusted Benchmark Replacement shall be Term SOFR (so long as no Benchmark Transition Event and Benchmark Replacement Date has occurred with respect to such rate), as determined by Buyer in its sole discretion. Notwithstanding the foregoing, if any setting of the Benchmark Replacement as provided above would result in such Benchmark Replacement setting being less than the applicable Benchmark Floor, such setting of the Benchmark Replacement shall instead be deemed to be such Benchmark Floor.
“Benchmark Replacement Adjustment” shall mean, with respect to any replacement of any then-current Benchmark under the terms of this Agreement, the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected by Buyer giving due consideration to, but in no event greater than the spread adjustment or method for calculation in effect under, (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated commercial mortgage loan repurchase facilities at such time; provided, that such Benchmark Replacement Adjustment is consistent with the spread adjustment or method for calculating or determining such spread adjustment selected by Buyer for replacement of such Benchmark with the related Unadjusted Benchmark Replacement in its other commercial mortgage loan repurchase facilities with similarly situated counterparties and wherein Buyer has a similar contractual right.
“Benchmark Replacement Conforming Changes” shall mean, with respect to any Benchmark or Benchmark Replacement, any technical, administrative or operational changes (including, without limitation, changes to the definitions of “LIBOR”, “LIBOR 
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Based Transaction”, “EURIBOR”, “EURIBOR Based Transaction”, “BBSY Rate”, BBSY Rate Transaction”, “CDOR Rate”, “CDOR Rate Transaction”, “Pricing Rate Period”, “Pricing Rate Determination Date”, “Reference Time”, “SOFR Average”, “SOFR Based Transaction”, “Term SOFR” and any similar defined term in this Agreement, provisions with respect to timing and frequency of determining rates and making payments of interest or price differential, timing of transaction requests, future advance requests, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, the formula for calculating any benchmark rate (including, without limitation, LIBOR, EURIBOR, BBSY Rate, CDOR Rate, SOFR, the SOFR Average and Term SOFR), the formula, methodology or convention for applying the successor Benchmark Floor to any benchmark rate (including, without limitation, LIBOR, EURIBOR, BBSY Rate, CDOR Rate, SOFR, the SOFR Average and Term SOFR) and other technical, administrative or operational matters) that Buyer decides may be appropriate to reflect the adoption and implementation of such Benchmark or Benchmark Replacement, as applicable, and to permit the administration thereof by Buyer in a manner substantially consistent with market practice (or, if Buyer decides that adoption of any portion of such market practice is not administratively feasible or if Buyer determines that no market practice for the administration of such Benchmark or Benchmark Replacement, as applicable, exists, in such other manner of administration as Buyer decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents).
“Benchmark Replacement Date” shall mean the earliest to occur of the following events with respect to the then-current Benchmark:
(1)in the case of clause (1) or (2) of the definition of “Benchmark Transition Event”, the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide such Benchmark (or such component thereof); or
(2)in the case of clause (3) of the definition of “Benchmark Transition Event”, the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative or to be non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; provided, that such non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such clause (3) even if such Benchmark (or such component thereof) continues to be provided on such date.
For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.
“Benchmark Transition Event” shall mean, with respect to any applicable Benchmark, the occurrence of one or more of the following events with respect to such Benchmark:
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(1)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof);
(2)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component thereof); or
(3)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or such component thereof) is not, or as of a specified future date will not be, representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.
“Business Day” shall mean a day other than (i) a Saturday or Sunday or (ii) a day on which the New York Stock Exchange or Federal Reserve Bank of New York is authorized or obligated by law or executive order to be closed and a day on which commercial banks in the States of New York, Pennsylvania, Kansas or Minnesota or in London, England, Sydney, Australia, Toronto, Canada, or, as it relates to a specific Foreign Purchased Loan, the relevant non-U.S. jurisdiction in which the Mortgaged Property securing the related Foreign Purchased Loan is located or the laws of which otherwise govern the Purchased Loan Documents relating to the subject Foreign Purchased Loan (or as otherwise designated in the Purchased Loan Documents relating to the subject Foreign Purchased Loan and stated in the related Confirmation) are authorized or obligated by law or executive order to be closed. When used with respect to a Pricing Rate Determination Date, “Business Day” shall mean (x) any day other than a Saturday, a Sunday or a day on which banks in London, England, Sydney, Australia or Toronto, Canada, as applicable, are closed for dealing in foreign currency and exchange and (y) from and after the Foreign Purchased Loan (GBP) Transition Date, in relation to:
(i)    any date for payment or purchase of an amount relating to a Foreign Purchased Loan (GBP); 
(ii)    the determination of the first day or the last day of a Pricing Rate Period for a Foreign Purchased Loan (GBP), or otherwise in relation to the determination of the length of such a Pricing Rate Period; or
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(iii)    the Lookback Period for a Foreign Purchased Loan (GBP), 
a day which is an Additional Business Day relating to that Purchased Loan.
“Pricing Rate” shall mean (A) with respect to any Purchased Loan other than a Foreign Purchased Loan (GBP) for any Pricing Rate Period, an annual rate equal to the sum of (i) the Benchmark (or, (a) if the Benchmark is LIBOR, the LIBO Rate, and (b) if the Benchmark is EURIBOR, the EURIBO Rate) plus (ii) the Applicable Spread, in each case, for the applicable Pricing Rate Period for the related Purchased Loan and (B) with respect to any Foreign Purchased Loan (GBP) and any related Pricing Rate Period, the rate determined in accordance with Section 3(g)(2) or Section 3(g)(3), as applicable. The Pricing Rate shall be subject to adjustment and/or conversion as provided in Section 3(g) of this Agreement.
“Pricing Rate Determination Date” shall mean with respect to any Pricing Rate Period with respect to any Transaction: (w) except as otherwise provided in the immediately following clauses (x), (y) and (z), the second (2nd) Business Day preceding the first day of such Pricing Rate Period; (x) in the case of any SOFR Based Transaction, the second (2nd) U.S. Government Securities Business Day preceding the first day of such Pricing Rate Period; (y) in the case of a Foreign Purchased Loan (AU) only, the first day of such Pricing Rate Period; or (z) in the case of a Foreign Purchased Loan (GBP) and a Pricing Rate Period commencing on or after the Foreign Purchased Loan (GBP) Transition Date, the fifth (5th) Business Day preceding the end of such Pricing Rate Period.
“Reference Time” shall mean, with respect to any setting of the then-current Benchmark for each Pricing Rate Period, (1) if such Benchmark is LIBOR or EURIBOR, 11:00 a.m. (London time) on the Pricing Rate Determination Date, (2) if such Benchmark is the BBSY Rate, 10:30 a.m. (Sydney time), (3) if such Benchmark is the CDOR Rate, 10:00 a.m. (Toronto time), (4) if such Benchmark is the SOFR Average or Term SOFR, 5:00 p.m. (New York city) time on the Pricing Rate Determination Date, and (5) if the Benchmark is not LIBOR, EURIBOR, the BBSY Rate, the CDOR Rate, the SOFR Average or Term SOFR, the time on the Pricing Rate Determination Date determined by Buyer in its reasonable discretion.
“SOFR” shall mean the secured overnight financing rate as administered by the SOFR Administrator.
“Term SOFR” shall mean, the forward-looking term rate based on SOFR with a tenor of one month (the “Term SOFR Reference Rate”) which, with respect to the setting of such rate with respect to each Pricing Rate Period, shall be the Term SOFR Reference Rate (expressed as a percentage per annum and rounded upward, if necessary, to the next nearest 1/1000 of 1%) published by the Term SOFR Administrator as of the related Reference Time; provided, however, that if, as of the such Reference Time, the Term SOFR Reference Rate has not been published by the Term SOFR Administrator then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to the related 
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SOFR Based Pricing Rate Determination Date. Notwithstanding the foregoing, if any setting of Term SOFR as provided above would result in such setting being less than the applicable Benchmark Floor, such setting of Term SOFR shall instead be deemed to be such Benchmark Floor.
“Term SOFR Administrator” shall mean CME Group Benchmark Administration Limited (CBA), or a successor administrator of the Term SOFR Reference Rate selected by Buyer in its reasonable discretion.
(c)The following defined terms are hereby added to Section 2 of the Repurchase Agreement in their appropriate alphabetical location as follows:
“Additional Business Day” shall mean any day specified as such in the Reference Rate Terms.
“Applicable SOFR” shall mean, with respect to each SOFR Based Transaction, either the SOFR Average or Term SOFR, as applicable, as designated in the related Confirmation.
“Baseline CAS” means, in relation to a Foreign Purchased Loan (GBP), any rate which is either:
(i)    specified as such in the applicable Reference Rate Terms; or
(ii)    determined by Buyer in accordance with the methodology specified in the applicable Reference Rate Terms.
“BBSY Rate Based Transaction” shall mean any Transaction for which the Benchmark is designated as BBSY Rate in the related Confirmation.
“Benchmark Unavailability Period” shall mean, with respect to any Benchmark other than, after the Foreign Purchased Loan (GBP) Transition Date, LIBOR in respect of any Foreign Purchased Loan (GBP), the period (if any) during which Buyer determines that (a) adequate and reasonable means do not exist for ascertaining such Benchmark (including, without limitation, if the Benchmark (or the published component used in the calculation thereof) cannot be determined in accordance with the definition thereof) or (b) it is unlawful to accrue Purchase Price Differential based on such Benchmark or to otherwise use such Benchmark to determine the applicable Purchase Price Differential due for any Pricing Rate Period.
“Break Costs” has the meaning given to that term in the applicable Reference Rate Terms.
“CDOR Rate Based Transaction” shall mean any Transaction for which the Benchmark is designated as CDOR Rate in the related Confirmation.
“Central Bank Rate” has the meaning given to that term in the applicable Reference Rate Terms.
“Central Bank Rate Adjustment” has the meaning given to that term in the applicable Reference Rate Terms.
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“Compounded Reference Rate” shall mean, in relation to any RFR Banking Day during the Pricing Rate Period of a Foreign Purchased Loan (GBP), the percentage rate per annum which is the aggregate of:
(i)    the Daily Non-Cumulative Compounded RFR Rate for that RFR Banking Day; and
(ii)    the applicable Baseline CAS.
“Daily Non-Cumulative Compounded RFR Rate” shall mean, in relation to any RFR Banking Day during a Pricing Rate Period for a Foreign Purchased Loan (GBP), the percentage rate per annum determined by the Buyer in accordance with the methodology set out in Exhibit XV.
“EURIBOR Rate Based Transaction” shall mean any Transaction for which the Benchmark is designated as EURIBOR Rate in the related Confirmation. 
“Foreign Purchased Loan (GBP) Transition Date” shall mean October, 25 2021.
“LIBOR Based Transaction” shall mean any Transaction for which the Benchmark is designated as LIBOR in the related Confirmation. 
“Lookback Period” means the number of days specified as such in the applicable Reference Rate Terms.
“Market Disruption Rate” shall mean the rate (if any) specified as such in the applicable Reference Rate Terms.
“Published Rate” shall mean the applicable RFR.
“Published Rate Contingency Period” means the period specified as such in the applicable Reference Rate Terms.
“Published Rate Replacement Event” means, in relation to a Published Rate:
(a)    the methodology, formula or other means of determining that Published Rate has, in the opinion of Buyer and Seller, materially changed;
(b)    (i)    (A)    the administrator of that Published Rate or its supervisor publicly announces that such administrator is insolvent; or
(B)    information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Published Rate is insolvent,
provided that, in each case, at that time, there is no successor administrator to continue to provide that Published Rate;
(ii)    the administrator of that Published Rate publicly announces that it has ceased or will cease to provide that Published Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Published Rate;
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(iii)    the supervisor of the administrator of that Published Rate publicly announces that such Published Rate has been or will be permanently or indefinitely discontinued; or
(iv)    the administrator of that Published Rate or its supervisor announces that that Published Rate may no longer be used; or
(c)    the administrator of that Published Rate (or the administrator of an interest rate which is a constituent element of that Published Rate) determines that that Published Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either:
(i)    the circumstance(s) or event(s) leading to such determination are not (in the opinion of Buyer and Seller) temporary; or
(ii)    that Published Rate is calculated in accordance with any such policy or arrangement for a period no less than the period specified as the “Published Rate Contingency Period” in the Reference Rate Terms relating to that Published Rate; or
(d)    in the opinion of Buyer and Seller, that Published Rate is otherwise no longer appropriate for the purposes of calculating Price Differential under this Agreement.
“Rate Election Notice” shall mean the written notice of the election by Buyer, in its sole discretion, to declare that a “Benchmark Transition Event” shall occur, which Rate Election Notice shall designate the affected Benchmark, the applicable Benchmark Replacement Date and the Benchmark Replacement.
“Reference Rate Terms” shall mean with respect to any Foreign Purchased Loan (GBP), in relation to (a) a Pricing Rate Period for that Foreign Purchased Loan (GBP); or (b) any term of this Agreement relating to the determination of a Pricing Rate or rate of interest in relation to such Foreign Purchased Loan (GBP), the terms set out in Exhibit XIV.
“Relevant Nominating Body” shall mean any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.
“Replacement Reference Rate” shall mean a reference rate which is: 
(a)formally designated, nominated or recommended as the replacement for a Published Rate by: 
(i)the administrator of that Published Rate (provided that the market or economic reality that such reference rate measures is the same as that measured by that Published Rate); or
(ii)any Relevant Nominating Body, 
and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the “Replacement Reference Rate” will be the replacement under paragraph (ii) above; 
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(b)in the opinion of the Buyer and the Sellers, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor to a Published Rate; or
(c)in the opinion of the Buyer and the Sellers, an appropriate successor to a Published Rate.
“RFR” means the rate specified as such in the applicable Reference Rate Terms.
“RFR Banking Day” means any day specified as such in the applicable Reference Rate Terms.
“SOFR Average” shall mean the compounded average of SOFR over a rolling calendar day period of thirty (30) days (“30-Day SOFR Average”) which, with respect to the setting of such rate with respect to each Pricing Rate Period, shall be the 30-Day SOFR Average (expressed as a percentage per annum and rounded upward, if necessary, to the next nearest 1/1000 of 1%) published by the SOFR Administrator on the SOFR Administrator’s Website for the related Reference Time; provided, however, that if, as of such Reference Time, the 30-Day SOFR Average has not been published on the SOFR Administrator’s Website, the SOFR Average for such setting will be 30-Day SOFR Average as published on the SOFR Administrator’s Website for the first preceding U.S. Government Securities Business Day for which such 30-Day SOFR Average was published on the SOFR Administrator’s Website so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to the related SOFR Based Pricing Rate Determination Date. Notwithstanding the foregoing, if any setting of the SOFR Average as provided above would result in such setting being less than the applicable Benchmark Floor, such setting of the SOFR Average shall instead be deemed to be such Benchmark Floor.
“SOFR Based Pricing Rate Determination Date” shall mean, (a) in the case of the first Pricing Rate Period for any Purchased Asset, two (2) U.S. Government Securities Business Days prior to the related Purchase Date for such Purchased Asset, and (b) in the case of each subsequent Pricing Period, two (2) U.S. Government Securities Business Days preceding the first day of such Pricing Rate Period.
“SOFR Based Transaction” shall mean any Transaction for which the Benchmark (or the published component used in the calculation thereof) designated in the related Transaction (or as a result of the occurrence of a Benchmark Transition Event, and the related Benchmark Replacement Date) is either the SOFR Average or Term SOFR.
“U.S. Government Securities Business Day” shall mean any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association, or any successor thereto, recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.
(d)Subparagraph (b) of the definition of “LIBOR” shall be deleted in its entirety and replaced with the following: 
(b)    With respect to each Pricing Rate Period related to any Foreign Purchased Loan (GBP) prior to the Foreign Purchased Loan (GBP) Transition Date, the London interbank offered rate administered by ICE Benchmark Administration Limited (or any person which takes over the administration of that rate) for deposits in Pounds Sterling 
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for a three month period that appears page LIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters as of 11:00 a.m., London time, on the related Pricing Rate Determination Date (the “LIBOR Screen Rate”). If the LIBOR Screen Rate ceases to be available, Buyer may specify another page or service displaying the relevant rate after consultation with Seller. If the LIBOR Screen Rate is unavailable, Buyer shall request the principal London office of the Reference Banks to provide (i) if the Reference Bank is a contributor to the LIBOR Screen Rate and it consists of a single figure, the rate applied to the relevant Reference Bank and Pounds Sterling in amounts not less than the Repurchase Price of the applicable Transaction for a three-month period, or (ii) in any other case, the rate at which the relevant Reference Bank could fund itself in Pounds Sterling for amounts of not less than the Repurchase Price of the applicable Transaction for a three-month period with reference to the unsecured wholesale funding market as of 11:00 a.m., Brussels time, on the related Pricing Rate Determination Date.
(e)Subparagraph (b) of Section 3 shall be deleted in its entirety and replaced with the following:
(b)    Upon agreeing to enter into a Transaction hereunder, provided each of the Transaction Conditions Precedent shall have been satisfied (or waived by Buyer), Buyer shall promptly deliver to Seller a written confirmation in the form of Exhibit I attached hereto of each Transaction (a “Confirmation”). Such Confirmation shall describe the Purchased Loan, shall identify Buyer and Seller, and shall set forth:
(i)    the Purchase Date,
(ii)    the Purchase Price Percentage, Maximum Purchase Price Percentage, the initial Purchase Price and the Maximum Purchase Price for such Purchased Loan (which initial Purchase Price and the Maximum Purchase Price shall be expressed and payable in the same Applicable Currency as the related Purchased Loan),
(iii)    the Repurchase Date,
(iv)    the Pricing Rate (including the Applicable Spread), 
(v)    the Margin Percentage,
(vi)    the LTV (Purchase Price) and Maximum LTV (Purchase Price),
(vii)    the LTV (Loan UPB) and LTV (Aggregate Loan UPB) (if applicable),
(viii)    the Funding Fee, any additional conditions precedent to the availability of Margin Excess (Future Funding) and the type of funding (i.e. table funded/non-table funded),
(ix)    the Applicable Currency (which shall be the same Applicable Currency as the related Purchased Loan),
(x)    the applicable Purchase Date Spot Rates, and 
(xi)    any additional reasonable terms or conditions not inconsistent with this Agreement and mutually agreed upon by Buyer and Seller.
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With respect to any Transaction other than a Transaction relating to a Foreign Purchased Loan (GBP), the Pricing Rate shall be determined initially on the Pricing Rate Determination Date applicable to the first Pricing Rate Period for such Transaction, and shall be reset on each subsequent Pricing Rate Determination Date for the next succeeding Pricing Rate Period for such Transaction. Buyer or its agent shall determine in accordance with the terms of this Agreement the Pricing Rate on each Pricing Rate Determination Date for the related Pricing Rate Period and notify Seller of such rate for such period on such subsequent Pricing Rate Determination Date. With respect to any Transaction relating to a Foreign Purchased Loan (GBP), the Pricing Rate shall be determined in accordance with Section 3(g)(2) or 3(g)(3), as applicable. The Purchase Price for each Transaction shall be funded in the Applicable Currency denominated in the applicable Confirmation. For purposes of this Section 3(b), the “Transaction Conditions Precedent” shall be deemed to have been satisfied with respect to any proposed Transaction if:
(A)    no monetary or material non-monetary Default or Event of Default under this Agreement shall have occurred and be continuing as of the Purchase Date for such proposed Transaction;
(B)    subject to any exceptions reasonably approved by Buyer, the representations and warranties made by Seller in any of the Transaction Documents shall be true and correct in all material respects as of the Purchase Date for such Transaction, before and after giving effect to such Transaction, as though made on such Purchase Date (except to the extent such representations and warranties are made as of a particular date);
(C)    Buyer shall have received from Seller all corporate and governmental approvals, legal opinions of counsel to Seller and Guarantor (including, without limitation, as to authority, enforceability, perfection under the UCC and, with respect to any Foreign Purchased Loan, the equivalent Requirements of Law under the relevant non-U.S. jurisdiction, bankruptcy safe harbor and the Investment Company Act of 1940) and closing documentation as Buyer may reasonably request pursuant to this Agreement (including, with respect to any Foreign Purchased Loan, a Foreign Assignment Agreement and such other closing documentation necessary to transfer such Foreign Purchased Loan to Buyer and perfect the security interest therein granted by Seller in favor of Buyer in the relevant non-U.S. jurisdiction);
(D)    Seller shall have paid to Buyer (x) the Funding Fee then due and payable with respect to such Transaction pursuant to the Fee Agreement and (y) Buyer’s out-of-pocket costs and expenses pursuant to Section 30(d) of this Agreement (which amounts referred to in the preceding sub-clauses (D)(x) and (D)(y) may be paid through a holdback to the Purchase Price);
(E)    Buyer shall have (A) determined, in accordance with the applicable provisions of Section 3(a) of this Agreement, that the assets proposed to be sold to Buyer by Seller in such Transaction are Eligible Loans and (B) obtained internal credit approval for the inclusion of such Eligible Loan as a Purchased Loan in a Transaction; 
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(F)    Buyer shall have determined that no event has occurred which is reasonably likely to result in a Material Adverse Effect; and
(G)    as of the applicable Purchase Date, each of the applicable Concentration Limits is satisfied (unless waived by Buyer).
(f)Subparagraph (g) of Section 3 shall be deleted in its entirety and replaced with the following:
(g)    Effect of a Benchmark Transition Event and Foreign Purchased Loan (GBP) Transition Date.
(1)    (i)    Benchmark Replacement. Notwithstanding anything to the contrary in this Agreement or in any other Transaction Document, if a Benchmark Transition Event, and its related Benchmark Replacement Date have occurred with respect to any Benchmark prior to the Reference Time for any Pricing Rate Determination Date for such Benchmark, the applicable Benchmark Replacement will replace such Benchmark for all purposes under this Agreement or under any other Transaction Document in respect of such setting and all settings on all subsequent dates (without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document). Notwithstanding the foregoing, Buyer and Seller may at any time agree to amend and restate any Confirmation with respect to any Transaction to replace the related Benchmark with respect to such Transaction with the applicable Benchmark Replacement.
(ii)    Benchmark Replacement Conforming Changes. In connection with the implementation or administration of any Benchmark or Benchmark Replacement, in connection with any Benchmark Replacement Date or as a result of a Benchmark Unavailability Period, Buyer will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of Seller or any other party to this Agreement or any other Transaction Document.
(iii)        Market Disruption. During a Benchmark Unavailability Period, the component of the Pricing Rate based on the applicable Benchmark shall, during the continuance of such Benchmark Unavailability Period, be replaced with a Benchmark Replacement reasonably determined by Buyer.
(iv)        Notices; Standards for Decisions and Determinations. Buyer will promptly notify Seller of (a) any Benchmark Replacement Date, (b) the effectiveness of any Benchmark Replacement Conforming Changes and (c) the effectiveness of any changes to the calculation of the Pricing Rate described in Article 3(g)(iii). For the avoidance of doubt, any notice required to be delivered by Buyer as set forth in this Article 3(g) may be provided, at the option of Buyer (in its sole discretion), in one or more notices and may be delivered together with, or as a part of any amendment which implements any Benchmark Replacement or Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by Buyer pursuant to this Article 3(g), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding 
12

absent manifest error and may be made in Buyer’s sole discretion and without consent from Seller or any other party to this Agreement or any other Transaction Document.
(v)Acknowledgement of Benchmark Transition Event in Respect of LIBOR. Buyer and Seller acknowledge and agree that a Benchmark Transition Event in respect of LIBOR occurred on March 5, 2021. Although June 30, 2023 is the anticipated date on which the administrator of LIBOR will permanently or indefinitely cease to provide LIBOR or that LIBOR will be declared no longer representative (the “Anticipated Benchmark Replacement Date”), the related Benchmark Replacement Date cannot be determined with certainty by Buyer at this time. Seller acknowledges and agrees that Buyer may determine that the Benchmark Replacement Date with respect to LIBOR will differ from the Anticipated Benchmark Replacement Date in accordance with the definition thereof or otherwise in connection with the occurrence of another Benchmark Transition Event.
(vi)Disclaimer. Buyer does not warrant or accept any responsibility for, and shall not have any liability with respect to (a) the administration, submission or any other matter related to LIBOR, EURIBOR, BBSY Rate, CDOR Rate, SOFR, the SOFR Average or Term SOFR or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation any Benchmark Replacement implemented hereunder), (b) the composition or characteristics of any such Benchmark Replacement, including whether it is similar to, or produces the same value or economic equivalence to LIBOR, EURIBOR, BBSY Rate, CDOR Rate, SOFR, the SOFR Average or Term SOFR (or any other Benchmark) or have the same volume or liquidity as LIBOR, EURIBOR, BBSY Rate, CDOR Rate, SOFR, the SOFR Average or Term SOFR (or any other Benchmark), (c) any actions or use of its discretion or other decisions or determinations made with respect to any matters covered by Article 3(g) or Article 3(i) including, without limitation, whether or not a Benchmark Transition Event has occurred, whether to declare a Benchmark Transition Event, the removal or lack thereof of unavailable or non-representative tenors of LIBOR, EURIBOR, BBSY Rate, CDOR Rate, SOFR, the SOFR Average or Term SOFR (or any other Benchmark), the implementation or lack thereof of any Benchmark Replacement Conforming Changes, the delivery or non-delivery of any notices required by Article 3(g)(iv) or otherwise in accordance herewith, and (d) the effect of any of the foregoing provisions of Article 3(g) or Article 3(i).
(2)    From and after the Foreign Purchased Loan (GBP) Transition Date, the Pricing Rate for Transactions with respect to Foreign Purchased Loans (GBP) shall be calculated as follows:
(i)    Pricing Rate: The Pricing Rate on each Foreign Purchased Loan (GBP) for each day during a Pricing Rate Period is the percentage rate per annum which is the aggregate of (x) the Applicable Spread; and (y) the Compounded Reference Rate for that day. If any day during a Pricing Rate Period for a Foreign Purchased Loan (GBP) is not an RFR Banking Day, the Pricing Rate on that Foreign Purchased Loan (GBP) for that day will be the Pricing Rate applicable to the immediately preceding RFR Banking Day. 
(ii)    Adjustment or Conversion: The Pricing Rate for each Foreign Purchased Loan (GBP) shall be subject to adjustment and/or conversion as provided in the Transaction Documents or the related Confirmation.
13

(3)    Prior to the Foreign Purchased Loan (GBP) Transition Date, the Pricing Rate for Transactions with respect to a Foreign Purchased Loan (GBP) shall, for any related Pricing Rate Period, equal an annual rate equal to the sum of (i) the LIBO Rate and (ii) the relevant Applicable Spread with respect to such Purchased Loan, in each case, for the applicable Pricing Rate Period for the related Purchased Loan (which Pricing Rate shall be subject to adjustment and/or conversion as provided in the Transaction Documents or the related Confirmation).
(4)    With respect to any Transaction relating to a Foreign Purchased Loan (GBP) from and after the Foreign Purchased Loan (GBP) Transition Date:
(i)    if a Published Rate Replacement Event has occurred in relation to any Published Rate for a currency applicable to any Foreign Purchased Loan (GBP), any amendment or waiver which relates to:
(A)    providing for the use of a Replacement Reference Rate in relation to that currency in place of that Published Rate; and
(B)    (I)    aligning any provision of any Transaction Document to the use of that Replacement Reference Rate;
(II)    enabling that Replacement Reference Rate to be used for the calculation of Price Differential under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement);
(III)    implementing market conventions applicable to that Replacement Reference Rate;
(IV)    providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or
(V)    adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),
may be made by the Buyer with the consent of Seller.
Notwithstanding the foregoing or anything to the contrary contained in this Agreement, Buyer shall exercise its rights under this Section 3(g) in a manner substantially similar to Buyer’s exercise of similar rights in agreements with customers similarly situated to Seller where Buyer has comparable contractual rights.
14

(g)Subparagraph (h) of Section 3 shall be deleted in its entirety and replaced with the following: 
(h)    Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for Buyer (i) to enter into Transactions as contemplated by the Transaction Documents, then the commitment, if any, of Buyer hereunder to enter into new Transactions shall forthwith be canceled, and (ii) to maintain or continue Transactions as contemplated by the Transaction Documents, then the portion of the Pricing Rate for such date of determination (or on such earlier date as may be required by law), and for all subsequent dates of determination, that corresponds to (X) other than in relation to a Foreign Purchased Loan (GBP), the Benchmark, (Y) in relation to a Foreign Purchased Loan (GBP) prior to a Foreign Purchased Loan (GBP) Transition Date, the LIBO Rate and (Z) in relation to a Foreign Purchased Loan (GBP) from and after a Foreign Purchased Loan (GBP) Transition Date, the Compounded Reference Rate, shall be (A) in the case of any Transaction other than a Transaction relating to a Foreign Purchased Loan (GBP), a Benchmark Replacement determined by Buyer pursuant to clause (iii) of the definition of “Benchmark Replacement” and (B) in the case of any Transaction relating to a Foreign Purchased Loan (GBP), a Transaction based on a rate determined by Buyer in accordance with Section 3(g)(2). If any such conversion of a Transaction occurs on a day which is not the last day of the then current Pricing Rate Period with respect to such Transaction, Seller shall pay to Buyer such amounts, if any, as may be required pursuant to Section 3(i) of this Agreement.
(h)Subparagraph (i) of Section 3 will be deleted in its entirety and replaced with the following:
(i)    Upon written demand by Buyer, Seller shall indemnify Buyer and hold Buyer harmless from any net actual, out-of-pocket loss or expense (not to include any indirect or consequential damages including, without limitation, any lost profit or opportunity) which Buyer sustains or incurs as a consequence of (i) default by Seller in terminating any Transaction after Seller has given a notice in accordance with Section 3(d) hereof of a termination of a Transaction, (ii) other than in relation to a Foreign Purchased Loan (GBP) any payment of the Repurchase Price on any day other than a Remittance Date or the Repurchase Date (including, without limitation, any such actual, out-of-pocket loss or expense arising from the reemployment of funds obtained by Buyer to maintain Transactions hereunder or from customary and reasonable fees payable to terminate the deposits from which such funds were obtained), (iii) a default by Seller in selling Eligible Loans after Seller has notified Buyer of a proposed Transaction and Buyer has agreed to purchase such Eligible Loans in accordance with the provisions of this Agreement, or (iv) any determination of the Benchmark which results in a transition to a Benchmark Replacement on a day which is not the last day of the then current Pricing Rate Period. From and after the Foreign Purchased Loan (GBP) Transition Date, if an amount is specified as “Break Costs” in the Reference Rate Terms for a Foreign Purchased Loan (GBP), Seller shall pay such amounts (if any) attributable to all or any part of a Repurchase Price being paid by that Seller on a day other than a Remittance Date or the Repurchase Date. A certificate as to such actual costs, losses, damages and expenses, setting forth the calculations therefor shall be submitted promptly by Buyer to Seller.
(i)In the last line of subparagraph (j)(ii) of Section 3, after the word “Benchmark” and before “hereunder”, the following language shall be included:
15

        “or Compounded Reference Rate, as applicable,”.
(j)Section 4(e)(y) of the Repurchase Agreement is hereby amended by adding the following after the last sentence thereof:
Notwithstanding anything in this Section 4(e)(y) or elsewhere in this Agreement to the contrary, in no event shall Buyer be required to advance or reallocate any Margin Excess (Other) in respect of a LIBOR Based Transaction after January 1, 2022, until such time as such LIBOR Based Transaction is converted to a SOFR Based Transaction; provided that the foregoing shall not modify or affect the determination of any Margin Deficit hereunder or Purchaser’s obligation to fund Margin Excess (Future Funding) subject to the terms and conditions of Article 3(h).
2.Seller’s Representations. Seller has taken all necessary action to authorize the execution, delivery and performance of this Amendment. This Amendment has been duly executed and delivered by or on behalf of Seller and constitutes the legal, valid and binding obligation of Seller enforceable against Seller in accordance with its terms subject to bankruptcy, insolvency, and other limitations on creditors’ rights generally and to equitable principles. No Event of Default has occurred and is continuing, and no Event of Default will occur as a result of the execution, delivery and performance by Seller of this Amendment. Any consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance by Seller of this Amendment has been obtained and is in full force and effect (other than consents, approvals, authorizations, orders, registrations or qualifications that if not obtained, are not reasonably likely to have a Material Adverse Effect).
3.Reaffirmation of Guaranty. Guarantor has executed this Amendment for the purpose of acknowledging and agreeing that, notwithstanding the execution and delivery of this Amendment and the amendment of the Repurchase Agreement hereunder, all of Guarantor’s obligations under the Guaranty remain in full force and effect and the same are hereby irrevocably and unconditionally ratified and confirmed by Guarantor in all respects.
4.Full Force and Effect. Except as expressly modified hereby, all of the terms, covenants and conditions of the Repurchase Agreement and the other Transaction Documents remain unmodified and in full force and effect and are hereby ratified and confirmed by Seller. Any inconsistency between this Amendment and the Repurchase Agreement (as it existed before this Amendment) shall be resolved in favor of this Amendment, whether or not this Amendment specifically modifies the particular provision(s) in the Repurchase Agreement inconsistent with this Amendment. All references to the “Agreement” in the Repurchase Agreement or to the “Repurchase Agreement” in any of the other Transaction Documents shall mean and refer to the Repurchase Agreement as modified and amended hereby.
5.No Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Buyer under the Repurchase Agreement, any of the other Transaction Documents or any other document, instrument or agreement executed and/or delivered in connection therewith.
6.Headings. Each of the captions contained in this Amendment are for the convenience of reference only and shall not define or limit the provisions hereof.
7.Counterparts. This Amendment may be executed in any number of counterparts, and all such counterparts shall together constitute the same agreement. Signatures delivered by email (in PDF format) shall be considered binding with the same force and effect as original signatures
16

8.Governing Law. This Amendment shall be governed in accordance with the terms and provisions of Section 20 of the Repurchase Agreement.

[No Further Text on this Page; Signature Pages Follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized representatives as of the day and year first above written and effective as of the Effective Date.
BUYER:
CITIBANK, N.A.
By:        /s/ Richard Schlenger                
Name:    Richard Schlenger
Title:    Authorized Signatory

[SIGNATURES CONTINUE ON NEXT PAGE]

SELLER:
PARLEX 2 FINANCE, LLC,
a Delaware limited liability company

By:        /s/ Anthony F. Marone Jr.        
Name:    Anthony F. Marone Jr.
Title:    Chief Financial Officer, Principal Accounting Officer and Assistant Secretary

PARLEX 2A FINCO, LLC,
a Delaware limited liability company

By:        /s/ Anthony F. Marone Jr.        
Name:    Anthony F. Marone Jr.
Title:    Chief Financial Officer, Principal Accounting Officer and Assistant Secretary

PARLEX 2 UK FINCO, LLC,
a Delaware limited liability company

By:        /s/ Anthony F. Marone Jr.        
Name:    Anthony F. Marone Jr.
Title:    Chief Financial Officer, Principal Accounting Officer and Assistant Secretary

PARLEX 2 EUR FINCO, LLC,
a Delaware limited liability company

By:        /s/ Anthony F. Marone Jr.        
Name:    Anthony F. Marone Jr.
Title:    Chief Financial Officer, Principal Accounting Officer and Assistant Secretary

[SIGNATURES CONTINUE ON NEXT PAGE]

PARLEX 2 AU FINCO, LLC,
a Delaware limited liability company

By:        /s/ Anthony F. Marone Jr.        
Name:    Anthony F. Marone Jr.
Title:    Chief Financial Officer, Principal Accounting Officer and Assistant Secretary

PARLEX 2 CAD FINCO, LLC,
a Delaware limited liability company

By:        /s/ Anthony F. Marone Jr.        
Name:    Anthony F. Marone Jr.
Title:    Chief Financial Officer, Principal Accounting Officer and Assistant Secretary

WISPAR 5 FINCO, LLC,
a Delaware limited liability company

By:        /s/ Anthony F. Marone Jr.        
Name:    Anthony F. Marone Jr.
Title:    Chief Financial Officer, Principal Accounting Officer and Assistant Secretary

[SIGNATURES CONTINUE ON NEXT PAGE]

GUARANTOR:

BLACKSTONE MORTGAGE TRUST, INC.

By:        /s/ Anthony F. Marone Jr.        
Name:    Anthony F. Marone Jr.
Title:    Chief Financial Officer, Principal Accounting Officer and Assistant Secretary

EXHIBIT XIV
REFERENCE RATE TERMS FOR FOREIGN PURCHASED LOANS (GBP)
									
	CURRENCY:	Pounds Sterling.	
	Cost of funds as a fallback		
	Cost of funds will not apply as a fallback. 
		
	Definitions		
	Additional Business Days:	An RFR Banking Day.
	Baseline CAS:	0.00 per cent. per annum or such other percentage rate per annum specified in the Confirmation in relation to the relevant Foreign Purchased Loan (GBP).
	Break Costs:	None.
	Business Day Conventions:	(1)    If any period is expressed to accrue by reference to a month or any number of months then, in respect of the last month of that period:

		(a)    subject to paragraph (c) below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;

		(b)    if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and

									
		(c)    if a Pricing Rate Period begins on the last Business Day of a calendar month, that Pricing Rate Period shall end on the last Business Day in the calendar month in which that Pricing Rate Period is to end.

		(2)    If a Pricing Rate Period would otherwise end on a day which is not a Business Day, that Pricing Rate Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

	Central Bank Rate:	The Bank of England’s Bank Rate as published by the Bank of England from time to time or any successor rate to, or replacement rate for, that rate.
	Central Bank Rate Adjustment:	In relation to the Central Bank Rate prevailing at close of business on any RFR Banking Day, the 20 per cent trimmed arithmetic mean (calculated by the Buyer) of the Central Bank Rate Spreads for the five most immediately preceding RFR Banking Days for which the RFR was available, calculated by excluding the highest spread (or, if there is more than one highest spread, one only of those highest spreads) and lowest spread (or, if there is more than one lowest spread, one only of those lowest spreads) of the Central Bank Rate over the relevant period.
	Central Bank Rate Spread:	In relation to any RFR Banking Day, the number (expressed as a percentage rate per annum) calculated by the Buyer which is equal to:
		(a)    the RFR for that RFR Banking Day; less
(b)    the Central Bank Rate prevailing at close of business on that RFR Banking Day,

		provided that if such amount is less than zero, the Central Bank Rate Spread shall be zero.
	Daily Rate:	The “Daily Rate” for any RFR Banking Day is:

		(1)    the RFR for that RFR Banking Day; or

									
		(2)    if the RFR is not available for that RFR Banking Day, the percentage rate per annum which is the aggregate of:

		(a)    the Central Bank Rate for that RFR Banking Day; and

		(b)    the applicable Central Bank Rate Adjustment; or

		(3)    if paragraph (2) above applies but the Central Bank Rate for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of:

		(a)    the most recent Central Bank Rate for a day which is no more than five RFR Banking Days before that RFR Banking Day; and

		(b)    the applicable Central Bank Rate Adjustment,

		rounded, in either case, to four decimal places and if, in each case, the aggregate of that rate and the applicable Baseline CAS is less than zero, the Daily Rate shall be deemed to be such a rate that the aggregate of the Daily Rate and the applicable Baseline CAS is zero.
	Lookback Period:	Five RFR Banking Days.
	Market Disruption Rate:	Not Applicable.
	RFR:	The SONIA (sterling overnight index average) reference rate displayed on the relevant screen of any authorised distributor of that reference rate.
	RFR Banking Day:	A day (other than a Saturday or Sunday) on which banks are open for general business in London.
	Published Rate Contingency Period	One month.
	Reporting Times	Not Applicable.

EXHIBIT XV
DAILY NON-CUMULATIVE COMPOUNDED RFR RATE
The “Daily Non-Cumulative Compounded RFR Rate” for any RFR Banking Day “i” during a Pricing Rate Period for a Foreign Purchased Loan (GBP) is the percentage rate per annum (without rounding, to the extent reasonably practicable for the Buyer when performing the calculation, taking into account the capabilities of any software used for that purpose) calculated as set out below:
 
where:
“UCCDRi” means the Unannualised Cumulative Compounded Daily Rate for that RFR Banking Day “i”;
“UCCDRi-1” means, in relation to that RFR Banking Day “i”, the Unannualised Cumulative Compounded Daily Rate for the immediately preceding RFR Banking Day (if any) during that Pricing Rate Period;
“dcc” means 365 (being the market convention for sterling);
“ni” means the number of calendar days from, and including, that RFR Banking Day “i” up to, but excluding, the following RFR Banking Day; and
the “Unannualised Cumulative Compounded Daily Rate” for any RFR Banking Day (the “Cumulated RFR Banking Day”) during that Pricing Rate Period is the result of the below calculation (without rounding, to the extent reasonably practicable for the Buyer when performing the calculation, taking into account the capabilities of any software used for that purpose):

where:
“ACCDR” means the Annualised Cumulative Compounded Daily Rate for that Cumulated RFR Banking Day;
“tni” means the number of calendar days from, and including, the first day of the Cumulation Period to, but excluding, the RFR Banking Day which immediately follows the last day of the Cumulation Period;
“Cumulation Period” means the period from, and including, the first RFR Banking Day of that Pricing Rate Period to, and including, that Cumulated RFR Banking Day;
“dcc” has the meaning given to that term above; and

the “Annualised Cumulative Compounded Daily Rate” for that Cumulated RFR Banking Day is the percentage rate per annum (rounded to four decimal places) calculated as set out below:

where:
“d0” means the number of RFR Banking Days in the Cumulation Period; 
“Cumulation Period” has the meaning given to that term above;
“i” means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order in the Cumulation Period;
“DailyRatei-LP” means, for any RFR Banking Day “i” in the Cumulation Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day “i”;
“ni” means, for any RFR Banking Day “i” in the Cumulation Period, the number of calendar days from, and including, that RFR Banking Day “i” up to, but excluding, the following RFR Banking Day;
“dcc” has the meaning given to that term above; and
“tni” has the meaning given to that term above.Exhibit
4.2

 

Dogness
(International) Corporation

 

 

 

INDENTURE

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as of [ ]

 

 

 

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TABLE
OF CONTENTS

 

	ARTICLE I	DEFINITIONS AND INCORPORATION BY REFERENCE	5
	 	 	 
	 	Section    1.1	Definitions.	5
	 	Section    1.2	Other Definitions.	8
	 	Section    1.3	Incorporation by Reference of Trust Indenture Act.	8
	 	Section    1.4	Rules of Construction.	8
	 	 	 	 	 
	ARTICLE II	TERMS OF THE SECURITIES	9
	 	 	 
	 	Section    2.1	Issuable in Series.	9
	 	Section    2.2	Establishment of Terms of Series of Securities.	9
	 	Section    2.3	Execution and Authentication.	11
	 	Section    2.4	Registrar and Paying Agent.	11
	 	Section    2.5	Paying Agent to Hold Money in Trust.	12
	 	Section    2.6	Security Holder Lists.	12
	 	Section    2.7	Transfer and Exchange.	12
	 	Section    2.8	Mutilated, Destroyed, Lost and Stolen Securities.	12
	 	Section    2.9	Outstanding Securities.	13
	 	Section   2.10	Treasury Securities.	13
	 	Section   2.11	Temporary Securities.	14
	 	Section   2.12	Cancellation.	14
	 	Section   2.13	Defaulted Interest.	14
	 	Section   2.14	Global Securities.	14
	 	Section   2.15	CUSIP Numbers.	15
	 	 	 	 	 
	ARTICLE III	REDEMPTION	15
	 	 	 
	 	Section   3.1	Notice to Trustee.	15
	 	Section   3.2	Selection of Securities to be Redeemed.	15
	 	Section   3.3	Notice of Redemption.	16
	 	Section   3.4	Effect of Notice of Redemption.	16
	 	Section   3.5	Deposit of Redemption Price.	16
	 	Section   3.6	Securities Redeemed in Part.	16
	 	 	 	 	 
	ARTICLE IV	COVENANTS	16
	 	 	 
	 	Section   4.1	Payment of Principal and Interest.	16
	 	Section   4.2	SEC Reports.	16
	 	Section   4.3	Compliance Certificate.	17
	 	Section   4.4	Stay, Extension and Usury Laws.	17
	 	Section   4.5	Corporate Existence.	17
	 	 	 	 	 
	ARTICLE V	SUCCESSORS	17
	 	 	
	 	Section   5.1	When Company May Merge, Etc.	17
	 	Section   5.2	Successor Corporation Substituted.	18
	 	 	 	 	 
	ARTICLE VI	DEFAULTS AND REMEDIES	18
	 	 	 
	 	Section   6.1	Events of Default.	18
	 	Section   6.2	Acceleration of Maturity; Rescission and Annulment.	19
	 	Section   6.3	Collection of Indebtedness and Suits for Enforcement by Trustee.	19
	 	Section   6.4	Trustee May File Proofs of Claim.	20
	 	Section   6.5	Trustee May Enforce Claims Without Possession of Securities.	20
	 	Section   6.6	Application of Money Collected.	20
	 	Section   6.7	Limitation on Suits.	20
	 	Section   6.8	Unconditional Right of Holders to Receive Principal and Interest.	21
	 	Section   6.9	Restoration of Rights and Remedies.	21

 

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	 	Section 6.10	Rights and Remedies Cumulative.	21
	 	Section 6.11	Delay or Omission Not Waiver.	21
	 	Section 6.12	Control by Holders.	22
	 	Section 6.13	Waiver of Past Defaults.	22
	 	Section 6.14	Undertaking for Costs.	22
	 	 	 	 
	ARTICLE VII	  TRUSTEE	22
	 	 	 	 
	 	Section 7.1	Duties of Trustee.	22
	 	Section 7.2	Rights of Trustee.	23
	 	Section 7.3	Force Majeure.	24
	 	Section 7.4	Individual Rights of Trustee.	24
	 	Section 7.5	Trustee’s Disclaimer.	24
	 	Section 7.6	Notice of Defaults.	25
	 	Section 7.7	Reports by Trustee to Holders.	25
	 	Section 7.8	Compensation and Indemnity.	25
	 	Section 7.9	Replacement of Trustee.	25
	 	Section 7.10	Successor Trustee by Merger, etc.	26
	 	Section 7.11	Eligibility; Disqualification.	26
	 	Section 7.12	Preferential Collection of Claims Against Company.	26
	 	 	 	 
	ARTICLE VIII	  SATISFACTION AND DISCHARGE; DEFEASANCE	26
	 	 	 	 
	 	Section 8.1	Satisfaction and Discharge of Indenture.	26
	 	Section 8.2	Application of Trust Funds; Indemnification.	27
	 	Section 8.3	Legal Defeasance of Securities of any Series.	28
	 	Section 8.4	Covenant Defeasance.	29
	 	Section 8.5	Repayment to Company.	29
	 	 	 	 
	ARTICLE IX	  SUPPLEMENTAL INDENTURES, AMENDMENTS AND WAIVERS	30
	 	 	 	 
	 	Section 9.1	Without Consent of Holders.	30
	 	Section 9.2	With Consent of Holders.	30
	 	Section 9.3	Limitations.	30
	 	Section 9.4	Compliance with Trust Indenture Act.	31
	 	Section 9.5	Revocation and Effect of Consents.	31
	 	Section 9.6	Notation on or Exchange of Securities.	31
	 	Section 9.7	Trustee Protected.	31
	 	 	 	 
	ARTICLE X	  MISCELLANEOUS	31
	 	 	 	
	 	Section 10.1	Trust Indenture Act Controls.	31
	 	Section 10.2	Notices.	32
	 	Section 10.3	Communication by Holders with Other Holders.	32
	 	Section 10.4	Certificate and Opinion as to Conditions Precedent.	32
	 	Section 10.5	Statements Required in Certificate or Opinion.	32
	 	Section 10.6	Rules by Trustee and Agents.	33
	 	Section 10.7	Legal Holidays.	33
	 	Section 10.8	No Recourse Against Others.	33
	 	Section 10.9	Counterparts.	33
	 	Section 10.10	Governing Laws.	33
	 	Section 10.11	No Adverse Interpretation of Other Agreements.	33
	 	Section 10.12	Successors.	33
	 	Section 10.13	Severability.	33
	 	Section 10.14	Table of Contents, Headings, Etc.	33
	 	Section 10.15	Securities in a Foreign Currency or in ECU.	34
	 	Section 10.16	Judgment Currency.	34
	 	 	 	 
	ARTICLE XI	 	  SINKING FUNDS	35
	 	 	 	 	
	 	Section 11.1	Applicability of Article.	35
	 	Section 11.2	Satisfaction of Sinking Fund Payments with Securities.	35
	 	Section 11.3 	Redemption of Securities for Sinking Fund. 	35

 

    	3

     

    

 

Dogness
(International) Corporation Reconciliation and tie between Trust Indenture Act of 1939 and Indenture, dated as of [ ]

 

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

 

	§ 310(a)(1)	7.11
	(a)(2)	7.11
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(a)(5)	7.11
	(b)	7.11
	§ 311(a)	7.12
	(b)	7.12
	§ 312(a)	2.6
	(b)	10.3
	(c)	10.3
	§ 313(a)	7.7
	(b)(1)	7.7
	(b)(2)	7.7
	(c)	7.7
	(d)	7.7
	§ 314(a)	4.2, 10.5
	(b)	Not Applicable
	(c)(1)	10.4
	(c)(2)	10.4
	(c)(3)	Not Applicable
	(d)	Not Applicable
	(e)	10.5
	(f)	Not Applicable
	§ 315(a)	7.1
	(b)	7.6
	(c)	7.1
	(d)	7.1
	(e)	6.14
	§ 316(a)	2.10
	(a)(1)(A)	6.12
	(a)(1)(B)	6.13
	(b)	6.8
	§ 317(a)(1)	6.3
	(a)(2)	6.4
	(b)	2.5
	§ 318(a)	10.1

 

    	4

     

    

 

Indenture
dated as of [ ] between Dogness (International) Corporation, an exempted company with limited liability incorporated under the laws of
the British Virgin Islands (“Company”), and [ ] (“Trustee”).

 

Each
party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued
under this Indenture.

 

ARTICLE
I

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

Section
1.1 Definitions.

 

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

 

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

 

“Agent”
means any Registrar, Paying Agent or Notice Agent.

 

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

 

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

 

“Business
Day” means, unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for
a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized
or required by law, regulation or executive order to close or a day the Corporate Trust Office is closed.

 

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

 

“Company”
means the party named as such above until a successor replaces it and thereafter means the successor.

 

“Company
Order” means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal
executive officer or principal financial and accounting officer.

 

“Company
Request” means a written request signed in the name of the Company by its Chief Executive Officer and by its Co-Chief Financial
Officers and delivered to the Trustee.

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered.

 

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

 

    	5

     

    

 

“Depositary”
means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities,
the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the
Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to the Securities
of any Series shall mean the Depositary with respect to the Securities of such Series.

 

“Discount
Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2.

 

“Dollars”
and “$” means the currency of The United States of America.

 

“ECU”
means the European Currency Unit as determined by the Commission of the European Union.

 

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

 

“Foreign
Currency” means any currency or currency unit issued by a government other than the government of The United States of America.

 

“Foreign
Government Obligations” means, with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct
obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and
credit is pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or instrumentality of such government
the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either
case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in
effect as of the date of determination.

 

“Global
Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established
pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and
registered in the name of such Depositary or nominee.

 

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

 

“Indenture”
means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities
established as contemplated hereunder.

 

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

 

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

 

“Officer”
means the Chief Executive Officer, the Chief Technology Officer, any Co-Chief Financial Officers, or the Chief Risk Officer of the Company.

 

“Officers’
Certificate” means a certificate signed by two Officers, one of whom must be the Company’s principal executive officer
or principal financial officer.

 

“Opinion
of Counsel” means a written opinion of legal counsel, which opinion, is acceptable to the Trustee. The counsel may be an employee
of or counsel to the Company.

 

    	6

     

    

 

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

 

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

 

“Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular corporate
trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with
a particular subject and who shall in each case have direct responsibility for the administration of this Indenture.

 

“SEC”
means the Securities and Exchange Commission.

 

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

 

“Series”
or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.1 and 2.2 hereof.

 

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

 

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

 

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

 

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

 

“U.S.
Government Obligations” means securities which are (i) direct obligations of The United States of America for the payment of
which its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality
of The United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by The United
States of America, and which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer thereof, and shall
also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation
or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the
holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government
Obligation evidenced by such depository receipt.

 

    	7

     

    

 

Section
1.2 Other Definitions.

 

	TERM	 	DEFINED IN SECTION
	“Bankruptcy Law”	 	6.1
	“Custodian”	 	6.1
	“Event of Default”	 	6.1
	“Journal”	 	10.15
	“Judgment Currency”	 	10.16
	“Legal Holiday”	 	10.7
	“mandatory sinking fund payment”	 	11.1
	“Market Exchange Rate”	 	10.15
	“New York Banking Day”	 	10.16
	“Notice Agent”	 	2.4
	“optional sinking fund payment”	 	11.1
	“Paying Agent”	 	2.4
	“Registrar”	 	2.4
	“Required Currency”	 	10.16
	“successor person”	 	5.1

 

Section
1.3 Incorporation by Reference of Trust Indenture Act.

 

Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings:

 

“Commission”
means the SEC.

 

“indenture
securities” means the Securities.

 

“indenture
security holder” means a Security Holder.

 

“indenture
to be qualified” means this Indenture.

 

“indenture
trustee” or “institutional trustee” means the Trustee.

 

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

 

All
other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein are used herein as so defined.

 

Section
1.4 Rules of Construction.

 

Unless
the context otherwise requires:

 

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

 

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

 

(c)
“or” is not exclusive;

 

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

 

(e)
provisions apply to successive events and transactions.

 

    	8

     

    

 

ARTICLE
II

TERMS
OF THE SECURITIES

 

Section
2.1 Issuable in Series.

 

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

 

Section
2.2 Establishment of Terms of Series of Securities.

 

At
or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case
of Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2
through 2.2.24) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution or Officers’
Certificate, and associated supplemental indenture:

 

2.2.1
the title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series);

 

2.2.2
the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 

2.2.3
any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

 

2.2.4
the date or dates on which the principal of the Securities of the Series is payable;

 

2.2.5
the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including,
but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall
bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if
any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;

 

2.2.6
the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities
of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect
of the Securities of such Series and this Indenture may be served, and the method of such payment, if by wire transfer, mail or other
means;

 

2.2.7
if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities
of the Series may be redeemed, in whole or in part, at the option of the Company;

 

2.2.8
the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions
or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions
upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

    	9

     

    

 

2.2.9
the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option
of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

2.2.10
if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall
be issuable;

 

2.2.11
the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;

 

2.2.12
if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;

 

2.2.13
the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, including, but not limited
to, the ECU, and if such currency of denomination is a composite currency other than the ECU, the agency or organization, if any, responsible
for overseeing such composite currency;

 

2.2.14
the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities
of the Series will be made;

 

2.2.15
if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency
units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined;

 

2.2.16
the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined, if
such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index,
stock exchange index or financial index;

 

2.2.17
the provisions, if any, relating to any security provided for the Securities of the Series;

 

2.2.18
any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee
or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;

 

2.2.19
any addition to or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;

 

2.2.20
whether the Securities of the Series are subject to subordination and the terms of such subordination;

 

2.2.21
any material income tax considerations applicable;

 

2.2.22
any other terms of the Securities of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it
applies to such Series);

 

2.2.23
any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such
Series if other than those appointed herein; and

 

2.2.24
if the Securities of the Series are to be convertible into or exchangeable for any securities of any Person (including the Company),
the terms and conditions upon which such Securities will be so convertible or exchangeable.

 

All
Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this
Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officers’ Certificate referred
to above.

 

    	10

     

    

 

Section
2.3 Execution and Authentication.

 

Two
Officers shall sign the Securities for the Company by manual or facsimile signature.

 

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

 

A
Security shall not be valid until authenticated by the manual or facsimile signature of the Trustee or an authenticating agent. The signature
shall be conclusive evidence that the Security has been authenticated under this Indenture.

 

The
Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the
Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Each
Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto
or an Officers’ Certificate.

 

The
aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount
for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to
Section 2.2, except as provided in Section 2.8.

 

Prior
to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in
relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities
of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series,
(b) an Officers’ Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

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

 

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

 

Section
2.4 Registrar and Paying Agent.

 

The
Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant
to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”),
where Securities of such Series may be surrendered for registration of transfer, conversion or exchange (“Registrar”) and
where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice
Agent”). The Trustee or Notice Agent, as applicable, shall deliver such notices and demands to the Company in accordance with Section
10.2 hereof. The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company
will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying
Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or
shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made
or delivered at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.

 

    	11

     

    

 

The
Company may also from time to time designate one or more co-registrars, additional paying agents or notice agents and may from time to
time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of
its obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 for Securities
of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and
of any change in the name or address of any such co-registrar, additional paying agent or notice agent. The term “Registrar”
includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Notice Agent”
includes any additional notice agent.

 

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

 

The
Company hereby appoints The Depository Trust Company to act as Depositary with respect to the Securities.

 

Section
2.5 Paying Agent to Hold Money in Trust.

 

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

 

Section
2.6 Security Holder Lists.

 

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

 

Section
2.7 Transfer and Exchange.

 

Where
Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for
an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements
for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities upon receipt
of a Company Order. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted
herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in
connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11,
3.6 or 9.6).

 

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

 

Section
2.8 Mutilated, Destroyed, Lost and Stolen Securities.

 

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

 

    	12

     

    

 

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

 

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

 

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

 

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

 

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

 

Section
2.9 Outstanding Securities.

 

The
Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered
to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions
hereof and those described in this Section as not outstanding.

 

If
a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that
the replaced Security is held by a bona fide purchaser.

 

If
the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities
of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease
to be outstanding and interest on them ceases to accrue.

 

A
Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security.

 

In
determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for
such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a
declaration of acceleration of the Maturity thereof pursuant to Section 6.2.

 

Section
2.10 Treasury Securities.

 

In
determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization,
direction, notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded,
except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization,
direction, notice, consent or waiver only Securities of a Series that the Trustee knows are so owned shall be so disregarded.

 

    	13

     

    

 

Section
2.11 Temporary Securities.

 

Until
definitive Securities are ready for delivery, the Company may prepare and the Trustee, upon receipt of a Company Order, shall authenticate
temporary Securities upon a Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have
variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and
the Trustee, upon receipt of a Company Order, shall authenticate definitive Securities of the same Series and date of maturity in exchange
for temporary Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive
Securities.

 

Section
2.12 Cancellation.

 

The
Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange or payment. Upon receipt of written instruction from the Company,
the Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such
canceled Securities and deliver a certificate of such destruction to the Company, unless the Company otherwise directs. The Company may
not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.

 

Section
2.13 Defaulted Interest.

 

If
the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted
by law, any interest payable on the defaulted interest, to the persons who are Security Holders of the Series on a subsequent special
record date. The Company shall fix the record date and payment date. At least 10 days before the record date, the Company shall mail
to the Trustee and to each Security Holder of the Series a notice that states the record date, the payment date and the amount of interest
to be paid. The Company may pay defaulted interest in any other lawful manner.

 

Section
2.14 Global Securities.

 

2.14.1
Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the
Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global
Security or Securities.

 

2.14.2
Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto,
any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders
other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable
to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under
the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under the
Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officers’ Certificate to
the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence
shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount
equal to the principal amount of the Global Security with like tenor and terms.

 

Except
as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such
Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

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

 

    	14

     

    

 

2.14.3
Legend. Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

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

 

2.14.4
Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

 

2.14.5
Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment
of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

2.14.6
Consents, Declaration and Directions. Except as provided in Section 2.14.5, the Company, the Trustee and any Agent shall treat a person
as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified
in a written statement of the Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations,
waivers or directions required to be given by the Holders pursuant to this Indenture.

 

Section
2.15 CUSIP Numbers.

 

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

 

ARTICLE
III

REDEMPTION

 

Section
3.1 Notice to Trustee.

 

The
Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to
redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided
for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity
thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption
date and the principal amount of Series of Securities to be redeemed. The Company shall give the Trustee notice at least 45 days before
the redemption date (or such shorter notice as may be acceptable to the Trustee).

 

Section
3.2 Selection of Securities to be Redeemed.

 

Unless
otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate,
if less than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed
in any manner that the Trustee deems fair and appropriate and in accordance with its customary practices or the selection shall be in
accordance with DTC procedures, as applicable. The Trustee shall make the selection from Securities of the Series outstanding not previously
called for redemption. The Trustee may select for redemption portions of the principal of Securities of the Series that have denominations
larger than $1,000. Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000
or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination
for each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption
also apply to portions of Securities of that Series called for redemption.

 

    	15

     

    

 

Section
3.3 Notice of Redemption.

 

Unless
otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at
least 30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to
each Holder whose Securities are to be redeemed.

 

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

 

(a)
the redemption date;

 

(b)
the redemption price;

 

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

 

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

 

(e)
that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date;

 

(f)
the CUSIP number, if any; and

 

(g)
any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.

 

At
the Company’s request, the Trustee shall give the notice of redemption prepared by the Company, in the Company’s name and
at its expense.

 

Section
3.4 Effect of Notice of Redemption.

 

Once
notice of redemption is mailed or published as provided in Section 3.3, Securities of a Series called for redemption become due and payable
on the redemption date and at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent,
such Securities shall be paid at the redemption price plus accrued interest to the redemption date.

 

Section
3.5 Deposit of Redemption Price.

 

On
or before the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued
interest, if any, on all Securities to be redeemed on that date.

 

Section
3.6 Securities Redeemed in Part.

 

Upon
surrender of a Security that is redeemed in part, the Trustee, upon receipt of a Company Order, shall authenticate for the Holder a new
Security of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.

 

ARTICLE
IV

COVENANTS

 

Section
4.1 Payment of Principal and Interest.

 

The
Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal
of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture.

 

Section
4.2 SEC Reports.

 

The
Company shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual reports and of the information,
documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which
the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with
the other provisions of TIA § 314(a).

 

    	16

     

    

 

Section
4.3 Compliance Certificate.

 

The
Company shall deliver to the Trustee, within 120 days after the end of each fiscal year (which on the date hereof ends on December 31)
of the Company, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has
kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained
in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if
a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he may have knowledge).

 

The
Company will, so long as any of the Securities are outstanding, deliver to the Trustee, forthwith upon becoming aware of any Default
or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking
or proposes to take with respect thereto.

 

Section
4.4 Stay, Extension and Usury Laws.

 

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

 

Section
4.5 Corporate Existence.

 

Subject
to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate
existence and the rights (charter and statutory), licenses and franchises of the Company; provided, however, that the Company shall not
be required to preserve any such right, license or franchise if the Board of Directors shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof
is not adverse in any material respect to the Holders.

 

ARTICLE
V

SUCCESSORS

 

Section
5.1 When Company May Merge, Etc.

 

The
Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties and
assets to, any person (a “successor person”) unless:

 

(a)
the Company is the surviving corporation or the successor person (if other than the Company) is a corporation organized and validly existing
under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this
Indenture and

 

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

 

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

 

Notwithstanding
the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither
an Officers’ Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

    	17

     

    

 

Section
5.2 Successor Corporation Substituted.

 

Upon
any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company
in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or
to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right
and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein;
provided, however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be
released from all obligations and covenants under this Indenture and the Securities.

 

ARTICLE
VI

DEFAULTS
AND REMEDIES

 

Section
6.1 Events of Default.

 

“Event
of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in
the establishing Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have
the benefit of said Event of Default:

 

(a)
default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default
for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent
prior to the expiration of such period of 30 days); or

 

(b)
default in the payment of principal of any Security of that Series at its Maturity; or

 

(c)
default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty
that has been included in this Indenture solely for the benefit of Series of Securities other than that Series), which default continues
uncured for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice
specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;
or

 

(d)
the Company pursuant to or within the meaning of any Bankruptcy Law:

 

(i)
commences a voluntary case,

 

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

 

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

 

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

 

(v)
generally is unable to pay its debts as the same become due; or

 

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

 

(i)
is for relief against the Company in an involuntary case,

 

(ii)
appoints a Custodian of the Company or for all or substantially all of its property, or

 

(iii)
orders the liquidation of the Company,

 

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

 

(f)
any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate, in accordance with Section 2.2.18.

 

    	18

     

    

 

The
term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section
6.2 Acceleration of Maturity; Rescission and Annulment.

 

If
an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of
Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount
of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities,
such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any,
on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee
if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any,
shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal amount
(or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately
due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

At
any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment
of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount
of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal
and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured
or waived as provided in Section 6.13.

 

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

 

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

 

The
Company covenants that if

 

(a)
default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues
for a period of 30 days, or

 

(b)
default is made in the payment of principal of any Security at the Maturity thereof, or

 

(c)
default is made in the deposit of any sinking fund payment when and as due by the terms of a Security,

 

then,
the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due
and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

 

If
the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final
decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed
to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.

 

Notwithstanding
any other provision of this Indenture, if an Event of Default with respect to any Securities of any Series occurs and is continuing,
the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series
by pursuing any available remedy by proceeding at law or in equity as the Trustee shall deem most effectual to protect and enforce any
such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy.

 

    	19

     

    

 

Section
6.4 Trustee May File Proofs of Claim.

 

In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such
other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company
for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

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

 

(b)
to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same,

 

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.8.

 

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

 

Section
6.5 Trustee May Enforce Claims Without Possession of Securities.

 

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

 

Section
6.6 Application of Money Collected.

 

Any
money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money on account of principal or interest, upon presentation of the Securities and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

First:
To the payment of all amounts due the Trustee under Section 7.8; and

 

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

 

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

 

Section
6.7 Limitation on Suits.

 

No
Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture,
or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless

 

    	20

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
6.8 Unconditional Right of Holders to Receive Principal and Interest.

 

Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security
(or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights
shall not be impaired without the consent of such Holder.

 

Section
6.9 Restoration of Rights and Remedies.

 

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

 

Section
6.10 Rights and Remedies Cumulative.

 

Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no
right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right
or remedy.

 

Section
6.11 Delay or Omission Not Waiver.

 

No
delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and
remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.

 

    	21

     

    

 

Section
6.12 Control by Holders.

 

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

 

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

 

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

 

(c)
subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in
good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability.

 

Section
6.13 Waiver of Past Defaults.

 

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

 

Section
6.14 Undertaking for Costs.

 

All
parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the
Trustee for any action taken, 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
Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series,
or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after
the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date).

 

ARTICLE
VII

TRUSTEE

 

Section
7.1 Duties of Trustee.

 

(a)
If an Event of Default has occurred and is continuing, the Trustee shall exercise 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.

 

(b)
Except during the continuance of an Event of Default:

 

(i)
The Trustee need perform only those duties that are specifically set forth in this Indenture and no others.

 

    	22

     

    

 

(ii)
In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to the
requirements of this Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which by any provisions
hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and Opinions
of Counsel to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy
of mathematical calculations or other facts stated therein).

 

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

 

(i)
This paragraph does not limit the effect of paragraph (b) of this Section.

 

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

 

(iii)
The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of
any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities
of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.

 

(d)
Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.

 

(e)
The Trustee may refuse to perform any duty or exercise any right or power unless it receives security or indemnity satisfactory to it
against any loss, liability or expense.

 

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

 

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

 

(h)
The Paying Agent, the Registrar, the Notice Agent, any agent and any authenticating agent shall be entitled to the protections, immunities
and standard of care as are set forth in paragraphs (a), (b) and (c) of this Section with respect to the Trustee.

 

Section
7.2 Rights of Trustee.

 

(a)
The Trustee may rely on and shall be protected in acting or refraining from acting upon any document believed by it to be genuine and
to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document.

 

(b)
Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel, or both. The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or
Opinion of Counsel. No such Officers’ Certificate or Opinion of Counsel shall be at the expense of the Trustee. Any request or
direction of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate.

 

(c)
The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.
No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary.

 

(d)
The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its
rights or powers, provided that the Trustee’s conduct does not constitute negligence or bad faith. The Trustee shall not be liable
for any special, punitive or consequential damages, even if they were reasonably foreseeable.

 

(e)
The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder, and the Trustee may conclusively rely
on any such advice or Opinion of Counsel.

 

    	23

     

    

 

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

 

(g)
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it
may see fit.

 

(h)
The Trustee shall not be deemed to have notice of any Default or Event of Default (other than a payment default under Section 6.1 or
6.2) unless a Responsible Officer of the Trustee has received written notice of any event which is in fact such a default at the Corporate
Trust Office of the Trustee, and such notice references the Securities generally or the Securities of a particular Series and this Indenture.

 

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

 

(j)
The Trustee may request that the Issuer deliver an Officers’ Certificate setting forth the names of individuals and titles of officers
authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any
person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate
previously delivered and not superseded.

 

(k)
The Trustee shall have no duty to inquire as to or monitor the performance of the Issuer with respect to the covenants contained in Article
IV.

 

(l)
The Trustee shall not be required to give any note, bond or surety in respect of the execution of the trusts and powers under this Indenture.

 

(m)
Nothing herein shall be deemed to require the Trustee to submit to the jurisdiction or venue of a non-U.S. court.

 

Section
7.3 Force Majeure.

 

(a)
The Trustee shall have no liability for delays or inability to perform its duties hereunder due to forces majeures, events beyond
its control, such as (but not exclusively) civil unrest, earthquakes, hurricanes or other natural disasters, floods, utility failures,
transmission interruptions, power failures, wars, governmental declarations or Acts of God; it being understood that the Trustee shall
use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable
under the circumstances.

 

(b)
Delivery of reports or information by the Company shall not be deemed to confer actual or constructive knowledge or notice on the Trustee
with respect to a Default or Event of Default, or otherwise.

 

Section
7.4 Individual Rights of Trustee.

 

The
Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company
or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights.
The Trustee is also subject to Sections 7.11 and 7.12.

 

Section
7.5 Trustee’s Disclaimer.

 

The
Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the
Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than
its authentication.

 

    	24

     

    

 

Section
7.6 Notice of Defaults.

 

If
a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible
Officer of the Trustee, the Trustee shall mail (or deliver notice subject to the applicable procedures of the Depositary or relevant
clearing system) to each Security Holder of the Securities of that Series notice of a Default or Event of Default within 90 days after
it occurs or, if later, after a Responsible Officer of the Trustee has written notice of such Default or Event of Default. Except in
the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, or in the payment of
any sinking fund installment, the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its
Responsible Officers in good faith determines that withholding the notice is in the interests of Security Holders of that Series.

 

Section
7.7 Reports by Trustee to Holders.

 

Within
60 days after May 15 in each year, the Trustee shall transmit by mail to all Security Holders, as their names and addresses appear on
the register kept by the Registrar, a brief report dated as of such May 15, in accordance with, and to the extent required under, TIA
§ 313.

 

A
copy of each report at the time of its mailing to Security Holders of any Series shall be filed with the SEC and each stock exchange
on which the Securities of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed
on any stock exchange.

 

Section
7.8 Compensation and Indemnity.

 

The
Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time
agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.
The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it. Such expenses shall include
the reasonable compensation and expenses of the Trustee’s agents and counsel.

 

The
Company shall indemnify each of the Trustee and any predecessor Trustee against any loss, liability or expense (including the cost of
defending itself) incurred by it except as set forth in the next paragraph in the performance of the Trustee duties under this Indenture
as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity; provided, however, that
failure to so notify the Company shall not relieve it of its obligations hereunder. The Company shall defend the claim and the Trustee
shall cooperate in the defense; provided, however, the Trustee may conduct its own defense if there is a conflict of interest between
the interests of the Company and those of the Trustee. The Trustee may have one separate counsel (in addition to local counsel, if applicable)
and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without
its consent, which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders
and Agents or agents of the Trustee.

 

The
Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director,
employee, shareholder, Agent or agent of the Trustee to the extent it is attributed to its own negligence or willful conduct as determined
by a court of competent jurisdiction in a final, non-appealable order.

 

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

 

When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(d) or (e) occurs, the expenses and
the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law.

 

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

 

Section
7.9 Replacement of Trustee.

 

A
resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section.

 

    	25

     

    

 

The
Trustee may resign with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date
of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with
respect to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of
one or more Series if:

 

(a)
the Trustee fails to comply with Section 7.11;

 

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

 

(c)
a Custodian or public officer takes charge of the Trustee or its property; or

 

(d)
the Trustee becomes incapable of acting.

 

If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint
a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then
outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

If
a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities
of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after
that, the retiring Trustee upon payment of its fees and expenses then unpaid shall transfer all property held by it as Trustee to the
successor Trustee subject to the lien provided for in Section 7.8, the resignation or removal of the retiring Trustee shall become effective,
and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which
it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each Security Holder of each
such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.9, the Company’s obligations under Section 7.8
hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it prior to such replacement.

 

Section
7.10 Successor Trustee by Merger, etc.

 

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

 

Section
7.11 Eligibility; Disqualification.

 

This
Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have
a combined capital and surplus of at least $150,000 as set forth in its most recent published annual report of condition. The Trustee
shall comply with TIA § 310(b).

 

Section
7.12 Preferential Collection of Claims Against Company.

 

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

 

ARTICLE
VIII

SATISFACTION
AND DISCHARGE; DEFEASANCE

 

Section
8.1 Satisfaction and Discharge of Indenture.

 

This
Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee,
at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

 

    	26

     

    

 

(a)
either

 

(i)
all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have
been replaced or paid) have been delivered to the Trustee for cancellation; or

 

(ii)
all such Securities not theretofore delivered to the Trustee for cancellation

 

(1)
have become due and payable, or

 

(2)
will become due and payable at their Stated Maturity within one year, or

 

(3)
have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or

 

(4)
are deemed paid and discharged pursuant to Section 8.3, as applicable;

 

and
the Company, in the case of (1), (2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds
in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered
to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become
due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;

 

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

 

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

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.8, and, if money shall
have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall
survive.

 

Section
8.2 Application of Trust Funds; Indemnification.

 

(a)
Subject to the provisions of Section 8.5, all money deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government
Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 and all money received by the
Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3
or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee
or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4.

 

(b)
The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government
Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal received in respect
of such obligations other than any payable by or on behalf of Holders.

 

(c)
The Trustee shall deliver or pay to the Company from time to time upon Company Request any U.S. Government Obligations or Foreign Government
Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent
certified public accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount
thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government
Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations
or Foreign Government Obligations held under this Indenture.

 

    	27

     

    

 

Section
8.3 Legal Defeasance of Securities of any Series.

 

Unless
this Section 8.3 is otherwise specified, pursuant to Section 2.2.22, to be inapplicable to Securities of any Series, the Company shall
be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the
date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities
of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute proper
instruments acknowledging the same), except as to:

 

(a)
the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment
of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity
of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the
Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the
Securities of such Series;

 

(b)
the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and

 

(c)
the rights, powers, trust and immunities of the Trustee hereunder;

 

provided
that, the following conditions shall have been satisfied:

 

(d)
the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) 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 such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government
Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money
and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their
terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day
before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal
of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such
installments of interest or principal and such sinking fund payments are due;

 

(e)
such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;

 

(f)
no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such
deposit or during the period ending on the 91st day after such date;

 

(g)
the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (i) the Company
has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this
Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount
and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;

 

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

 

(i)
the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this Section have been complied with.

 

    	28

     

    

 

Section
8.4 Covenant Defeasance.

 

Unless
this Section 8.4 is otherwise specified pursuant to Section 2.2.22 to be inapplicable to Securities of any Series, the Company may omit
to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4,
4.5, and 5.1 as well as any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution
or an Officers’ Certificate delivered pursuant to Section 2.2.22 (and the failure to comply with any such covenants shall not constitute
a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.18
and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of
such Series, provided that the following conditions shall have been satisfied:

 

(a)
With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c))
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 such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in
Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other
than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect
thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such
Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally
recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to
pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the
Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due;

 

(b)
Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;

 

(c)
No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such
deposit;

 

(d)
The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such Series will
not recognize income, gain or loss for federal income tax purposes as a result of such deposit and 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 deposit and covenant
defeasance had not occurred;

 

(e)
The Company shall have delivered to the Trustee an Officers’ Certificate stating the deposit was not made by the Company with the
intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating,
hindering, delaying or defrauding any other creditors of the Company; and

 

(f)
The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with.

 

Section
8.5 Repayment to Company.

 

The
Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal and interest
that remains unclaimed for two years. After that, Security Holders entitled to the money must look to the Company for payment as general
creditors unless an applicable abandoned property law designates another person.

 

    	29

     

    

 

ARTICLE
IX

SUPPLEMENTAL
INDENTURES, AMENDMENTS AND WAIVERS

 

Section
9.1 Without Consent of Holders.

 

The
Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Security
Holder:

 

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

 

(b)
to comply with Article V;

 

(c)
to provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(d)
to make any change that does not adversely affect the rights of any Security Holder;

 

(e)
to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;

 

(f)
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; or

 

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

 

Section
9.2 With Consent of Holders.

 

The
Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal
amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection
with a tender offer or exchange offer for the Securities of such Series), 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 Security Holders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal
amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender
offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or
the Securities with respect to such Series.

 

It
shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed
supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture
or waiver under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby, a notice briefly
describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.

 

Section
9.3 Limitations.

 

Without
the consent of each Security Holder affected, an amendment or waiver may not:

 

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

 

(b)
reduce the rate of or extend the time for payment of interest (including default interest) on any Security;

 

(c)
reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment
of any sinking fund or analogous obligation;

 

(d)
reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

 

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

 

    	30

     

    

 

(f)
make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;

 

(g)
make any change in Sections 6.8, 6.13 or 9.3 (this sentence); or

 

(h)
waive a redemption payment with respect to any Security, provided that such redemption is made at the Company’s option.

 

Section
9.4 Compliance with Trust Indenture Act.

 

Every
amendment or waiver to this Indenture or the issuance of and establishment of the form and terms and conditions of Securities of one
or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.

 

Section
9.5 Revocation and Effect of Consents.

 

Until
an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing
consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may
revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the
supplemental indenture or the date the waiver becomes effective.

 

Any
amendment or waiver once effective shall bind every Security Holder of each Series affected by such amendment or waiver unless it is
of the type described in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder
of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt
as the consenting Holder’s Security.

 

Section
9.6 Notation on or Exchange of Securities.

 

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

 

Section
9.7 Trustee Protected.

 

In
executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected
in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.
The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects
its rights.

 

ARTICLE
X

MISCELLANEOUS

 

Section
10.1 Trust Indenture Act Controls.

 

If
any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in
this Indenture by the TIA, such required or deemed provision shall control.

 

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Section
10.2 Notices.

 

Any
notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in
writing, in the English language, referencing this Indenture and the applicable securities or series of securities, and delivered in
person, or mailed by first-class mail:

 

if
to the Company:

 

No.
16 N. Dongke Road

Tongsha
Industrial Zone

Dongguan,
Guangdong 523217

 

if
to the Trustee:

[
]

Attention:
[ ]

 

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

 

Any
notice or communication to a Security Holder shall be mailed by first-class mail to his address shown on the register kept by the Registrar
or delivered subject to the applicable procedures of Depositary or relevant clearing system. Failure to mail a notice or communication
to a Security Holder of any Series or any defect in it shall not affect its sufficiency with respect to other Security Holders of that
or any other Series.

 

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

 

If
the Company mails a notice or communication to Security Holders, it shall mail a copy to the Trustee and each Agent at the same time.

 

Section
10.3 Communication by Holders with Other Holders.

 

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

 

Section
10.4 Certificate and Opinion as to Conditions Precedent.

 

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

 

(a)
an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

 

(b)
an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

Section
10.5 Statements Required in Certificate or Opinion.

 

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

 

    	32

     

    

 

(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.

 

Section
10.6 Rules by Trustee and Agents.

 

The
Trustee may make reasonable rules for action by or a meeting of Security Holders of one or more Series. Any Agent may make reasonable
rules and set reasonable requirements for its functions.

 

Section
10.7 Legal Holidays.

 

Unless
otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, a “Legal
Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made
at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

Section
10.8 No Recourse Against Others.

 

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

 

Section
10.9 Counterparts.

 

This
Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

Section
10.10 Governing Laws.

 

THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

Section
10.11 No Adverse Interpretation of Other Agreements.

 

This
Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section
10.12 Successors.

 

All
agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture
shall bind its successor.

 

Section
10.13 Severability.

 

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

 

Section
10.14 Table of Contents, Headings, Etc.

 

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

 

    	33

     

    

 

Section
10.15 Securities in a Foreign Currency or in ECU.

 

Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section
2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken
by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular
action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency
other than Dollars (including ECUs), then the principal amount of Securities of such Series which shall be deemed to be outstanding for
the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate
at such time. For purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York
City for cable transfers of that currency as published by the Federal Reserve Bank of New York; provided, however, in the case of ECUs,
Market Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or any successor thereto) as
published in the Official Journal of the European Union (such publication or any successor publication, the “Journal”). If
such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion
and without liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of ECUs, the rate of exchange
as published in the Journal, as of the most recent available date, or quotations or, in the case of ECUs, rates of exchange from one
or more major banks in The City of New York or in the country of issue of the currency in question or, in the case of ECUs, in Luxembourg
or such other quotations or, in the case of ECUs, rates of exchange as the Trustee, upon consultation with the Company, shall deem appropriate.
The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated
in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

All
decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding
paragraph shall be in its sole discretion and shall, in the absence of manifest error, to the extent permitted by law, be conclusive
for all purposes and irrevocably binding upon the Company and all Holders.

 

Section
10.16 Judgment Currency.

 

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

 

    	34

     

    

 

ARTICLE
XI

SINKING
FUNDS

 

Section
11.1 Applicability of Article.

 

The
provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise
permitted or required by any form of Security of such Series issued pursuant to this Indenture.

 

The
minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory
sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional
sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may
be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any
Series as provided for by the terms of the Securities of such Series.

 

Section
11.2 Satisfaction of Sinking Fund Payments with Securities.

 

The
Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant
to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other
than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series
to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of
the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application
of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such
Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officers’ Certificate
with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption,
and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities
in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to
exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except
upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied
to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt
of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery
by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash
payment required to be released to the Company.

 

Section
11.3 Redemption of Securities for Sinking Fund.

 

Not
less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officers’ Certificate in
respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will
deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that
Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the
optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated
to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officers’ Certificate
or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall
select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the
redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.3. Such notice having
been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

 

    	35

     

    

 

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

 

	 	Dogness (International) Corporation
	 	 	              
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	[ ], as Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Indenture]

 

    	36

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