Document:

EMPLOYMENT AND NON-COMPETE AGREEMENT

 

 

This Agreement is made
as of November 27 2012, between WidePoint Corporation, a Delaware corporation (the “Company”); and Jin Kang, (“Employee”).
The parties agree that the terms and provisions of this Agreement are retroactively effective from June 30, 2012 and subject to
and contingent upon (1) the approval of the Board of Directors of the Company. Subject to the foregoing, the Company and Employee
hereby agree as follows:

 

1. Employment. The Company
agrees to employ Employee in his current position of Chief Executive Officer of iSYS, LLC., and prospectively as Chief Operations
Officer of the Company; and Employee accepts such employment by the Company upon the terms and conditions set forth in this Agreement,
for the period beginning on the date of this Agreement and ending upon termination pursuant to paragraph 4 (the “Employment
Period”).

 

2. Compensation and Benefits.
In consideration for the valuable services to be rendered by Employee and for Employee’s agreement not to compete against the Company
as described in paragraph 5, the Company hereby agrees that during the Base Year 12 month period under this Agreement, and an additional
Option year at the election of the Company, the Company will pay Employee a gross Base Salary (the “Base Salary”) of
$250,000. per annum. In the event that the Company elects not to exercise the Option year, it must provide written notice to the
Employee no less than 180 days prior to the expiration of the Base Year 12 month period. the Company will pay Employee a gross
Base Salary (the “Base Salary”) of $250,000. per annum. The Base Salary of Employee after the initial year of this
Agreement shall be reviewed for possible increase by the Compensation Committee and the Board of Directors of the Company. Employee
also shall be entitled to (1) reimbursement for actual business expenses which have been pre-approved in writing by the Company;
(2) comparable combined paid vacation/sick leave and medical and other benefits consistent with those received by other similarly
situated employees of the Company unless superseded in Exhibit B; and (3) bonus compensation in amounts as determined in the reasonable
discretion of the Compensation Committee and the Board of Directors of the Company up to an amount of $175,000 per annum . Employee
shall also be eligible to receive incentive-based stock awards and/or common stock options from the Company as determined in the
reasonable discretion of the Compensation Committee of the Board of Directors of WidePoint. Employee shall be covered by the directors
and officers liability insurance coverage of WidePoint so long as Employee maintains a position with the Company as either an officer
or director of the Company as further defined under the Company’s Directors and Officers Insurance Plan.

 

3. Services. During the Employment
Period, Employee agrees to devote Employee’s best efforts and substantially all of Employee’s business time and attention to the
business affairs of the Company. During the Employment Period, Employee agrees to render additional functional services as the
Company may from time to time direct. During the Employment Period, Employee agrees that Employee will not, except with the prior
written consent of the Company, and not to be unreasonably withheld, become engaged in or render services for any business other
than the business of the Company.

 

    	 

    	 	

    
 

4. Termination. The Employment
Period will continue from the date of this Agreement unless terminated earlier by (a) Employee’s death or permanent disability
which renders the Employee unable to perform Employee’s duties hereunder (as determined by the Company in its good faith judgment),
(b) by Employee’s resignation, commencing from and after the first anniversary date of this Agreement, or any additional Option
period exercised by the Company, upon prior written notice to the Company of ninety (90) days before the annual anniversary date
of this Agreement, or (c) the Company for Cause. For purpose of this paragraph 4, “Cause” shall mean (i) the repeated
failure or refusal of Employee to follow the lawful directives of the Company, or its designee (except due to sickness, injury
or disabilities), after prior notice to Employee and a reasonable opportunity to cure by Employee of up to thirty (30) days, (ii)
gross inattention to duty or any other willful, reckless or grossly negligent act (or omission to act) by Employee, which, in the
good faith judgment of the Company, materially injures the Company, including the repeated failure to follow the policies and procedures
of the Company, after prior written notice to Employee and a reasonable opportunity to cure by Employee of up to thirty (30) days,
(iii) a material breach of this Agreement by Employee, after prior written notice to Employee and a reasonable opportunity to cure
by Employee of up to thirty (30) days, (iv) the commission by Employee of a felony or other crime involving moral turpitude or
the commission by Employee of an act of financial dishonesty against the Company or, (v) a proper business purpose of the Company,
which shall be limited to the elimination of the position filled by Employee as a result of a material decrease in revenues and/or
profits of the Company, but with other cost cutting measures and the termination of other employees being first considered and
instituted as determined in the sole judgment of the Company prior to the termination of Employee; provided, however, that in the
event the Company terminates Employee under this subparagraph (v), then (I) the scope of the non-compete under Paragraph 5 shall
be limited to the products and services offered by the Company as of the termination of Employee under subparagraph (v) and (II)
the Company shall pay to Employee a continuation of Gross Salary and benefits each month for the six (6) month period immediately
following such termination under subparagraph (v).

 

5. Non-Compete.

 

(a) In the event the Employment
Period is terminated under paragraphs 4(b) or 4(c) above, then the non-compete provisions of this paragraph 5 will apply to Employee.
In the event the Employment Period is otherwise terminated, such as without Cause, then no part of this paragraph 5 will apply
to Employee.

 

(b) Employee recognizes and acknowledges
that by virtue of accepting employment hereunder, Employee will acquire valuable training and knowledge, enhance Employee’s professional
skills and experience, and learn proprietary trade secrets and Confidential Information of the Company. In consideration of the
foregoing and this employment contract, Employee agrees that during the Employment Period and for one (1) year thereafter (the
“Non-Compete Period”), Employee will not directly or indirectly (whether as employee, director, owner, stockholder, consultant,
partner (limited or general) or otherwise) own, manage, control, participate in, consult with, advertise on behalf of, render services
for or in any manner engage in any competitive business of soliciting or providing any computer, technology, IT, consulting or
any other services and/or products of any type whatsoever to any federal, state and/or local governments and/or to any existing
or targeted customers or clients of the Company, with the term “targeted” meaning customers or clients that the Company
has contacted within the last 12 months or included in a sales or strategic plan of the Company prior to the date of termination
of the Employment Period; nor shall Employee solicit any other Person to engage in any of the foregoing activities or knowingly
request, induce or attempt to influence any then existing or targeted customers, clients or suppliers of the Company to curtail
any business they are currently, or in the last 24 months have been, transacting with the Company (the “Non-Compete). Nothing
herein will prevent Employee from being a passive owner of not more than 1% of the outstanding stock of any class of a corporation
which is engaged in a competitive business of the Company and which is publicly traded, so long as Employee has no participation
in the business of such corporation. Furthermore, during the Non-Compete Period, Employee shall not, without the Company’s prior
written consent, directly or indirectly, knowingly solicit or encourage or attempt to influence any existing employee or recruit
to leave or discourage their employment with the Company. Employee agrees that the restraint imposed under this paragraph 5 is
reasonable and not unduly harsh or oppressive.

 

    	 

    	 	

    
 

(c) If, at the time of enforcement
of any provision of paragraph 5(b) above, a court or arbitrator holds that the restrictions stated therein are unreasonable or
unenforceable under circumstances then existing, the Company and Employee agree that the maximum period, scope, or geographical
area reasonable or permissible under such circumstances will be substituted for the stated period, scope or area.

 

(d) Since a material purpose of
this Agreement is to protect the Company’s investment in the Employee and to secure the benefits of Employee’s background and general
experience in the industry, the parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach
of the provisions of this paragraph 5. Therefore, in the event of a breach by Employee of any of the provisions of this paragraph
5, the Company, or its successors or assigns may, in addition to other rights and remedies existing in its favor, apply to any
court of law or equity of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce
or prevent any violations of the provisions of this Agreement.

 

6. Confidential Information.
Employee acknowledges that the information, data and trade secrets (collectively, “Confidential Information”) obtained
by Employee during the course of Employee’s performance under this Agreement, and previously if Employee has already been an employee
of the Company, concerning the business or affairs of the Company are the property of the Company. For purposes of this Agreement,
“trade secret” means any method, program or compilation of information which is used in the Company’s business, including
but not limited to: (a) techniques, plans and materials used by the Company, (b) marketing methods and strategies employed by the
Company, and (c) all lists of past, present or targeted customers, clients or suppliers of the Company. Employee agrees that Employee
will not disclose to any unauthorized Person or use for Employee’s own account any of such Confidential Information without the
written consent of the Company, unless and to the extent that the aforementioned matters become generally known to and available
for use by the public other than as a result of Employee’s acts or omissions to act or become known to Employee lawfully outside
the scope of Employee’s employment under this Agreement. Employee agrees to deliver to the Company at the termination of Employee’s
employment, or at any other time the Company may request, all memoranda, notes, plans, records, reports and other documents (and
copies thereof) relating to the business of the Company which Employee may then possess or have under Employee’s control.

 

    	 

    	 	

    
 

7. Notices. Any notice provided
for in this Agreement shall be in writing and shall be either personally delivered, sent by overnight courier (e.g., Federal
Express) or mailed by first class certified mail, return receipt requested, to the recipient at the address below indicated:

 

	To the Company or WidePoint:	 	Mr. James T. McCubbin
	 	 	c/o WidePoint Corporation
	 	 	7926 Jones Branch Drive Suite 520
	 	 	McLean, Virginia 22102
	 	 	 
	To Employee:	 	Jin Kang
	 	 	__________________
	 	 	__________________
	 	 	__________________

 

or such other address or to the attention
of such other Person as the recipient party shall have specified by prior written notice to the sending party. Any notice under
this Agreement will be deemed to have been given when so delivered, sent or mailed.

 

8. Miscellaneous. Whenever
possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law.
The parties agree that (i) the provisions of this Agreement shall be severable in the event that any of the provisions hereof are
for any reason whatsoever invalid, void or otherwise unenforceable, (ii) such invalid, void or otherwise unenforceable provisions
shall be automatically replaced by other provisions which are as similar as possible in terms to such invalid, void or otherwise
unenforceable provisions but are valid and enforceable and (iii) the remaining provisions shall remain enforceable to the fullest
extent permitted by law. This Agreement embodies the complete agreement and understanding among the parties and supersedes and
preempts any prior understandings, agreements or representations by or among the parties, written or oral, which may have related
to the subject matter hereof in any way. This Agreement may be executed on separate counterparts, each of which is deemed to be
an original and all of which taken together constitute one and the same agreement. This Agreement is intended to bind and inure
to the benefit of and be enforceable by Employee and the Company, and their respective successors and assigns. Employee may not
assign Employee’s rights or delegate Employee’s obligations hereunder without the prior written consent of the Company. The Company
may assign its respective rights and delegate its duties hereunder without the consent of Employee to Permitted Transferees. All
questions concerning the construction, validity and interpretation of the Agreement will be governed by the internal law, and not
the law of conflicts, of the Commonwealth of Virginia. All parties hereby consent to subject matter jurisdiction, personal jurisdiction
and venue in the appropriate federal court located in Fairfax, Virginia for disputes under this Agreement. Any provision of this
Agreement may be amended or waived only with the prior written consent of the Company, and Employee. If either party breaches this
Agreement, the prevailing party shall be entitled to recover costs, including reasonable attorney’s fees, from the non-prevailing
party.

 

    	 

    	 	

    
 

9. Definitions. “Person”
shall mean and include an individual, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and
a governmental entity or any department or agency thereof. “Permitted Transferee” shall mean a subsidiary, affiliate
or successor of WidePoint or the Company.

 

IN WITNESS WHEREOF,
the parties have executed this Agreement on the day and year first above written.

 

 

	WITNESS:	 	EMPLOYEE:	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ Kito Mussa	 	By:	/s/ Jin Kang	 
	Kito Mussa	 	 	Jin Kang	 
	 	 	 	 	 
	 	 	 	 	 
	Attest (Seal):	 	WIDEPOINT CORPORATION	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ James T. McCubbin	 	By:	/s/ Steve L. Komar	 
	James T. McCubbin	 	 	Steve L. Komar	 
	Secretary	 	 	Chairman & Chief Executive
OfficerExhibit 4.4

 

TRANSWITCH CORPORATION,

as Issuer,

 

and

  

as Trustee

 

INDENTURE

 

Dated as of ____________, 20__

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE ONE DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 
	Section 1.01.	Definitions	1
	Section 1.02.	Other Definitions	6
	Section 1.03.	Incorporation by Reference of Trust Indenture Act	6
	Section 1.04.	Rules of Construction.	7
	 	 	 
	ARTICLE TWO THE SECURITIES	7
	 	 
	Section 2.01.	Issuable in Series	7
	Section 2.02.	Establishment of Terms of Series of Securities	7
	Section 2.03.	Execution and Authentication	9
	Section 2.04.	Registrar and Paying Agent	10
	Section 2.05.	Paying Agent to Hold Assets in Trust	10
	Section 2.06.	Holder Lists	11
	Section 2.07.	Transfer and Exchange	11
	Section 2.08.	Replacement Securities	11
	Section 2.09.	Outstanding Securities	12
	Section 2.10.	Treasury Securities	12
	Section 2.11.	Temporary Securities	12
	Section 2.12.	Cancellation	13
	Section 2.13.	Defaulted Interest	13
	Section 2.14.	Global Securities	13
	Section 2.15.	CUSIP and ISIN Numbers	14
	 	 	 
	ARTICLE  THREE REDEMPTION	14
	 	 
	Section 3.01.	Notices to Trustee	14
	Section 3.02.	Selection of Securities to be Redeemed	14
	Section 3.03.	Notice of Redemption	15
	Section 3.04.	Effect of Notice of Redemption	15
	Section 3.05.	Deposit of Redemption Price	15
	Section 3.06.	Securities Redeemed in Part	15
	 	 	 
	ARTICLE FOUR COVENANTS	16
	 	 
	Section 4.01.	Payment of Principal and Interest	16
	Section 4.02.	Maintenance of Office or Agency	16
	Section 4.03.	Corporate Existence	16
	Section 4.04.	Compliance Certificate	16
	Section 4.05.	Waiver of Stay, Extension or Usury Laws	17
	Section 4.06.	SEC Reports	17
	 	 	 
	ARTICLE FIVE SUCCESSOR CORPORATION	17
	 	 
	Section 5.01.	Merger, Consolidation, or Sale of Assets	17
	 	 	 
	ARTICLE SIX DEFAULT AND REMEDIES	18
	 	 
	Section 6.01.	Events of Default	18
	Section 6.02.	Acceleration	19
	Section 6.03.	Other Remedies	20
	Section 6.04.	Waiver of Past Defaults	20
	Section 6.05.	Control by Majority	20
	Section 6.06.	Limitation on Suits	20
	Section 6.07.	Rights of Holders to Receive Payment	21
	Section 6.08.	Collection Suit by Trustee	21

  

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	Section 6.09.	Trustee May File Proofs of Claim	21
	Section 6.10.	Priorities	21
	Section 6.11.	Undertaking for Costs	22
	 	 	 
	ARTICLE SEVEN TRUSTEE	22
	 	 
	Section 7.01.	Duties of Trustee	22
	Section 7.02.	Rights of Trustee	23
	Section 7.03.	Individual Rights of Trustee	24
	Section 7.04.	Trustee’s Disclaimer	24
	Section 7.05.	Notice of Default	24
	Section 7.06.	Reports by Trustee to Holders	24
	Section 7.07.	Compensation and Indemnity	24
	Section 7.08.	Replacement of Trustee	25
	Section 7.09.	Successor Trustee by Merger, Etc.	26
	Section 7.10.	Eligibility; Disqualification	26
	Section 7.11.	Preferential Collection of Claims Against the Issuer	26
	 	 	 
	ARTICLE EIGHT DISCHARGE OF INDENTURE; DEFEASANCE	26
	 	 
	Section 8.01.	Termination of the Issuer’s Obligations	26
	Section 8.02.	Legal Defeasance and Covenant Defeasance	27
	Section 8.03.	Conditions to Legal Defeasance or Covenant Defeasance	28
	Section 8.04.	Application of Trust Money	29
	Section 8.05.	Repayment to the Issuer	29
	Section 8.06.	Reinstatement	29
	 	 	 
	ARTICLE NINE AMENDMENTS, SUPPLEMENTS AND WAIVERS	30
	 	 
	Section 9.01.	Without Consent of Holders	30
	Section 9.02.	With Consent of Holders	31
	Section 9.03.	Compliance with the Trust Indenture Act	32
	Section 9.04.	Revocation and Effect of Consents	32
	Section 9.05.	Notation on or Exchange of Securities	32
	Section 9.06.	Trustee To Sign Amendments, Etc	32
	Section 9.07.	Trustee Protected	32
	 	 	 
	ARTICLE TEN MISCELLANEOUS	33
	 	 
	Section 10.01.	Trust Indenture Act Controls	33
	Section 10.02.	Notices	33
	Section 10.03.	Communications by Holders with Other Holders	34
	Section 10.04.	Certificate and Opinion as to Conditions Precedent	34
	Section 10.05.	Statements Required in Certificate or Opinion	34
	Section 10.06.	Rules by Trustee and Agents	35
	Section 10.07.	Legal Holidays	35
	Section 10.08.	Governing Laws	35
	Section 10.09.	No Adverse Interpretation of Other Agreements	35
	Section 10.10.	No Recourse Against Others	35
	Section 10.11.	Successors	35
	Section 10.12.	Duplicate Originals	35
	Section 10.13.	Severability	35
	Section 10.14.	Securities in a Foreign Currency or in ECU	36
	Section 10.15.	Judgment Currency	36
	 	 	 
	ARTICLE ELEVEN SINKING FUNDS	36
	 	 
	Section 11.01.	Applicability of Article	36
	Section 11.02.	Satisfaction of Sinking Fund Payments with Securities	37
	Section 11.03.	Redemption of Securities for Sinking Fund	37

 

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CROSS-REFERENCE TABLE

 

	Trust Indenture Act Section	 	Indenture Section
	§ 310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	7.10
	(b)	 	7.10
	(c)	 	Not Applicable
	§ 311(a)	 	7.11
	(b)	 	7.11
	(c)	 	Not Applicable
	§ 312(a)	 	2.06
	(b)	 	10.03
	(c)	 	10.03
	§ 313(a)	 	7.06
	(b)	 	7.06
	(c)	 	7.06
	(d)	 	7.06
	§ 314(a)	 	4.04, 4.06; 10.05
	(b)	 	Not Applicable
	(c)(1)	 	10.04
	(c)(2)	 	10.04
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	10.05
	(f)	 	Not Applicable
	§ 315(a)	 	7.01
	(b)	 	7.05
	(c)	 	7.01
	(d)	 	7.01
	(e)	 	6.11
	§316(a)(1)(A)	 	6.05
	(a)(1)(B)	 	6.04
	(a)(2)	 	Not Applicable
	(a)(last sentence)	 	2.10
	(b)	 	6.07
	(c)	 	9.04
	§317(a)(1)	 	6.08
	(a)(2)	 	6.09
	(b)	 	2.05
	§ 318(a)	 	10.01

 

Note:     This Cross-Reference Table
shall not, for any purpose, be deemed to be a part of this Indenture.

 

    	iii

    	 

    

 

INDENTURE dated as of      ,
20      between TranSwitch Corporation, a Delaware corporation, as Issuer (the “Issuer”),
and, as trustee (the “Trustee”).

 

THIS INDENTURE WITNESSETH

 

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 ONE

 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01.              
Definitions.

 

Set forth below are certain defined terms
used in this Indenture.

 

“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 Issuer in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.

 

“Affiliate” of any Person
means any other Person which directly or indirectly controls or is controlled by, or is under direct or indirect common control
with, the referent Person. For purposes of this definition, “control” of a Person shall mean the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise, and “controlling,” “controlled by,” and “under common control”
shall have correlative meanings.

 

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

 

“amend” means to amend,
supplement, restate, amend and restate or otherwise modify; and “amendment” shall have a correlative meaning.

 

“asset” means any asset
or property.

 

“Attributable Indebtedness,”
when used with respect to any Sale and Leaseback Transaction, means, as at the time of determination, the present value (discounted
at a rate equivalent to the Issuer’s then-current weighted average cost of funds for borrowed money as at the time of determination,
compounded on a semi-annual basis) of the total obligations of the lessee for rental payments during the remaining term of the
lease included in any such Sale and Leaseback Transaction.

 

“Authorized Newspaper”
means a newspaper in an official language of the country of publication customarily published at least once a day for at least
five (5) days in each calendar week and of general circulation in the place in connection with which the term is used. If
it shall be impractical in the opinion of the Trustee to make any publication of any notice required hereby in an Authorized Newspaper,
any publication or other notice in lieu thereof that is made or given by the Trustee shall constitute a sufficient publication
of such notice.

 

“Bankruptcy Law” means
Title 11 of the United States Code, as amended, or any similar federal or state law for the relief of debtors.

 

“Bearer Security” means
any Security, including any interest coupon appertaining thereto, that does not provide for the identification of the Holder thereof.

 

“Board of Directors”
shall mean, with respect to any Person, (i) in the case of any corporation, the board of directors of such Person, (ii) in
the case of any limited liability company, the board of managers of such Person, (iii) in the case of any partnership, the
Board of Directors of the general partner of such Person, and (iv) in any other case, the functional equivalent of the foregoing.

 

    	1

    	 

    

 

“Board Resolution” means
a copy of a resolution certified by the Secretary or an Assistant Secretary of the Issuer to have been adopted by the Board of
Directors of the Issuer or pursuant to authorization by the Board of Directors of the Issuer 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 a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate for a particular
Series of Securities, a day other than a Saturday, Sunday or other day on which banking institutions in the City of New York,
New York are authorized or required by law to close.

 

“Capitalized Lease” means
a lease required to be capitalized for financial reporting purposes in accordance with GAAP.

 

“Capitalized Lease Obligations”
of any Person means the obligations of such Person to pay rent or other amounts under a Capitalized Lease, and the amount of such
obligations shall be the capitalized amount thereof determined in accordance with GAAP.

 

“Corporate Trust Office”
means the corporate trust office of the Trustee located at , or such other office, designated by the Trustee by written notice
to the Issuer, at which at any particular time its corporate trust business shall be administered.

 

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

 

“Default” means (1) any
Event of Default or (2) any event, act or condition that, after notice or the passage of time or both, would be an Event of
Default.

 

“Depository” 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 Depository for such Series by the Issuer, which Depository shall be a clearing agency registered
under the Exchange Act, and if at any time there is more than one such Person, “Depository” as used with respect
to the Securities of any Series shall mean the Depository 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 6.02.

 

“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.

 

“Equity Interests” of
any Person means (1) any and all shares or other equity interests (including common stock, preferred stock, limited liability
company interests and partnership interests) in such Person and (2) all rights to purchase, warrants or options (whether or
not currently exercisable), participations or other equivalents of or interests in (however designated) such shares or other interests
in such Person.

 

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

 

“Fair Market Value” means,
with respect to any asset, the price (after taking into account any liabilities relating to such assets) that would be negotiated
in an arm’s-length transaction for cash between a willing seller and a willing and able buyer, neither of which is under
any compulsion to complete the transaction, as such price is determined in good faith by the Board of Directors of the Issuer or
a duly authorized committee thereof, as evidenced by a resolution of such Board of Directors or committee.

 

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

 

    	2

    	 

    

 

“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 may be approved by a significant segment of the accounting profession of the United States,
as in effect from time to time, unless otherwise provided for in a particular Series of Securities by a Board Resolution,
a supplemental indenture hereto or an Officers’ Certificate.

 

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

 

“guarantee” means a direct
or indirect guarantee by any Person of any Indebtedness of any other Person and includes any obligation, direct or indirect, contingent
or otherwise, of such Person: (1) to purchase or pay (or advance or supply funds for the purchase or payment of) Indebtedness
of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets,
goods, securities or services (unless such purchase arrangements are on arm’s-length terms and are entered into in the ordinary
course of business), to take-or-pay, or to maintain financial statement conditions or otherwise); or (2) entered into for
purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against
loss in respect thereof (in whole or in part), and “guarantee,” when used as a verb, and “guaranteed”
have correlative meanings.

 

“Hedging Obligations”
of any Person means the obligations of such Person pursuant to (1) any interest rate swap agreement, interest rate collar
agreement or other similar agreement or arrangement designed to alter the risks to that Person arising from fluctuations in interest
rates, (2) agreements or arrangements designed to alter the risks to that Person arising from fluctuations in foreign currency
exchange rates in the conduct of its operations, or (3) any forward contract, commodity swap agreement, commodity option agreement
or other similar agreement or arrangement designed to protect such Person against fluctuations in commodity prices, in each case
entered into in the ordinary course of business for bona fide hedging purposes and not for the purpose of speculation.

 

“Holder” means a Person
in whose name a Security is registered or the holder of a Bearer Security.

 

“incur” means, with respect
to any Indebtedness or Obligation, incur, create, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently
or otherwise, with respect to such Indebtedness or Obligation.

 

“Indebtedness” of any
Person at any date means, without duplication:

 

(1)           all
liabilities, contingent or otherwise, of such Person for borrowed money (whether or not the recourse of the lender is to the whole
of the assets of such Person or only to a portion thereof);

 

(2)           all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;

 

(3)           all
reimbursement obligations of such Person in respect of letters of credit, letters of guaranty, bankers’ acceptances and similar
credit transactions;

 

(4)           all
obligations of such Person to pay the deferred and unpaid purchase price of property or services, except (i) trade payables
and accrued expenses incurred by such Person in the ordinary course of business in connection with obtaining goods, materials or
services and (ii) customary adjustments of purchase price, contingent payments, earnout payments or similar obligations of
such Person arising under any of the documents pertaining to any acquisition of any Person or assets or Equity Interests of any
Person or any sale, transfer or other disposition of assets to any Person;

 

(5)           all
Capitalized Lease Obligations of such Person;

 

(6)           all
Indebtedness of others secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person;

 

    	3

    	 

    

 

(7)           all
Indebtedness of others guaranteed by such Person to the extent of such guarantee; provided, however, that Indebtedness
of the Issuer or its Subsidiaries that is guaranteed by the Issuer or the Issuer’s Subsidiaries shall only be counted once
in the calculation of the amount of Indebtedness of the Issuer and its Subsidiaries on a consolidated basis;

 

(8)           all
Attributable Indebtedness;

 

(9)           to
the extent not otherwise included in this definition, Hedging Obligations of such Person, determined as the net amount of all payments
that would be required to be made in respect thereof in the event of a termination (including an early termination) on the date
of determination; and

 

(10)         all
obligations of such Person under conditional sale or other title retention agreements relating to assets purchased by such Person.

 

The amount of any Indebtedness which is incurred
at a discount to the principal amount at maturity thereof as of any date shall be deemed to have been incurred at the accreted
value thereof as of such date. The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date
of all unconditional obligations as described above, the maximum liability of such Person for any such contingent obligations at
such date and, in the case of clause (6), the lesser of (a) the Fair Market Value of any asset subject to a Lien securing
the Indebtedness of others on the date that the Lien attaches and (b) the amount of the Indebtedness secured.

 

“Indenture” means this
Indenture, as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof, 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 a Maturity Date, means interest payable after such Maturity
Date.

 

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

 

“Issuer Order” means
a written order signed in the name of the Issuer by an Officer, who must be the Issuer’s principal executive officer, principal
financial officer or principal accounting officer.

 

“Lien” means, with respect
to any asset, any mortgage, deed of trust, lien (statutory or other), pledge, lease, easement, restriction, charge, security interest
or other encumbrance of any kind or nature in respect of such asset, whether or not filed, recorded or otherwise perfected under
applicable law, including any conditional sale or other title retention agreement, and any lease in the nature thereof.

 

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

 

“Obligation” means any
principal, interest, penalties, fees, indemnification, reimbursements, costs, expenses, damages and other liabilities payable under
the documentation governing any Indebtedness.

 

“Officer” means any of
the following of the Issuer: the Chairman of the Board of Directors, the Chief Executive Officer, the President, any Vice President,
the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary.

 

“Officers’ Certificate”
means a certificate signed by two Officers (on behalf of the Issuer in their representative capacities, and not in their individual
capacities).

 

    	4

    	 

    

 

“Opinion of Counsel”
means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may (but need not) be an employee
of, or counsel to, the Issuer or the Trustee.

 

“Person” means any individual,
corporation, partnership, limited liability company, joint venture, incorporated or unincorporated association, joint-stock company,
trust, unincorporated organization or government or other agency or political subdivision thereof or other entity of any kind.

 

“Plan of Liquidation,”
with respect to any Person, means a plan that provides for, contemplates or the effectuation of which is preceded or accompanied
by (whether or not substantially contemporaneously, in phases or otherwise): (1) the sale, lease, conveyance or other disposition
of all or substantially all of the assets of such Person otherwise than as an entirety or substantially as an entirety; and (2) the
distribution of all or substantially all of the proceeds of such sale, lease, conveyance or other disposition of all or substantially
all of the remaining assets of such Person to holders of Equity Interests of such Person.

 

“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.

 

“redeem” means to redeem,
repurchase, purchase, defease, retire, discharge or otherwise acquire or retire for value, and “redemption”
has a correlative meaning.

 

“Responsible Officer”
means, when used with respect to the Trustee, any officer in the Corporate Trust Office or equivalent office, group or department
of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with
the particular subject and shall also mean any officer who shall have direct responsibility for the administration of this Indenture.

 

“Sale and Leaseback Transactions”
means with respect to any Person an arrangement with any bank, insurance company or other lender or investor or to which such lender
or investor is a party, providing for the leasing by such Person of any asset of such Person which has been or is being sold or
transferred by such Person to such lender or investor or to any Person to whom funds have been or are to be advanced by such lender
or investor on the security of such asset.

 

“SEC” means the U.S.
Securities and Exchange Commission.

 

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

 

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

 

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

 

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

 

“Subsidiary” means, with
respect to any Person:

 

(1)           any
corporation, limited liability company, association or other business entity of which more than 50% of the total voting power of
the Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Board of Directors
thereof are 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); and

 

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

 

    	5

    	 

    

 

Unless otherwise specified, “Subsidiary”
refers to a Subsidiary of the Issuer.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as 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 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 direct, non-callable obligations of, or obligations guaranteed by, the United States of America, and the payment for which
the United States pledges its full faith and credit.

 

Section 1.02.          Other
Definitions.

 

	Term	 	Defined in Section	 
	 	 	 	 
	“Covenant Defeasance”	 	8.02	 
	“Event of Default”	 	6.01	 
	“Journal”	 	10.14	 
	“Judgment Currency”	 	10.15	 
	“Legal Defeasance”	 	8.02	 
	“mandatory sinking fund payment”	 	11.01	 
	“Market Exchange Rate”	 	10.14	 
	“New York Banking Day”	 	10.15	 
	“optional sinking fund payment”	 	11.01	 
	“Paying Agent”	 	2.04	 
	“Registrar”	 	2.04	 
	“Required Currency”	 	10.15	 
	“Service Agent”	 	2.04	 
	“Successor”	 	5.01	 

 

Section 1.03.          Incorporation
by Reference of Trust Indenture Act.

 

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

 

“indenture securities” means
the Securities.

 

“indenture security holder”
means a Holder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

“obligor” on the indenture securities
means the Issuer and any other obligor on the Securities.

 

All other Trust Indenture Act terms used
in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined
by SEC rule and not otherwise defined herein have the meanings assigned to them therein.

 

    	6

    	 

    

 

Section 1.04.         Rules of
Construction.

 

Unless the context otherwise requires:

 

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

 

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

 

(3)           references
to “generally accepted accounting principles” and “GAAP” shall mean generally accepted accounting principles
or GAAP in effect as of the time and for the period as to which such accounting principles are to be applied;

 

(4)           “or”
is not exclusive;

 

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

 

(6)           all
references in this Indenture to “Articles,” “Sections” and other subdivisions are to the designated Articles,
Sections and provisions of this Indenture, unless otherwise indicated;

 

(7)           provisions
apply to successive events and transactions;

 

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

 

(9)           the
words “including,” “includes” and similar words shall not be limiting and shall be deemed to be followed
by “without limitation.”

 

ARTICLE TWO

 

THE SECURITIES

 

Section 2.01.             Issuable
in Series.

 

The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series.
All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or
an Officers’ Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution.
In the case of Securities of a Series to be issued from time to time, the Board Resolution, supplemental indenture or Officers’
Certificate 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 this Indenture.

 

Section 2.02.             Establishment
of Terms of Series of Securities.

 

At or prior to the issuance of any Securities
within a Series, the following shall be established (as to the Series generally, in the case of Section 2.02(a), and
either as to such Securities within the Series or as to the Series generally in the case of Sections 2.02(a) through
2.02(y)) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate pursuant to authority granted under a Board Resolution:

 

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

 

    	7

    	 

    

 

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

 

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

 

(d)           the
date or dates on which the principal of the Securities of the Series is payable;

 

(e)           the
rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (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;

 

(f)           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 Issuer
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;

 

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

 

(h)           the
obligations, if any, of the Issuer 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 date or dates on which or period or periods within which, the price or
prices at which and the other detailed terms and provisions upon which Securities of the Series shall be redeemed or purchased,
in whole or in part, pursuant to such obligations;

 

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

 

(j)          
 the forms of the Securities of the Series in bearer or fully registered form (and, if in fully registered form, whether
the Securities will be issuable as Global Securities);

 

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

 

(l)      
     the currency of denomination of the Securities of the Series, which may be in Dollars or any Foreign
Currency;

 

(m)          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;

 

(n)           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;

 

(o)           the
terms, if any, of subordination of the Securities of the Series;

 

(p)           the
terms, if any, of any guarantee of the Securities of the Series by any of the Issuer’s Subsidiaries, whether any such
guarantee shall be made on a senior or subordinated basis and, if applicable, the terms of subordination of any such guarantee;

 

    	8

    	 

    

 

(q)          any
provisions relating to any security provided for the Securities of the Series or any guarantees by any of the Issuer’s
Subsidiaries (including any security to be provided by any such Subsidiary guarantor);

 

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

 

(s)           any
addition to or change in the covenants set forth in Articles Four or Five which applies to Securities of the Series;

 

(t)           the
provisions, if any, relating to conversion of any Securities of such Series into Equity Interests, including if applicable,
the conversion price, the conversion period, provisions as to whether conversion will be mandatory, at the option of the Holders
thereof or at the option of the Issuer, the events requiring an adjustment of the conversion price and provisions affecting conversion
if such Series of Securities are redeemed;

 

(u)          any
exchange features of the Securities of such Series;

 

(v)          any
addition to or change in the provisions relating to satisfaction and discharge of Obligations under this Indenture with respect
to the Securities of such Series, or in the provisions relating to legal defeasance or covenant defeasance under this Indenture
with respect to the Securities of such Series;

 

(w)          any
addition to or change in the provisions relating to modification of this Indenture both with and without the consent of Holders
of the Securities of such Series;

 

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

 

(y)          any
registrars, paying agents, service agents, depositories, interest rate calculation agents, exchange rate calculation agents or
other agents with respect to Securities of such Series if other than those appointed herein.

 

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

 

Section 2.03.        
Execution and Authentication.

 

One Officer of the Issuer (who shall have
been duly authorized by all requisite corporate actions) shall sign the Securities for the Issuer by manual or facsimile signature.

 

If an Officer whose signature is on a Security
was an Officer at the time of such execution but 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 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 a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate, upon receipt by the Trustee of an Issuer Order. Such Issuer Order may authorize
authentication and delivery pursuant to oral or electronic instructions from the Issuer or its duly authorized agent or agents,
which oral instructions shall be promptly confirmed in writing. 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.

 

    	9

    	 

    

 

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 or Officers’ Certificate delivered pursuant to Section 2.02, except
as provided in Section 2.08.

 

Prior to the issuance of Securities of any
Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying on: (i) the
Board Resolution, supplemental indenture 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,
(ii) an Officers’ Certificate complying with Section 10.05, and (iii) an Opinion of Counsel complying with
Section 10.05.

 

The Trustee may appoint an authenticating
agent reasonably acceptable to the Issuer to authenticate Securities. Unless otherwise provided in the appointment, 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 Issuer and Affiliates
of the Issuer. The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series if the
Trustee, being advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith by shall
determine that such action would expose the Trustee to personal liability.

 

Section 2.04.        
Registrar and Paying Agent.

 

The Issuer shall maintain, with respect
to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.02,
an office or agency where (a) Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”),
(b) Securities of such Series may be presented or surrendered for payment (“Paying Agent”) and (c) notices
and demands to or upon the Issuer in respect of the Securities of such Series and this Indenture may be served (“Service
Agent”). The Issuer may act as Registrar or Paying Agent. The Registrar shall keep a register with respect to each Series of
Securities and to their transfer and exchange. The term “Registrar” includes any co-registrar; the term “Paying
Agent” includes any additional paying agent; and the term “Service Agent” includes any additional
service agent. The Issuer hereby appoints the Trustee the initial Registrar, Paying Agent and Service Agent for each Series unless
another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are
first issued. The Issuer 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 Service Agent. If at any time the Issuer shall fail to maintain any such required Registrar,
Paying Agent or Service Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Issuer hereby appoints the Trustee
as its agent to receive all such presentations, surrenders, notices and demands.

 

The Issuer shall enter into an appropriate
agency agreement with any Agent not a party to this Indenture, which agreement shall implement the provisions of this Indenture
that relate to such Agent. The Issuer shall notify the Trustee, in advance, of the name and address of any such Agent. If the Issuer
fails to maintain a Registrar or Paying Agent, the Trustee shall act as such.

 

The Issuer may also from time to time designate
one or more co-registrars, additional paying agents or additional service agents and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its obligations
to maintain a Registrar, Paying Agent and Service Agent in each place so specified pursuant to Section 2.02 for Securities
of any Series for such purposes. The Issuer 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 additional service agent.

 

Section 2.05.        
Paying Agent to Hold Assets in Trust.

 

The Issuer shall require each Paying Agent
other than the Trustee or the Issuer or any Subsidiary to agree in writing that each Paying Agent shall hold in trust for the benefit
of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Securities (whether
such assets have been distributed to it by the Issuer or any other obligor on the Securities), and shall notify the Trustee of
any Default by the Issuer (or any other obligor on the Securities) in making any such payment. The Issuer at any time may require
a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed, and the Trustee may
at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to
distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of
all assets that shall have been delivered by the Issuer to the Paying Agent, the Paying Agent shall have no further liability for
such assets. If the Issuer or a Subsidiary of the Issuer acts as Paying Agent, it shall segregate and hold in a separate trust
fund for the benefit of the Holders of any Series of Securities all money held by it as Paying Agent.

 

    	10

    	 

    

 

Section 2.06.        
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 the Holders of each Series of
Securities and shall otherwise comply with Trust Indenture Act § 312(a). If the Trustee is not the Registrar, the Issuer shall
furnish to the Trustee at least ten (10) days before each interest payment date with respect to any Series of Securities
and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably
require, of the names and addresses of the Holders of such Series of Securities, which list may be conclusively relied upon
by the Trustee.

 

Section 2.07.        
Transfer and Exchange.

 

Subject to Section 2.14, where Securities
of a Series are presented to the 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 as requested if its requirements
for such transaction are met; provided, however, that the Securities surrendered for transfer or exchange shall be
duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Registrar, duly executed
by the Holder thereof or his or her attorney duly authorized in writing. To permit registrations of transfers and exchanges, the
Issuer shall execute and the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be
made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Issuer may require
payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than
any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.06 or 9.05).

 

Without the prior written consent of the
Issuer, the Registrar shall not be required to register the transfer of or exchange Securities of any Series (i) during
the period beginning at the opening of business fifteen (15) days before 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 (ii) selected,
called or being called for redemption in whole or in part pursuant to Article Three, except the unredeemed portion of such
Securities, if any.

 

Section 2.08.        
Replacement Securities.

 

If a mutilated Security is surrendered to
the Trustee or if the Holder of a Security claims that the Security has been lost, destroyed or wrongfully taken, the Issuer shall
issue and the Trustee shall authenticate and deliver a replacement Security of the same Series if the requirements of Section 8-405
of the Uniform Commercial Code are met and the Holder satisfies any other reasonable requirements of the Trustee. If required by
the Trustee or the Issuer, such Holder shall furnish an indemnity bond sufficient in the judgment of the Issuer and the Trustee
to protect the Issuer, the Trustee or any Agent from any loss which any of them may suffer if a Security is replaced. The Issuer
and the Trustee may each charge such Holder for its reasonable out-of-pocket expenses in replacing a Security pursuant to this
Section 2.08, including reasonable fees and expenses of counsel and of the Trustee.

 

Every replacement Security of any Series issued
pursuant to this Section in lieu of any lost, destroyed or wrongfully taken Security shall constitute an original additional
contractual obligation of the Issuer, whether or not the lost, destroyed or wrongfully taken 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.

 

    	11

    	 

    

 

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

 

The provisions of this Section 2.08
are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment
of lost, destroyed or wrongfully taken Securities.

 

Section 2.09.        
Outstanding Securities.

 

Subject to Section 2.10, the Securities
outstanding at any time are all the Securities authenticated by the Trustee except those cancelled 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. Subject to Section 2.10, a Security does not cease to
be outstanding because the Issuer or any of its Affiliates holds the Security.

 

If a Security is replaced pursuant to Section 2.08
(other than a mutilated Security surrendered for replacement), it ceases to be outstanding unless a Responsible Officer of 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 Issuer,
a Subsidiary of the Issuer or an Affiliate of the Issuer) holds on the Maturity Date 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.

 

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 Date thereof pursuant to Section 6.02.

 

If the principal amount of any Security
is considered paid under Section 4.01, it ceases to be outstanding and interest ceases to accrue. If on any redemption date
or the Maturity Date the Trustee or Paying Agent (other than the Issuer or an Affiliate thereof) holds cash in Dollars or U.S.
Government Obligations, or a combination thereof, in amounts sufficient to pay all of the principal and interest due on the Securities
payable on that date, then on and after that date such Securities cease to be outstanding and interest on them ceases to accrue.

 

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 Issuer or an Affiliate of the Issuer 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.

 

Section 2.11.        
Temporary Securities.

 

Until definitive Securities of a Series are
ready for delivery, the Issuer may prepare and the Trustee shall authenticate temporary Securities upon an Issuer Order. Temporary
Securities shall be substantially in the form of definitive Securities of the same Series but may have variations that the
Issuer considers appropriate for temporary Securities. Without unreasonable delay, the Issuer shall prepare and the Trustee shall
authenticate definitive Securities of the same Series and Maturity Date in exchange for temporary Securities. Until such exchange,
temporary Securities shall be entitled to the same rights, benefits and privileges as definitive Securities of the same Series.

 

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Section 2.12.        
Cancellation.

 

The Issuer 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 transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the Registrar or the Paying Agent (other
than the Issuer or a Subsidiary), and no one else, shall cancel and, at the written direction of the Issuer, shall dispose of all
Securities surrendered for transfer, exchange, payment or cancellation in accordance with its customary procedures. Certification
of the destruction of all cancelled Securities shall be delivered to the Issuer upon request by the Issuer. Subject to Section 2.08,
the Issuer may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation. If
the Issuer or any of its Subsidiaries shall acquire any of the Securities, such acquisition shall not operate as a redemption or
satisfaction of the Indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation
pursuant to this Section 2.12.

 

Section 2.13.        
Defaulted Interest.

 

If the Issuer defaults in a payment of interest
on the Securities of any Series, it shall pay the defaulted interest, plus (to the extent lawful) any interest payable on the defaulted
interest, in any lawful manner. The Issuer may pay the defaulted interest to the Persons who are the Holders of the Securities
of such Series on a subsequent special record date, which date shall be the fifteenth (15th) day next preceding the date fixed
by the Issuer for the payment of defaulted interest or the next succeeding Business Day if such date is not a Business Day. At
least fifteen (15) days before any such subsequent special record date, the Issuer (or, upon the written request of the Issuer,
the Trustee in the name and at the expense of the Issuer) shall mail to each Holder, with a copy to the Trustee, a notice that
states the subsequent special record date, the payment date and the amount of defaulted interest, and interest payable on such
defaulted interest, if any, to be paid.

 

Section 2.14.        
Global Securities.

 

(a)           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 Depository
for such Global Security or Securities.

 

(b)           Transfer
and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.07 of this Indenture and in addition thereto,
any Global Security shall be exchangeable pursuant to Section 2.07 of this Indenture for Securities registered in the names
of Holders other than the Depository for such Security or its nominee only if (i) such Depository notifies the Issuer that
it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing
agency registered under the Exchange Act, and, in either case, the Issuer fails to appoint a successor Depository registered as
a clearing agency under the Exchange Act within ninety (90) days of such event, (ii) the Issuer executes and delivers to the
Trustee an Officers’ Certificate to the effect that such Global Security shall be so exchangeable or (iii) an Event
of Default with respect to the Securities represented by such Global Security shall have happened and be continuing. Any Global
Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names
as the Depository shall direct in writing in an aggregate amount equal to the principal amount of the Global Security with like
tenor and terms. Except as provided in this Section 2.14(b), a Global Security may not be transferred except as a whole by
the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository
or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a
successor Depository.

 

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

 

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

 

(d)           Acts
of Holders. The Depository, 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 this Indenture.

 

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

 

(f)           Consents,
Declaration and Directions. Except as provided in Section 2.09 (last sentence), the Issuer, 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 Depository 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 and ISIN Numbers.

 

The Issuer in issuing the Securities may
use “CUSIP” or “ISIN” numbers, and if so, the Trustee shall use the “CUSIP” or “ISIN”
numbers in notices of redemption or exchange as a convenience to Holders; provided, however, that any such notice
may state that no representation is made as to the correctness or accuracy of the “CUSIP” or “ISIN” numbers
printed in the notice or on the Securities, and that reliance may be placed only on the other identification numbers printed on
the Securities. The Issuer will promptly notify the Trustee of any change in the “CUSIP” or “ISIN” numbers.

 

ARTICLE THREE

 

REDEMPTION

 

Section 3.01.        
Notices to Trustee.

 

The Issuer 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 Issuer 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 Issuer shall give the notice of redemption to the
Trustee at least forty-five (45) days before the redemption date (unless a shorter notice shall be agreed to by the Trustee in
writing), together with such documentation and records as shall enable the Trustee to select the Securities to be redeemed.

 

Section 3.02.        
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 as follows:

 

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

 

(2)           if
such Securities are not so listed, on a pro rata basis, by lot or by such other method as the Trustee shall deem fair and appropriate.

 

In the event of partial redemption, 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 integral multiples of $1,000 or,
with respect to Securities of any Series issuable in other denominations pursuant to Subsection 2.02(i), 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.

 

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Section 3.03.        
Notice of Redemption.

 

Unless otherwise indicated for a particular
Series by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least thirty (30) days
but not more than sixty (60) days before a redemption date, the Issuer shall mail, or cause to be mailed, a notice of redemption
by first-class mail, postage prepaid, to each Holder whose Securities are to be redeemed and if any Bearer Securities are outstanding,
publish on one occasion a notice in an Authorized Newspaper (except that a redemption referred to in Article Eight may be
more than sixty (60) days before the applicable redemption date). At the Issuer’s request, the Trustee shall forward the
notice of redemption in the Issuer’s name and at the Issuer’s expense. Each notice for redemption shall identify the
Securities of the Series to be redeemed (including the CUSIP or ISIN number, if any) and shall state:

 

(1)           the
date fixed for the redemption of such Securities;

 

(2)           the
price fixed for the redemption of such securities;

 

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

 

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

 

(5)           that
interest on Securities of the Series called for redemption shall cease to accrue on and after the redemption date thereof,
and the only remaining right of the Holders of such Securities shall be to receive payment of the redemption price therefor upon
surrender to the Trustee or Paying Agent of the Securities to be redeemed; and

 

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

 

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

 

Section 3.04.        
Effect of Notice of Redemption.

 

Once notice of redemption is mailed or published
as provided in accordance with Section 3.03, Securities of a Series called for redemption shall become due and payable
on the redemption date and at the redemption price therefor. 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; provided
that installments of interest whose Stated Maturity is on or prior to the redemption date shall be payable to the Holders of such
Securities (or one or more predecessor Securities) registered at the close of business on the relevant record date therefor according
to their terms and the terms of this Indenture.

 

Section 3.05.        
Deposit of Redemption Price.

 

On or before 10:00 a.m. New York time
on the redemption date, the Issuer shall deposit with the Paying Agent funds sufficient to pay the redemption price of and accrued
and unpaid interest, if any, on all Securities to be redeemed on that date.

 

Section 3.06.        
Securities Redeemed in Part.

 

Upon surrender of a Security that is to
be redeemed in part, the notice of redemption that relates to such Security shall state the portion of the principal amount thereof
to be redeemed. A new Security or Securities of the same Series and the same Maturity Date equal in principal amount to the
unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon surrender and cancellation
of the original Security surrendered.

 

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ARTICLE FOUR

 

COVENANTS

 

Section 4.01.        
Payment of Principal and Interest.

 

The Issuer shall pay or cause to be paid
the principal of and interest on the Securities of each Series in the manner provided in such Securities and this Indenture.
An installment of principal of, or interest on, Securities shall be considered paid on the date it is due if the Trustee or the
Paying Agent (other than the Issuer or an Affiliate thereof) holds on that date funds designated for and sufficient to pay the
installment. The Paying Agent shall return to the Issuer promptly, and in any event, no later than five (5) Business Days
following the date of payment, any money (including accrued interest) that exceeds such amount of principal and interest paid on
the Securities. If a payment date is not a Business Day, at a place of payment, payment may be made at that place on the next succeeding
day that is a Business Day, and no interest shall accrue on such payment for the intervening period.

 

Section 4.02.        
Maintenance of Office or Agency.

 

The Issuer covenants and agrees for the
benefit of the Holders of each Series of Securities that it will maintain in the Borough of Manhattan, The City of New York,
New York the office or agency (which may be an office or drop facility of the Trustee, the Registrar or the Service Agent, as applicable,
for such Securities or an Affiliate of such Trustee, the Registrar or the Service Agent, as applicable, for such Securities) where
such Securities may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer
in respect of such Securities and this Indenture may be served. The Issuer will give prompt written notice to the Trustee for such
Securities of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain
any such required office or agency or shall fail to furnish such Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of such Trustee.

 

The Issuer may also from time to time designate
one or more other offices or agencies where Holders of a Series of Securities may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations. The Issuer will give prompt written notice to the Trustee for
such Series of Securities of any such designation or rescission and of any change in the location of any such other office
or agency.

 

With respect to each Series of Securities,
the Issuer hereby designates the Corporate Trust Office of the Trustee for such Securities as one such office or agency of the
Issuer in accordance with Section 2.05 hereof.

 

Section 4.03.        
Corporate Existence.

 

Except as otherwise permitted by Article Five
and the other provisions of this Indenture, the Issuer shall do or cause to be done all things necessary to preserve and keep in
full force and effect its corporate existence and its material rights (charter and statutory) and material franchises; provided,
however , that the Issuer shall not be required to preserve any such right or franchise if the Board of Directors of the Issuer
shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuer and its Subsidiaries,
taken as a whole, or if the failure so to preserve would not reasonably be expected to have a material adverse effect on the Issuer
and its Subsidiaries, taken as a whole.

 

Section 4.04.        
Compliance Certificate.

 

The Issuer and each guarantor of any Series of
Securities (to the extent that such guarantor is so required under the Trust Indenture Act) shall deliver to the Trustee with respect
to such Series, within one hundred twenty (120) days after the end of each fiscal year of the Issuer, an Officers’ Certificate
stating that, in the course of the performance by the signers of their duties as Officers of the Issuer, they would normally have
knowledge of any Default and whether or not the signers know of any Default that occurred during such fiscal year. If they
do know of such a Default, the certificate shall describe the Default, its status and what action, if any, the Issuer is taking
or proposes to take with respect thereto. The Issuer also shall comply with Trust Indenture Act § 314(a)(4).

 

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Section 4.05.        
Waiver of Stay, Extension or Usury Laws.

 

The Issuer and each guarantor, if any, of
any Series of Securities covenants (to the extent permitted by applicable law) 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 or extension law or any usury law or other law
that would prohibit or forgive such Issuer or such guarantor from paying all or any portion of the principal of and/or interest
on such Securities or the guarantee, if any, of any such guarantor as contemplated herein, wherever enacted, now or at any time
hereafter in force, or which may affect the covenants or the performance of this Indenture, and (to the extent permitted by applicable
law) each hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede
the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though
no such law had been enacted.

 

Section 4.06.        
SEC Reports.

 

(a)           Whether
or not required by the SEC’s rules and regulations, so long as any Securities of any Series are outstanding, the
Issuer will furnish to the Holders of such Securities, cause the Trustee with respect to such Securities to furnish to the Holders
of such Securities, or file electronically with the SEC through the SEC’s Electronic Data Gathering, Analysis and Retrieval
System (or any successor system), within the time periods (including any extensions thereof) specified in the SEC’s rules and
regulations:

 

(1)           all
quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K
(or any successor forms) if the Issuer were required to file these Forms, including a “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on
the annual financial statements by the Issuer’s independent accountants; and

 

(2)           all
current reports that would be required to be filed with the SEC on Form 8-K (or any successor form) if the Issuer were required
to file these reports.

 

(b)           In
addition, whether or not required by the SEC’s rules and regulations, the Issuer will file a copy of all of the information
and reports referred to in clauses (a)(1) and (a)(2) above with the SEC for public availability within the time periods
applicable to the Issuer under Section 13(a) or 15(d) of the Exchange Act (unless the SEC will not accept the filing,
in which case the Issuer shall make the information available to securities analysts and prospective investors upon request). The
Issuer also shall comply with the other provisions of Trust Indenture Act § 314(a).

 

ARTICLE FIVE

 

SUCCESSOR CORPORATION

 

Section 5.01.        
Merger, Consolidation, or Sale of Assets.

 

(a)           The
Issuer will not, directly or indirectly, in a single transaction or a series of related transactions, (1) consolidate or merge
with or into any other Person (other than a merger with an Affiliate of the Issuer solely for the purpose of changing the Issuer’s
jurisdiction of incorporation to another State of the United States or forming a direct holding company of the Issuer), or sell,
lease, transfer, convey or otherwise dispose of or assign all or substantially all of the assets of the Issuer or the Issuer and
its Subsidiaries (taken as a whole) to any other Person or (2) effect a Plan of Liquidation, unless, in either case:

 

(1)           either:

 

		(i)	the Issuer will be the surviving or continuing corporation; or

 

    	17

    	 

    

 

		(ii)	the Person formed by or surviving such consolidation or merger (if not the Issuer) or to which
such sale, lease, conveyance or other disposition shall be made (or, in the case of a Plan of Liquidation, any Person to which
assets are transferred) (collectively, the “Successor”) is a corporation organized and existing under the laws of any
State of the United States of America or the District of Columbia, and the Successor expressly assumes, by a supplemental indenture
hereto in form and substance satisfactory to the Trustee, all of the Obligations of the Issuer under the Securities and this Indenture;
and

 

(2)           immediately
after giving effect to such transaction and the assumption of the obligations as set forth in clause (a)(1) above, if applicable,
and the incurrence of any Indebtedness to be incurred in connection therewith, no Default shall have occurred and be continuing.

 

(b)           For
purposes of the foregoing, the sale, lease, transfer, conveyance or other disposition or assignment of all or substantially all
of the assets of one or more of the Issuer’s Subsidiaries, the Equity Interests of which constitute all or substantially
all of the assets of the Issuer, will be deemed to be the transfer of all or substantially all of the assets of the Issuer.

 

(c)           Upon
any consolidation, combination or merger of the Issuer, or any sale, lease, transfer, conveyance or other disposition or assignment
of all or substantially all of the assets of the Issuer in accordance with the foregoing, in which the Issuer is not the continuing
obligor under the Securities and this Indenture, the surviving entity formed by such consolidation or into which the Issuer is
merged or the entity to which the sale, lease, transfer, conveyance, or other disposition or assignment is made will succeed to,
and be substituted for, and may exercise every right and power of, the Issuer under the Securities and this Indenture with the
same effect as if such surviving entity had been named therein as the Issuer, and, except in the case of such a lease, the Issuer
will be released from its Obligations under the Securities and this Indenture.

 

(d)           This
Section 5.01 shall not apply to (i) any sale, lease, transfer, conveyance or other disposition or assignment of assets
between or among (A) the Issuer and any of its Subsidiaries or (B) two or more Subsidiaries of the Issuer, or (ii) any
merger or consolidation between the Issuer and any of its Subsidiaries or between any two Subsidiaries of the Issuer.

 

ARTICLE SIX

 

DEFAULT AND REMEDIES

 

Section 6.01.        
Events of Default.

 

“Event
of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, 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:

 

(1) failure by the Issuer to pay interest
on any of Security of that Series when it becomes due and payable and the continuance of any such failure for thirty (30)
consecutive days;

 

(2) failure by the Issuer to pay the
principal on any Security of that Series when it becomes due and payable, whether at Stated Maturity, upon redemption, upon
purchase, upon acceleration or otherwise;

 

(3) failure to deposit any sinking fund
payment, when and as due in respect of any Security of that Series;

 

(4) failure by the Issuer to comply
with any other agreement or covenant in this Indenture and the continuance of any such failure for sixty (60) consecutive days
after notice of such failure has been given to the Issuer by the Trustee or by the Holders of at least twenty-five percent
(25%) of the aggregate principal amount of the Securities of that Series then outstanding;

 

(5) the Issuer pursuant to or within
the meaning of any Bankruptcy Law:

 

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(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 assets,

 

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

 

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

 

(i)         is for relief
against the Issuer as debtor in an involuntary case,

 

(ii)        appoints a Custodian of the Issuer
or for all or substantially all of its assets, or

 

(iii)       orders
the liquidation of the Issuer, and the order or decree remains unstayed and in effect for ninety (90) days; or

 

(7) 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 2.02(r).

 

Section 6.02.        Acceleration.

 

If an Event of Default specified in Section 6.01(5) or
Section 6.01(6) with respect to the Issuer occurs, all outstanding Securities shall become immediately due and payable
without any further action or notice. If an Event of Default (other than an Event of Default specified in Section 6.01(5) or
Section 6.01(6) with respect to the Issuer) shall have occurred and be continuing under this Indenture and the Securities
of any Series, the Trustee, by notice to the Issuer, or the Holders of at least twenty-five percent (25%) in aggregate principal
amount of the Securities of such Series then outstanding by notice to the Issuer and the Trustee, may declare all amounts
owing under such Securities of such Series to be due and payable immediately. Upon such acceleration or declaration of acceleration,
the aggregate principal (or, if any Securities of that Series are Discount Securities, such portion of the principal as may
be specified in the terms of such Securities) of and accrued and unpaid interest on the outstanding Securities of such Series shall
immediately become due and payable;  provided,  however, that after such acceleration or declaration
of acceleration, but before a judgment or decree based on acceleration or declaration of acceleration, the Holders of a majority
in aggregate principal amount of such outstanding Securities of such Series may rescind and annul such acceleration or declaration
of acceleration:

 

(1) if the rescission would not conflict
with any judgment or decree;

 

(2) if all existing Defaults have been
cured or waived (except nonpayment of principal and interest that has become due solely because of this acceleration);

 

(3) to the extent the payment of such
interest is lawful, interest on overdue installments of interest and overdue principal, which has become due (otherwise than by
such declaration of acceleration), has been paid;

 

(4) if the Issuer has paid to the Trustee
its reasonable compensation and reimbursed the Trustee of its expenses, disbursements and advances; and

 

 (5) in the event of a cure or
waiver of a Default of the type set forth in Section 6.01(5) or Section 6.01(6), the Trustee shall have received
an Officers’ Certificate and an Opinion of Counsel that such Default has been cured or waived.

 

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

 

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Section 6.03.        Other
Remedies.

 

If a Default with respect to Securities
of any Series at the time outstanding occurs and is continuing, the Trustee may pursue any available remedy by proceeding
at law or in equity to collect the payment of principal of, or interest on, such Securities or to enforce the performance of any
provision of such Securities or this Indenture.

 

The Trustee for such Securities may maintain
a proceeding even if it does not possess any of such Securities or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder of Securities in exercising any right or remedy accruing upon a Default shall not impair the right
or remedy or constitute a waiver of or acquiescence in the Default. No remedy is exclusive of any other remedy. All remedies are
cumulative to the extent permitted by law.

 

Section 6.04.        Waiver
of Past Defaults.

 

Holders of at least a majority in aggregate
principal amount of the then outstanding Securities of any Series (which may include consents obtained in connection with
a tender offer or exchange offer of such Securities), by notice to the Trustee for such Securities, may, on behalf of all of the
Holders of such Securities, waive an existing Default with respect to such Securities and its consequences, except a Default in
the payment of principal or interest on such Securities; provided, however, that the Holders of a majority in aggregate
principal amount of the then outstanding Securities of any Series may, on behalf of all of the Holders of such Securities,
rescind an acceleration of such Securities and its consequences, including any related payment Default that resulted from such
acceleration. When a Default is waived, it is cured and ceases.

 

Section 6.05.        Control
by Majority.

 

(a) The Holders of at least a majority
in aggregate principal amount of the outstanding Securities of any Series may direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee of such Series or exercising any trust or power conferred on it with
respect to such Series. Subject to Section 7.01, however, the Trustee may refuse to follow any direction that conflicts with
any law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of another Holder, or that may involve
the Trustee in personal liability;  provided,  however, that the Trustee may take any other action
deemed proper by the Trustee which is not inconsistent with such direction.

 

(b) In the event the Trustee takes any
action or follows any direction pursuant to this Indenture, the Trustee shall be entitled to indemnification against any loss or
expense caused by taking such action or following such direction.

 

Section 6.06.        Limitation
on Suits.

 

(a) Subject to Section 6.07, no
Holder of any Securities of any Series will have any right to institute any proceeding with respect to this Indenture or such
Securities for any remedy thereunder, unless the Trustee for such Securities:

 

(1) has failed to act for
a period of sixty (60) consecutive days after receiving notice of a continuing Event of Default from such Holder and a request
to act by Holders of at least twenty-five percent (25%) in aggregate principal amount of the outstanding Securities of such Series;

 

(2) has been offered indemnity
satisfactory to it in its reasonable judgment; and

 

(3) has not received from the
Holders of a majority in aggregate principal amount of the outstanding Securities of such Series a direction inconsistent
with such request.

 

(b) A Holder of any Securities of any
Series may not use this Indenture to prejudice the rights of another Holder of such Securities of such Series or to obtain
a preference or priority over another Holder of Securities of such Series.

 

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Section 6.07.        Rights
of Holders to Receive Payment.

 

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

 

Section 6.08.        Collection
Suit by Trustee.

 

If a Default specified in Section 6.01(1),
6.01(2) or 6.01(3) with respect to Securities of any Series occurs and is continuing, the Trustee for such Securities
may recover judgment in its own name and as trustee of an express trust against the Issuer or any other obligor on such Securities
for the whole amount of principal and accrued interest and fees remaining unpaid, together with interest on overdue principal and,
to the extent that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate per
annum borne by such Securities and such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel.

 

Section 6.09.        Trustee
May File Proofs of Claim.

 

The Trustee for each Series of Securities
may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of such
Trustee (including any claim for the compensation, expenses, disbursements and advances of such Trustee, its agents and counsel)
and the Holders of the Securities for which it acts as trustee allowed in any judicial proceedings relating to the Issuer (or any
other obligor upon such Securities), its creditors or its property and shall be entitled and empowered to collect, receive and
distribute any monies or other property payable or deliverable on any such claims, and any Custodian in any such judicial proceeding
is hereby authorized by each Holder of such Securities to make such payments to such Trustee and, in the event that such Trustee
shall consent to the making of such payments directly to such Holders, to pay to such Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of such Trustee, its agents and counsel, and any other amounts due such Trustee
under this Indenture. Nothing herein contained shall be deemed to authorize such Trustee to authorize or consent to or accept or
adopt on behalf of any Holder for which it acts as trustee any plan of reorganization, arrangement, adjustment or composition affecting
the Securities or the rights of such Holder, or to authorize such Trustee to vote in respect of the claim of any such Holder in
any such proceeding. The Trustee shall be entitled to participate as a member of any official committee of creditors in the matters
as it deems necessary or advisable.

 

Section 6.10.        Priorities.

 

If the Trustee for any Series of Securities
collects any money or property pursuant to this Article Six, it shall pay out the money or property in the following order:

 

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

 

Second: to Holders of such Securities
for interest accrued on such Securities, ratably, without preference or priority of any kind, according to the amounts due and
payable on such Securities for interest; and

 

Third: to Holders of such Securities
for principal amounts due and unpaid on such Securities, ratably, without preference or priority of any kind, according to the
amounts due and payable on such Securities for principal; and

 

Fourth: to the Issuer or, if applicable,
any guarantors with respect to such Securities, as their interests may appear, or to such other Person or Persons as a court of
competent jurisdiction shall direct.

 

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The Trustee, upon prior notice to the Issuer,
may fix a record date and payment date for any payment to Holders of Securities pursuant to this Section 6.10.

 

Section 6.11.        Undertaking
for Costs.

 

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

 

ARTICLE SEVEN

 

TRUSTEE

 

Section 7.01.        Duties
of Trustee.

 

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

 

(b)   Except during the continuance
of a Default:

 

(1)   The Trustee need
perform only those duties as are specifically set forth herein or in the Trust Indenture Act, and no duties, covenants, responsibilities
or obligations shall be implied in this Indenture against the Trustee.

 

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

 

(c)   Notwithstanding anything
to the contrary herein, 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:

 

(1)   This paragraph does
not limit the effect of Section 7.01(b).

 

(2)   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.

 

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

 

(d)   No provision of this Indenture
shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder or to take or omit to take any action under this Indenture or take any action at the request or direction
of Holders if it shall have reasonable grounds for believing that repayment of such funds is not assured to it.

 

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

 

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(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 Issuer. Money held in trust
by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)   In the absence of bad faith,
negligence or willful misconduct on the part of the Trustee, the Trustee shall not be responsible for the application of any money
by any Paying Agent other than the Trustee.

 

Section 7.02.        Rights
of Trustee.

 

Subject to Section 7.01:

 

(a)   The Trustee may rely conclusively
on any resolution, certificate (including any Officers’ Certificate), statement, instrument, opinion (including any Opinion
of Counsel), notice, request, direction, consent, order, bond, debenture, or other paper or 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 such document.

 

(b)   Before the Trustee acts or
refrains from acting, it may require an Officers’ Certificate and an Opinion of Counsel, which shall conform to the provisions
of Section 10.05. 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.

 

(c)   The Trustee may act through
its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent (other than an agent who is
an employee of the Trustee) appointed with due care.

 

(d)   The Trustee shall not be
liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its rights
or powers under this Indenture.

 

(e)   The Trustee may consult with
counsel of its selection and the advice or opinion of such counsel as to matters of law shall be full and complete authorization
and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance
with the advice or opinion of such counsel.

 

(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, order or direction of
any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee reasonable
security or indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred therein or thereby.

 

(g)   The Trustee shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate (including any Officers’
Certificate), statement, instrument, opinion (including any Opinion of Counsel), notice, request, direction, consent, order, bond,
debenture, 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 and, if the Trustee shall determine to make such further inquiry or investigation, it shall
be entitled, upon reasonable notice to the Issuer, to examine the books, records, and premises of the Issuer, personally or by
agent or attorney at the sole cost of the Issuer.

 

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

 

(i)    The permissive rights
of the Trustee to do things enumerated in this Indenture shall not be construed as duties.

 

(j)    Except with respect
to Section 4.01 and Section 4.04, the Trustee shall have no duty to inquire as to the performance of the Issuer with
respect to the covenants contained in Article Four. In addition, the Trustee shall not be deemed to have knowledge of any
Default except (i) any Default occurring pursuant to Section 4.01, Section 4.04, Section 6.01(1), Section 6.01(2) or
Section 6.01(3) or (ii) any Default of which the Trustee shall have received written notification.

 

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

 

Section 7.03.        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 Issuer or an Affiliate of the Issuer with
the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. However, the Trustee must comply
with Sections 7.10 and 7.11.

 

Section 7.04.        Trustee’s
Disclaimer.

 

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

 

Section 7.05.        Notice
of Default.

 

If a Default occurs and is continuing with
respect to the Securities of any Series and the Trustee receives written notice of such Default, the Trustee shall mail to
each Holder of the Securities of that Series and, if any Bearer Securities are outstanding, publish on one occasion in an
Authorized Newspaper, notice of a Default within thirty (30) days after it occurs or, if later, after a Responsible Officer of
the Trustee has knowledge of such Default. Except in the case of a Default in payment of principal of or interest on any Security
of any Series, the Trustee may withhold the notice if and so long as the Board of Directors, the executive committee, or a trust
committee of directors and/or Responsible Officers, of the Trustee in good faith determines that withholding the notice is in the
interests of Holders of that Series.

 

Section 7.06.        Reports
by Trustee to Holders.

 

Within sixty (60) days after each January 1,
beginning with January 1, 20___, the Trustee shall, to the extent that any of the events described in Trust Indenture Act
§ 313(a) occurred within the previous twelve months, but not otherwise, mail to each Holder a brief report dated as of
such date that complies with Trust Indenture Act § 313(a). The Trustee also shall comply with Trust Indenture Act §§
313(b), 313(c) and 313(d).

 

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

 

The Issuer shall notify the Trustee if the
Securities of any Series become listed on any securities exchange or of any delisting thereof, and the Trustee shall comply
with Trust Indenture Act § 313(d).

 

Section 7.07.        Compensation
and Indemnity.

 

The Issuer shall pay to the Trustee from
time to time such compensation as the Issuer and the Trustee shall from time to time agree in writing for its services hereunder.
The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall
reimburse the Trustee upon request for all reasonable disbursements, expenses and advances (including reasonable fees and
expenses of counsel) incurred or made by it in addition to the compensation for its services, except any such disbursements, expenses
and advances as may be attributable to the Trustee’s negligence, bad faith or willful misconduct. Such expenses shall include
the reasonable fees and expenses of the Trustee’s agents and counsel.

 

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The Issuer shall indemnify each of the Trustee
or any predecessor Trustee and its agents for, and hold them harmless against, any and all loss, damage, claims (including taxes
(other than taxes based upon, measured by or determined by the income of the Trustee)), liability or expense incurred by them arising
out of or in connection with the acceptance or administration of this trust (including the reasonable costs and expenses of defending
themselves against or investigating any claim or liability in connection with the exercise or performance of any of the Trustee’s
rights, powers or duties hereunder), except in each of the foregoing cases to the extent caused by any negligence, bad faith or
willful misconduct on their part. The Trustee shall notify the Issuer promptly of any claim asserted against the Trustee or any
of its agents for which it may seek indemnity. The Issuer may, subject to the approval of the Trustee (which approval shall not
be unreasonably withheld), defend the claim and the Trustee shall cooperate in the defense. The Trustee and its agents subject
to the claim may have separate counsel and the Issuer shall pay the reasonable fees and expenses of such counsel;  provided
,  however , that the Issuer will not be required to pay such fees and expenses if, subject to the approval of
the Trustee (which approval shall not be unreasonably withheld), it assumes the Trustee’s defense and there is no conflict
of interest between the Issuer and the Trustee and its agents subject to the claim in connection with such defense as reasonably
determined by the Trustee. The Issuer need not pay for any settlement made without its written consent. The Issuer need not reimburse
any expense or indemnify against any loss or liability to the extent incurred by the Trustee through its negligence, bad faith
or willful misconduct.

 

When the Trustee incurs expenses or renders
services after a Default specified in Section 6.01(5) or Section 6.01(6) occurs, such expenses and the compensation
for such services shall be paid to the extent allowed under any Bankruptcy Law.

 

Notwithstanding any other provision in this
Indenture, the foregoing provisions of this Section 7.07 shall survive the satisfaction and discharge of this Indenture or
the appointment of a successor Trustee.

 

Section 7.08.        Replacement
of Trustee.

 

The Trustee may resign with respect to the
Securities of one or more Series by so notifying the Issuer at least thirty (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 Issuer and the Trustee and may appoint a successor Trustee. The Issuer may remove the Trustee with
respect to Securities of one or more Series if:

 

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

 

(2)   the Trustee is adjudged a
bankrupt or an insolvent;

 

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

 

(4)   the Trustee becomes incapable
of acting.

 

If the Trustee retires, whether by resignation
or removal, or if a vacancy exists in the office of Trustee for any reason, the Issuer shall notify each Holder of such event and
shall promptly appoint a successor Trustee. Within one (1) 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 Issuer.

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Issuer. Immediately after that, after payment of all sums then
owing to the Trustee pursuant to Section 7.07, the retiring Trustee shall transfer all property held by it as Trustee to the
successor Trustee, 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 notice of its succession to each Holder of each such Series and,
if any Bearer Securities are outstanding, publish such notice on one occasion in an Authorized Newspaper.

 

If a successor Trustee with respect to the
Securities of any one or more Series does not take office within sixty (60) days after the retiring Trustee resigns or is
removed, the retiring Trustee, the Issuer or the Holders of at least ten percent (10%) in principal amount of the Securities of
the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee at the expense
of the Issuer.

 

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If the Trustee fails to comply with Section 7.10,
any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

Notwithstanding the appointment of a successor
Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 shall continue for the benefit
of the retiring Trustee.

 

Section 7.09.        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 resulting,
surviving or transferee corporation without any further act shall, if such resulting, surviving or transferee corporation is otherwise
eligible hereunder, be the successor Trustee;  provided ,  however , that such corporation shall
be otherwise qualified and eligible under this Article Seven.

 

Section 7.10.        Eligibility;
Disqualification.

 

The Trustee shall at all times satisfy the
requirements of Trust Indenture Act §§ 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee shall have a combined capital
and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply
with Trust Indenture Act § 310(b); provided, however, that there shall be excluded from the operation of Trust
Indenture Act § 310(b)(1) any indenture or indentures under which other securities, or certificates of interest or participation
in other securities, of the Issuer are outstanding, if the requirements for such exclusion set forth in Trust Indenture Act §
310(b)(1) are met. The provisions of Trust Indenture Act § 310 shall apply to the Issuer and any other obligor of the
Securities.

 

Section 7.11.        Preferential
Collection of Claims Against the Issuer.

 

The Trustee, in its capacity as Trustee
hereunder, shall comply with Trust Indenture Act § 311(a), excluding any creditor relationship listed in Trust Indenture Act
§ 311(b). A Trustee who has resigned or been removed shall be subject to Trust Indenture Act § 311(a) to the extent
indicated.

 

ARTICLE EIGHT

 

DISCHARGE OF INDENTURE; DEFEASANCE

 

Section 8.01.        Termination
of the Issuer’s Obligations.

 

Except as otherwise provided in the last
paragraph of this Section 8.01, this Indenture will be discharged and will cease to be of further effect as to a Series of
Securities issued hereunder, when either:

 

(a)   all such Securities that
have been authenticated (except lost, stolen or destroyed Securities that have been replaced or paid and Securities for whose payment
money has been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged
from this trust), have been delivered to the Trustee for cancellation, or

 

(b)   (1) all such Securities
that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice of
redemption or otherwise or will become due and payable within one year and the Issuer has irrevocably deposited or caused to be
deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of such Securities cash in Dollars
or U.S. Government Obligations, or a combination thereof, in amounts sufficient (without reinvestment) to pay and discharge the
entire Indebtedness (including all principal and accrued interest) on such Securities not theretofore delivered to the Trustee
for cancellation to the date of maturity or redemption;

 

(2)   the Issuer or
any guarantor of such Securities has paid or caused to be paid all other sums payable by the Issuer under this Indenture; and

 

    	26

    	 

    

 

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

 

In addition, the Issuer must deliver an Officers’ Certificate
and an Opinion of Counsel to the Trustee for such Securities stating that all conditions precedent to satisfaction and discharge
have been complied with.

 

In the case of clause (b) of this Section 8.01,
and subject to the next sentence and notwithstanding the foregoing paragraph, the Issuer’s obligations in Sections 2.06,
2.07, 2.08, 2.09, 4.01, 4.02, 4.03 (as to legal existence of the Issuer only), 7.07, 8.05 and 8.06 shall survive until such Securities
are no longer outstanding pursuant to the last paragraph of Section 2.09. In addition, nothing in this Section 8.01 shall
be deemed to discharge the obligations in Section 7.07, 8.04(a), 8.05 or 8.06, all of which shall survive the satisfaction
and discharge of this Indenture.

 

After such delivery or irrevocable deposit,
the Trustee upon request by the Issuer shall acknowledge in writing the discharge of the Issuer’s obligations under such
Securities and this Indenture except for the surviving obligations specified above.

 

Section 8.02.        Legal
Defeasance and Covenant Defeasance.

 

(a)   The Issuer may at any time,
at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect to have either
Section 8.02(b) or 8.02(c) applied to all outstanding Securities of any Series upon compliance with the conditions
set forth below in this Article Eight.

 

(b)   Upon the Issuer’s exercise
under Section 8.02(a) of the option applicable to this Section 8.02(b), the Issuer and each guarantor, if any, of such Securities
will, subject to the satisfaction of the conditions set forth in Section 8.03, be deemed to have been discharged from its or their
obligations with respect to all outstanding Securities of such Series (including the related guarantees, if any) on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance
means that the Issuer and such guarantors, if any, will be deemed to have paid and discharged the entire Indebtedness represented
by the outstanding Securities of such Series (including the related guarantees, if any), which will thereafter be deemed to be
“outstanding” only for the purposes of Section 8.04 and the other Sections of this Indenture referred to in clauses
(1) and (2) below, and to have satisfied all its or their other obligations under such Securities, such guarantees, if any, and
this Indenture (and the Trustee for such Securities, on demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder:

 

(1)   the rights of Holders
of outstanding Securities of such Series to receive, solely from the trust fund described in Section 8.04, and as more
fully set forth in Section 8.04, payments in respect of the principal of or interest on, such Securities when such payments
are due;

 

(2)   the Issuer’s
obligations with respect to such Securities under Article Two and Section 4.02 hereof;

 

(3)   the rights, powers,
trusts, duties and immunities of the Trustee for such Securities hereunder and the Issuer’s and the guarantors’, if
any, obligations in connection therewith; and

 

(4)   the provisions of
this Article Eight applicable to Legal Defeasance (including Sections 8.04, 8.05 and 8.06).

 

Subject to compliance with this Article Eight,
the Issuer may exercise its option under this Section 8.02(b) notwithstanding the prior exercise of its option under
Section 8.02(c) hereof.

 

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(c)   Upon the Issuer’s exercise
under Section 8.02(a) hereof of the option applicable to this Section 8.02(c), the Issuer and each of the guarantors,
if any, will, subject to the satisfaction of the conditions set forth in Section 8.03 hereof, be released from each of their
or its obligations under the covenants specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate,
in accordance with Section 2.02(v), with respect to the outstanding Securities of the applicable Series on and after
the date the conditions set forth in Section 8.03 hereof are satisfied (hereinafter, “Covenant Defeasance”),
and such Securities shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent
or declaration or act of Holders of such Securities (and the consequences of any thereof) in connection with such covenants, but
shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Securities
shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the
outstanding Securities of such Series, the Issuer may omit to comply with and shall have no obligation or liability in respect
of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a Default under Section 6.01, but, except as specified above,
the remainder of this Indenture and such Securities will be unaffected thereby. In addition, upon the Issuer’s exercise under
Section 8.02(a) of the option applicable to this Section 8.02(c), subject to the satisfaction of the conditions
set forth in Section 8.03, clause (4) of Section 6.01 shall not constitute an Event of Default.

 

Section 8.03.        Conditions
to Legal Defeasance or Covenant Defeasance.

 

In order to exercise either Legal Defeasance
under Section 8.02(b) or Covenant Defeasance under Section 8.02(c) with respect to Securities of any Series:

 

(1)   the Issuer must
irrevocably deposit with the Trustee for such Securities, in trust, for the benefit of the Holders of such Securities, money or
U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient (without reinvestment), in the opinion
of a nationally recognized firm of independent public accountants selected by the Issuer, to pay the principal of and interest
on, and any mandatory sinking fund payments in respect of, the outstanding Securities of such Series on the stated date for
payment thereof or on the applicable redemption date, as the case may be, and the Issuer must specify whether such Securities are
being defeased to such stated date for payment or to a particular redemption date;

 

(2)   in the case of
Legal Defeasance, the Issuer shall have delivered to the Trustee for such Securities an Opinion of Counsel in the United States
reasonably acceptable to the Trustee confirming that:

 

(i)    the Issuer
has received from, or there has been published by, the Internal Revenue Service, a ruling, or

 

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

 

in either case to the effect that, and based thereon, the Holders
of the outstanding Securities of such Series will not recognize income, gain or loss for U.S. federal income tax purposes
as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and
at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(3)   in the case of
Covenant Defeasance, the Issuer shall have delivered to the Trustee for such Securities an Opinion of Counsel in the United States
reasonably acceptable to the Trustee confirming that the Holders of such Securities will not recognize income, gain or loss
for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

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

 

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(5)   the Legal Defeasance
or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or instrument
to which the Issuer or any of its Subsidiaries is a party or by which the Issuer or any of its Subsidiaries is bound (other than
any such default resulting solely from the borrowing of funds to be applied to such deposit and the grant of any Lien on such deposit
in favor of the Trustee and/or the Holders);

 

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

 

(7)   the Issuer shall
have delivered to the Trustee for such Securities an Officers’ Certificate and an Opinion of Counsel, stating, in the case
of the Officers’ Certificate, clauses (1) through (6) of this Section 8.03, as applicable, have been complied
with and stating, in the case of the Opinion of Counsel, that the conditions provided for in clause (2) or (3), as applicable,
and clause (5) of this Section 8.03 have been complied with.

 

Section 8.04.               Application
of Trust Money.

 

(a)   The Trustee or Paying Agent
shall hold in trust all money and U.S. Government Obligations (including the proceeds thereof) deposited with it pursuant to this
Article Eight in respect of the outstanding Securities of any Series, and shall apply the deposited money and U.S. Government
Obligations (including any proceeds thereof) in accordance with this Indenture to the payment of the principal of and the interest
on such Securities. The Trustee shall be under no obligation to invest said money and U.S. Government Obligations (including any
proceeds thereof), except as it may agree with the Issuer.

 

(b)   The Issuer will pay and indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against the money or U.S. Government Obligations (including
any proceeds thereof) deposited pursuant to Section 8.03, or the principal and interest received in respect thereof, other
than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Securities of the applicable
Series.

 

(c)   Anything in this Article Eight
to the contrary notwithstanding, the Trustee shall promptly deliver or pay to the Issuer from time to time upon the request of
the Issuer any money or U.S. Government Obligations held by it as provided in Section 8.03 which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section 8.05.               Repayment
to the Issuer.

 

Any money deposited with the Trustee or
any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if any, or interest on, any
Series of Securities and remaining unclaimed for two years after such principal, premium, if any, or interest has become due
and payable shall be paid to the Issuer on its request or (if then held by the Issuer) will be discharged from such trust; and
the Holders of such Securities will thereafter be permitted to look only to the Issuer for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, will thereupon
cease;  provided ,  however , that the Trustee or such Paying Agent, before being required to
make any such repayment, may at the expense of the Issuer cause to be published once, in the New York Times and The Wall Street
Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be
less than thirty (30) days from the date of such notification or publication, any unclaimed balance of such money then remaining
will be repaid to the Issuer.

 

Section 8.06.               Reinstatement.

 

If the Trustee or Paying Agent is unable
to apply any money or U.S. Government Obligations in accordance with this Article Eight or by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s
and any applicable guarantors’ Obligations under this Indenture and the applicable Securities and the guarantees shall be
revived and reinstated as though no deposit had occurred pursuant to this Article Eight until such time as the Trustee or
Paying Agent is permitted to apply all such money in accordance with this Article Eight; provided, however ,
that if the Issuer has made any payment of interest on, or principal of, any such Securities following the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money
or U.S. Government Obligations held by the Trustee or Paying Agent.

 

    	29

    	 

    

 

ARTICLE NINE

 

AMENDMENTS, SUPPLEMENTS AND WAIVERS

 

Section 9.01.               Without
Consent of Holders.

 

Subject to Section 9.02 of this Indenture,
the Issuer and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent
of any Holder:

 

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

 

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

 

(3)   to provide for the assumption
of the Issuer’s or a guarantor’s obligations to the Holders of the Securities in the case of a merger, consolidation
or sale of all or substantially all of the assets, in accordance with Article Five;

 

(4)   to add guarantees with respect
to the Securities of any Series;

 

(5)   to release any guarantor
from its guarantee or any of its other obligations under this Indenture (to the extent permitted by this Indenture);

 

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

 

(7)   to comply with requirements
of the SEC in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act;

 

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

 

(9)   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.

 

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

 

    	30

    	 

    

 

Section 9.02.               With
Consent of Holders.

 

(a)   The Issuer and the Trustee
may enter into a supplemental indenture hereto with the written consent of the Holders of at least a majority in aggregate 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 hereto or of
modifying in any manner the rights of the Holders of each such Series. Subject to Section 6.07, the Holders of at least a
majority in aggregate principal amount of the outstanding Securities of each Series by notice to the Trustee (including waivers
obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Issuer
with any provision of this Indenture or the Securities with respect to such Series without notice to any other Holders.

 

(b)   Notwithstanding Section 9.02(a),
without the consent of each Holder affected, no amendment or waiver may (with respect to any Securities held by a non-consenting
Holder):

 

(1)   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;

 

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

 

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

 

(4)   waive a redemption
payment with respect to any Security or change any of the provisions with respect to the redemption of any Securities, except as
specifically set forth in the Board Resolution, supplemental indenture or Officers’ Certificate delivered pursuant to Section 2.02;

 

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

 

(6)   if the Securities
of such Holder are entitled to the benefit of any guarantee, release any guarantor of such Securities other than as provided in
this Indenture or modify the guarantee in any manner adverse to such Holder;

 

(7)   waive a Default
in the payment of principal of or interest 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);

 

(8)   change the amount
of Securities whose Holders must consent to an amendment, supplement or waiver; or

 

(9)   make any change
in Section 6.07, this Section 9.02(b), Section 10.14 or Section 10.15.

 

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

 

(d)   A consent to any amendment,
supplement or waiver under this Indenture by any Holder given in connection with an exchange (in the case of an exchange offer)
or a tender (in the case of a tender offer) of such Holder’s Securities will not be rendered invalid by such tender or exchange.

 

(e)   After an amendment, supplement
or waiver under this Section 9.02 becomes effective, the Issuer shall mail, or cause to be mailed, to the Holders of Securities
affected thereby and, if any Bearer Securities affected thereby are outstanding, publish on one occasion in an Authorized Newspaper,
a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail or publish such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver.

 

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Section 9.03.               Compliance
with the Trust Indenture Act.

 

Every amendment to this Indenture or the
Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the Trust Indenture
Act as then in effect.

 

Section 9.04.               Revocation
and Effect of Consents.

 

Until an amendment, supplement or waiver
becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder 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 before the date on which the Trustee receives an Officers’ Certificate certifying that the Holders
of the requisite Securities have consented (and not theretofore revoked such consent) to the amendment, supplement or waiver.

 

The Issuer may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver, which
record date shall be at least thirty (30) days prior to the first solicitation of such consent. If a record date is fixed, then
notwithstanding the last sentence of the immediately preceding paragraph, those Persons who were Holders at such record date (or
their duly designated proxies), and only those Persons, shall be entitled to revoke any consent previously given, whether or not
such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than ninety (90)
days after such record date. The Issuer shall inform the Trustee in writing of the fixed record date if applicable.

 

After an amendment, supplement or waiver
becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses (1) through (9) of
Section 9.02(b), in which case, the amendment, supplement or waiver shall bind only each Holder of Securities who has consented
to it and every subsequent Holder of a Securities or portion of Securities that evidences the same debt as the consenting Holder’s
Securities; provided, however, that no such amendment, supplement or waiver shall impair or affect the right of any
Holder to receive payment of principal of, and interest on, a Security, on or after the respective due dates therefor, or to bring
suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder.

 

Section 9.05.               Notation
on or Exchange of Securities.

 

If an amendment, supplement or waiver changes
the terms of a Security, the Issuer may require the Holder of the Security to deliver it to the Trustee. The Issuer shall provide
the Trustee with an appropriate notation on the Security about the changed terms and cause the Trustee to return it to the Holder
at the Issuer’s expense. Alternatively, if the Issuer or the Trustee so determines, the Issuer in exchange for the Security
shall issue, and the Trustee shall authenticate, a new Security that reflects the changed terms. Failure to make the appropriate
notation or issue a new Security shall not affect the validity and effect of such amendment, supplement or waiver.

 

Section 9.06.               Trustee
To Sign Amendments, Etc.

 

The Trustee shall execute any amendment,
supplement or waiver authorized pursuant to this Article Nine; provided, however, that the Trustee may, but
shall not be obligated to, execute any such amendment, supplement or waiver which affects the Trustee’s own rights, duties
or immunities under this Indenture. The Trustee shall be entitled to receive, and shall be fully protected in relying upon,
an Opinion of Counsel and an Officers’ Certificate each stating that the execution of any amendment, supplement or waiver
authorized pursuant to this Article Nine is authorized or permitted by this Indenture and constitutes legal, valid and binding
obligations of the Issuer enforceable in accordance with its terms, subject to customary exceptions. Such Opinion of Counsel shall
be at the expense of the Issuer.

 

Section 9.07.               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 7.01) 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 hereto, except that the Trustee need not sign any supplemental indenture that
adversely affects its rights.

 

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ARTICLE TEN

 

MISCELLANEOUS

 

Section 10.01.             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 Trust Indenture
Act, such required or deemed provision shall control.

 

Section 10.02.             Notices.

 

Any notices or other communications to the
Issuer, any Subsidiary of the Issuer, or the Trustee required or permitted hereunder shall be in writing, and shall be sufficiently
given if made by hand delivery, by nationally recognized overnight courier service, by facsimile transmission or registered or
certified mail, postage prepaid, return receipt requested, addressed as follows:

 

if to the Issuer or any of its Subsidiaries:

 

TranSwitch Corporation

3 Enterprise Drive

Shelton, CT 06484

Attention: Chief Executive Officer

Telephone:  (203) 929-8810

Facsimile:  (203) 926-9453

 

With a copy to (which copy alone shall not
constitute notice):

 

Pierce Atwood LLP

100 Summer Street, Suite 2250

Boston, MA  02110

Attention: Timothy C. Maguire, Esq.

Telephone: (617) 488-8140

Facsimile: (617) 824-2020

 

if to the Trustee:

 

Attention:  

Telephone:

Facsimile: 

 

Each of the Issuer (both for itself and
any of its Subsidiaries) and the Trustee by written notice to each other such Person may designate additional or different addresses
for notices to such Person. Any notice or communication to the Issuer, any Subsidiary of the Issuer, and the Trustee shall be deemed
to have been given or made as of the date so delivered if personally delivered; when replied to; when receipt is acknowledged,
if sent by facsimile transmission during normal business hours of the recipient, or, if not sent during normal business hours of
the recipient, on the Business Day after the day receipt is acknowledged; five (5) calendar days after mailing if sent by
registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given
until actually received by the addressee); one (1) Business Day after deposit with a nationally recognized overnight courier
service guaranteeing overnight delivery of such notice or communication.

 

    	33

    	 

    

 

Any notice or communication to a Holder
required or permitted hereunder shall be mailed to the Holder at the Holder’s address as it appears on the registration books
of the Registrar and, if any Bearer Securities are outstanding, published in an Authorized Newspaper.

 

Failure to mail a notice or communication
to a Holder of Securities of any Series or any defect in it shall not affect its sufficiency with respect to other 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 addressee receives it.

 

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

 

Section 10.03.             Communications
by Holders with Other Holders.

 

Holders of any Series may communicate
pursuant to Trust Indenture Act § 312(b) with other Holders of that Series or any other Series with respect
to their rights under this Indenture or the Securities of that Series or any other Series. The Issuer, the Trustee, the Registrar
and any other Person shall have the protection of Trust Indenture Act § 312(c).

 

Section 10.04.             Certificate
and Opinion as to Conditions Precedent.

 

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

 

(1)   an Officers’ Certificate,
in form and substance reasonably satisfactory to the Trustee, stating that all conditions precedent, if any, to be performed or
effected by the Issuer, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

(2)   an Opinion of Counsel, in
form and substance reasonably satisfactory to the Trustee, stating that, in the opinion of such counsel, all such conditions precedent,
if any, have been complied with.

 

Section 10.05.             Statements
Required in Certificate or Opinion.

 

Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (other than the Officers’ Certificate required
by Section 4.04 or a certificate provided pursuant to Trust Indenture Act § 314(a)(4)) shall comply with the provisions
of Trust Indenture Act § 314(e) and shall include:

 

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

 

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

 

(3)   a statement that, in the
opinion of such Person, he 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 or satisfied; and

 

(4)   a statement as to whether
or not, in the opinion of each such Person, such condition or covenant has been complied with; provided, however,
that with respect to matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public
officials.

 

    	34

    	 

    

 

Section 10.06.             Rules by
Trustee and Agents.

 

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

 

Section 10.07.             Legal
Holidays.

 

If a payment date is not a Business Day,
payment may be made on the next succeeding day that is a Business Day.

 

Section 10.08.             Governing
Laws.

 

This Indenture, the Securities, and any
guarantees hereunder, will be governed by and construed in accordance with the laws of the Commonwealth
of Massachusetts.

 

Section 10.09.             No
Adverse Interpretation of Other Agreements.

 

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

 

Section 10.10.             No
Recourse Against Others.

 

No director, officer, employee, incorporator,
stockholder, member or manager of the Issuer or any Subsidiary shall have any liability for any obligations of the Issuer or any
Subsidiary under the Securities of any Series or this Indenture or for any claim based on, in respect of, or by reason of
such obligations or their creation, and no Officer shall have any personal liability for any Officers’ Certificate signed
by such Officer or any inaccuracy therein. Each Holder of Securities of any Series by accepting such Securities waives and
releases all such liability. Such waiver and release shall be part of the consideration for issuance of such Securities.

 

Section 10.11.             Successors.

 

All agreements of the Issuer or any Subsidiary
in this Indenture and the Securities shall bind their respective successors. All agreements of the Trustee in this Indenture shall
bind its successor.

 

Section 10.12.             Duplicate
Originals.

 

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

 

Section 10.13.             Severability.

 

To the extent permitted by applicable law,
in case any one or more of the provisions in this Indenture or in the Securities shall be held invalid, illegal or unenforceable,
in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof
shall be enforceable to the full extent permitted by law.

 

    	35

    	 

    

 

Section 10.14.             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 2.02 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 10.14, “Market Exchange Rate ”
shall mean the noon Dollar buying rate in New York City, New York 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, 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 Issuer, 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 Issuer and all Holders.

 

Section 10.15.             Judgment
Currency.

 

The Issuer 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, 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, 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 the preceding clause (a) of this Section 10.15),
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, New York on which banking institutions are authorized or required by law, regulation or executive order to close.

 

ARTICLE ELEVEN

 

SINKING FUNDS

 

Section 11.01.             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.

 

    	36

    	 

    

 

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 11.02.  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 11.02.             Satisfaction
of Sinking Fund Payments with Securities.

 

The Issuer 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 Issuer or redeemed either
at the election of the Issuer 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 fifteen (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 11.02, 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 an Issuer 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 an Issuer Order pay over and deliver to the Issuer any cash payment so
being held by the Trustee or such Paying Agent upon delivery by the Issuer to the Trustee of Securities of that Series purchased
by the Issuer having an unpaid principal amount equal to the cash payment required to be released to the Issuer.

 

Section 11.03.             Redemption
of Securities for Sinking Fund.

 

Not less than forty-five (45) days (unless
otherwise indicated in the Board Resolution, supplemental indenture or Officers’ Certificate in respect of a particular Series of
Securities) prior to each sinking fund payment date for any Series of Securities, the Issuer 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 11.02,
and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Issuer shall thereupon
be obligated to pay the amount therein specified.

 

Not less than thirty (30) days (unless otherwise
indicated in the Board Resolution, supplemental indenture or Officers’ Certificate 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 3.02 and cause notice of the redemption thereof to be given in the name
of and at the expense of the Issuer in the manner provided in Section 3.03. Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in Sections 3.04, 3.05 and 3.06.

 

    	37

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Indenture to be duly executed.

 

	 	TRANSWITCH CORPORATION,
	 	as Issuer
	 	 	 
	  	 By:  	 
	 	 	Name:
	 	 	Its:
	 	 	 
	 	,
	 	as Trustee
	 	 	 
	 	 By:  	 
	 	 	Name:
	 	 	Its:

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