Document:

Exhibit 4.7

 

FORM OF INDENTURE

 

US ECOLOGY, INC.,

 

as Issuer,

 

and

 

[                                                  ],

 

as Trustee

 

Indenture

 

Dated as of [          ]

 

Providing for the Issuance

 

Of

 

Debt Securities

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    
 

US ECOLOGY, INC.

 

Reconciliation and tie between Trust Indenture
Act of 1939

 

and Indenture, dated as of [          ]

 

	
        Trust
        Indenture

        Act Section
	
        Indenture

        Section

	§ 310	(a)(1)	6.07
	 	(a)(2)	6.07
	 	(b)	6.09
	§ 311	(a)	7.06
	 	(b)	7.06
	§ 312	(a)	7.01
	 	(b)	7.01
	 	(c)	7.02
	§ 313	(a)	7.03
	 	(b)(2)	7.03
	 	(d)	7.03
	§ 314	(a)	7.04
	 	(a)(4)	10.05
	 	(c)(1)	1.02
	 	(c)(2)	1.02
	 	(e)	1.02
	§ 315	(a)	6.01
	 	(b)	6.01
	 	(c)	6.01
	 	(d)	6.01
	§ 316	(a) (last sentence)	1.01 (“Outstanding”)
	 	(a)(1)(A)	5.02, 5.12
	 	(a)(1)(B)	5.13
	 	(b)	5.08
	§ 317	(a)(1)	5.03
	 	(a)(2)	5.04
	 	(b)	10.03
	§ 318	(a)	1.11
	 	(c)	1.11
	 	 	 
	NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture.

 

    	 

    	 

    
  

TABLE OF CONTENTS

 

 

	 	Page
	ARTICLE One	 
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 
	Section 1.01.	Definitions	1
	Section 1.02.	Compliance Certificates and Opinions	8
	Section 1.03.	Form of Documents Delivered to Trustee	9
	Section 1.04.	Acts of Holders	9
	Section 1.05.	Notices, Etc., to Trustee and Company	10
	Section 1.06.	Notice to Holders; Waiver	11
	Section 1.07.	Effect of Headings and Table of Contents	11
	Section 1.08.	Successors and Assigns	12
	Section 1.09.	Separability Clause	12
	Section 1.10.	Benefits of Indenture	12
	Section 1.11.	Governing Law	12
	Section 1.12.	Legal Holidays	12
	Section 1.13.	Submission to Jurisdiction	12
	Section 1.14.	Conflict with Trust Indenture Act	12
	Section 1.15.	Counterparts	13
	ARTICLE Two	 	 
	SECURITIES FORMS	 
	Section 2.01.	Forms of Securities	13
	Section 2.02.	Form of Trustee’s Certificate of Authentication	13
	Section 2.03.	Securities Issuable in Global Form	14

 

    	 

    	 

    
 

TABLE OF CONTENTS

(continued)

 

	ARTICLE Three	 	 
	THE SECURITIES	 
	Section 3.01.	Amount Unlimited; Issuable in Series	14
	Section 3.02.	Denominations	17
	Section 3.03.	Execution, Authentication, Delivery and Dating	17
	Section 3.04.	Temporary Securities	19
	Section 3.05.	Registration, Transfer and Exchange	20
	Section 3.06.	Mutilated, Destroyed, Lost and Stolen Securities	22
	Section 3.07.	Payment of Interest; Interest Rights Preserved; Optional Interest Reset	23
	Section 3.08.	Optional Extension of Maturity	25
	Section 3.09.	Persons Deemed Owners	26
	Section 3.10.	Cancellation	27
	Section 3.11.	Computation of Interest	27
	Section 3.12.	Currency and Manner of Payments in Respect of Securities	27
	Section 3.13.	Appointment and Resignation of Successor Exchange Rate Agent	29
	Section 3.14.	CUSIP Numbers	30
	ARTICLE Four	 	 
	SATISFACTION AND DISCHARGE	 
	Section 4.01.	Satisfaction and Discharge of Indenture	30
	Section 4.02.	Application of Trust Funds	31
	ARTICLE Five	 	 
	REMEDIES	 	 
	Section 5.01.	Events of Default	31
	Section 5.02.	Acceleration of Maturity; Rescission and Annulment	32
	Section 5.03.	Collection of Indebtedness and Suits for Enforcement by Trustee	33
	Section 5.04.	Trustee May File Proofs of Claim	34
	Section 5.05.	Trustee May Enforce Claims Without Possession of Securities or Coupons	34
	Section 5.06.	Application of Money Collected	34
	Section 5.07.	Limitation on Suits	35
	Section 5.08.	Unconditional Right of Holders to Receive Principal, Premium and Interest	35
	Section 5.09.	Restoration of Rights and Remedies	35
	Section 5.10.	Rights and Remedies Cumulative	36
	Section 5.11.	Delay or Omission Not Waiver	36
	Section 5.12.	Control by Holders of Securities	36
	Section 5.13.	Waiver of Past Defaults	36
	Section 5.14.	Waiver of Stay or Extension Laws	36

 

    	 

    	 

    
 

TABLE OF CONTENTS

(continued)

 

	ARTICLE Six	 	 
	THE TRUSTEE	 
	Section 6.01.	Duties of Trustee and Notice of Defaults	36
	Section 6.02.	Certain Rights of Trustee	38
	Section 6.03.	Not Responsible for Recitals or Issuance of Securities	39
	Section 6.04.	May Hold Securities	39
	Section 6.05.	Money Held in Trust	39
	Section 6.06.	Compensation and Reimbursement and Indemnification of Trustee	39
	Section 6.07.	Corporate Trustee Required; Eligibility	40
	Section 6.08.	Disqualification; Conflicting Interests	40
	Section 6.09.	Resignation and Removal; Appointment of Successor	40
	Section 6.10.	Acceptance of Appointment by Successor	41
	Section 6.11.	Merger, Conversion, Consolidation or Succession to Business	42
	Section 6.12.	Appointment of Authenticating Agent	43
	ARTICLE Seven	 	 
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	 
	Section 7.01.	Disclosure of Names and Addresses of Holders	44
	Section 7.02.	Preservation of Information; Communications to Holders	44
	Section 7.03.	Reports by Trustee	45
	Section 7.04.	Reports by Company	45
	Section 7.05.	Calculation of Original Issue Discount	45
	Section 7.06.	Preferential Collection of Claims Against Company	45
	ARTICLE Eight	 	 
	CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER	 
	Section 8.01.	Company May Consolidate, Etc., Only on Certain Terms	45
	Section 8.02.	Successor Person Substituted	46

 

    	 

    	 

    
 

TABLE OF CONTENTS

(continued)

 

	ARTICLE Nine	 	 
	SUPPLEMENTAL INDENTURES	 
	Section 9.01.	Supplemental Indentures Without Consent of Holders	46
	Section 9.02.	Supplemental Indentures with Consent of Holders	47
	Section 9.03.	Execution of Supplemental Indentures	48
	Section 9.04.	Effect of Supplemental Indentures	49
	Section 9.05.	Conformity with Trust Indenture Act	49
	Section 9.06.	Reference in Securities to Supplemental Indentures	49
	ARTICLE Ten	 	 
	COVENANTS	 	 
	Section 10.01.	Payment of Principal, Premium, if any, and Interest	49
	Section 10.02.	Maintenance of Office or Agency	49
	Section 10.03.	Money for Securities Payments to Be Held in Trust	50
	Section 10.04.	Additional Amounts	51
	Section 10.05.	Statement as to Compliance	52
	Section 10.06.	Corporate Existence	52
	Section 10.07.	Waiver of Certain Covenants	52
	ARTICLE Eleven	 	 
	REDEMPTION OF SECURITIES	 
	Section 11.01.	Applicability of Article	52
	Section 11.02.	Election to Redeem; Notice to Trustee	52
	Section 11.03.	Selection by Trustee of Securities to Be Redeemed	53
	Section 11.04.	Notice of Redemption	53
	Section 11.05.	Deposit of Redemption Price	54
	Section 11.06.	Securities Payable on Redemption Date	54
	Section 11.07.	Securities Redeemed in Part	55
	Section 11.08.	Repurchases on the Open Market	55

 

    	 

    	 

    
 

TABLE OF CONTENTS

(continued)

 

	ARTICLE Twelve	 	 
	SINKING FUNDS	 
	Section 12.01.	Applicability of Article	55
	Section 12.02.	Satisfaction of Sinking Fund Payments with Securities	56
	Section 12.03.	Redemption of Securities for Sinking Fund	56
	ARTICLE Thirteen	 	 
	REPAYMENT AT THE OPTION OF HOLDERS	 
	Section 13.01.	Applicability of Article	56
	Section 13.02.	Repayment of Securities	56
	Section 13.03.	Exercise of Option	57
	Section 13.04.	When Securities Presented for Repayment Become Due and Payable	57
	Section 13.05.	Securities Repaid in Part	58
	ARTICLE Fourteen	 	 
	DEFEASANCE AND COVENANT DEFEASANCE	 
	Section 14.01.	Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance	58
	Section 14.02.	Defeasance and Discharge	58
	Section 14.03.	Covenant Defeasance	59
	Section 14.04.	Conditions to Defeasance or Covenant Defeasance	59
	Section 14.05.	Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	60
	ARTICLE Fifteen	 	 
	SUBORDINATION OF SECURITIES	 
	Section 15.01.	Agreement to Subordinate	61
	Section 15.02.	Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Subordinated Securities	61
	Section 15.03.	No Payment on Subordinated Securities in Event of Default on Senior Indebtedness	62
	Section 15.04.	Payments on Subordinated Securities Permitted	62
	Section 15.05.	Authorization of Holders to Trustee to Effect Subordination	63
	Section 15.06.	Notices to Trustee	63
	Section 15.07.	Trustee as Holder of Senior Indebtedness	63
	Section 15.08.	Modifications of Terms of Senior Indebtedness	63
	Section 15.09.	Reliance on Judicial Order or Certificate of Liquidating Agent	64

 

EXHIBIT A FORM OF DEBT SECURITY

 

    	 

    	 

    
 

INDENTURE, dated as of [                                       ], by and between
US ECOLOGY, INC., a Delaware corporation (the “Company”), having its principal office at 300 E. Mallard Drive,
Suite 300, Boise, Idaho 83706, and [               ], as Trustee (the “Trustee”), having its Corporate Trust Office at
[].

 

RECITALS OF THE COMPANY

 

The Company deems it necessary to issue
from time to time for its lawful purposes debt securities (hereinafter called the “Securities”) evidencing its
[un]secured indebtedness, which may or may not be convertible into or exchangeable for any securities of any Person (including
the Company), and has duly authorized the execution and delivery of this Indenture (as defined herein) to provide for the issuance
from time to time of the Securities, to be issued in one or more series, unlimited as to principal amount, to bear such rates of
interest, to mature at such times and to have such other provisions as shall be fixed as hereinafter provided.

 

This Indenture is subject to the provisions
of the Trust Indenture Act (as defined herein) that are required to be part of this Indenture and shall, to the extent applicable,
be governed by such provisions.

 

All things necessary to make this Indenture
a valid and legally binding agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises
and the purchase of the Securities by the Holders (as defined herein) thereof, it is mutually covenanted and agreed, for the equal
and proportionate benefit of all Holders of the Securities and coupons, or of a series thereof, as follows:

 

ARTICLE
One

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.01.            
Definitions.

 

For all purposes of this Indenture, except
as otherwise expressly provided or unless the context otherwise requires:

 

(1)                
the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as
the singular and, pursuant to Section 3.01, any such item may, with respect to any particular series of Securities, be amended
or modified or specified as being inapplicable;

 

(2)                
all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have
the meanings assigned to them therein, and the terms “cash transaction” and “self-liquidating paper”, as
used in Section 311 of the Trust Indenture Act, shall have the meanings assigned to them in the rules of the Commission (as defined
herein) adopted under the Trust Indenture Act;

 

(3)                
all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP; and

 

(4)                
the words “herein”, “hereof” and “hereunder” and other words of similar import refer
to this Indenture as a whole and not to any particular Article, Section or other subdivision.

 

“Act”, when used with
respect to any Holder of a Security, has the meaning specified in Section 1.04.

 

“Additional Amounts”
means any additional amounts which are required by a Security or by or pursuant to a Board Resolution, under circumstances specified
therein, to be paid by the Company in respect of certain taxes, assessments or other government charges imposed on certain Holders
and which are owing to such Holders.

 

    	1

    	 

    
 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person
means 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 the terms “controlling” and “controlled” have meanings
correlative to the foregoing.

 

“Authenticating Agent”
means any authenticating agent appointed by the Trustee pursuant to Section 6.12 to act on behalf of the Trustee to authenticate
Securities of one or more series.

 

“Authorized Newspaper”
means a newspaper, in the English language or in an official language of the country of publication, customarily published on each
Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection
with which the term is used or in the financial community of each such place. Where successive publications are required to be
made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city
meeting the foregoing requirements and in each case on any Business Day.

 

“Bankruptcy Law” has
the meaning specified in Section 5.01.

 

“Bearer Security” means
any Security established pursuant to Section 2.01 which is payable to bearer.

 

“Board of Directors”
means the board of directors of the Company, the executive committee or any committee of that board duly authorized to act hereunder.

 

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

 

“Business Day”, when
used with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities,
means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, each Monday, Tuesday, Wednesday, Thursday
and Friday which is not a day on which banking institutions in that Place of Payment or particular location are authorized or obligated
by law, regulation or executive order to close.

 

“Clearstream” means Clearstream
International or its successor.

 

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

 

“Common Depositary” has
the meaning specified in Section 3.04.

 

“Company” means the Person
named as the “Company” in the first paragraph of this Indenture until a successor Person shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person.

 

“Company Request” and
“Company Order” mean, respectively, a written request or order, as the case may be, signed in the name of the
Company by any one of its Chairman of the Board of Directors, its Chief Executive Officer, its President, its Chief Financial Officer
or a Vice President and by any one of its Secretary or its Controller, and delivered to the Trustee.

 

“Component Currency”
has the meaning specified in 3.12(h).

 

“Conversion Date” has
the meaning specified in Section 3.12(d).

 

    	2

    	 

    
 

“Conversion Event” means
the cessation of use of (i) a Foreign Currency both by the government of the country which issued such currency and for the settlement
of transactions by a central bank or other public institutions of or within the international banking community or (ii) any currency
unit (or composite currency) for the purposes for which it was established.

 

“Corporate Trust Office”
means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered,
which office at the date hereof is located at [ ].

 

“corporation” includes
corporations, limited liability companies, associations, companies and business trusts.

 

“coupon” means any interest
coupon appertaining to a Bearer Security.

 

“Currency” means Dollars
or the Foreign Currency, as the case may be, in which such payment, deposit or other transfer is required to be made by or pursuant
to the terms hereof of such Security and, with respect to any other payment, deposit or transfer pursuant to or contemplated by
the terms hereof or such Security, means Dollars.

 

“Custodian” has the meaning
specified in Section 5.01.

 

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

 

“Defaulted Interest”
has the meaning specified in Section 3.07.

 

“Dollar” or “$”
means a dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal
tender for the payment of public and private debts.

 

“Election Date” has the
meaning specified in Section 3.12(h).

 

“Euroclear” means Euroclear
Bank, Brussels Office, or its successor as operator of the Euroclear System.

 

“Event of Default” has
the meaning specified in Article Five.

 

“Exchange Date” has the
meaning specified in Section 3.04.

 

“Exchange Rate Agent”,
with respect to Securities of or within any series, means, unless otherwise specified with respect to any Securities pursuant to
Section 3.01, a New York Clearing House bank designated pursuant to Section 3.01 or Section 3.13.

 

“Exchange Rate Officer’s
Certificate” means a certificate setting forth (i) the applicable Market Exchange Rate or the applicable bid quotation
and (ii) the Dollar or Foreign Currency amounts of principal (and premium, if any) and interest, if any (on an aggregate basis
and on the basis of a Security having the lowest denomination principal amount determined in accordance with Section 3.02 in the
relevant Currency), payable with respect to a Security of any series on the basis of such Market Exchange Rate or the applicable
bid quotation signed by the Chief Financial Officer or any Vice President of the Company.

 

“Extension Notice” has
the meaning specified in Section 3.08.

 

“Extension Period” has
the meaning specified in Section 3.08.

 

“Final Maturity” has
the meaning specified in Section 3.08.

 

“Foreign Currency” means
any Currency, including the euro, issued by the government of one or more countries other than the United States of America or
by any recognized confederation or association of such governments.

 

    	3

    	 

    
 

“Generally Accepted Accounting
Principles” or “GAAP” means generally accepted accounting principles in the United States, consistently
applied, which are in effect on the date of this Indenture.

 

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

 

“Holder” means, in the
case of a Registered Security, the Person in whose name a Security is registered in the Security Register and, in the case of a
Bearer Security, the bearer thereof and, when used with respect to any coupon, shall mean the bearer thereof.

 

“Indenture” means this
instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, and, with respect to any Security, shall include the terms of
the particular series of Security established as contemplated by Section 3.01; provided, however, that, if at any
time more than one Person is acting as Trustee under this instrument, “Indenture” shall mean, with respect to any one
or more series of Securities for which such Person is Trustee, this instrument as originally executed or as it may from time to
time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions
hereof and shall include the terms of the or those particular series of Securities for which such Person is Trustee established
as contemplated by Section 3.01, exclusive, however, of any provisions or terms which relate solely to other series of Securities
for which such Person is not Trustee, regardless of when such terms or provisions were adopted, and exclusive of any provisions
or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such Person had become such
Trustee but to which such Person, as such Trustee, was not a party.

 

“Indexed Security” means
a Security as to which all or certain interest payments and/or the principal amount payable at Maturity are determined by reference
to prices, changes in prices, or differences between prices, of securities, Currencies, intangibles, goods, articles or commodities
or by such other objective price, economic or other measures as are specified in Section 3.01 hereof.

 

“Interest” means any
interest specified in any Security as being payable with respect to such Security and, when used with respect to an Original Issue
Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity, and, when used
with respect to a Security which provides for the payment of Additional Amounts pursuant to Section 10.04, includes such Additional
Amounts.

 

“Interest Payment Date”,
when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Junior Subordinated Security”
or “Junior Subordinated Securities” means any Security or Securities designated pursuant to Section 3.01 as
a Junior Subordinated Security.

 

“Junior Subordinated Indebtedness”
means the principal of (and premium, if any) and unpaid interest on (i) indebtedness of the Company (including indebtedness of
others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed,
for money borrowed, which in the instrument creating or evidencing the same or pursuant to which the same is outstanding it is
provided that such indebtedness ranks junior in right of payment to the Company’s Senior Indebtedness and Senior Subordinated
Indebtedness and equally and pari passu in right of payment to any other Junior Subordinated Indebtedness, (ii) Junior Subordinated
Securities and (iii) renewals, extensions, modifications and refinancings of any such indebtedness.

 

    	4

    	 

    
 

“Market Exchange Rate”
means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, (i) for any conversion involving a currency
unit on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between the relevant currency unit and
Dollars or such Foreign Currency calculated by the method specified pursuant to Section 3.01 for the Securities of the relevant
series, (ii) for any conversion of Dollars into any Foreign Currency, the noon buying rate for such Foreign Currency for cable
transfers quoted in New York City as certified for customs purposes by the Federal Reserve Bank of New York and (iii) for any conversion
of one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant market at which,
in accordance with normal banking procedures, the Dollars or Foreign Currency into which conversion is being made could be purchased
with the Foreign Currency from which conversion is being made from major banks located in either New York City, London or any other
principal market for Dollars or such purchased Foreign Currency, in each case determined by the Exchange Rate Agent. Unless otherwise
specified with respect to any Securities pursuant to Section 3.01, in the event of the unavailability of any of the exchange rates
provided for in the foregoing clauses (i), (ii) and (iii), the Exchange Rate Agent shall use, in its sole discretion and without
liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations
from one or more major banks in New York City, London or other principal market for such currency or currency unit in question,
or such other quotations as the Exchange Rate Agent shall deem appropriate. Unless otherwise specified by the Exchange Rate Agent,
if there is more than one market for dealing in any currency or currency unit by reason of foreign exchange regulations or otherwise,
the market to be used in respect of such currency or currency unit shall be that upon which a nonresident issuer of securities
designated in such currency or currency unit would purchase such currency or currency unit in order to make payments in respect
of such securities.

 

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

 

“Notice of Default” has
the meaning specified in Section 5.01.

 

“Officers’ Certificate”
means a certificate signed by any one of its Chairman of the Board of Directors, its Chief Executive Officer, its President, its
Chief Financial Officer or a Vice President and by any one of its Secretary or its Controller, and delivered to the Trustee.

 

“Opinion of Counsel”
means a written opinion of counsel, who may be counsel for the Company or who may be an employee of or other counsel for the Company.

 

“Optional Reset Date”
has the meaning specified in Section 3.07.

 

“Original Issue Discount Security”
means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 5.02.

 

“Original Stated Maturity”
has the meaning specified in Section 3.08.

 

“Outstanding”, when used
with respect to Securities or any series of Securities, means, as of the date of determination, all Securities or all Securities
of such series, as the case may be, theretofore authenticated and delivered under this Indenture, except:

 

(i)                  
Securities theretofore cancelled by the Trustee or the Security Registrar or delivered to, or accepted by, the Trustee or
the Security Registrar for cancellation;

 

(ii)                
Securities, or portions thereof, for whose payment or redemption or repayment at the option of the Holder money in the necessary
amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated
in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities and any coupons appertaining
thereto, provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to
this Indenture or provision therefor satisfactory to the Trustee has been made;

 

    	5

    	 

    
 

(iii)               
Securities, except to the extent provided in Sections 14.02 and 14.03, with respect to which the Company has effected defeasance
and/or covenant defeasance as provided in Article Fourteen;

 

(iv)              
Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities
are valid obligations of the Company; and

 

(v)                
Securities converted or exchanged as contemplated herein into capital stock or other securities, cash or other property,
if the terms of such Securities provide for such conversion or exchange pursuant to Section 3.01;

 

provided, however, that in determining whether
the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by TIA Section 313, (i) the principal amount of an Original Issue Discount Security that may be counted in
making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal to the amount
of principal thereof that would be (or shall have been declared to be) due and payable, at the time of such determination, upon
a declaration of acceleration of the Maturity thereof pursuant to Section 5.02, (ii) the principal amount of any Security denominated
in a Foreign Currency that may be counted in making such determination or calculation and that shall be deemed Outstanding for
such purpose shall be equal to the Dollar equivalent, determined as of the date such Security is originally issued by the Company
as set forth in an Exchange Rate Officer’s Certificate delivered to the Trustee, of the principal amount (or, in the case
of an Original Issue Discount Security or Indexed Security, the Dollar equivalent as of such date of original issuance of the amount
determined as provided in clause (i) above or (iii) below, respectively) of such Security, (iii) the principal amount of any Indexed
Security that may be counted in making such determination or calculation and that shall be deemed outstanding for such purpose
shall be equal to the principal face amount of such Indexed Security at original issuance, unless otherwise provided with respect
to such Security pursuant to Section 3.01, and (iv) Securities owned by the Company or any other obligor upon the Securities or
any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction,
notice, consent or waiver or upon any such determination as to the presence of a quorum, only Securities which a Responsible Officer
of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act
with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor.

 

“Paying Agent” means
any Person authorized by the Company to pay the principal of (or premium, if any) or interest, if any, on any Securities or coupons
on behalf of the Company.

 

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

 

“Place of Payment”, when
used with respect to the Securities of or within any series, means the place or places where the principal of (and premium, if
any) and interest, if any, on such Securities are payable as specified and as contemplated by Sections 3.01 and 10.02.

 

“Predecessor Security”
of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange
for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed,
lost or stolen Security.

 

    	6

    	 

    
 

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

 

“Redemption Price”, when
used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Registered Security”
means any Security which is registered in the Security Register.

 

“Regular Record Date”
for the interest payable on any Interest Payment Date on the Registered Securities of or within any series means the date specified
for that purpose as contemplated by Section 3.01, whether or not a Business Day.

 

“Repayment Date” means,
when used with respect to any Security to be repaid at the option of the Holder, means the date fixed for such repayment by or
pursuant to this Indenture.

 

“Repayment Price” means,
when used with respect to any Security to be repaid at the option of the Holder, means the price at which it is to be repaid by
or pursuant to this Indenture.

 

“Reset Notice” has the
meaning specified in Section 3.07.

 

“Responsible Officer”,
when used with respect to the Trustee, means any officer of the Trustee assigned by the Trustee to administer its corporate trust
matters and who shall have direct responsibility for the administration of this Indenture.

 

“Security” or “Securities”
has the meaning stated in the first recital of this Indenture and, more particularly, means any Security or Securities authenticated
and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting
as Trustee under this Indenture, “Securities” with respect to the Indenture as to which such Person is Trustee shall
have the meaning stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered
under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee.

 

“Security Register” and
“Security Registrar” have the respective meanings specified in Section 3.05.

 

“Senior Indebtedness”
means the principal of (and premium, if any) and unpaid interest on (i) indebtedness of the Company (including indebtedness of
others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed,
for money borrowed, unless in the instrument creating or evidencing the same or pursuant to which the same is outstanding it is
provided that such indebtedness is not senior or prior in right of payment to Subordinated Indebtedness and (ii) renewals, extensions,
modifications and refinancings of any such indebtedness.

 

“Senior Security” or
“Senior Securities” means any Security or Securities designated pursuant to Section 3.01 as a Senior Security.

 

“Senior Subordinated Indebtedness”
means the principal of (and premium, if any) and unpaid interest on (i) indebtedness of the Company (including indebtedness of
others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed,
for money borrowed, which in the instrument creating or evidencing the same or pursuant to which the same is outstanding it is
provided that such indebtedness ranks junior in right of payment to the Company’s Senior Indebtedness, equally and pari
passu in right of payment with all other Senior Subordinated Indebtedness and senior in right of payment to any Junior Subordinated
Indebtedness, (ii) Senior Subordinated Securities, and (iii) renewals, extensions, modifications and refinancings of any such indebtedness.

 

    	7

    	 

    
 

“Special Record Date”
for the payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed by the Trustee
pursuant to Section 3.07.

 

“Specified Amount” has
the meaning provided in Section 3.12(h).

 

“Stated Maturity”, when
used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such
Security or a coupon representing such installment of interest as the fixed date on which the principal of such Security or such
installment of principal or interest is due and payable, as such date may be extended pursuant to the provisions of Section 3.08.

 

“Subordinated Indebtedness”
means any Senior Subordinated Indebtedness or Junior Subordinated Indebtedness.

 

“Subsequent Interest Period”
has the meaning provided in Section 3.07(b).

 

“Subsidiary” means any
Person a majority of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other
Subsidiaries of the Company. For the purposes of this definition, “voting stock” means stock having voting power for
the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of
any contingency.

 

“Trust Indenture Act”
or “TIA” means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this Indenture
was executed, except as provided in Section 9.05.

 

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

 

“United States” means,
unless otherwise specified with respect to any Securities pursuant to Section 3.01, the United States of America (including the
states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.

 

“United States person”
means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, any individual who is a citizen or resident
of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States,
any state thereof or the District of Columbia (other than a partnership that is not treated as a United States Person under any
applicable Treasury regulations), any estate the income of which is subject to United States federal income taxation regardless
of its source, or any trust if a court within the United States is able to exercise primary supervision over the administration
of the trust and one or more United States persons have the authority to control all substantial decisions of the trust. Notwithstanding
the preceding sentence, to the extent provided in the Treasury regulations, certain trusts in existence on August 20, 1996, and
treated as United States persons prior to such date that elect to continue to be treated as United States Persons, will also be
United States persons.

 

“Valuation Date” has
the meaning specified in Section 3.12(c).

 

“Yield to Maturity” means
the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of
interest on such Security) and as set forth in such Security in accordance with generally accepted U.S. bond yield computation
principles.

 

Section 1.02.            
Compliance Certificates and Opinions.

 

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

 

    	8

    	 

    
 

Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (other than pursuant to Section 10.05) shall include:

 

(1)                
a statement that each individual signing such certificate or opinion has read such condition or covenant and the definitions
herein relating thereto;

 

(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 each such individual, he or she has made such examination or investigation as is necessary
to enable such individual to express an informed opinion as to whether or not such condition or covenant has been complied with;
and

 

(4)                
a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

Section 1.03.            
Form of Documents Delivered to Trustee.

 

In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion as to some matters and one or more other such Persons as to other matters, and any such Person
may certify or give an opinion as to such matters in one or several documents.

 

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

 

Where any Person is required to make, give
or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument.

 

Section 1.04.            
Acts of Holders.

 

(a)                
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders of Securities of all series or one or more series, as the case may be, may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing.
If Securities of a series are issuable as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Holders of Securities of such series may, alternatively, be
embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or by
proxies duly appointed in writing, at any meeting of Holders of Securities of such series duly called and held, or a combination
of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective when
such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the
Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any such meeting.
Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security,
shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company and any agent of the
Trustee or the Company, if made in the manner provided in this Section.

 

    	9

    	 

    
 

(b)                
The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness
of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to him or her the execution thereof. Where such execution is
by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient
proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other manner that the Trustee deems reasonably sufficient.

 

(c)                
The ownership of Registered Securities shall be proved by the Security Register.

 

(d)                
The ownership of Bearer Securities may be proved by the production of such Bearer Securities or by a certificate executed,
as depositary, by any trust company, bank, banker or other depositary, wherever situated, if such certificate shall be deemed by
the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with such depositary, or
exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit of the Person
holding such Bearer Securities, if such certificate or affidavit is deemed by the Trustee to be satisfactory. The Trustee and the
Company may assume that such ownership of any Bearer Security continues until (1) another certificate or affidavit bearing a later
date issued in respect of the same Bearer Security is produced, or (2) such Bearer Security is produced to the Trustee by some
other Person, or (3) such Bearer Security is surrendered in exchange for a Registered Security or (4) such Bearer Security is no
longer Outstanding. The ownership of Bearer Securities may also be proved in any other manner that the Trustee deems reasonably
sufficient.

 

(e)                
If the Company shall solicit from the Holders of Securities any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the
determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act,
but the Company shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record date
specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation
of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date
is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such
record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the
purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed or consented
to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities
shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such
record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than
six months after the record date.

 

(f)                 
Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall
bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof
or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, any Security
Registrar, any Paying Agent, any Authenticating Agent or the Company in reliance thereon, whether or not notation of such action
is made upon such Security.

 

Section 1.05.            
Notices, Etc., to Trustee and Company.

 

Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with,

 

    	10

    	 

    
 

(1)                
the Trustee by any Holder or by the Company or any other obligor of the Securities shall be sufficient for every purpose
hereunder if made, given, furnished, filed or mailed, first-class postage prepaid in writing to or with the Trustee at its Corporate
Trust Office, or

 

(2)                
the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal
office specified in the first paragraph of this Indenture, to the attention of its Secretary or at any other address previously
furnished in writing to the Trustee by the Company.

 

Section 1.06.            
Notice to Holders; Waiver.

 

Where this Indenture provides for notice
of any event to Holders of Registered Securities by the Company or the Trustee, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each such Holder affected by such
event, at his address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where notice to Holders of Registered Securities is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency
of such notice with respect to other Holders of Registered Securities or the sufficiency of any notice to Holders of Bearer Securities
given as provided herein. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been
received by such Holder, whether or not such Holder actually receives such notice.

 

If by reason of the suspension of or irregularities
in regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
to Holders of Registered Securities as shall be made with the approval of the Trustee shall constitute a sufficient notification
to such Holders for every purpose hereunder.

 

Except as otherwise expressly provided herein
or otherwise specified with respect to any Securities pursuant to Section 3.01, where this Indenture provides for notice to Holders
of Bearer Securities of any event, such notice shall be sufficiently given if published in an Authorized Newspaper in The City
of New York and in such other city or cities as may be specified in such Securities on a Business Day, such publication to be not
later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. Any such notice shall
be deemed to have been given on the date of such publication or, if published more than once, on the date of the first such publication.

 

If by reason of the suspension of publication
of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause it shall be impracticable to publish any notice
to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with
the approval of the Trustee shall constitute sufficient notice to such Holders for every purpose hereunder. Neither the failure
to give notice by publication to Holders of Bearer Securities as provided above, nor any defect in any notice so published, shall
affect the sufficiency of such notice with respect to other Holders of Bearer Securities or the sufficiency of any notice to Holders
of Registered Securities given as provided herein.

 

Any request, demand, authorization, direction,
notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published
notice may be in an official language of the country of publication.

 

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

 

Section 1.07.            
Effect of Headings and Table of Contents.

 

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

 

    	11

    	 

    
 

Section 1.08.            
Successors and Assigns.

 

All covenants and agreements in this Indenture
by the Company shall bind its successors and assigns, whether so expressed or not.

 

Section 1.09.            
Separability Clause.

 

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

 

Section 1.10.            
Benefits of Indenture.

 

Nothing in this Indenture or in the Securities
or coupons, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent,
any Authenticating Agent and their successors hereunder and the Holders any benefit or any legal or equitable right, remedy or
claim under this Indenture.

 

Section 1.11.            
Governing Law.

 

This Indenture and the Securities and coupons
shall be governed by and construed in accordance with the law of the State of New York. This Indenture is subject to the provisions
of the Trust Indenture Act that are required to be part of this Indenture and shall, to the extent applicable, be governed by such
provisions.

 

Section 1.12.            
Legal Holidays.

 

In any case where any Interest Payment Date,
Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity of any Security shall not be a Business
Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Security or coupon other than a
provision in the Securities of any series which specifically states that such provision shall apply in lieu of this Section), payment
of principal (or premium, if any) or interest, if any, need not be made at such Place of Payment on such date, but may be made
on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment
Date, Redemption Date, Repayment Date or sinking fund payment date, or at the Stated Maturity or Maturity; provided that
no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date, Repayment
Date, sinking fund payment date, Stated Maturity or Maturity, as the case may be.

 

Section 1.13.            
Submission to Jurisdiction.

 

The Company hereby irrevocably submits to
the non-exclusive jurisdiction of any New York state or federal court sitting in The City of New York in any action or proceeding
arising out of or relating to the Indenture and the Securities of any series, and the Company hereby irrevocably agrees that all
claims in respect of such action or proceeding may be heard and determined in such New York state or federal court. The Company
hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance
of such action or proceeding.

 

Section 1.14.            
Conflict with Trust Indenture Act.

 

If any provision hereof limits, qualifies
or conflicts with any provision of the Trust Indenture Act or another provision which is required or deemed to be included in this
Indenture by any of the provisions of the Trust Indenture Act, the provision or requirement of the Trust Indenture Act shall control.
If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded,
the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.

 

    	12

    	 

    
 

Section 1.15.            
Counterparts.

 

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

 

ARTICLE
Two

SECURITIES FORMS

 

Section 2.01.            
Forms of Securities.

 

The Registered Securities, if any, of each
series and the Bearer Securities, if any, of each series and related coupons, the temporary global Securities of each series, if
any, and the permanent global Securities of each series, if any, to be endorsed thereon shall be in substantially in the form included
in Exhibit A or substantially in the forms as shall be established in one or more indentures supplemental hereto or approved from
time to time by or pursuant to a Board Resolution in accordance with Section 3.01, shall have such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture or any indenture supplemental hereto, and may
have such letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon as the
Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply
with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which
the Securities may be listed, or to conform to usage.

 

Unless otherwise specified as contemplated
by Section 3.01, Bearer Securities shall have interest coupons attached.

 

The definitive Securities and coupons shall
be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or steel engraved
borders or may be produced in any other manner, all as determined by the officers executing such Securities or coupons, as evidenced
by their execution of such Securities or coupons.

 

Section 2.02.            
Form of Trustee’s Certificate of Authentication.

 

Subject to Section 6.11, the Trustee’s
certificate of authentication shall be in substantially the following form:

 

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

 

	 	[                         ], as Trustee
	 	 
	 	By:____________________________
	 	        Authorized Officer
	 	 

 

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Section 2.03.            
Securities Issuable in Global Form.

 

If Securities of or within a series are
issuable in global form, as specified as contemplated by Section 3.01, then, notwithstanding clause (8) of Section 3.01 and the
provisions of Section 3.02, any such Security shall represent such of the Outstanding Securities of such series as shall be specified
therein and may provide that it shall represent the aggregate amount of Outstanding Securities of such series from time to time
endorsed thereon and that the aggregate amount of Outstanding Securities of such series represented thereby may from time to time
be increased or decreased to reflect exchanges. Any endorsement of a Security in global form to reflect the amount, or any increase
or decrease in the amount, of Outstanding Securities represented thereby shall be made by the Trustee or the Security Registrar
in such manner and upon instructions given by such Person or Persons as shall be specified therein or in the Company Order to be
delivered to the Trustee pursuant to Section 3.03 or 3.04. Subject to the provisions of Section 3.03 and, if applicable, Section
3.04, the Trustee or the Security Registrar shall deliver and redeliver any Security in permanent global form in the manner and
upon instructions given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant
to Section 3.03 or 3.04 has been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement,
delivery or redelivery of a Security in global form shall be in writing but need not comply with Section 1.02 and need not be accompanied
by an Opinion of Counsel.

 

The provisions of the last sentence of Section
3.03 shall apply to any Security represented by a Security in global form if such Security was never issued and sold by the Company
and the Company delivers to the Trustee or the Security Registrar the Security in global form together with written instructions
(which need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in
the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of
Section 3.03.

 

Notwithstanding the provisions of Section
3.07, unless otherwise specified as contemplated by Section 3.01, payment of principal of (and premium, if any) and interest, if
any, on any Security in permanent global form shall be made to the Person or Persons specified therein.

 

Notwithstanding the provisions of Section
3.09 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall
treat as the Holder of such principal amount of Outstanding Securities represented by a permanent global Security (i) in the case
of a permanent global Security in registered form, the Holder of such permanent global Security in registered form, or (ii) in
the case of a permanent global Security in bearer form, Euroclear or Clearstream.

 

ARTICLE
Three

THE SECURITIES

 

Section 3.01.            
Amount Unlimited; Issuable in Series.

 

The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be issued in one or more
series and shall be designated as Senior Securities, Senior Subordinated Securities or Junior Subordinated Securities or any such
other designation as shall be set forth in an amendment or supplement hereto. Senior Securities are unsubordinated, shall rank
equally and pari passu with all of the Company’s Senior Indebtedness and senior to all Subordinated Securities. Senior
Subordinated Securities shall rank junior to the Company’s Senior Indebtedness, equally and pari passu with all other
Senior Subordinated Indebtedness and senior to any Junior Subordinated Indebtedness. Junior Subordinated Securities shall rank
junior to the Company’s Senior Indebtedness and any Senior Subordinated Indebtedness and equally and pari passu with
all other Junior Subordinated Indebtedness. There shall be established in one or more Board Resolutions or pursuant to authority
granted by one or more Board Resolutions and, subject to Section 3.03, set forth, or determined in the manner provided, in an Officers’
Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, any
or all of the following, as applicable (each of which (except for the matters set forth in clauses (1), (2) and (15) below), if
so provided, may be determined from time to time by the Company with respect to unissued Securities of the series when issued from
time to time):

 

(1)                
the title of the Securities of the series including CUSIP numbers (which shall distinguish the Securities of such series
from all other series of Securities);

 

    	14

    	 

    
 

(2)                
any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of the series pursuant to Section 3.04, 3.05, 3.06, 9.06, 11.07 or 13.05, and except for any Securities which,
pursuant to Section 3.03, are deemed never to have been authenticated and delivered hereunder);

 

(3)                
the date or dates, or the method by which such date or dates will be determined or extended, on which the principal of the
Securities of the series shall be payable;

 

(4)                
the rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate or
rates shall be determined, the date or dates from which such interest shall accrue or the method by which such date or dates shall
be determined, the Interest Payment Dates on which such interest will be payable and the Regular Record Date, if any, for the interest
payable on any Registered Security on any Interest Payment Date, or the method by which such date shall be determined, and the
basis upon which such interest shall be calculated if other than that of a 360-day year of twelve 30-day months;

 

(5)                
the place or places, if any, other than or in addition to The City of New York where the principal of (and premium, if any)
and interest, if any, on Securities of the series shall be payable, any Registered Securities of the series may be surrendered
for registration of transfer, Securities of the series may be surrendered for exchange, where Securities of that series that are
convertible or exchangeable may be surrendered for conversion or exchange, as applicable, and where notices or demands to or upon
the Company in respect of the Securities of the series and this Indenture may be served;

 

(6)                
the period or periods within which, or the date or dates on which, the price or prices at which, the Currency or Currencies
in which, and other terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option
of the Company, if the Company is to have the option;

 

(7)                
the obligation, if any, of the Company to redeem, repay or purchase Securities of the series pursuant to any sinking fund
or analogous provision or at the option of a Holder thereof, and the period or periods within which or the date or dates on which,
the price or prices at which, the Currency or Currencies in which, and other terms and conditions upon which Securities of the
series shall be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation;

 

(8)                
if other than denominations of $1,000 and any integral multiple thereof, the denomination or denominations in which any
Registered Securities of the series shall be issuable and, if other than denominations of $5,000, the denomination or denominations
in which any Bearer Securities of the series shall be issuable;

 

(9)                
if other than the Trustee, the identity of each Security Registrar and/or Paying Agent;

 

(10)            
if other than the principal amount thereof, the portion of the principal amount of Securities of the series that shall be
payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02, upon redemption of the Securities of
the series which are redeemable before their Stated Maturity, upon surrender for repayment at the option of the Holder, or which
the Trustee shall be entitled to claim pursuant to Section 5.04 or the method by which such portion shall be determined;

 

(11)            
if other than Dollars, the Currency or Currencies in which payment of the principal of (or premium, if any) or interest,
if any, on the Securities of the series shall be made or in which the Securities of the series shall be denominated and the particular
provisions applicable thereto in accordance with, in addition to or in lieu of any of the provisions of Section 3.12;

 

(12)            
whether the amount of payments of principal of (or premium, if any) or interest, if any, on the Securities of the series
may be determined with reference to an index, formula or other method (which index, formula or method may be based, without limitation,
on one or more Currencies, commodities, equity indices or other indices), and the manner in which such amounts shall be determined;

 

    	15

    	 

    
 

(13)            
whether the principal of (or premium, if any) or interest, if any, on the Securities of the series are to be payable, at
the election of the Company or a Holder thereof, in one or more Currencies other than that in which such Securities are denominated
or stated to be payable, the period or periods within which (including the Election Date), and the terms and conditions upon which,
such election may be made, and the time and manner of determining the exchange rate between the Currency or Currencies in which
such Securities are denominated or stated to be payable and the Currency or Currencies in which such Securities are to be paid,
in each case in accordance with, in addition to or in lieu of any of the provisions of Section 3.12;

 

(14)            
provisions, if any, granting special rights to the Holders of Securities of the series upon the occurrence of such events
as may be specified;

 

(15)            
any deletions from, modifications of or additions to the Events of Default or covenants of the Company with respect to Securities
of the series, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth
herein;

 

(16)            
whether Securities of the series are to be issuable as Registered Securities, Bearer Securities (with or without coupons)
or both, any restrictions applicable to the offer, sale or delivery of Bearer Securities and the terms upon which Bearer Securities
of the series may be exchanged for Registered Securities of the series and vice versa (if permitted by applicable laws and regulations),
whether any Securities of the series are to be issuable initially in temporary global form with or without coupons and whether
any Securities of the series are to be issuable in permanent global form with or without coupons and, if so, whether beneficial
owners of interests in any such permanent global Security may exchange such interests for Securities of such series in certificated
form and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may occur,
if other than in the manner provided in Section 3.05, whether Registered Securities of the series may be exchanged for Bearer Securities
of the series (if permitted by applicable laws and regulations), whether Bearer Securities of the series may be exchanged for Registered
Securities of the series, and the circumstances under which and the place or places where such exchanges may be made and if Securities
of the series are to be issuable as a global Security, the identity of the depository for such series;

 

(17)            
the date as of which any Bearer Securities of the series and any temporary global Security representing Outstanding Securities
of the series shall be dated if other than the date of original issuance of the first Security of the series to be issued;

 

(18)            
the Person to whom any interest on any Registered Security of the series shall be payable, if other than the Person in whose
name such Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest, the manner in which, or the Person to whom, any interest on any Bearer Security of the series shall be payable,
if otherwise than upon presentation and surrender of the coupons appertaining thereto as they severally mature, and the extent
to which, or the manner in which, any interest payable on a temporary global Security on an Interest Payment Date will be paid
if other than in the manner provided in Section 3.04; and the extent to which, or the manner in which, any interest payable on
a permanent global Security on an Interest Payment Date will be paid if other than in the manner provided in Section 3.07;

 

(19)            
the applicability, if any, of Sections 14.02 and/or 14.03 to the Securities of the series and any provisions in modification
of, in addition to or in lieu of any of the provisions of Article Fourteen;

 

(20)            
if the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of
a temporary Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions,
then the form and/or terms of such certificates, documents or conditions;

 

(21)            
whether, under what circumstances and the Currency in which, the Company will pay Additional Amounts as contemplated by
Section 10.04 on the Securities of the series to any Holder who is not a United States Person (including any modification to the
definition of such term) in respect of any tax, assessment or governmental charge and, if so, whether the Company will have the
option to redeem such Securities rather than pay such Additional Amounts (and the terms of any such option);

 

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(22)            
the designation of the initial Exchange Rate Agent, if any;

 

(23)            
if the Securities of the series are to be issued upon the exercise of warrants, the time, manner and place for such Securities
to be authenticated and delivered;

 

(24)            
if the Securities of the series are to be convertible into or exchangeable for any securities of any Person (including the
Company), the terms and conditions upon which such Securities will be so convertible or exchangeable; and

 

(25)            
any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture or the requirements
of the Trust Indenture Act).

 

All Securities of any one series and the
coupons appertaining to any Bearer Securities of such series shall be substantially identical except, in the case of Registered
Securities, as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above
(subject to Section 3.03) and set forth in the Officers’ Certificate referred to above or in any such indenture supplemental
hereto. All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened,
without the consent of the Holders, for issuances of additional Securities of such series.

 

If any of the terms of the Securities of
any series are established by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record of such action(s)
shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery
of the Officers’ Certificate setting forth the terms of the Securities of such series.

 

Section 3.02.            
Denominations.

 

The Securities of each series shall be issuable
in such denominations as shall be specified as contemplated by Section 3.01. With respect to Securities of any series denominated
in Dollars, in the absence of any such provisions with respect to the Securities of any series, the Registered Securities of such
series, other than Registered Securities issued in global form (which may be of any denomination) shall be issuable in denominations
of $1,000 and any integral multiple thereof, and the Bearer Securities of such series, other than Bearer Securities issued in global
form (which may be of any denomination), shall be issuable in a denomination of $5,000.

 

Section 3.03.            
Execution, Authentication, Delivery and Dating.

 

The Securities and any coupons appertaining
thereto shall be executed on behalf of the Company by any one of its Chairman of the Board of Directors, its Chief Executive Officer,
its President, its Chief Financial Officer or a Vice President and by one of its Secretary or its Controller, under its corporate
seal reproduced thereon, and attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers
on the Securities and coupons may be manual or facsimile signatures of the present or any future such authorized officer and may
be imprinted or otherwise reproduced on the Securities.

 

Securities or coupons bearing the manual
or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities
or did not hold such offices at the date of such Securities or coupons.

 

    	17

    	 

    
 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities of any series, together with any coupon appertaining
thereto, executed by the Company, to the Trustee for authentication, together with a Company Order for the authentication and delivery
of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities; provided,
however, that, in connection with its original issuance, no Bearer Security shall be mailed or otherwise delivered to any
location in the United States; and provided further that, unless otherwise specified with respect to any series of
Securities pursuant to Section 3.01, a Bearer Security may be delivered in connection with its original issuance only if the Person
entitled to receive such Bearer Security shall have furnished a certificate in the form set forth in such certificate as may be
specified with respect to any series of Securities pursuant to Section 3.01, dated no earlier than 15 days prior to the earlier
of the date on which such Bearer Security is delivered and the date on which any temporary Security first becomes exchangeable
for such Bearer Security in accordance with the terms of such temporary Security and this Indenture. If any Security shall be represented
by a permanent global Bearer Security, then, for purposes of this Section and Section 3.04, the notation of a beneficial owner’s
interest therein upon original issuance of such Security or upon exchange of a portion of a temporary global Security shall be
deemed to be delivery in connection with its original issuance of such beneficial owner’s interest in such permanent global
Security. Except as permitted by Section 3.06, the Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant
coupons for interest then matured have been detached and cancelled. If all the Securities of any series are not to be issued at
one time and if the Board Resolution or supplemental indenture establishing such series shall so permit, such Company Order may
set forth procedures acceptable to the Trustee for the issuance of such Securities and determining the terms of particular Securities
of such series, such as interest rate, maturity date, date of issuance and date from which interest shall accrue. In authenticating
such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee
shall be entitled to receive, and (subject to TIA Section 315(a) through 315(d)) shall be fully protected in relying upon,

 

(i)                  
an Opinion of Counsel stating,

 

(a)                
that the form or forms of such Securities and any coupons have been established in conformity with the provisions of this
Indenture;

 

(b)                
that the terms of such Securities and any coupons have been established in conformity with the provisions of this Indenture;
and

 

(c)                
that such Securities, together with any coupons appertaining thereto, when completed by appropriate insertions and executed
and delivered by the Company to the Trustee for authentication in accordance with this Indenture, authenticated and delivered by
the Trustee in accordance with this Indenture and issued by the Company in the manner and subject to any conditions specified in
such Opinion of Counsel, will constitute legal, valid and binding obligations of the Company, enforceable in accordance with their
terms, subject to applicable bankruptcy, insolvency, reorganization and other similar laws of general applicability relating to
or affecting the enforcement of creditors’ rights, to general equitable principles and to such other qualifications as such
counsel shall conclude do not materially affect the rights of Holders of such Securities and any coupons; and

 

(ii)                
an Officers’ Certificate stating, to the knowledge of the signers of such certificate, that no Event of Default with
respect to any of the Securities shall have occurred and be continuing.

 

Notwithstanding the provisions of Section
3.01 and of this Section 3.03, if all the Securities of any series are not to be issued at one time, it shall not be necessary
to deliver an Officers’ Certificate otherwise required pursuant to Section 3.01 or the Company Order, Opinion of Counsel
or Officers’ Certificate otherwise required pursuant to the preceding paragraph at the time of issuance of each Security
of such series, but such order, opinion and certificates, with appropriate modifications to cover such future issuances, shall
be delivered at or before the time of issuance of the first Security of such series.

 

If such form or terms have been so established,
the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties, obligations or immunities under the Securities and this Indenture or otherwise in
a manner which is not reasonably acceptable to the Trustee. Notwithstanding the generality of the foregoing, the Trustee will not
be required to authenticate Securities denominated in a Foreign Currency if the Trustee reasonably believes that it would be unable
to perform its duties with respect to such Securities.

 

    	18

    	 

    
 

Each Registered Security shall be dated
the date of its authentication and each Bearer Security shall be dated as of the date specified as contemplated by Section 3.01.

 

No Security or coupon shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security or Security
to which such coupon appertains a certificate of authentication substantially in the form provided for herein duly executed by
the Trustee or an Authenticating Agent by manual signature of an authorized signatory, and such certificate upon any Security shall
be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled
to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided
in Section 3.10 together with a written statement (which need not comply with Section 1.02 and need not be accompanied by an Opinion
of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security
shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

 

Section 3.04.            
Temporary Securities.

 

(a)                
Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee
shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced,
in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered
form, or, if authorized, in bearer form with one or more coupons or without coupons, and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Securities may determine, as conclusively evidenced by their
execution of such Securities. In the case of Securities of any series, such temporary Securities may be in global form.

 

Except in the case of temporary Securities
in global form (which shall be exchanged in accordance with Section 3.04(b) or as otherwise provided in or pursuant to a Board
Resolution), if temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be
prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of
such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series
at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities of any series (accompanied by any non-matured coupons appertaining thereto),
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount and like
tenor of definitive Securities of the same series of authorized denominations; provided, however, that no definitive
Bearer Security shall be delivered in exchange for a temporary Registered Security; and provided further that a definitive
Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions set forth
in Section 3.03. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series.

 

(b)                
Unless otherwise provided in or pursuant to a Board Resolution, this Section 3.04(b) shall govern the exchange of temporary
Securities issued in global form through the London office of a depositary or common depositary (the “Common Depositary”),
for the benefit of Euroclear and Clearstream, for credit to the respective accounts of the beneficial owners of such Securities
(or to such other accounts as they may direct). If temporary Securities of any series are issued in global form, any such temporary
global Security shall, unless otherwise provided therein, be delivered to the London office of the Common Depositary, for the benefit
of Euroclear and Clearstream, for credit to the respective accounts of the beneficial owners of such Securities (or to such other
accounts as they may direct).

 

Without unnecessary delay but in any event
not later than the date specified in, or determined pursuant to the terms of, any such temporary global Security (the “Exchange
Date”), the Company shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the principal
amount of such temporary global Security, executed by the Company. On or after the Exchange Date, such temporary global Security
shall be surrendered by the Common Depositary to the Trustee, as the Company’s agent for such purpose, or to the Security
Registrar, to be exchanged, in whole or from time to time in part, for definitive Securities without charge, and the Trustee shall
authenticate and deliver, in exchange for each portion of such temporary global Security, an equal aggregate principal amount of
definitive Securities of the same series of authorized denominations and of like tenor as the portion of such temporary global
Security to be exchanged. The definitive Securities to be delivered in exchange for any such temporary global Security shall be
in bearer form, registered form, permanent global bearer form or permanent global registered form, or any combination thereof,
as specified as contemplated by Section 3.01, and, if any combination thereof is so specified, as requested by the beneficial owner
thereof; provided, however, that, unless otherwise specified in such temporary global Security, upon such presentation
by the Common Depositary, such temporary global Security is accompanied by a certificate dated the Exchange Date or a subsequent
date and signed by Euroclear as to the portion of such temporary global Security held for its account then to be exchanged and
a certificate dated the Exchange Date or a subsequent date and signed by Clearstream as to the portion of such temporary global
Security held for its account then to be exchanged, each in the form as may be established pursuant to Section 3.01; and provided
further that definitive Bearer Securities shall be delivered in exchange for a portion of a temporary global Security only
in compliance with the requirements of Section 3.03.

 

    	19

    	 

    
 

Unless otherwise specified in such temporary
global Security, the interest of a beneficial owner of Securities of a series in a temporary global Security shall be exchanged
for definitive Securities of the same series and of like tenor following the Exchange Date when the account holder instructs Euroclear
or Clearstream, as the case may be, to request such exchange on his behalf and delivers to Euroclear or Clearstream, as the case
may be, a certificate in such form as may be established pursuant to Section 3.01, dated no earlier than 15 days prior to the Exchange
Date, copies of which certificate shall be available from the offices of Euroclear and Clearstream, the Trustee, any Authenticating
Agent appointed for such series of Securities and each Paying Agent. Unless otherwise specified in such temporary global Security,
any such exchange shall be made free of charge to the beneficial owners of such temporary global Security, except that a Person
receiving definitive Securities must bear the cost of insurance, postage, transportation and the like unless such Person takes
delivery of such definitive Securities in person at the offices of Euroclear or Clearstream. Definitive Securities in bearer form
to be delivered in exchange for any portion of a temporary global Security shall be delivered only outside the United States.

 

Until exchanged in full as hereinabove provided,
the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive
Securities of the same series and of like tenor authenticated and delivered hereunder, except that, unless otherwise specified
as contemplated by Section 3.01, interest payable on a temporary global Security on an Interest Payment Date for Securities of
such series occurring prior to the applicable Exchange Date shall be payable to Euroclear and Clearstream on such Interest Payment
Date upon delivery by Euroclear and Clearstream to the Trustee or the applicable Paying Agent of a certificate or certificates
in the form as may be established pursuant to Section 3.01 for credit without further interest on or after such Interest Payment
Date to the respective accounts of Persons who are the beneficial owners of such temporary global Security on such Interest Payment
Date and who have each delivered to Euroclear or Clearstream, as the case may be, a certificate dated no earlier than 15 days prior
to the Interest Payment Date occurring prior to such Exchange Date in the form as may be established pursuant to Section 3.01.
Notwithstanding anything to the contrary herein contained, the certifications made pursuant to this paragraph shall satisfy the
certification requirements of the preceding two paragraphs of this Section 3.04(b) and of the third paragraph of Section 3.03 of
this Indenture and the interests of the Persons who are the beneficial owners of the temporary global Security with respect to
which such certification was made will be exchanged for definitive Securities of the same series and of like tenor on the Exchange
Date or the date of certification if such date occurs after the Exchange Date, without further act or deed by such beneficial owners.
Except as otherwise provided in this paragraph, no payments of principal (or premium, if any) or interest, if any, owing with respect
to a beneficial interest in a temporary global Security will be made unless and until such interest in such temporary global Security
shall have been exchanged for an interest in a definitive Security. Any interest so received by Euroclear and Clearstream and not
paid as herein provided shall be returned to the Trustee or the applicable Paying Agent immediately prior to the expiration of
two years after such Interest Payment Date in order to be repaid to the Company.

 

Section 3.05.            
Registration, Transfer and Exchange.

 

The Company shall cause to be kept at the
Corporate Trust Office of the Trustee or in any office or agency of the Company in a Place of Payment a register for each series
of Securities (the registers maintained in such office or in any such office or agency of the Company in a Place of Payment being
herein sometimes referred to collectively as the “Security Register”) in which, subject to such reasonable regulations
as it may prescribe, the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities.
The Security Register shall be in written form or any other form capable of being converted into written form within a reasonable
time. The Trustee, at its Corporate Trust Office, is hereby initially appointed “Security Registrar” for the purpose
of registering Registered Securities and transfers of Registered Securities on such Security Register as herein provided, and for
facilitating exchanges of temporary global Securities for permanent global Securities or definitive Securities, or both, or of
permanent global Securities for definitive Securities, or both, as herein provided. In the event that the Trustee shall cease to
be Security Registrar, it shall have the right to examine the Security Register at all reasonable times.

 

    	20

    	 

    
 

Upon surrender for registration of transfer
of any Registered Security of any series at any office or agency of the Company in a Place of Payment for that series, the Company
shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or
more new Registered Securities of the same series, of any authorized denominations and of a like aggregate principal amount, bearing
a number not contemporaneously outstanding and containing identical terms and provisions.

 

At the option of the Holder, Registered
Securities of any series may be exchanged for other Registered Securities of the same series, of any authorized denomination or
denominations and of a like aggregate principal amount, containing identical terms and provisions, upon surrender of the Registered
Securities to be exchanged at any such office or agency. Whenever any Registered Securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange
is entitled to receive. Unless otherwise specified with respect to any series of Securities as contemplated by Section 3.01, Bearer
Securities may not be issued in exchange for Registered Securities.

 

If (but only if) permitted by the applicable
Board Resolution and (subject to Section 3.03) set forth in the applicable Officers’ Certificate, or in any indenture supplemental
hereto, delivered as contemplated by Section 3.01, at the option of the Holder, Bearer Securities of any series may be exchanged
for Registered Securities of the same series of any authorized denominations and of a like aggregate principal amount and tenor,
upon surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured coupons and all matured
coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured coupon or coupons
or matured coupon or coupons in default, any such permitted exchange may be effected if the Bearer Securities are accompanied by
payment in funds acceptable to the Company in an amount equal to the face amount of such missing coupon or coupons, or the surrender
of such missing coupon or coupons may be waived by the Company and the Trustee if there is furnished to them such security or indemnity
as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender
to any Paying Agent any such missing coupon in respect of which such a payment shall have been made, such Holder shall be entitled
to receive the amount of such payment; provided, however, that, except as otherwise provided in Section 10.02, interest
represented by coupons shall be payable only upon presentation and surrender of those coupons at an office or agency located outside
the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such office or
agency in a permitted exchange for a Registered Security of the same series and like tenor after the close of business at such
office or agency on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest
Payment Date or (ii) any Special Record Date and before the opening of business at such office or agency on the related proposed
date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the coupon relating to such Interest
Payment Date or proposed date for payment, as the case may be, and interest or Defaulted Interest, as the case may be, will not
be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of the Registered Security
issued in exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with
the provisions of this Indenture.

 

Whenever any Securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive.

 

Notwithstanding the foregoing, except as
otherwise specified as contemplated by Section 3.01, any permanent global Security shall be exchangeable only as provided in this
paragraph. If any beneficial owner of an interest in a permanent global Security is entitled to exchange such interest for Securities
of such series and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated
by Section 3.01 and provided that any applicable notice provided in the permanent global Security shall have been given, then without
unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged, the Company shall
deliver to the Trustee definitive Securities in aggregate principal amount equal to the principal amount of such beneficial owner’s
interest in such permanent global Security, executed by the Company. On or after the earliest date on which such interests may
be so exchanged, such permanent global Security shall be surrendered by the Common Depositary or such other depositary as shall
be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such purpose, or to the
Security Registrar, to be exchanged, in whole or from time to time in part, for definitive Securities of the same series without
charge and the Trustee shall authenticate and deliver, in exchange for each portion of such permanent global Security, an equal
aggregate principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion
of such permanent global Security to be exchanged which, unless the Securities of the series are not issuable both as Bearer Securities
and as Registered Securities, in which case the definitive Securities exchanged for the permanent global Security shall be issuable
only in the form in which the Securities are issuable, as specified as contemplated by Section 3.01, shall be in the form of Bearer
Securities or Registered Securities, or any combination thereof, as shall be specified by the beneficial owner thereof; provided,
however, that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection
of Securities to be redeemed and ending on the relevant Redemption Date if the Security for which exchange is requested may be
among those selected for redemption; and provided further that no Bearer Security delivered in exchange for a portion
of a permanent global Security shall be mailed or otherwise delivered to any location in the United States. If a Registered Security
is issued in exchange for any portion of a permanent global Security after the close of business at the office or agency where
such exchange occurs on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such office or agency on the related
proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the case may be, will not be payable on such
Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will be payable
on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect
of such portion of such permanent global Security is payable in accordance with the provisions of this Indenture.

 

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

 

Every Registered Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Company or the Security Registrar or any transfer agent)
be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar,
duly executed by the Holder thereof or his attorney or any transfer agent duly authorized in writing.

 

No service charge shall be made for any
registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchanges pursuant to Section 3.04, 9.06, 11.07 or 13.05 not involving any transfer.

 

The Company shall not be required (i) to
issue, register the transfer of or exchange any Security if such Security may be among those selected for redemption during a period
beginning at the opening of business 15 days before selection of the Securities to be redeemed under Section 11.03 and ending at
the close of business on (A) if such Securities are issuable only as Registered Securities, the day of the mailing of the relevant
notice of redemption and (B) if such Securities are issuable as Bearer Securities, the day of the first publication of the relevant
notice of redemption or, if such Securities are also issuable as Registered Securities and there is no publication, the mailing
of the relevant notice of redemption or (ii) to register the transfer of or exchange any Registered Security so selected for redemption
in whole or in part, except, in the case of any Registered Security to be redeemed in part, the portion thereof not to be redeemed,
or (iii) to exchange any Bearer Security so selected for redemption except that such a Bearer Security may be exchanged for a Registered
Security of that series and like tenor, provided that such Registered Security shall be simultaneously surrendered for redemption,
or (iv) to issue, register the transfer of or exchange any Security which has been surrendered for repayment at the option of the
Holder, except the portion, if any, of such Security not to be so repaid.

 

Section 3.06.            
Mutilated, Destroyed, Lost and Stolen Securities.

 

If any mutilated Security or a Security
with a mutilated coupon appertaining to it is surrendered to the Trustee or the Company, together with, in proper cases, such security
or indemnity as may be required by the Company or the Trustee to save each of them or any agent of either of them harmless, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and
principal amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding, with coupons
corresponding to the coupons, if any, appertaining to the surrendered Security.

 

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If there shall be delivered to the Company
and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or coupon and (ii) such
security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence
of notice to the Company or the Trustee that such Security or coupon has been acquired by a protected purchaser, the Company shall,
subject to the following paragraph, execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such
destroyed, lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen coupon appertains (with
all appurtenant coupons not destroyed, lost or stolen), a new Security of the same series and principal amount, containing identical
terms and provisions and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any,
appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon appertains.

 

Notwithstanding the provisions of the previous
two paragraphs, in case any such mutilated, destroyed, lost or stolen Security or coupon has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a new Security, with coupons corresponding to the coupons, if any,
appertaining to such mutilated, destroyed, lost or stolen Security or to the Security to which such mutilated, destroyed, lost
or stolen coupon appertains, pay such Security or coupon, as the case may be; provided, however, that payment of
principal of (and premium, if any) and interest, if any, on Bearer Securities shall, except as otherwise provided in Section 10.02,
be payable only at an office or agency located outside the United States and, unless otherwise specified as contemplated by Section
3.01, any interest on Bearer Securities shall be payable only upon presentation and surrender of the coupons appertaining thereto.

 

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

 

Every new Security of any series with its
coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, or in exchange for a Security
to which a destroyed, lost or stolen coupon appertains, shall constitute an original additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Security and its coupons, if any, or the destroyed, lost or stolen coupon 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 and their coupons, if any, duly issued hereunder.

 

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

 

Section 3.07.            
Payment of Interest; Interest Rights Preserved; Optional Interest Reset.

 

(a)                
Except as otherwise specified with respect to a series of Securities in accordance with the provisions of Section 3.01,
interest, if any, on any Registered Security that is payable, and is punctually paid or duly provided for, on any Interest Payment
Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest at the office or agency of the Company maintained for such purpose pursuant
to Section 10.02; provided, however, that each installment of interest, if any, on any Registered Security may at
the Company’s option be paid by (i) mailing a check for such interest, payable to or upon the written order of the Person
entitled thereto pursuant to Section 3.09, to the address of such Person as it appears on the Security Register or (ii) transfer
to an account maintained by the payee located in the United States.

 

Unless otherwise provided as contemplated
by Section 3.01 with respect to the Securities of any series, payment of interest, if any, may be made, in the case of a Bearer
Security, by transfer to an account maintained by the payee with a bank located outside the United States.

 

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Unless otherwise provided as contemplated
by Section 3.01, every permanent global Security will provide that interest, if any, payable on any Interest Payment Date will
be paid to each of Euroclear and Clearstream with respect to that portion of such permanent global Security held for its account
by the Common Depositary, for the purpose of permitting each of Euroclear and Clearstream to credit the interest, if any, received
by it in respect of such permanent global Security to the accounts of the beneficial owners thereof.

 

In case a Bearer Security of any series
is surrendered in exchange for a Registered Security of such series after the close of business (at an office or agency in a Place
of Payment for such series) on any Regular Record Date and before the opening of business (at such office or agency) on the next
succeeding Interest Payment Date, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment
Date and interest will not be payable on such Interest Payment Date in respect of the Registered Security issued in exchange for
such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this
Indenture.

 

Except as otherwise specified with respect
to a series of Securities in accordance with the provisions of Section 3.01, any interest on any Registered Security of any series
that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the registered Holder thereof on the relevant Regular Record Date by
virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided
in clause (1) or (2) below:

 

(1)                
The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities
of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed
payment (which shall not be less than 20 days after such notice is received by the Trustee), and at the same time the Company shall
deposit with the Trustee an amount of money in the Currency in which the Securities of such series are payable (except as otherwise
specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided in Sections 3.12(b),
3.12(d) and 3.12(e)) equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held
in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall
fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10
days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense
of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be
mailed, first-class postage prepaid, to each Holder of Registered Securities of such series at his address as it appears in the
Security Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose
names the Registered Securities of such series (or their respective Predecessor Securities) are registered at the close of business
on such Special Record Date and shall no longer be payable pursuant to the following clause (2). In case a Bearer Security of any
series is surrendered at the office or agency in a Place of Payment for such series in exchange for a Registered Security of such
series after the close of business at such office or agency on any Special Record Date and before the opening of business at such
office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered without
the coupon relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed date of payment
in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such
coupon when due in accordance with the provisions of this Indenture.

 

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

 

(b)                
The provisions of this Section 3.07(b) may be made applicable to any series of Securities pursuant to Section 3.01 (with
such modifications, additions or substitutions as may be specified pursuant to such Section 3.01). The interest rate (or the spread
or spread multiplier used to calculate such interest rate, if applicable) on any Security of such series may be reset by the Company
on the date or dates specified on the face of such Security (each an “Optional Reset Date”). The Company may
exercise such option with respect to such Security by notifying the Trustee of such exercise at least 45 but not more than 60 days
prior to an Optional Reset Date for such Security. Not later than 40 days prior to each Optional Reset Date, the Trustee shall
transmit, in the manner provided for in Section 1.06, to the Holder of any such Security a notice (the “Reset Notice”)
indicating whether the Company has elected to reset the interest rate (or the spread or spread multiplier used to calculate such
interest rate, if applicable), and if so (i) such new interest rate (or such new spread or spread multiplier, if applicable) and
(ii) the provisions, if any, for redemption during the period from such Optional Reset Date to the next Optional Reset Date or
if there is no such next Optional Reset Date, to the Stated Maturity of such Security (each such period a “Subsequent
Interest Period”), including the date or dates on which or the period or periods during which and the price or prices
at which such redemption may occur during the Subsequent Interest Period.

 

Notwithstanding the foregoing, not later
than 20 days prior to the Optional Reset Date, the Company may, at its option, revoke the interest rate (or the spread or spread
multiplier used to calculate such interest rate, if applicable) provided for in the Reset Notice and establish a higher interest
rate (or a spread or spread multiplier providing for a higher interest rate, if applicable) for the Subsequent Interest Period
by causing the Trustee to transmit, in the manner provided for in Section 1.06, notice of such higher interest rate (or such higher
spread or spread multiplier providing for a higher interest rate, if applicable) to the Holder of such Security. Such notice shall
be irrevocable. All Securities with respect to which the interest rate (or the spread or spread multiplier used to calculate such
interest rate, if applicable) is reset on an Optional Reset Date, and with respect to which the Holders of such Securities have
not tendered such Securities for repayment (or have validly revoked any such tender) pursuant to the next succeeding paragraph,
will bear such higher interest rate (or such higher spread or spread multiplier providing for a higher interest rate, if applicable).

 

The Holder of any such Security will have
the option to elect repayment by the Company of the principal of such Security on each Optional Reset Date at a price equal to
the principal amount thereof plus interest accrued to such Optional Reset Date. In order to obtain repayment on an Optional Reset
Date, the Holder must follow the procedures set forth in Article Thirteen for repayment at the option of Holders except that the
period for delivery or notification to the Trustee shall be at least 25 but not more than 35 days prior to such Optional Reset
Date and except that, if the Holder has tendered any Security for repayment pursuant to the Reset Notice, the Holder may, by written
notice to the Trustee, revoke such tender or repayment until the close of business on the tenth day before such Optional Reset
Date.

 

Subject to the foregoing provisions of this
Section and Section 3.05, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in
lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Security.

 

Section 3.08.            
Optional Extension of Maturity.

 

The provisions of this Section 3.08 may
be made applicable to any series of Securities pursuant to Section 3.01 (with such modifications, additions or substitutions as
may be specified pursuant to such Section 3.01). The Stated Maturity of any Security of such series may be extended at the option
of the Company for the period or periods specified on the face of such Security (each an “Extension Period”)
up to but not beyond the date (the “Final Maturity”) set forth on the face of such Security. The Company may
exercise such option with respect to any Security by notifying the Trustee of such exercise at least 45 but not more than 60 days
prior to the Stated Maturity of such Security in effect prior to the exercise of such option (the “Original Stated Maturity”).
If the Company exercises such option, the Trustee shall transmit, in the manner provided for in Section 1.06, to the Holder of
such Security not later than 40 days prior to the Original Stated Maturity a notice (the “Extension Notice”),
prepared by the Company, indicating (i) the election of the Company to extend the Stated Maturity, (ii) the new Stated Maturity,
(iii) the interest rate (or spread, spread multiplier or other formula to calculate such interest rate, if applicable), if any,
applicable to the Extension Period and (iv) the provisions, if any, for redemption during such Extension Period. Upon the Trustee’s
transmittal of the Extension Notice, the Stated Maturity of such Security shall be extended automatically and, except as modified
by the Extension Notice and as described in the next paragraph, such Security will have the same terms as prior to the transmittal
of such Extension Notice.

 

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Notwithstanding the foregoing, not later
than 20 days before the Original Stated Maturity of such Security, the Company may, at its option, revoke the interest rate (or
spread, spread multiplier or other formula to calculate such interest rate, if applicable) provided for in the Extension Notice
and establish a higher interest rate (or spread, spread multiplier or other formula to calculate such higher interest rate, if
applicable) for the Extension Period by causing the Trustee to transmit, in the manner provided for in Section 1.06, notice of
such higher interest rate (or spread, spread multiplier or other formula to calculate such interest rate, if applicable) to the
Holder of such Security. Such notice shall be irrevocable. All Securities with respect to which the Stated Maturity is extended
will bear such higher interest rate.

 

If the Company extends the Stated Maturity
of any Security, the Holder will have the option to elect repayment of such Security by the Company on the Original Stated Maturity
at a price equal to the principal amount thereof, plus interest accrued to such date. In order to obtain repayment on the Original
Stated Maturity once the Company has extended the Stated Maturity thereof, the Holder must follow the procedures set forth in Article
Thirteen for repayment at the option of Holders, except that the period for delivery or notification to the Trustee shall be at
least 25 but not more than 35 days prior to the Original Stated Maturity and except that, if the Holder has tendered any Security
for repayment pursuant to an Extension Notice, the Holder may by written notice to the Trustee revoke such tender for repayment
until the close of business on the tenth day before the Original Stated Maturity.

 

Section 3.09.            
Persons Deemed Owners.

 

Prior to due presentment of a Registered
Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name such Registered Security is registered as the owner of such Registered Security for the purpose of receiving payment
of principal of (and premium, if any) and (subject to Sections 3.05 and 3.07) interest, if any, on such Registered Security and
for all other purposes whatsoever, whether or not such Registered Security be overdue, and neither the Company, the Trustee nor
any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

Title to any Bearer Security and any coupons
appertaining thereto shall pass by delivery. The Company, the Trustee and any agent of the Company or the Trustee may treat the
bearer of any Bearer Security and the bearer of any coupon as the absolute owner of such Security or coupon for the purpose of
receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Security or coupon be
overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

None of the Company, the Trustee, any Paying
Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments
made on account of beneficial ownership interests of a Security in global form or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.

 

Notwithstanding the foregoing, with respect
to any global temporary or permanent Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company
or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by any depositary, as a
Holder, with respect to such global Security or impair, as between such depositary and owners of beneficial interests in such global
Security, the operation of customary practices governing the exercise of the rights of such depositary (or its nominee) as Holder
of such global Security.

 

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Section 3.10.            
Cancellation.

 

All Securities and coupons surrendered for
payment, redemption, repayment at the option of the Holder, registration of transfer or exchange or for credit against any sinking
fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities and
coupons and Securities and coupons surrendered directly to the Trustee for any such purpose shall be promptly cancelled by the
Trustee. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person
for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued
and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the
Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such
Securities unless and until the same are surrendered to the Trustee for cancellation. No Securities shall be authenticated in lieu
of, or in exchange for, any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture.
Cancelled Securities and coupons held by the Trustee shall be destroyed by the Trustee in accordance with its customary procedures,
unless by a Company Order the Company directs the Trustee to deliver a certificate of such destruction to the Company or to return
them to the Company.

 

Section 3.11.            
Computation of Interest.

 

Except as otherwise specified as contemplated
by Section 3.01 with respect to Securities of any series, interest, if any, on the Securities of each series shall be computed
on the basis of a 360-day year consisting of twelve 30-day months.

 

Section 3.12.            
Currency and Manner of Payments in Respect of Securities.

 

(a)                
Unless otherwise specified with respect to any Securities pursuant to Section 3.01, with respect to Registered Securities
of any series not permitting the election provided for in paragraph (b) below or the Holders of which have not made the election
provided for in paragraph (b) below, and with respect to Bearer Securities of any series, except as provided in paragraph (d) below,
payment of the principal of (and premium, if any) and interest, if any, on any Registered or Bearer Security of such series will
be made in the Currency in which such Registered Security or Bearer Security, as the case may be, is payable. The provisions of
this Section 3.12 may be modified or superseded with respect to any Securities pursuant to Section 3.01.

 

(b)                
Section 3.01 may provide that Holders of any series of Registered Securities shall have the option, subject to paragraphs
(d) and (e) below, to receive payments of principal of (or premium, if any) or interest, if any, on such Registered Securities
in any of the Currencies that may be designated for such election by delivering to the Trustee for such series of Registered Securities
a written election with signature guarantees and in the applicable form established pursuant to Section 3.01, not later than the
close of business on the Election Date immediately preceding the applicable payment date. If a Holder so elects to receive such
payments in any such Currency, such election will remain in effect for such Holder or any transferee of such Holder until changed
by such Holder or such transferee by written notice to the Trustee for such series of Registered Securities (but any such change
must be made not later than the close of business on the Election Date immediately preceding the next payment date to be effective
for the payment to be made on such payment date and no such change of election may be made with respect to payments to be made
on any Registered Security of such series with respect to which an Event of Default has occurred or with respect to which the Company
has deposited funds pursuant to Article Four or Fourteen or with respect to which a notice of redemption has been given by the
Company or a notice of option to elect repayment has been sent by such Holder or such transferee). Any Holder of any such Registered
Security who shall not have delivered any such election to the Trustee of such series of Registered Securities not later than the
close of business on the applicable Election Date will be paid the amount due on the applicable payment date in the relevant Currency
as provided in Section 3.12(a). The Trustee for each such series of Registered Securities shall notify the Exchange Rate Agent
as soon as practicable after the Election Date of the aggregate principal amount of Registered Securities for which Holders have
made such written election.

 

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(c)                
Unless otherwise specified pursuant to Section 3.01, if the election referred to in paragraph (b) above has been provided
for pursuant to Section 3.01, then, unless otherwise specified pursuant to Section 3.01, not later than the fourth Business Day
after the Election Date for each payment date for Registered Securities of any series, the Exchange Rate Agent will deliver to
the Company a written notice specifying the Currency in which Registered Securities of such series are payable, the respective
aggregate amounts of principal of (and premium, if any) and interest, if any, on the Registered Securities to be paid on such payment
date, specifying the amounts in such Currency so payable in respect of the Registered Securities as to which the Holders of Registered
Securities denominated in any Currency shall have elected to be paid in another Currency as provided in paragraph (b) above. If
the election referred to in paragraph (b) above has been provided for pursuant to Section 3.01 and if at least one Holder has made
such election, then, unless otherwise specified pursuant to Section 3.01, on the second Business Day preceding such payment date
the Company will deliver to the Trustee for such series of Registered Securities an Exchange Rate Officer’s Certificate in
respect of the Dollar or Foreign Currency or Currencies payments to be made on such payment date. Unless otherwise specified pursuant
to Section 3.01, the Dollar or Foreign Currency or Currencies amount receivable by Holders of Registered Securities who have elected
payment in a Currency as provided in paragraph (b) above shall be determined by the Company on the basis of the applicable Market
Exchange Rate in effect on the second Business Day (the “Valuation Date”) immediately preceding each payment
date, and such determination shall be conclusive and binding for all purposes, absent manifest error.

 

(d)                
If a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are denominated or payable
other than pursuant to an election provided for pursuant to paragraph (b) above, then with respect to each date for the payment
of principal of (and premium, if any) and interest, if any on the applicable Securities denominated or payable in such Foreign
Currency occurring after the last date on which such Foreign Currency was used (the “Conversion Date”), the
Dollar shall be the currency of payment for use on each such payment date. Unless otherwise specified pursuant to Section 3.01,
the Dollar amount to be paid by the Company to the Trustee of each such series of Securities and by such Trustee or any Paying
Agent to the Holders of such Securities with respect to such payment date shall be, in the case of a Foreign Currency other than
a currency unit, the Dollar Equivalent of the Foreign Currency or, in the case of a currency unit, the Dollar Equivalent of the
Currency Unit, in each case as determined by the Exchange Rate Agent in the manner provided in paragraph (f) or (g) below.

 

(e)                
Unless otherwise specified pursuant to Section 3.01, if the Holder of a Registered Security denominated in any Currency
shall have elected to be paid in another Currency as provided in paragraph (b) above, and a Conversion Event occurs with respect
to such elected Currency, such Holder shall receive payment in the Currency in which payment would have been made in the absence
of such election; and if a Conversion Event occurs with respect to the Currency in which payment would have been made in the absence
of such election, such Holder shall receive payment in Dollars as provided in paragraph (d) of this Section 3.12.

 

(f)                 
The “Dollar Equivalent of the Foreign Currency” shall be determined by the Exchange Rate Agent and shall be
obtained for each subsequent payment date by converting the specified Foreign Currency into Dollars at the Market Exchange Rate
on the Conversion Date.

 

(g)                
The “Dollar Equivalent of the Currency Unit” shall be determined by the Exchange Rate Agent and subject to the
provisions of paragraph (h) below shall be the sum of each amount obtained by converting the Specified Amount of each Component
Currency into Dollars at the Market Exchange Rate for such Component Currency on the Valuation Date with respect to each payment.

 

(h)                
For purposes of this Section 3.12, the following terms shall have the following meanings:

 

A “Component Currency”
shall mean any currency which, on the Conversion Date, was a component currency of the relevant currency unit.

 

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A “Specified Amount”
of a Component Currency shall mean the number of units of such Component Currency or fractions thereof which were represented in
the relevant currency unit on the Conversion Date. If, after the Conversion Date, the official unit of any Component Currency is
altered by way of combination or subdivision, the Specified Amount of such Component Currency shall be divided or multiplied in
the same proportion. If after the Conversion Date two or more Component Currencies are consolidated into a single currency, the
respective Specified Amounts of such Component Currencies shall be replaced by an amount in such single currency equal to the sum
of the respective Specified Amounts of such consolidated Component Currencies expressed in such single currency, and such amount
shall thereafter be a Specified Amount and such single currency shall thereafter be a Component Currency. If after the Conversion
Date any Component Currency shall be divided into two or more currencies, the Specified Amount of such Component Currency shall
be replaced by amounts of such two or more currencies, having an aggregate Dollar Equivalent value at the Market Exchange Rate
on the date of such replacement equal to the Dollar Equivalent of the Specified Amount of such former Component Currency at the
Market Exchange Rate immediately before such division, and such amounts shall thereafter be Specified Amounts and such currencies
shall thereafter be Component Currencies. If, after the Conversion Date of the relevant currency unit, a Conversion Event (other
than any event referred to above in this definition of “Specified Amount”) occurs with respect to any Component Currency
of such currency unit and is continuing on the applicable Valuation Date, the Specified Amount of such Component Currency shall,
for purposes of calculating the Dollar Equivalent of the Currency Unit, be converted into Dollars at the Market Exchange Rate in
effect on the Conversion Date of such Component Currency.

 

An “Election Date”
shall mean the Regular Record Date for the applicable series of Registered Securities or at least 16 days prior to Maturity, as
the case may be, or such other prior date for any series of Registered Securities as specified pursuant to clause 13 of Section
3.01 by which the written election referred to in Section 3.12(b) may be made.

 

All decisions and determinations of the
Exchange Rate Agent regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent of the Currency Unit, the Market
Exchange Rate and changes in the Specified Amounts as specified above shall be in its sole discretion and shall, in the absence
of manifest error, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee for the appropriate series
of Securities and all Holders of such Securities denominated or payable in the relevant Currency. The Exchange Rate Agent shall
promptly give written notice to the Company and the Trustee for the appropriate series of Securities of any such decision or determination.

 

In the event that the Company determines
in good faith that a Conversion Event has occurred with respect to a Foreign Currency, the Company will immediately give written
notice thereof to the Trustee of the appropriate series of Securities and to the Exchange Rate Agent (and such Trustee will promptly
thereafter give notice in the manner provided in Section 1.06 to the affected Holders) specifying the Conversion Date. In the event
the Company so determines that a Conversion Event has occurred with respect to any currency unit in which Securities are denominated
or payable, the Company will immediately give written notice thereof to the Trustee of the appropriate series of Securities and
to the Exchange Rate Agent (and such Trustee will promptly thereafter give notice in the manner provided in Section 1.06 to the
affected Holders) specifying the Conversion Date and the Specified Amount of each Component Currency on the Conversion Date. In
the event the Company determines in good faith that any subsequent change in any Component Currency as set forth in the definition
of Specified Amount above has occurred, the Company will similarly give written notice to the Trustee of the appropriate series
of Securities and to the Exchange Rate Agent.

 

The Trustee of the appropriate series of
Securities shall be fully justified and protected in relying and acting upon information received by it from the Company and the
Exchange Rate Agent and shall not otherwise have any duty or obligation to determine the accuracy or validity of such information
independent of the Company or the Exchange Rate Agent.

 

Section 3.13.            
Appointment and Resignation of Successor Exchange Rate Agent.

 

(a)                
Unless otherwise specified pursuant to Section 3.01, if and so long as the Securities of any series (i) are denominated
in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this
Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one Exchange
Rate Agent. The Company will cause the Exchange Rate Agent to make the necessary foreign exchange determinations at the time and
in the manner specified pursuant to Section 3.01 for the purpose of determining the applicable rate of exchange and, if applicable,
for the purpose of converting the issued Foreign Currency into the applicable payment Currency for the payment of principal (and
premium, if any) and interest, if any, pursuant to Section 3.12.

 

    	29

    	 

    
 

(b)                
No resignation of the Exchange Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to this Section
shall become effective until the acceptance of appointment by the successor Exchange Rate Agent as evidenced by a written instrument
delivered to the Company and the Trustee of the appropriate series of Securities accepting such appointment executed by the successor
Exchange Rate Agent.

 

(c)                
If the Exchange Rate Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office
of the Exchange Rate Agent for any cause, with respect to the Securities of one or more series, the Company, by or pursuant to
a Board Resolution, shall promptly appoint a successor Exchange Rate Agent or Exchange Rate Agents with respect to the Securities
of that or those series (it being understood that any such successor Exchange Rate Agent may be appointed with respect to the Securities
of one or more or all of such series and that, unless otherwise specified pursuant to Section 3.01, at any time there shall only
be one Exchange Rate Agent with respect to the Securities of any particular series that are originally issued by the Company on
the same date and that are initially denominated and/or payable in the same Currency).

 

Section 3.14.            
CUSIP Numbers.

 

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

 

ARTICLE
Four

SATISFACTION AND DISCHARGE

 

Section 4.01.            
Satisfaction and Discharge of Indenture.

 

Except as set forth below, this Indenture
shall upon Company Request cease to be of further effect with respect to any series of Securities specified in such Company Request
(except as to any surviving rights of registration of transfer or exchange of Securities of such series expressly provided for
herein or pursuant hereto, any surviving rights of tender for repayment at the option of the Holders and any right to receive Additional
Amounts, as provided in Section 10.04), and the Trustee, upon receipt of a Company Order, and at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series when

 

(1)          
either

 

(A)               
all Securities of such series theretofore authenticated and delivered and all coupons, if any, appertaining thereto (other
than (i) coupons appertaining to Bearer Securities surrendered for exchange for Registered Securities and maturing after such exchange,
whose surrender is not required or has been waived as provided in Section 3.05, (ii) Securities and coupons of such series which
have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06, (iii) coupons appertaining
to Securities called for redemption and maturing after the relevant Redemption Date, whose surrender has been waived as provided
in Section 11.06 and (iv) Securities and coupons of such series for whose payment money has theretofore been deposited in trust
with the Trustee or any Paying Agent or segregated and held in trust by the Company and thereafter repaid to the Company or discharged
from such trust, as provided in Section 10.03) have been delivered to the Trustee for cancellation; or

 

(B)               
all Securities of such series and, in the case of (i) or (ii) below, any coupons appertaining thereto not theretofore delivered
to the Trustee for cancellation

 

(i)                  
have become due and payable, or

 

    	30

    	 

    
 

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

 

(iii)               
if redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company,
in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in
trust for such purpose, solely for the benefit of the Holders, an amount in the Currency in which the Securities of such series
are payable, sufficient to pay and discharge the entire indebtedness on such Securities and such coupons not theretofore delivered
to the Trustee for cancellation, for principal (and premium, if any) and interest, if any, to the date of such deposit (in the
case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

 

(2)          
the Company has irrevocably paid or caused to be irrevocably paid all other sums payable hereunder by the Company; and

 

(3)          
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been
complied with.

 

Notwithstanding the satisfaction and discharge of this Indenture,
the obligations of the Company to the Trustee and any predecessor Trustee under Section 6.06, the obligations of the Company to
any Authenticating Agent under Section 6.12 and, if money shall have been deposited with the Trustee pursuant to subclause (B)
of clause (1) of this Section, the obligations of the Trustee under Section 4.02 and the last paragraph of Section 10.03 shall
survive any termination of this Indenture.

 

Section 4.02.            
Application of Trust Funds.

 

Subject to the provisions of the last paragraph
of Section 10.03, all money deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance
with the provisions of the Securities, the coupons and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal
(and premium, if any) and interest, if any, for whose payment such money has been deposited with or received by the Trustee, but
such money need not be segregated from other funds except to the extent required by law.

 

ARTICLE
Five

REMEDIES

 

Section 5.01.            
Events of Default.

 

“Event of Default”, wherever
used herein with respect to any particular series of Securities, means any one of the following events (whatever the reason for
such Event of Default and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), unless
it is either inapplicable to a particular series or is specifically deleted or modified in or pursuant to the supplemental indenture
or a Board Resolution establishing such series of Securities or is in the form of Security for such series:

 

(1)                
default in the payment of any interest upon any Security of that series or of any coupon appertaining thereto, when such
interest or coupon becomes due and payable, and continuance of such default for a period of 30 days; or

 

(2)                
default in the payment of the principal of (or premium, if any) any Security of that series; or

 

(3)                
default in the deposit of any sinking fund payment, when and as due by the terms of any Security of that series and such
default is not cured within five days; or

 

    	31

    	 

    
 

(4)                
default in the performance, or breach, of any covenant or agreement of the Company in this Indenture with respect to any
Security of that series (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this
Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of a series of Securities
other than that series), and continuance of such default or breach for a period of 90 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal
amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder;

 

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

 

(A)               
commences a voluntary case or proceeding under any Bankruptcy Law,

 

(B)               
consents to the commencement of any bankruptcy or insolvency case or proceeding against it, or files a petition or answer
or consent seeking reorganization or relief against it,

 

(C)               
consents to the entry of a decree or order for relief against it in an involuntary case or proceeding,

 

(D)               
consents to the filing of such petition or to the appointment of or taking possession by a Custodian of the Company or for
all or substantially all of its property, or

 

(E)               
makes an assignment for the benefit of creditors, or admits in writing of its inability to pay its debts generally as they
become due or takes any corporate action in furtherance of any such action; or

 

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

 

(A)               
is for relief against the Company in an involuntary case or proceeding, or

 

(B)               
adjudges the Company bankrupt or insolvent, or approves as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company, or

 

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

 

(D)               
orders the winding up or liquidation of the Company,

 

and the continuance of any such decree or order for relief or
any such other decree or order unstayed and in effect for a period of 90 consecutive days; or

 

(7)                
any other Event of Default provided with respect to Securities of that series.

 

The term “Bankruptcy Law”
means title 11, U.S. Code or any applicable federal or state bankruptcy, insolvency, reorganization or other similar law. The term
“Custodian” means any custodian, receiver, trustee, assignee, liquidator, sequestrator or other similar official
under any Bankruptcy Law.

 

Section 5.02.            
Acceleration of Maturity; Rescission and Annulment.

 

If an Event of Default with respect to Securities
of any series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less
than 25% in principal amount of the Outstanding Securities of that series may declare the principal (or, if any Securities are
Original Issue Discount Securities or Indexed Securities, such portion of the principal as may be specified in the terms thereof)
of all the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee
if given by the Holders), and upon any such declaration such principal or specified portion thereof shall become immediately due
and payable.

 

    	32

    	 

    
 

At any time after such a declaration of
acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due
has been obtained by the Trustee as hereinafter provided in this Article, the Holders of a majority in principal amount of the
Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if:

 

(1)                
the Company has paid or deposited with the Trustee a sum sufficient to pay in the Currency in which the Securities of such
series are payable (except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable,
as provided in Sections 3.12(b), 3.12(d) and 3.12(e)):

 

(A)               
all overdue installments of interest, if any, on all Outstanding Securities of that series and any related coupons,

 

(B)               
the principal of (and premium, if any) all Outstanding Securities of that series which have become due otherwise than by
such declaration of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities,

 

(C)               
to the extent that payment of such interest is lawful, interest upon overdue installments of interest at the rate or rates
borne by or provided for in such Securities, and

 

(D)               
all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel; and

 

(2)                
all Events of Default with respect to Securities of that series, other than the nonpayment of the principal of (or premium,
if any) or interest on Securities of that series which have become due solely by such declaration of acceleration, have been cured
or waived as provided in Section 5.13.

 

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

 

Section 5.03.            
Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that if:

 

(1)                
default is made in the payment of any installment of interest on any Security of any series and any related coupon when
such interest becomes due and payable and such default continues for a period of 30 days, or

 

(2)                
default is made in the payment of the principal of (or premium, if any) any Security of any series and continues for a period
of five days after Maturity,

 

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

 

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

 

If an Event of Default with respect to Securities
of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights
of the Holders of Securities of such series and any related coupons by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

    	33

    	 

    
 

Section 5.04.            
Trustee May File Proofs of Claim.

 

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

 

(i)                  
to file and prove a claim for the whole amount of principal (or in the case of Original Issue Discount Securities or Indexed
Securities, such portion of the principal as may be provided for in the terms thereof) (and premium, if any) and interest, if any,
owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order
to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee, trustee, liquidator,
sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Holder of Securities of such
series and coupons to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Trustee and any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any
predecessor Trustee under Section 6.06.

 

Subject to Article Eight and Section 9.02
and unless otherwise provided as contemplated by Section 3.01, nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Holder of a Security or coupon any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or coupons or the rights of any Holder thereof, or to authorize the Trustee
to vote in respect of the claim of any Holder of a Security or coupon in any such proceeding.

 

Section 5.05.            
Trustee May Enforce Claims Without Possession of Securities or Coupons.

 

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

 

Section 5.06.            
Application of Money Collected.

 

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

 

FIRST: To the payment of all amounts
due the Trustee and any predecessor Trustee under Section 6.06;

 

    	34

    	 

    
 

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

 

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

 

Section 5.07.            
Limitation on Suits.

 

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

 

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

 

(2)                
the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(3)                
such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be
incurred in compliance with such request;

 

(4)                
the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and

 

(5)                
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders
of a majority in principal amount of the Outstanding Securities of that series;

 

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

 

Section 5.08.            
Unconditional Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security or coupon shall have the right which is absolute and unconditional to receive payment of
the principal of (and premium, if any) and (subject to Sections 3.05 and 3.07) interest, if any, on such Security or payment of
such coupon on the Stated Maturity or Maturities expressed in such Security or coupon (or, in the case of redemption, on the Redemption
Date or, in the case of repayment at the option of the Holders on the Repayment Date) and to institute suit for the enforcement
of any such payment, and such rights shall not be impaired without the consent of such Holder.

 

Section 5.09.            
Restoration of Rights and Remedies.

 

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

 

    	35

    	 

    
 

Section 5.10.            
Rights and Remedies Cumulative.

 

Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities or coupons in the last paragraph of Section 3.06,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities or coupons is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

 

Section 5.11.            
Delay or Omission Not Waiver.

 

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

 

Section 5.12.            
Control by Holders of Securities.

 

The Holders of a majority in principal amount
of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities
of such series, provided that:

 

(1)                
such direction shall not be in conflict with any rule of law or with this Indenture;

 

(2)                
the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and

 

(3)                
the Trustee need not take any action which might involve it in personal liability or be unjustly prejudicial to the Holders
of Securities of such series not consenting.

 

Section 5.13.            
Waiver of Past Defaults.

 

Subject to Section 5.02, the Holders of
not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the
Securities of such series and any related coupons waive any past default hereunder with respect to Securities of such series and
its consequences, except a default:

 

(1)                
in the payment of the principal of (or premium, if any) or interest, if any, on any Security of such series or any related
coupons; or

 

(2)                
in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent
of the Holder of each Outstanding Security of such series affected.

 

Upon any such waiver, such default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture,
but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.

 

Section 5.14.            
Waiver of Stay or Extension Laws.

 

The Company covenants (to the extent that
it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit
or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit
or advantage of any such law, and covenants that it will not 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.

 

    	36

    	 

    
 

ARTICLE
Six

THE TRUSTEE

 

Section 6.01.            
Duties of Trustee and Notice of Defaults.

 

Subject to the provisions of Trust Indenture
Act Section 315(a) through 315(d):

 

(a)                
if a Default or an Event of 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 its exercise thereof as a prudent person would exercise
or use under the circumstances in the conduct of his own affairs.

 

(b)                
except during the continuance of a Default or an Event of Default:

 

(1)                
the Trustee need perform only those duties as are specifically set forth in this Indenture and no covenants or obligations
shall be implied in this Indenture that are adverse to the Trustee; and

 

(2)                
in the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture. However, in the case of any such certificates or opinions which by any 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, but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein.

 

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

 

(1)                
this subsection (c) does not limit the effect of subsection (b) of this Section 6.01;

 

(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; and

 

(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 of the Holders of a majority in principal amount of Outstanding Securities relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power confirmed upon the Trustee
under this Indenture.

 

(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 in the exercise of any of its rights or powers if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
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 subsections (a), (b), (c) and (d) of this Section 6.01.

 

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

 

    	37

    	 

    
 

Within 90 days after the occurrence of any
Default hereunder with respect to the Securities of any series, the Trustee shall transmit in the manner and to the extent provided
in TIA Section 313(c), notice of such Default hereunder known to the Trustee, unless such Default shall have been cured or waived;
provided, however, that, except in the case of a Default in the payment of the principal of (or premium, if any)
or interest, if any, on any Security of such series, or in the payment of any sinking or purchase fund installment with respect
to the Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determines that
the withholding of such notice is in the interest of the Holders of the Securities and coupons of such series; and provided
further that in the case of any Default or breach of the character specified in Section 5.01(4) with respect to the Securities
and coupons of such series, no such notice to Holders shall be given until at least 60 days after the occurrence thereof.

 

Section 6.02.            
Certain Rights of Trustee.

 

Subject to Section 6.01 and the provisions
of TIA Section 315(a) through 315(d):

 

(1)                
The Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document
believed by it to be genuine and to have been signed or presented by the proper party or parties.

 

(2)                
Any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company
Order (other than delivery of any Security, together with any coupons appertaining thereto, to the Trustee for authentication and
delivery pursuant to Section 3.03 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of
Directors may be sufficiently evidenced by a Board Resolution.

 

(3)                
Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed)
may, in the absence of bad faith on its part, rely upon a Board Resolution, an Opinion of Counsel or an Officers’ Certificate.

 

(4)                
The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon.

 

(5)                
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders of Securities of any series or any related coupons pursuant to this Indenture, unless such Holders
shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred
by it in compliance with such request or direction.

 

(6)                
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon 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 and at reasonable times during normal business hours to examine the books, records and premises of the Company, personally
or by agent or attorney.

 

(7)                
The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder.

 

(8)                
The Trustee shall not deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee
has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at
the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture.

 

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(9)                
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.

 

(10)            
The permissive rights of the Trustee enumerated herein shall not be construed as duties.

 

(11)            
The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate
may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized
in any such certificate previously delivered and not superseded.

 

The Trustee shall not be required to expend
or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it.

 

Section 6.03.            
Not Responsible for Recitals or Issuance of Securities.

 

The recitals contained herein and in the
Securities, except the Trustee’s certificate of authentication, and in any coupons shall be taken as the statements of the
Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes
no representations as to the validity or sufficiency of this Indenture or of the Securities or coupons, except that the Trustee
represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations
hereunder and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate,
subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the
use or application by the Company of Securities or the proceeds thereof.

 

Section 6.04.            
May Hold Securities.

 

The Trustee, any Paying Agent, Security
Registrar, Authenticating Agent or any other agent of the Company, in its individual or any other capacity, may become the owner
or pledgee of Securities and coupons and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company with the
same rights it would have if it were not Trustee, Paying Agent, Security Registrar, Authenticating Agent or such other agent.

 

Section 6.05.            
Money Held in Trust.

 

Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by applicable law. The Trustee shall be under no liability
for interest on any money received by it hereunder except as otherwise agreed with the Company.

 

Section 6.06.            
Compensation and Reimbursement and Indemnification of Trustee.

 

The Company agrees:

 

(1)                
To pay to the Trustee or any predecessor Trustee from time to time such reasonable compensation for all services rendered
by it hereunder as has been agreed upon from time to time in writing (which compensation shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust).

 

(2)                
Except as otherwise expressly provided herein, to reimburse the Trustee and any predecessor Trustee upon its request for
all reasonable expenses, disbursements and advances incurred or made by the Trustee or any predecessor Trustee in accordance with
any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel),
except any such expense, disbursement or advance as may be attributable to its negligence or bad faith.

 

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(3)                
To indemnify each of the Trustee or any predecessor Trustee for, and to hold it harmless against, any loss, liability or
expense incurred without negligence or bad faith on its own part, arising out of or in connection with the acceptance or administration
of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder.

 

As security for the performance of the obligations
of the Company under this Section, the Trustee shall have a claim prior to the Securities upon all property and funds held or collected
by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or interest, if any, on
particular Securities or any coupons.

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 5.01 occurs, the expenses and compensation for such services are intended
to constitute expenses of administration under Bankruptcy Law for the relief of debtors.

 

The provisions of this Section 6.06 shall
survive the resignation or removal of the Trustee and the satisfaction, termination or discharge of this Indenture.

 

Section 6.07.            
Corporate Trustee Required; Eligibility.

 

There shall at all times be a Trustee hereunder
which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least
$150,000. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of Federal,
State, Territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

Section 6.08.            
Disqualification; Conflicting Interests.

 

If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent
and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.

 

Section 6.09.            
Resignation and Removal; Appointment of Successor.

 

(a)                
No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section
6.10.

 

(b)                
The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof
to the Company.

 

(c)                
The Trustee may be removed at any time with respect to the Securities of any series by (i) the Company, by an Officers’
Certificate delivered to the Trustee, provided that contemporaneously therewith (x) the Company immediately appoints a successor
Trustee with respect to the Securities of such series meeting the requirements of Section 6.07 hereof and (y) the terms of Section
6.10 hereof are complied with in respect of such appointment (the Trustee being removed hereby agreeing to execute the instrument
contemplated by Section 6.10(b) hereof, if applicable, under such circumstances) and provided further that no Default
with respect to such Securities shall have occurred and then be continuing at such time, or (ii) Act of the Holders of a majority
in principal amount of the Outstanding Securities of such series delivered to the Trustee and to the Company.

 

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(d)                
If at any time:

 

(1)                
the Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company
or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months;

 

(2)                
the Trustee shall cease to be eligible under Section 6.07 and shall fail to resign after written request therefor by the
Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months; or

 

(3)                
the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or
of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation,

 

then, in any such case, (i) the Company by or pursuant to a
Board Resolution may remove the Trustee and appoint a successor Trustee with respect to all Securities or (ii) subject to TIA Section
315(e), any Holder of a Security who has been a bona fide Holder of a Security for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to
all Securities and the appointment of a successor Trustee or Trustees.

 

(e)                
If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after
the giving of a notice of resignation or the delivery of an Act of removal, the Trustee resigning or being removed may petition
any court of competent jurisdiction for the appointment of a successor Trustee.

 

(f)                 
If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee
for any cause with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly
appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there
shall be only one Trustee with respect to the Securities of any particular series). If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall
be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to
the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment,
become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed
by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company
or the Holders of Securities and accepted appointment in the manner hereinafter provided, any Holder of a Security who has been
a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to Securities of such series.

 

(g)                
The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any
series and each appointment of a successor Trustee with respect to the Securities of any series in the manner provided for notices
to the Holders of Securities in Section 1.06. Each notice shall include the name of the successor Trustee with respect to the Securities
of such series and the address of its Corporate Trust Office.

 

Section 6.10.            
Acceptance of Appointment by Successor.

 

(a)                
In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee
shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request
of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer
and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its
claim, if any, provided for in Section 6.06.

 

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(b)                
In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all)
series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall
execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1)
shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities,
shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring
shall continue to be vested in the retiring Trustee and (3) shall add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each
such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the
retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company
or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates. Whenever there is a successor Trustee with respect to one or more (but less than all) series
of securities issued pursuant to this Indenture, the terms “Indenture” and “Securities” shall have the
meanings specified in the provisos to the respective definition of those terms in Section 1.01 which contemplate such situation.

 

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

 

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

 

Section 6.11.            
Merger, Conversion, Consolidation or Succession to Business.

 

Any corporation into which the Trustee may
be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible
under this Article Six, without the execution or filing of any paper or any further act on the part of any of the parties hereto.
In case any Securities or coupons shall have been authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities
or coupons so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities or coupons.
In case any Securities or coupons shall not have been authenticated by such predecessor Trustee, any such successor Trustee may
authenticate and deliver such Securities or coupons, in either its own name or that of its predecessor Trustee, with the full force
and effect which this Indenture provides for the certificate of authentication of the Trustee; provided, however,
that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities in the name
of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.

 

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Section 6.12.            
Appointment of Authenticating Agent.

 

At any time when any of the Securities remain
Outstanding, the Trustee may appoint an Authenticating Agent or Agents acceptable to the Company (which may be an Affiliate or
Affiliates of the Company) with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee
to authenticate Securities of such series issued upon original issue or upon exchange, registration of transfer or partial redemption
thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory
for all purposes as if authenticated by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing
signed by a Responsible Officer of the Trustee, a copy of which instrument shall be promptly furnished to the Company. Wherever
reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate
of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating
Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent
shall be acceptable to the Company and, except as may otherwise be provided pursuant to Section 3.01, shall at all times be a bank
or trust company or corporation organized and doing business and in good standing under the laws of the United States of America
or of any State or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital
and surplus of not less than $150,000 and subject to supervision or examination by Federal or State authorities. If such Authenticating
Agent publishes reports of condition at least annually, pursuant to law or the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time an
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall
resign immediately in the manner and with the effect specified in this Section.

 

Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation
shall be otherwise eligible under this Section, without the execution or filing of any paper or further act on the part of the
Trustee or the Authenticating Agent.

 

An Authenticating Agent for any series of
Securities may at any time resign by giving written notice of resignation to the Trustee for such series and to the Company. The
Trustee for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination,
or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section,
the Trustee for such series may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall promptly
give written notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent
will serve in the manner set forth in Section 1.06. Any successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named
as an Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions of
this Section.

 

The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation including reimbursement of its reasonable expenses for its services under this
Section.

 

If an appointment with respect to one or
more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in lieu
of the Trustee’s certificate of authentication, an alternate certificate of authentication substantially in the following
form:

 

This is one of the Securities of the series
designated therein referred to in the Indenture referenced herein.

 

	 	[                             ], as Trustee
	 	 
	 	 
	 	By:_____________________________
	 	Authenticating Agent
	 	 
	 	 
	 	By:_____________________________
	 	Authorized Officer
	 	 

 

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If all of the Securities of a series may
not be originally issued at one time, and the Trustee does not have an office capable of authenticating Securities upon original
issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance,
the Trustee, if so requested by the Company in writing (which writing need not comply with Section 1.02 and need not be accompanied
by an Opinion of Counsel), shall appoint in accordance with this Section an Authenticating Agent (which, if so requested by the
Company, shall be an Affiliate of the Company) having an office in a Place of Payment designated by the Company with respect to
such series of Securities, provided that the terms and conditions of such appointment are acceptable to the Trustee.

 

ARTICLE
Seven

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 7.01.            
Disclosure of Names and Addresses of Holders.

 

In accordance with Section 312(a) of the
Trust Indenture Act, the Company shall furnish or cause to be furnished to the Trustee:

 

(1)                
semi-annually with respect to Securities of each series not later than January 15 and July 15 of the year or upon such other
dates as are set forth in or pursuant to the Board Resolution or indenture supplemental hereto authorizing such series, a list,
in each case in such form as the Trustee may reasonably require, of the names and addresses of Holders as of the applicable date;
and

 

(2)                
at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request,
a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished,

 

provided, however, that so long as the Trustee
is the Security Registrar no such list shall be required to be furnished.

 

Section 7.02.            
Preservation of Information; Communications to Holders.

 

The Trustee shall comply with the obligations
imposed upon it pursuant to Section 312 of the Trust Indenture Act.

 

Every Holder of Securities, by receiving
and holding the same, agrees with the Company and the Trustee that neither the Company, the Trustee, any Paying Agent or any Security
Registrar shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders
of Securities in accordance with Section 312 of the Trust Indenture Act, regardless of the source from which such information was
derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under
Section 312(b) of the Trust Indenture Act.

 

    	44

    	 

    
 

Section 7.03.            
Reports by Trustee.

 

Within 60 days after May 15 of each year
commencing with the first May 15 after the first issuance of Securities pursuant to this Indenture, the Trustee shall transmit
by mail to all Holders of Securities as provided in TIA Section 313(c) a brief report dated as of such May 15 which meets the requirements
of TIA Section 313(a).

 

A copy of each such report shall, at the
time of such transmission to Holders, be filed by the Trustee with each stock exchange, if any, upon which the Securities are listed,
with the Commission and with the Company. The Company will promptly notify the Trustee of the listing of the Securities on any
stock exchange. The Trustee also will comply with TIA Section 313(b)(2).

 

Section 7.04.            
Reports by Company.

 

The Company will file with the Trustee (and
the Commission if at any time after the Indenture becomes qualified under the Trust Indenture Act), and transmit to holders of
Securities, such information, documents and other reports and such summaries thereof, as may be required pursuant to the Trust
Indenture Act at the times and in the manner provided pursuant to such Act, whether or not the Securities are governed by such
Act; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or
15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission.
Such reports shall be deemed to have been furnished to the Trustee if they are electronically available via the Commission’s
EDGAR system. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled
to rely exclusively on an Officers’ Certificates).

 

Section 7.05.            
Calculation of Original Issue Discount.

 

Upon request of the Trustee, the Company
shall file with the Trustee promptly at the end of each calendar year a written notice specifying the amount of original issue
discount (including daily rates and accrual periods), if any, accrued on Outstanding Securities as of the end of such year and
such other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code
of 1986, as amended from time to time.

 

Section 7.06.            
Preferential Collection of Claims Against Company.

 

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

 

ARTICLE
Eight

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

 

Section 8.01.            
Company May Consolidate, Etc., Only on Certain Terms.

 

The Company shall not consolidate with or
merge with or into any other corporation or convey or transfer its properties and assets substantially as an entirety to any Person,
unless:

 

(1)                
the successor entity or entities, each of which shall be a Corporation organized and existing under the laws of any state
of the United States of America or the District of Columbia, shall expressly assume, by an indenture (or indentures, if at such
time there is more than one Trustee) supplemental hereto executed by the successor Person and delivered to the Trustee, the due
and punctual payment of the principal of, any premium and interest on and any Additional Amounts with respect to all the Securities
and the performance of every obligation in this Indenture and the Outstanding Securities on the part of the Company to be performed
or observed and shall provide for conversion or exchange rights in accordance with the provisions of the Securities of any series
that are convertible or exchangeable into Common Stock or other securities, cash or other property and if any such successor entity
is not subject to the jurisdiction of any state of the United States or the District of Columbia, such entity submits to jurisdiction
for all purposes with respect to the Securities and appoints an agent for service of process in the United States of America;

 

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(2)                
immediately after giving effect to such transaction or series of transactions, no Event of Default or event which, after
notice or lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and

 

(3)                
either the Company or the successor Person shall have delivered to the Trustee an Officer’s Certificate and an Opinion
of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required
in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein
provided for relating to such transaction have been complied with.

 

Notwithstanding the foregoing, the Company
may consolidate with, or merge with or into, an Affiliate incorporated for the purpose of incorporating in another jurisdiction
of the United States or any State thereof or the District of Columbia without complying with the requirement of paragraph (2) above.

 

Notwithstanding the foregoing (i) the Company
may convey, transfer or lease all or substantially all of its properties and assets as an entirety to any Subsidiary or Subsidiaries,
in one transaction or a series of related transactions and (ii) the transfer by the Company, in a single transaction or series
of transactions, of all or substantially all of its cash, cash equivalents and marketable securities of non-Affiliates for which
the Company receives fair market value, as determined by its Board of Directors, will not constitute a sale of all or substantially
all of the Company’s assets.

 

Section 8.02.            
Successor Person Substituted.

 

Upon any consolidation or merger, or any
conveyance or transfer of the properties and assets of the Company substantially as an entirety in accordance with Section 8.01,
the successor corporation formed by such consolidation or into which the Company is merged or the successor Person to which such
conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company
under this Indenture with the same effect as if such successor had been named as the Company herein; and in the event of any such
conveyance or transfer, the Company shall be discharged from all obligations and covenants under this Indenture and the Securities
and coupons and may be dissolved and liquidated.

ARTICLE
Nine

SUPPLEMENTAL INDENTURES

 

Section 9.01.            
Supplemental Indentures Without Consent of Holders.

 

Without the consent of any Holders of Securities
or coupons, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time,
may enter into one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee, for any of the following
purposes:

 

(1)                
to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of
the Company herein and in the Securities contained;

 

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

 

    	46

    	 

    
 

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

 

(4)                
to add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal,
to change or eliminate any restrictions on the payment of principal of or any premium or interest on Bearer Securities, to permit
Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer Securities to be issued in exchange for
Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form;
provided that any such action shall not adversely affect the interests of the Holders of Securities of any series or any
related coupons in any material respect;

 

(5)                
to change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall
become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture
which is entitled to the benefit of such provision;

 

(6)                
to secure the Securities;

 

(7)                
to establish the form or terms of Securities of any series and any related coupons as permitted by Sections 2.01 and 3.01,
including the provisions and procedures relating to Securities convertible into or exchangeable for any securities of any Person
(including the Company);

 

(8)                
to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities
of one or more series and to add 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;

 

(9)                
to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture; provided that
such action shall not adversely affect the interests of the Holders of Securities of any series or any related coupons in any material
respect; or

 

(10)            
to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance
and discharge of any series of Securities pursuant to Sections 4.01, 14.02 and 14.03; provided that any such action shall
not adversely affect the interests of the Holders of Securities of such series and any related coupons or any other series of Securities
in any material respect.

 

Section 9.02.            
Supplemental Indentures with Consent of Holders.

 

With the consent of the Holders of not less
than a majority in aggregate principal amount of all Outstanding Securities affected by such supplemental indenture, by Act of
said Holders delivered to the Company and the Trustee, the Company, when authorized by or pursuant to a Board Resolution, and the
Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture which affects such series of Securities or of modifying in any
manner the rights of the Holders of such series of Securities and any related coupons under this Indenture; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby:

 

    	47

    	 

    
 

(1)                
change the Stated Maturity of the principal of (or premium, if any) or any installment of principal of or interest on, any
Security, subject to the provisions of Section 3.08; or the terms of any sinking fund with respect to any Security; or reduce the
principal amount thereof or the rate of interest (or change the manner of calculating the rate of interest, thereon, or any premium
payable upon the redemption thereof, or change any obligation of the Company to pay Additional Amounts pursuant to Section 10.04
(except as contemplated by Section 8.01(1) and permitted by Section 9.01(1)), or reduce the portion of the principal of an Original
Issue Discount Security or Indexed Security that would be due and payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section 5.02, or upon the redemption thereof or the amount thereof provable in bankruptcy pursuant to Section 5.04,
or adversely affect any right of repayment at the option of the Holder of any Security, or change any Place of Payment where, or
the Currency in which, any Security or any premium or interest thereon is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption or repayment at the option
of the Holder, on or after the Redemption Date or the Repayment Date, as the case may be), or adversely affect any right to convert
or exchange any Security as may be provided pursuant to Section 3.01 herein;

 

(2)                
reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required
for any such supplemental indenture, or the consent of whose Holders is required for any waiver with respect to such series (of
compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this
Indenture, or reduce the requirements for quorum or voting; or

 

(3)                
modify any of the provisions of this Section or Section 5.13, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder of
a Security or coupon with respect to changes in the references to “the Trustee” and concomitant changes in this Section,
or the deletion of this proviso, in accordance with the requirements of Sections 6.10(b) and 9.01(8).

 

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

 

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

 

The Company may, but shall not be obligated
to, fix a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental hereto. If a
record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled
to consent to such supplemental indenture, whether or not such Holders remain Holders after such record date; provided that
unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date that
is 90 days after such record date, any such consent previously given shall automatically and without further action by any Holder
be cancelled and of no further effect.

 

Section 9.03.            
Execution of Supplemental Indentures.

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, in addition to the documents
required by Section 1.02 of this Indenture, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture
which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

    	48

    	 

    
 

Section 9.04.            
Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part
of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder
and of any coupon appertaining thereto shall be bound thereby.

 

Section 9.05.            
Conformity with Trust Indenture Act.

 

Every supplemental indenture executed pursuant
to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 

Section 9.06.            
Reference in Securities to Supplemental Indentures.

 

Securities of any series authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article may, and shall, if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall
so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such
supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for
Outstanding Securities of such series.

 

ARTICLE
Ten

COVENANTS

 

Section 10.01.        
Payment of Principal, Premium, if any, and Interest.

 

The Company covenants and agrees for the
benefit of the Holders of each series of Securities and any coupons appertaining thereto that it will duly and punctually pay the
principal of (and premium, if any) and interest, if any, on the Securities of that series in accordance with the terms of such
series of Securities, any coupons appertaining thereto and this Indenture. Any interest due on Bearer Securities on or before Maturity,
other than Additional Amounts, if any, payable as provided in Section 10.04 in respect of principal of (or premium, if any) such
a Security, shall be payable only upon presentation and surrender of the several coupons for such interest installments as are
evidenced thereby as they severally mature. Unless otherwise specified with respect to Securities of any series pursuant to Section
3.01, at the option of the Company, all payments of principal may be paid by check to the registered Holder of the Security or
other person entitled thereto against surrender of such Security.

 

Section 10.02.        
Maintenance of Office or Agency.

 

If Securities of a series are issuable only
as Registered Securities, the Company shall maintain in each Place of Payment for any series of Securities an office or agency
where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered
for registration of transfer or exchange, where Securities of that series that are convertible or exchangeable may be surrendered
for conversion or exchange, as applicable, and where notices and demands to or upon the Company in respect of the Securities of
that series and this Indenture may be served. If Securities of a series are issuable as Bearer Securities, the Company will maintain
(i) in The City of New York, an office or agency where any Registered Securities of that series may be presented or surrendered
for payment, where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of
that series may be surrendered for exchange, where Securities of that series that are convertible or exchangeable may be surrendered
for conversion or exchange, as applicable, and where notices and demands to or upon the Company in respect of the Securities of
that series and this Indenture may be served and where Bearer Securities of that series and related coupons may be presented or
surrendered for payment in the circumstances described in the following paragraph (and not otherwise), (ii) subject to any laws
or regulations applicable thereto, in a Place of Payment for that series which is located outside the United States, an office
or agency where Securities of that series and related coupons may be presented and surrendered for payment (including payment of
any Additional Amounts payable on Securities of that series pursuant to Section 10.04); provided, however, that if
the Securities of that series are listed on any stock exchange located outside the United States and such stock exchange shall
so require, the Company will maintain a Paying Agent for the Securities of that series in any required city located outside the
United States, as the case may be, so long as the Securities of that series are listed on such exchange, and (iii) subject to any
laws or regulations applicable thereto, in a Place of Payment for that series located outside the United States an office or agency
where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series
may be surrendered for exchange, where Securities of that series that are convertible or exchangeable may be surrendered for conversion
or exchange, as applicable and where notices and demands to or upon the Company in respect of the Securities of that series and
this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the
location, of each such office or agency. If at any time the Company shall fail to maintain any such required office or agency in
respect of any series of Securities or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee, except that Bearer Securities of that series
and the related coupons may be presented and surrendered for payment (including payment of any Additional Amounts payable on Bearer
Securities of that series pursuant to Section 10.04) at the offices specified in the Security, and the Company hereby appoints
the same as its agent to receive such respective presentations, surrenders, notices and demands, and the Company hereby appoints
the Trustee its agent to receive all such presentations, surrenders, notices and demands.

 

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Unless otherwise specified with respect
to any Securities pursuant to Section 3.01, no payment of principal, premium or interest on Bearer Securities shall be made at
any office or agency of the Company in the United States or by check mailed to any address in the United States or by transfer
to any account maintained with a financial institution located in the United States; provided, however, that, if
the Securities of a series are denominated and payable in Dollars, payment of principal of (and premium, if any) and interest,
if any, on any Bearer Security (including payment of any Additional Amounts payable on Bearer Securities of that series pursuant
to Section 10.04) shall be made at the office of the Company’s Paying Agent in The City of New York, if (but only if) payment
in Dollars of the full amount of such principal, premium, if any, interest or Additional Amounts, as the case may be, at all offices
or agencies outside the United States maintained for such purpose by the Company in accordance with this Indenture, is illegal
or effectively precluded by exchange controls or other similar restrictions.

 

The Company may also from time to time designate
one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all
of such purposes, and may from time to time rescind such designations; provided, however, that no such designation
or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the
requirements set forth above for Securities of any series for such purposes. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location of any such other office or agency. Unless otherwise
specified with respect to any Securities pursuant to Section 3.01 with respect to a series of Securities, the Company hereby designates
as a Place of Payment for each series of Securities the office or agency of the Company in The City of New York, and initially
appoints the Trustee at its Corporate Trust Office as Paying Agent in The City of New York and as its agent to receive all such
presentations, surrenders, notices and demands.

 

Unless otherwise specified with respect
to any Securities pursuant to Section 3.01, if and so long as the Securities of any series (i) are denominated in a currency other
than Dollars or (ii) may be payable in a currency other than Dollars, or so long as it is required under any other provision of
the Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one Exchange
Rate Agent.

 

Section 10.03.        
Money for Securities Payments to Be Held in Trust.

 

If the Company shall at any time act as
its own Paying Agent with respect to any series of any Securities and any related coupons, it will, on or before each due date
of the principal of (or premium, if any) or interest, if any, on any of the Securities of that series, segregate and hold in trust
for the benefit of the Persons entitled thereto a sum in the Currency in which the Securities of such series are payable (except
as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided in Sections
3.12(b), 3.12(d) and 3.12(e)) sufficient to pay the principal (and premium, if any) and interest, if any, on Securities of such
series so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly
notify the Trustee of its action or failure so to act.

 

Whenever the Company shall have one or more
Paying Agents for any series of Securities and any related coupons, it will, on or before each due date of the principal of (or
premium, if any) or interest, if any, on any Securities of that series, deposit with a Paying Agent a sum (in the Currency or Currencies
described in the preceding paragraph) sufficient to pay the principal (or premium, if any) or interest, if any, so becoming due,
such sum of money to be held in trust for the benefit of the Persons entitled to such principal, premium or interest and (unless
such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

 

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The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums of money held in trust by the Company or such Paying Agent, such sums to be held by the Trustee
upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any
Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums.

 

Except as otherwise provided in the Securities
of any series, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment
of the principal of (or premium, if any) or interest, if any, on any Security of any series, or any coupon appertaining thereto,
and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the
Company upon Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security
or any coupon appertaining thereto shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such money held in trust, and all liability of the Company
as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper,
notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the
date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 

Section 10.04.        
Additional Amounts.

 

If the Securities of a series provide for
the payment of Additional Amounts, the Company will pay to the Holder of any Security of such series or any coupon appertaining
thereto such Additional Amounts as may be specified as contemplated by Section 3.01. Whenever in this Indenture there is mentioned,
in any context, the payment of the principal of (or premium, if any) or interest, if any, on any Security of any series or payment
of any related coupon or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be
deemed to include mention of the payment of Additional Amounts provided for by the terms of such series established pursuant to
Section 3.01 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant
to such terms and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed
as excluding Additional Amounts in those provisions hereof where such express mention is not made.

 

Except as otherwise specified as contemplated
by Section 3.01, if the Securities of a series provide for the payment of Additional Amounts, at least 10 days prior to the first
Interest Payment Date with respect to that series of Securities (or if the Securities of that series will not bear interest prior
to Maturity, the first day on which a payment of principal premium is made), and at least 10 days prior to each date of payment
of principal, premium or interest if there has been any change with respect to the matters set forth in the below-mentioned Officers’
Certificate, the Company will furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than
the Trustee, with an Officers’ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment
of principal, premium or interest on the Securities of that series shall be made to Holders of Securities of that series or any
related coupons who are not United States persons without withholding for or on account of any tax, assessment or other governmental
charge described in the Securities of that series. If any such withholding shall be required, then such Officers’ Certificate
shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities of that series
or related coupons and the Company will pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of
such Securities. In the event that the Trustee or any Paying Agent, as the case may be, shall not so receive the above-mentioned
certificate, then the Trustee or such Paying Agent shall be entitled (i) to assume that no such withholding or deduction is required
with respect to any payment of principal or interest with respect to any Securities of a series or related coupons until it shall
have received a certificate advising otherwise and (ii) to make all payments of principal and interest with respect to the Securities
of a series or related coupons without withholding or deductions until otherwise advised. The Company covenants to indemnify the
Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without
negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance
on any Officers’ Certificate furnished pursuant to this Section or in reliance on the Company’s not furnishing such
an Officers’ Certificate.

 

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Section 10.05.        
Statement as to Compliance.

 

(a)                
The Company will deliver to the Trustee, within 120 days after the end of each fiscal year ending after the date hereof
so long as any Security is Outstanding hereunder, a brief certificate from the principal executive officer, principal financial
officer or principal accounting officer of the Company as to his or her knowledge of the Company’s compliance with all conditions
and covenants under this Indenture. For purposes of this Section 10.05, such compliance shall be determined without regard to any
period of grace or requirement of notice under this Indenture.

 

Section 10.06.        
Corporate Existence.

 

Subject to Article Eight, the Company shall
do or cause to be done all things necessary to preserve and keep in full force and effect the corporate existence and related rights
and franchises (charter and statutory) of the Company and each of its Subsidiaries; provided, however, that the Company
shall not be required to preserve any such right or franchise or the corporate existence of any such Subsidiary if the Board of
Directors of the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of
the Company and its Subsidiaries as a whole and that the loss thereof would not reasonably be expected to have a material adverse
effect on the ability of the Company to perform its obligations hereunder; and provided, further, however, that the foregoing
shall not prohibit a sale, transfer or conveyance of a Subsidiary of the Company or any of its assets in compliance with the terms
of this Indenture.

 

Section 10.07.        
Waiver of Certain Covenants.

 

The Company may omit in any particular instance
to comply with any covenants of the Company added to Article Ten pursuant to Section 3.01(14) or Section 3.01(15) in connection
with the Securities of a series, if before or after the time for such compliance the Holders of at least a majority in aggregate
principal amount of all Outstanding Securities of such series, by Act of such Holders, either waive such compliance in such instance
or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition
except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the
duties of the Trustee in respect of any such covenant or condition shall remain in full force and effect.

 

ARTICLE
Eleven

REDEMPTION OF SECURITIES

 

Section 11.01.        
Applicability of Article.

 

Securities of any series which are redeemable
before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated
by Section 3.01 for Securities of any series) in accordance with this Article.

 

Section 11.02.        
Election to Redeem; Notice to Trustee.

 

The election of the Company to redeem any
Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Company of
less than all of the Securities of any series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date and of the
principal amount of Securities of such series to be redeemed, and, if applicable, of the tenor of the Securities to be redeemed,
and shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the Securities to be redeemed
pursuant to Section 11.03. In the case of any redemption of Securities of any series prior to the expiration of any restriction
on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee
with an Officers’ Certificate evidencing compliance with such restriction.

 

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Section 11.03.        
Selection by Trustee of Securities to Be Redeemed.

 

If less than all the Securities of any series
issued on the same day with the same terms are to be redeemed, the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series issued on such date with
the same terms not previously called for redemption, by such method as the Trustee shall deem fair and appropriate; provided
that such method complies with the rules of any national securities exchange or quotation system on which the Securities are listed,
and may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that
series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the
minimum authorized denomination for Securities of that series; provided, however, that no such partial redemption
shall reduce the portion of the principal amount of a Security not redeemed to less than the minimum authorized denomination for
Securities of such series.

 

The Trustee shall promptly notify the Company
and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any
Securities selected for partial redemption, the principal amount thereof to be redeemed.

 

For all purposes of this Indenture, unless
the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security
redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed.

 

Section 11.04.        
Notice of Redemption.

 

Notice of redemption shall be given in the
manner provided in Section 1.06, not less than 30 days nor more than 60 days prior to the Redemption Date, unless a shorter period
is specified by the terms of such series established pursuant to Section 3.01, to each Holder of Securities to be redeemed, but
failure to give such notice in the manner herein provided to the Holder of any Security designated for redemption as a whole or
in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of
any other such Security or portion thereof.

 

Any notice that is mailed to the Holders
of Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the
Holder receives the notice.

 

All notices of redemption shall state:

 

(1)                
the Redemption Date;

 

(2)                
the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 11.06;

 

(3)                
if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amount) of the particular Security or Securities to be redeemed;

 

(4)                
in case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after
the Redemption Date, upon surrender of such Security, the Holder will receive, without a charge, a new Security or Securities of
authorized denominations for the principal amount thereof remaining unredeemed;

 

(5)                
that on the Redemption Date, the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided
in Section 11.06 will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable,
that interest thereon shall cease to accrue on and after said date;

 

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(6)                
the Place or Places of Payment where such Securities, together in the case of Bearer Securities with all coupons appertaining
thereto, if any, maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price and accrued interest,
if any;

 

(7)                
that the redemption is for a sinking fund, if such is the case;

 

(8)                
that, unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must
be accompanied by all coupons maturing subsequent to the Redemption Date or the amount of any such missing coupon or coupons will
be deducted from the Redemption Price, unless security or indemnity satisfactory to the Company, the Trustee for such series and
any Paying Agent is furnished;

 

(9)                
if Bearer Securities of any series are to be redeemed and any Registered Securities of such series are not to be redeemed,
and if such Bearer Securities may be exchanged for Registered Securities not subject to redemption on this Redemption Date pursuant
to Section 3.05 or otherwise, the last date, as determined by the Company, on which such exchanges may be made; and

 

(10)            
the CUSIP number of such Security, if any.

 

A notice of redemption published as contemplated
by Section 1.06 need not identify particular Registered Securities to be redeemed. Notice of redemption of Securities to be redeemed
shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company.

 

Section 11.05.        
Deposit of Redemption Price.

 

On or prior to 10:00 a.m., New York City
time, on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as
its own Paying Agent, which it may not do in the case of a sinking fund payment under Article Twelve, segregate and hold in trust
as provided in Section 10.03) an amount of money in the Currency in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided in Sections
3.12(b), 3.12(d) and 3.12(e)) sufficient to pay on the Redemption Date the Redemption Price of, and (unless otherwise specified
pursuant to Section 3.01) accrued interest on, all the Securities or portions thereof which are to be redeemed on that date.

 

Section 11.06.        
Securities Payable on Redemption Date.

 

Notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein
specified in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section
3.01 for the Securities of such series and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) (together
with accrued interest, if any, to the Redemption Date), and from and after such date (unless the Company shall default in the payment
of the Redemption Price and accrued interest, if any) such Securities shall if the same were interest-bearing cease to bear interest
and the coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the extent provided below,
shall be void. Upon surrender of any such Security for redemption in accordance with said notice, together with all coupons, if
any, appertaining thereto maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption Price,
together with accrued interest, if any, to the Redemption Date; provided, however, that installments of interest
on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only at an office or agency located
outside the United States (except as otherwise provided in Section 10.02) and, unless otherwise specified as contemplated by Section
3.01, only upon presentation and surrender of coupons for such interest; and provided further that, unless otherwise
specified as contemplated by Section 3.01, installments of interest on Registered Securities 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 as
such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.07.

 

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If any Bearer Security surrendered for redemption
shall not be accompanied by all appurtenant coupons maturing after the Redemption Date, such Security may be paid after deducting
from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon
or coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require
to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or
any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder
shall be entitled to receive the amount so deducted; provided, however, that interest represented by coupons shall
be payable only at an office or agency located outside the United States (except as otherwise provided in Section 10.02) and, unless
otherwise specified as contemplated by Section 3.01, only upon presentation and surrender of those coupons.

 

If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the Redemption Price shall, until paid, bear interest from the Redemption
Date at the rate of interest set forth in such Security or, in the case of an Original Issue Discount Security, at the Yield to
Maturity of such Security.

 

Section 11.07.        
Securities Redeemed in Part.

 

Any Registered Security which is to be redeemed
only in part (pursuant to the provisions of this Article or of Article Twelve) shall be surrendered at a Place of Payment therefor
(with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory
to the Company and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing)
and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge
a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder in
aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.
If a temporary global Security or permanent global Security is so surrendered, such new Security so issued shall be a new temporary
global Security or permanent global Security, respectively. However, if less than all the Securities of any series with differing
issue dates, interest rates and stated maturities are to be redeemed, the Company in its sole discretion shall select the particular
Securities to be redeemed and shall notify the Trustee in writing thereof at least 45 days prior to the relevant redemption date.

 

Section 11.08.        
Repurchases on the Open Market.

 

The Company or any Affiliate of the Company
may at any time or from time to time repurchase any of the Securities in the open market or otherwise. Such Securities may, at
the option of the Company or the relevant Affiliate of the Company, be held, resold or surrendered to the Trustee for cancellation.

 

ARTICLE
Twelve

SINKING FUNDS

 

Section 12.01.        
Applicability of Article.

 

The provisions of this Article shall be
applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section
3.01 for Securities of such series.

 

The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment”,
and any payment in excess of such minimum amount provided for by the terms of such Securities of any series is herein referred
to as an “optional sinking fund payment”. If provided for by the terms of any Securities of any series, the cash amount
of any mandatory sinking fund payment may be subject to reduction as provided in Section 12.02. Each sinking fund payment shall
be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

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Section 12.02.        
Satisfaction of Sinking Fund Payments with Securities.

 

The Company may, in satisfaction of all
or any part of any mandatory sinking fund payment with respect to the Securities of a series, (1) deliver Outstanding Securities
of such series (other than any previously called for redemption) together in the case of any Bearer Securities of such series with
all unmatured coupons appertaining thereto and (2) apply as a credit Securities of such series which have been redeemed either
at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking
fund payments pursuant to the terms of such Securities, as provided for by the terms of such Securities; provided that such
Securities so delivered or applied as a credit have not been previously so credited. Such Securities shall be received and credited
for such purpose by the Trustee at the applicable Redemption Price specified in such Securities for redemption through operation
of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly.

 

Section 12.03.        
Redemption of Securities for Sinking Fund.

 

Not less than 60 days prior to each sinking
fund payment date for Securities of any series, the Company will deliver to the Trustee an Officers’ Certificate specifying
the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash in the Currency in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided
in Sections 3.12(b), 3.12(d) and 3.12(e)) and the portion thereof, if any, which is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 12.02, and the optional amount, if any, to be added in cash to the next ensuing mandatory
sinking fund payment, and will also deliver to the Trustee any Securities to be so delivered and credited. If such Officers’
Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company
shall thereupon be obligated to pay the amount therein specified. Not less than 30 days before each such sinking fund payment date
the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.03
and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided
in Section 11.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Sections 11.06 and 11.07.

 

ARTICLE
Thirteen

REPAYMENT AT THE OPTION OF HOLDERS

 

Section 13.01.        
Applicability of Article.

 

Repayment of Securities of any series before
their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such Securities and (except
as otherwise specified by the terms of such series established pursuant to Section 3.01) in accordance with this Article.

 

Section 13.02.        
Repayment of Securities.

 

Securities of any series subject to repayment
in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid
at the Repayment Price thereof, together with interest, if any, thereon accrued to the Repayment Date specified in or pursuant
to the terms of such Securities. The Company covenants that on or before 10:00 a.m., New York City time, on the Repayment Date
it will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 10.03) an amount of money in the Currency in which the Securities of such series are payable (except
as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided in Sections
3.12(b), 3.12(d) and 3.12(e)) sufficient to pay the Repayment Price of, and (unless otherwise specified pursuant to Section 3.01)
accrued interest on, all the Securities or portions thereof, as the case may be, to be repaid on such date.

 

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Section 13.03.        
Exercise of Option.

 

Securities of any series subject to repayment
at the option of the Holders thereof will contain an “Option to Elect Repayment” form on the reverse of such Securities.
To be repaid at the option of the Holder, any Security so providing for such repayment, with the “Option to Elect Repayment”
form on the reverse of such Security duly completed by the Holder (or by the Holder’s attorney duly authorized in writing),
must be received by the Company at the Place of Payment therefor specified in the terms of such Security (or at such other place
or places of which the Company shall from time to time notify the Holders of such Securities) not earlier than 45 days nor later
than 30 days prior to the Repayment Date. If less than the entire Repayment Price of such Security is to be repaid in accordance
with the terms of such Security, the portion of the Repayment Price of such Security to be repaid, in increments of the minimum
denomination for Securities of such series, and the denomination or denominations of the Security or Securities to be issued to
the Holder for the portion of such Security surrendered that is not to be repaid, must be specified. Any Security providing for
repayment at the option of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount
of such Security would be less than the minimum authorized denomination of Securities of the series of which such Security to be
repaid is a part. Except as otherwise may be provided by the terms of any Security providing for repayment at the option of the
Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived by the Company.

 

Section 13.04.        
When Securities Presented for Repayment Become Due and Payable.

 

If Securities of any series providing for
repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and as provided by or pursuant
to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and
payable and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless
the Company shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the same were interest-bearing,
cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be repaid, except to the extent
provided below, shall be void. Upon surrender of any such Security for repayment in accordance with such provisions, together with
all coupons, if any, appertaining thereto maturing after the Repayment Date, the Repayment Price of such Security so to be repaid
shall be paid by the Company, together with accrued interest, if any, to the Repayment Date; provided, however, that
coupons whose Stated Maturity is on or prior to the Repayment Date shall be payable only at an office or agency located outside
the United States (except as otherwise provided in Section 10.02) and, unless otherwise specified pursuant to Section 3.01, only
upon presentation and surrender of such coupons; and provided further that installments of interest on Registered
Securities, whose Stated Maturity is prior to (or, if specified pursuant to Section 3.01, on) the Repayment Date shall be payable
(but without interest thereon, unless the Company shall default in the payment thereof) to the Holders of such Securities, or one
or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms
and the provisions of Section 3.07.

 

If any Bearer Security surrendered for repayment
shall not be accompanied by all appurtenant coupons maturing after the Repayment Date, such Security may be paid after deducting
from the amount payable therefor as provided in Section 13.02 an amount equal to the face amount of all such missing coupons, or
the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such
security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such
Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have
been made as provided in the preceding sentence, such Holder shall be entitled to receive the amount so deducted; provided,
however, that interest represented by coupons shall be payable only at an office or agency located outside the United States
(except as otherwise provided in Section 10.02) and, unless otherwise specified as contemplated by Section 3.01, only upon presentation
and surrender of those coupons.

 

If any Security surrendered for repayment
shall not be so repaid upon surrender thereof, the Repayment Price shall, until paid, bear interest from the Repayment Date at
the rate of interest set forth in such Security or, in the case of an Original Issue Discount Security, at the Yield to Maturity
of such Security.

 

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Section 13.05.        
Securities Repaid in Part.

 

Upon surrender of any Registered Security
which is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such
Security, without service charge and at the expense of the Company, a new Registered Security or Securities of the same series,
and of like tenor, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange
for the portion of the principal of such Security so surrendered which is not to be repaid. If a temporary global Security or permanent
global Security is so surrendered, such new Security so issued shall be a new temporary global Security or a new permanent global
Security, respectively.

 

ARTICLE
Fourteen

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 14.01.        
Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance.

 

If pursuant to Section 3.01 provision is
made for either or both of (a) defeasance of the Securities of or within a series under Section 14.02 or (b) covenant defeasance
of the Securities of or within a series under Section 14.03, then the provisions of such Section or Sections, as the case may be,
together with the other provisions of this Article (with such modifications thereto as may be specified pursuant to Section 3.01
with respect to any Securities), shall be applicable to such Securities and any coupons appertaining thereto, and the Company may
at its option by Board Resolution, at any time, with respect to such Securities and any coupons appertaining thereto, elect to
have either Section 14.02 (if applicable) or Section 14.03 (if applicable) be applied to such Outstanding Securities and any coupons
appertaining thereto upon compliance with the conditions set forth below in this Article.

 

Section 14.02.        
Defeasance and Discharge.

 

Upon the Company’s exercise of the
above option applicable to this Section with respect to any Securities of or within a series, the Company shall be deemed to have
been discharged from its obligations with respect to such Outstanding Securities and any coupons appertaining thereto on and after
the date the conditions set forth in Section 14.04 are satisfied (hereinafter, “defeasance”). For this purpose, such
defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding
Securities and any coupons appertaining thereto, which shall thereafter be deemed to be “Outstanding” only for the
purposes of Section 14.05 and the other Sections of this Indenture referred to in clauses (A) and (B) of this Section, and to have
satisfied all its other obligations under such Securities and any coupons appertaining thereto and this Indenture insofar as such
Securities and any coupons appertaining thereto are concerned (and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder:
(A) the rights of Holders of such Outstanding Securities and any coupons appertaining thereto to receive, solely from the trust
fund described in Section 14.04 and as more fully set forth in such Section, payments in respect of the principal of (and premium,
if any) and interest, if any, on such Securities and any coupons appertaining thereto when such payments are due, (B) the Company’s
obligations with respect to such Securities under Sections 3.05, 3.06, 10.02 and 10.03 and with respect to the payment of Additional
Amounts, if any, on such Securities as contemplated by Section 10.04, (C) the rights, powers, trusts, duties and immunities of
the Trustee hereunder and (D) this Article. Subject to compliance with this Article Fourteen, the Company may exercise its option
under this Section notwithstanding the prior exercise of its option under Section 14.03 with respect to such Securities and any
coupons appertaining thereto. Following a defeasance, payment of such Securities may not be accelerated because of an Event of
Default.

 

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Section 14.03.        
Covenant Defeasance.

 

Upon the Company’s exercise of the
above option applicable to this Section with respect to any Securities of or within a series, the Company shall be released from
its obligations under any covenant, with respect to such Outstanding Securities and any coupons appertaining thereto on and after
the date the conditions set forth in Section 14.04 are satisfied (hereinafter, “covenant defeasance”), and such Securities
and any coupons appertaining thereto shall thereafter be deemed to be not “Outstanding” for the purposes of any direction,
waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with such other covenant,
but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance
means that, with respect to such Outstanding Securities and any coupons appertaining thereto, the Company may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in any such Section or such other covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason
of reference in any such Section or such other covenant to any other provision herein or in any other document and such omission
to comply shall not constitute a Default or an Event of Default under Section 5.01(4) or 5.01(7) or otherwise, as the case may
be, but, except as specified above, the remainder of this Indenture and such Securities and any coupons appertaining thereto shall
be unaffected thereby. Following a covenant defeasance, payment of such Securities may not be accelerated because of an Event of
Default solely by reference to such Sections specified above in this Section 14.03.

 

Section 14.04.        
Conditions to Defeasance or Covenant Defeasance.

 

The following shall be the conditions to
application of either Section 14.02 or Section 14.03 to any Outstanding Securities of or within a series and any coupons appertaining
thereto:

 

(a)                
The Company shall have irrevocably deposited or caused to be irrevocably deposited with the Trustee (or another trustee
satisfying the requirements of Section 6.07 who shall agree to comply with the provisions of this Article Fourteen applicable to
it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for the benefit
of, and dedicated solely to, the Holders of such Securities and any coupons appertaining thereto, (1) an amount (in such Currency
in which such Securities and any coupons appertaining thereto are then specified as payable at Stated Maturity), or (2) Government
Obligations applicable to such Securities and coupons appertaining thereto (determined on the basis of the Currency in which such
Securities and coupons appertaining thereto are then specified as payable at Stated Maturity) which through the scheduled payment
of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due
date of any payment of principal of (and premium, if any) and interest, if any, on such Securities and any coupons appertaining
thereto, money in an amount or (3) a combination thereof in an amount, sufficient, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal of (and premium,
if any) and interest, if any, on such Outstanding Securities and any coupons appertaining thereto on the Stated Maturity of such
principal or installment of principal or interest and (ii) any mandatory sinking fund payments or analogous payments applicable
to such Outstanding Securities and any coupons appertaining thereto on the day on which such payments are due and payable in accordance
with the terms of this Indenture and of such Securities and any coupons appertaining thereto.

 

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

 

(c)                
No Default or Event of Default with respect to such Securities and any coupons appertaining thereto shall have occurred
and be continuing on the date of such deposit or, insofar as Sections 5.01(5) and 5.01(6) are concerned, at any time during the
period ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied
until the expiration of such period).

 

(d)                
In the case of an election under Section 14.02, the Company shall have delivered to the Trustee an Opinion of Counsel stating
that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the
date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect
that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities and any coupons appertaining
thereto will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject
to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance
had not occurred.

 

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(e)                
In the case of an election under Section 14.03, the Company shall have delivered to the Trustee an Opinion of Counsel to
the effect that the Holders of such Outstanding Securities and any coupons appertaining thereto will not recognize income, gain
or loss for Federal income tax purposes as a result of such covenant defeasance and will be subject to Federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred.

 

(f)                 
The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent to either the defeasance under Section 14.02 or the covenant defeasance under Section 14.03 (as the case
may be) have been complied with and an Opinion of Counsel to the effect that either (i) as a result of a deposit pursuant to subsection
(a) above and the related exercise of the Company’s option under Section 14.02 or Section 14.03 (as the case may be), registration
is not required under the Investment Company Act of 1940, as amended, by the Company, with respect to the trust funds representing
such deposit or by the trustee for such trust funds or (ii) all necessary registrations under said Act have been effected.

 

(g)                
Notwithstanding any other provisions of this Section, such defeasance or covenant defeasance shall be effected in compliance
with any additional or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith
pursuant to Section 3.01.

 

Section 14.05.        
Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.

 

Subject to the provisions of the last paragraph
of Section 10.03, all money and Government Obligations (or other property as may be provided pursuant to Section 3.01) (including
the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 14.05,
the “Trustee”) pursuant to Section 14.04 in respect of any Outstanding Securities of any series and any coupons appertaining
thereto shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and any coupons
appertaining thereto and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting
as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities and any coupons appertaining thereto of
all sums due and to become due thereon in respect of principal (and premium, if any) and interest, if any, but such money need
not be segregated from other funds except to the extent required by law.

 

Unless otherwise specified with respect
to any Security pursuant to Section 3.01, if, after a deposit referred to in Section 14.04(a) has been made, (a) the Holder of
a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 3.12(b) or the terms of
such Security to receive payment in a Currency other than that in which the deposit pursuant to Section 14.04(a) has been made
in respect of such Security or (b) a Conversion Event occurs as contemplated in Section 3.12(d) or 3.12(e) or by the terms of any
Security in respect of which the deposit pursuant to Section 14.04(a) has been made, the indebtedness represented by such Security
and any coupons appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through the payment
of the principal of (and premium, if any) and interest, if any, on such Security as the same becomes due out of the proceeds yielded
by converting (from time to time as specified below in the case of any such election) the amount or other property deposited in
respect of such Security into the Currency in which such Security becomes payable as a result of such election or Conversion Event
based on the applicable Market Exchange Rate for such Currency in effect on the second Business Day prior to each payment date,
except, with respect to a Conversion Event, for such Currency in effect (as nearly as feasible) at the time of the Conversion Event.

 

The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the money or Government Obligations deposited pursuant
to Section 14.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by
law is for the account of the Holders of such Outstanding Securities and any coupons appertaining thereto.

 

Anything in this Article to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government
Obligations (or other property and any proceeds therefrom) held by it as provided in Section 14.04 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 which would then be required to be deposited to effect a defeasance or covenant defeasance, as applicable,
in accordance with this Article.

 

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ARTICLE
Fifteen

SUBORDINATION OF SECURITIES

 

Section 15.01.        
Agreement to Subordinate.

 

The Company, for itself, its successors
and assigns, covenants and agrees, and each Holder of Senior Subordinated Securities by his acceptance thereof, likewise covenants
and agrees, that the payment of the principal of (and premium, if any) and interest, if any, on each and all of the Senior Subordinated
Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the
prior payment in full of all Senior Indebtedness.

 

The Company, for itself, its successors
and assigns, covenants and agrees, and each Holder of Junior Subordinated Securities by his acceptance thereof, likewise covenants
and agrees, that the payment of the principal of (and premium, if any) and interest, if any, on each and all of the Junior Subordinated
Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the
prior payment in full of all Senior Indebtedness and Senior Subordinated Indebtedness.

 

Section 15.02.        
Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Subordinated Securities.

 

Upon any distribution of assets of the Company
upon any dissolution, winding up, liquidation or reorganization of the Company, whether in bankruptcy, insolvency, reorganization
or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities
of the Company or otherwise (subject to the power of a court of competent jurisdiction to make other equitable provision reflecting
the rights conferred in this Indenture upon the Senior Indebtedness and the holders thereof with respect to the Securities and
the holders thereof by a lawful plan of reorganization under applicable bankruptcy law):

 

(a)                
the holders of all Senior Indebtedness shall be entitled to receive payment in full of the principal thereof (and premium,
if any) and interest due thereon before the Holders of the Subordinated Securities are entitled to receive any payment upon the
principal (or premium, if any) or interest, if any, on indebtedness evidenced by the Subordinated Securities;

 

(b)                
the holders of all Senior Subordinated Indebtedness shall be entitled to receive payment in full of the principal thereof
(and premium, if any) and interest due thereon before the Holders of the Junior Subordinated Securities are entitled to receive
any payment upon the principal (or premium, if any) or interest, if any, on indebtedness evidenced by the Junior Subordinated Securities;

 

(c)                
any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities,
to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article Fifteen shall
be paid by the liquidating trustee or agent or other person making such payment or distribution, whether a trustee in bankruptcy,
a receiver or liquidating trustee or otherwise, directly to the holders of Senior Indebtedness or their representative or representatives
or to the trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have
been issued, ratably according to the aggregate amounts remaining unpaid on account of the principal of (and premium, if any) and
interest on the Senior Indebtedness held or represented by each, to the extent necessary to make payment in full of all Senior
Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness;
and

 

(d)                
in the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, shall be received by the Trustee or the Holders of the Subordinated Securities before
all Senior Indebtedness is paid in full, such payment or distribution shall be paid over, upon written notice to the Trustee, to
the holder of such Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture
under which any instrument evidencing any of such Senior Indebtedness may have been issued, ratably as aforesaid, for application
to payment of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid in full, after giving
effect to any concurrent payment or distribution to the holders of such Senior Indebtedness.

 

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Subject to the payment in full of all Senior
Indebtedness, the Holders of the Subordinated Securities shall be subrogated to the rights of the holders of Senior Indebtedness
to receive payments or distributions of cash, property or securities of the Company applicable to Senior Indebtedness until the
principal of (and premium, if any) and interest, if any, on the Subordinated Securities shall be paid in full and no such payments
or distributions to the Holders of the Subordinated Securities of cash, property or securities otherwise distributable to the holders
of Senior Indebtedness shall, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders
of the Subordinated Securities be deemed to be a payment by the Company to or on account of the Subordinated Securities. It is
understood that the provisions of this Article Fifteen are and are intended solely for the purpose of defining the relative rights
of the Holders of the Subordinated Securities, on the one hand, and the holders of the Senior Indebtedness, on the other hand.
Nothing contained in this Article Fifteen or elsewhere in this Indenture or in the Subordinated Securities is intended to or shall
impair, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Subordinated
Securities, the obligation of the Company, which is unconditional and absolute, to pay to the Holders of the Subordinated Securities
the principal of (and premium, if any) and interest, if any, on the Subordinated Securities as and when the same shall become due
and payable in accordance with their terms, or to affect the relative rights of the Holders of the Subordinated Securities and
creditors of the Company other than the holders of Senior Indebtedness, nor shall anything herein or in the Subordinated Securities
prevent the Trustee or the Holder of any Subordinated Security from exercising all remedies otherwise permitted by applicable law
upon default under this Indenture, subject to the rights, if any, under this Article Fifteen of the holders of Senior Indebtedness
in respect of cash, property or securities of the Company received upon the exercise of any such remedy. Upon any payment or distribution
of assets of the Company referred to in this Article Fifteen, the Trustee, subject to the provisions of Section 6.01, shall be
entitled to rely upon a certificate of the liquidating trustee or agent or other person making any distribution to the Trustee
for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of Senior Indebtedness and
other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and
all other facts pertinent thereto or to this Article Fifteen.

 

If the Trustee or any Holder of Subordinated
Securities does not file a proper claim or proof of debt in the form required in any proceeding referred to above prior to 30 days
before the expiration of the time to file such claim in such proceeding, then the holder of any Senior Indebtedness is hereby authorized,
and has the right, to file an appropriate claim or claims for or on behalf of such Holder of Subordinated Securities.

 

With respect to the holders of Senior Indebtedness,
the Trustee undertakes to perform or to observe only such of its covenants or obligations as are specifically set forth in this
Article and no implied covenants or obligations with respect to holders of Senior Indebtedness shall be read into this Indenture
against the Trustee. The Trustee does not owe any fiduciary duties to the holders of Securities other than Securities issued under
this Indenture.

 

Section 15.03.        
No Payment on Subordinated Securities in Event of Default on Senior Indebtedness.

 

No payment by the Company on account of
principal (or premium, if any), sinking funds or interest, if any, on the Subordinated Securities shall be made unless full payment
of amounts then due for principal (premium, if any), sinking funds and interest on Senior Indebtedness has been made or duly provided
for in money or money’s worth.

 

Section 15.04.        
Payments on Subordinated Securities Permitted.

 

Nothing contained in this Indenture or in
any of the Subordinated Securities shall (a) affect the obligation of the Company to make, or prevent the Company from making,
at any time except as provided in Sections 15.02 and 15.03, payments of principal of (or premium, if any) or interest, if any,
on the Subordinated Securities or (b) prevent the application by the Trustee of any moneys deposited with it hereunder to the payment
of or on account of the principal of (or premium, if any) or interest, if any, on the Subordinated Securities, unless the Trustee
shall have received at its Corporate Trust Office written notice of any event prohibiting the making of such payment more than
three Business Days prior to the date fixed for such payment.

 

    	62

    	 

    
 

Section 15.05.        
Authorization of Holders to Trustee to Effect Subordination.

 

Each Holder of Subordinated Securities by
his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate
to effectuate the subordination as provided in this Article Fifteen and appoints the Trustee his attorney-in-fact for any and all
such purposes.

 

Section 15.06.        
Notices to Trustee.

 

Notwithstanding the provisions of this Article
or any other provisions of this Indenture, neither the Trustee nor any Paying Agent (other than the Company) shall be charged with
knowledge of the existence of any Senior Indebtedness or of any event which would prohibit the making of any payment of moneys
to or by the Trustee or such Paying Agent, unless and until the Trustee or such Paying Agent shall have received (in the case of
the Trustee, at its Corporate Trust Office) written notice thereof from the Company or from the holder of any Senior Indebtedness
or from the trustee for any such holder, together with proof satisfactory to the Trustee of such holding of Senior Indebtedness
or of the authority of such trustee; provided, however, that if at least three Business Days prior to the date upon
which by the terms hereof any such moneys may become payable for any purpose (including, without limitation, the payment of either
the principal (or premium, if any) or interest, if any, on any Subordinated Security) the Trustee shall not have received with
respect to such moneys the notice provided for in this Section 15.06, then, anything herein contained to the contrary notwithstanding,
the Trustee shall have full power and authority to receive such moneys and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary, which may be received by it within three Business Days prior
to such date. The Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself
to be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such a notice has been given by
a holder of Senior Indebtedness or a trustee on behalf of any such holder. In the event that the Trustee determines in good faith
that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in
any payment or distribution pursuant to this Article Fifteen, the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled
to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article Fifteen
and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the
right of such Person to receive such payment.

 

Section 15.07.        
Trustee as Holder of Senior Indebtedness.

 

The Trustee in its individual capacity shall
be entitled to all the rights set forth in this Article Fifteen in respect of any Senior Indebtedness at any time held by it to
the same extent as any other holder of Senior Indebtedness and nothing in Section 6.13 or elsewhere in this Indenture shall be
construed to deprive the Trustee of any of its rights as such holder.

 

Nothing in this Article Fifteen shall apply
to claims of, or payments to, the Trustee under or pursuant to Section 6.06.

 

Section 15.08.        
Modifications of Terms of Senior Indebtedness.

 

Any renewal or extension of the time of
payment of any Senior Indebtedness or the exercise by the holders of Senior Indebtedness of any of their rights under any instrument
creating or evidencing Senior Indebtedness, including, without limitation, the waiver of default thereunder, may be made or done
all without notice to or assent from the Holders of the Subordinated Securities or the Trustee.

 

No compromise, alteration, amendment, modification,
extension, renewal or other change of, or waiver, consent or other action in respect of, any liability or obligation under or in
respect of, or of any of the terms, covenants or conditions of any indenture or other instrument under which any Senior Indebtedness
is outstanding or of such Senior Indebtedness, whether or not such release is in accordance with the provisions of any applicable
document, shall in any way alter or affect any of the provisions of this Article Fifteen or of the Subordinated Securities relating
to the subordination thereof.

 

    	63

    	 

    
 

Section 15.09.        
Reliance on Judicial Order or Certificate of Liquidating Agent.

 

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

  

* * * * *

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	64

    	 

    
 

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

 

	 	US ECOLOGY, INC.
	 	 
	 	By:______________________________
	 	        Name:
	 	        Title:
	 	 
	 	 
	 	 
	 	[                                         ]

as Trustee
	 	 
	 	By:______________________________
	 	        Name:
	 	        Title:
	 	 

 

 

 

    	65

    	 

    
 

EXHIBIT
A

FORM OF DEBT SECURITY

 

US ECOLOGY, INC.

 

	No.	CUSIP No.           
	 	 
	[               ] NOTES DUE [               ]
	 	 

 

US Ecology, Inc., a Delaware corporation,
for value received, hereby promises to pay to [               ], or its registered assigns, $[             ], on [               ].

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been duly executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any purposes.

 

IN WITNESS WHEREOF, the Company has caused
this Security to be fully executed.

 

	Dated:	US ECOLOGY, INC.
	 	 
	 	By:______________________________
	 	Name:
	 	Title:
	 	 

 

	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	 
	 	 
	 	 
	[                ], as Trustee, certifies that this is one of the Securities referred to in the Indenture.	 
	 	 
	By:______________________________	 
	Authorized Signatory	 
	 	 

 

 

 

 

    	A-1

    	 

    
 

REVERSE SIDE OF FORM OF DEBT SECURITY

US ECOLOGY, INC.

 

1.                  
Indenture.

 

This Security is one of a duly authorized
issue of debt securities of US Ecology, Inc., a Delaware corporation (such corporation, and its successors and assigns under the
Indenture, the “Company”), designated as its “[ ] Notes due [ ]” (the “Securities”),
issued under an indenture dated as of [ ] (as amended or supplemented from time to time, the “Indenture”) between
the Company and [ ], as trustee (the “Trustee”, which term includes any successor Trustee under the Indenture),
to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, Trustee and each Holder of Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. The summary of the terms of this Security contained herein does not purport to be complete and is
qualified by reference to the Indenture. All terms used in this Security which are not defined herein shall have the same meanings
assigned to them in the Indenture.

 

2.                  
Principal and Interest.

 

The Company promises to pay $[ ] to the
Holder hereof on [ ].

 

All computations of interest shall be made
on the basis of a 360-day year consisting of twelve 30-day months.

 

3.                  
Method of Payment.

 

The Company, through the Paying Agent, shall
pay interest on this Security to the registered Holder of this Security, as provided above. The Holder must surrender this Security
to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States of America
that at the time of payment is legal tender for payment of all debts public and private. Principal and interest will be payable
at the office of the Paying Agent but, at the option of the Company, interest may be paid by check mailed to the registered Holders
at their registered addresses.

 

4.                  
Transfer Agent, Paying Agent and Registrar.

 

Initially, [ ] will act as Transfer Agent,
Paying Agent and Registrar under the Indenture. The Company may, upon written notice to the Paying Agent and Trustee, appoint and
change any Transfer Agent, Paying Agent or Registrar. The Company or any of its subsidiaries may act as Transfer Agent, Paying
Agent or Registrar.

 

5.                  
Redemption.

 

[Describe redemption mechanics, if any.]

 

6.                  
Transfer and Exchange.

 

A Holder may transfer a Security upon the
surrender of such Security for registration of transfer. No such transfer shall be effected until, and such transferee shall succeed
to the rights of a Holder only upon, final acceptance and registration of this transfer in the Security Register by the Registrar.
When Securities are presented to the Registrar with a request to register the transfer of, or to exchange, such Securities, the
Registrar shall register the transfer or make such exchange as requested if its requirements for such transactions and any applicable
requirements hereunder are satisfied.

 

No service charge shall be made for any
registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any registration of transfer of Securities.

 

    	A-2

    	 

    
 

7.                  
Denominations.

 

The Securities are issuable in registered
form in denominations of $1,000 and integral multiples thereof.

 

8.                  
Unclaimed Money.

 

If money for the payment of principal or
interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless
an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the
Company and not to the Trustee for payment unless such abandoned property law designates another Person.

 

9.                  
Discharge and Defeasance.

 

Subject to certain conditions, the Company
at any time may terminate some or all of its obligations under the Securities and the Indenture if the Company irrevocably deposits
with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption
or maturity, as the case may be.

 

10.               
Amendment, Waiver.

 

Subject to certain exceptions set forth
in the Indenture, (i) the Indenture or the Securities may be amended with the written consent of the Holders of at least a majority
in aggregate principal amount of the Outstanding Securities and (ii) any past Default and its consequences may be waived with the
written consent of the Holders of at least a majority in principal amount of the Outstanding Securities except a default (1) in
the payment of the principal of (or premium, if any) or interest, if any, on any Security of such series or any related coupons,
or (2) in respect of a covenant or provision of the Indenture which cannot be modified or amended without the consent of the Holder
of each Outstanding Security of such series affected. Subject to certain exceptions set forth in the Indenture, without the consent
of any Holder of Securities, the Company and the Trustee may amend the Indenture or the Securities (i) to evidence the succession
of another Person to the Company and the assumption by such successor of the covenants of the company under the Indenture and contained
in the Securities; (ii) to add additional covenants of the Company for the benefit of the Holders or to surrender rights and powers
conferred on the Company; (iii) to add any additional Events of Default; (iv) to provide for uncertificated Securities in addition
to or in place of Certificated Securities; (v) to change or eliminate any of the provisions of the Indenture; provided that
any such change or elimination shall become effective only when there is no Security Outstanding of any series created prior to
the execution of the amended indenture which is entitled to the benefit of such provision; (vi) to secure the Securities; (vii)
to establish the form or terms of Securities of any series and any related coupons; (viii) to evidence and provide for the acceptance
of appointment under the Indenture of a successor Trustee; (ix) to cure any ambiguity in the Indenture, to correct or supplement
any provision in the Indenture which may be inconsistent with any other provision therein or to add any other provisions with respect
to matters or questions arising under the Indenture, provided that such actions shall not adversely affect the interests of the
Holders in any material respect; or (x) to supplement any of the provisions of the Indenture to such extent as shall be necessary
to permit or facilitate the defeasance and discharge of any series of Securities, provided that such actions shall not adversely
affect the interests of the Holder in any material respect.

 

11.               
Defaults and Remedies.

 

If an Event of Default occurs and is continuing,
the Trustee or the Holders of at least 25% in principal amount of the Outstanding Securities, subject to certain limitations, may
declare all the Securities to be immediately due and payable. Certain events of bankruptcy or insolvency are Events of Default
and shall result in the Securities being immediately due and payable upon the occurrence of such Events of Default without any
further act of the Trustee or any Holder.

 

Holders of Securities may not enforce the
Indenture or the Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Securities
unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in principal amount
of the Outstanding Securities may direct the Trustee in its exercise of any trust or power under the Indenture. The Holders of
a majority in principal amount of the Outstanding Securities, by written notice to the Company and the Trustee, may rescind any
declaration of acceleration and its consequences if the rescission would not conflict with any judgment or decree, and if all Events
of Default have been cured or waived except nonpayment of principal and interest that has become due solely because of the acceleration.

 

    	A-3

    	 

    
 

12.               
Individual Rights of Trustee.

 

Subject to certain limitations imposed by
the Trust Indenture Act, the Trustee or any Paying Agent or Registrar, in its individual or any other capacity, may become the
owner or pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if
it were not Trustee, Paying Agent or Registrar, as the case may be, under the Indenture.

 

13.               
No Recourse Against Certain Others.

 

No director, officer, employee, incorporator
or stockholder of the Company, as such, shall have any liability for any obligations of the Company under the Securities or the
Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation, solely by reason of its
status as a director, officer, employee, incorporator or stockholder of the Company. By accepting a Security, each Holder waives
and releases all such liability (but only such liability) as part of the consideration for issuance of such Security to such Holder.

 

14.               
Governing Law.

 

The Indenture and the Securities and coupons
shall be governed by and construed in accordance with the law of the State of New York. The Indenture is subject to the provisions
of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such
provisions.

 

The Company will furnish to any Holder of
Securities upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Security.
Requests may be made to:

 

US Ecology, Inc.

300 E. Mallard Dr.

Suite 300

Boise, ID 83706

Attention: Corporate Secretary

 

 

 

 

 

 

    	A-4

    	 

    
 

 

ASSIGNMENT

 

(To be executed by the registered Holder

if such Holder desires to transfer this Security)

 

	FOR VALUE RECEIVED		 hereby sells, assigns and transfers unto

  

PLEASE INSERT SOCIAL SECURITY OR OTHER TAX IDENTIFYING NUMBER
OF TRANSFEREE

 

 

 

 

 

 

(Please print name and address of transferee)

 

 

this Security, together with all right, title and interest herein,
and does hereby irrevocably constitute and appoint Attorney to transfer this Security on the Security Register, with full power
of substitution.

 

	Dated:	 
	 	 
	
        Signature of Holder
	
        Signature Guaranteed:

	 	 
	 	Commercial Bank or Trust Company
	 	Or Member Firm of the New York
	 	Stock Exchange, Inc.
	 	 

NOTICE: The signature to the foregoing Assignment must correspond
to the Name as written upon the face of this Security in every particular, without alteration or any change whatsoever.

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security
Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined
by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended.

 

A-5EXHIBIT 4.5

 

Applied
Nanotech Holdings, Inc.

Convertible Promissory Note

 

 

	Issuance Date: January 23, 2013	 U.S. $225,000.00

 

FOR VALUE RECEIVED,
Applied Nanotech Holdings, Inc., a Texas corporation (the “Company”),
hereby promises to pay to the order of Tonaquint, Inc., a Utah corporation, or its
registered assigns (the “Holder”), the initial principal sum of $225,000.00 (the “Original Principal
Amount”), and any additional advances and other amounts that may accrue or become due under the terms of this Convertible
Promissory Note (this “Note”) when due, whether upon the Maturity Date, on any Installment Date with respect
to the Installment Amount due on such Installment Date (each as defined below), acceleration, redemption or otherwise (in each
case in accordance with the terms hereof), and to pay interest (“Interest”) on any Outstanding Balance (as defined
below) at the applicable interest rate as set forth herein, whether upon any Installment Date, the Maturity Date or acceleration,
conversion, redemption or otherwise (in each case in accordance with the terms hereof). Certain capitalized terms used herein are
defined in Section 27

 

hereof. For purposes hereof, the term “Outstanding Balance” means the Original Principal
Amount, as reduced or increased, as the case may be, pursuant to the terms hereof for redemption, conversion or otherwise, plus
any accrued but unpaid Interest, collection and enforcements costs, and any other fees or charges (including without limitation
Late Charges (as defined below)) incurred under this Note or under the Agreement (defined below).

 

This Note is issued
pursuant to that certain Securities Purchase Agreement dated January 23, 2013, as the same may be amended from time to time (the
“Agreement”), by and between the Company and the Holder.

 

1.       PAYMENTS
OF PRINCIPAL; PREPAYMENT. On each Installment Date (which includes the Maturity Date), the Company shall pay to the Holder
an amount equal to the Installment Amount due on such Installment Date in accordance with Section 8. Additionally, so long
as no Event of Default (as defined below) shall have occurred, the Company may, in its sole and absolute discretion and upon giving
the Holder not less than five (5) Trading Days written notice (a “Prepayment Notice”), pay in cash all or any
portion of the Outstanding Balance at any time prior to the Maturity Date; provided that in the event the Company elects
to prepay all or any portion of the Outstanding Balance, it shall pay to the Holder 115% of the portion of the Outstanding Balance
the Company elects to prepay (the “Prepayment Premium”).

 

2.       INTEREST;
INTEREST RATE. The Company acknowledges that the Original Principal Amount of this Note exceeds the Purchase Price (as
defined in the Agreement) and that such excess consists of (a) an original issue discount of $20,000.00 and (b) the Carried
Transaction Expense Amount (as defined in the Agreement) in the amount of $5,000.00, both of which shall be fully earned and
charged to the Company as of the Issuance Date and paid to the Holder as part of the Original Principal Amount as set forth
in this Note. Interest on the Outstanding Balance shall accrue from the date set forth
above as the Issuance Date (the “Issuance Date”) at the rate of eight percent (8%) per annum, provided
that upon the occurrence of an Event of Default, Interest shall accrue on the Outstanding Balance at the rate of
twenty-two percent (22%) per annum, as set forth in Section 4.2(d) hereof. All Interest calculations hereunder shall be
computed on the basis of a 360-day year comprised of twelve (12) thirty (30) day months, shall compound daily and
shall be payable in accordance with the terms of this Note. Notwithstanding any
provision to the contrary herein, in no event shall the applicable interest rate at any time exceed the maximum interest
rate allowed under applicable law. All payments owing hereunder shall be in lawful money of the United States of
America or Conversion Shares, as provided for herein, and delivered to Holder at the address furnished to the Company for
that purpose. All payments shall be applied first to (a) costs of collection, if any, then to (b) fees and charges, if any,
then to (c) accrued and unpaid Interest, and thereafter to (d) principal.

 

    	1

    	 

    

 

 

3.       CONVERSION
OF NOTE. At the option of the Holder, this Note is convertible into validly issued, fully paid and non-assessable shares of
Common Stock, on the terms and conditions set forth in this Section 3.

 

3.1.       Conversion
Right.

 

(a)       Subject
to the provisions of Section 3.4, at any time or times on or after the Issuance Date, the Holder shall be entitled to convert
any portion of the Outstanding Balance into validly issued, fully paid and non-assessable shares of Common Stock (the “Section
3 Conversion Shares”) in accordance with Section 3.3, calculated using the Conversion Rate (as defined below).

 

(b)       The
Company shall not issue any fraction of a share of Common Stock upon any conversion. All shares issuable upon
each conversion of this Note shall be aggregated for purposes of determining whether such conversion would result in the issuance
of a fractional share. If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall
round such fraction of a share of Common Stock up to the nearest whole share. The Company shall pay any and all transfer, stamp,
issuance and similar taxes that may be payable with respect to the issuance and delivery of Section 3 Conversion Shares. 

 

3.2.       Conversion
Rate. The number of Section 3 Conversion Shares issuable upon conversion of any portion of the Outstanding Balance
pursuant to Section 3.1(a) shall be determined by dividing (x) the applicable Conversion Amount by (y) the
Conversion Price (such formula is referred to herein as the “Conversion Rate”).

 

(a)       “Conversion
Amount” means the portion of the Outstanding Balance to be converted.

 

(b)       “Conversion
Price” means, as of any Conversion Date or other date of determination, $0.13, subject to adjustment as provided herein.

 

3.3.       Mechanics
of Conversion.

 

(a)       Conversion
by the Holder. To convert any Conversion Amount into shares of Common Stock on any date, the Holder shall deliver (whether
via email, facsimile or otherwise), for receipt on or prior to 11:59 p.m., New York time, on such date (a “Conversion
Date”), a copy of an executed notice of conversion substantially in the form attached hereto as Exhibit A
(the “Conversion Notice”) to the Company. If the Conversion Notice is received on a Trading Day after the close
of trading, then it will be deemed to have been received on the next Trading Day. If it is received on other than a Trading Day,
it will be deemed to have been received on the next Trading Day. If required by Section 3.3(c) , within five (5) Trading
Days following a conversion of this Note as aforesaid, the Holder shall surrender this Note to a reputable overnight courier for
delivery to the Company (or an indemnification undertaking with respect to this Note in the case of its loss, theft or destruction
as contemplated by Section 14.2). On or before the first (1st) Trading Day following the date of receipt of a
Conversion Notice, the Company shall transmit by facsimile or email an acknowledgment of confirmation, in the form attached hereto
as Exhibit B, of receipt of such Conversion Notice to the Holder and the Company’s transfer agent (the “Transfer
Agent”). On or before the close of business on the third (3rd) Trading Day following the date of receipt
of a Conversion Notice (the “Delivery Date”), the Company shall, provided that all DWAC Eligible Conditions
are then satisfied, credit the aggregate number of Section 3 Conversion Shares to which the Holder shall be entitled to the account
specified on the Conversion Notice via the DWAC system. If all DWAC Eligible Conditions are not then satisfied, the Company shall
instead issue and deliver (via reputable overnight courier) to the address as specified in the Conversion Notice, a certificate,
registered in the name of the Holder or its designee, for the number of Section 3 Conversion Shares to which the Holder shall
be entitled; provided, however, that, in addition to any other rights or remedies that Holder may have under this Note,
such number of shares issued by certificate rather than via the DWAC system shall be increased by 5% for each conversion that
occurs more than six (6) months after the Issuance Date. For the avoidance of doubt, the Company has not met its obligation to
deliver Section 3 Conversion Shares by the Delivery Date unless the Holder or its broker, as applicable, has actually received
the shares electronically into the applicable account, or if the DWAC Eligible Conditions are not then satisfied, has actually
received the certificate representing the applicable Section 3 Conversion Shares no later than the close of business on the relevant
Delivery Date pursuant to the terms set forth above; provided, however, that if the Holder fails to identify its bank or
broker (by providing its name and DTC participant number) or fails to cause its bank or broker to initiate a DWAC Eligible transaction,
the Company will not be held in default with respect to the delivery of the applicable shares. If this Note is physically surrendered
for conversion pursuant to Section 3.3(c) and the Outstanding Balance of this Note is greater than the principal portion
of the Conversion Amount being converted, then the Company shall as soon as practicable and in no event later than three (3) Trading
Days after receipt of this Note and at its own expense, issue and deliver to the Holder (or its designee) a new Note (in accordance
with Section 14.4)) representing the Outstanding Balance not converted. The Person or Persons entitled to receive the shares of
Common Stock issuable upon a conversion of this Note shall be treated for all purposes as the record holder or holders of such
shares of Common Stock on the Conversion Date. In the event of a partial conversion of this Note pursuant hereto, the amount converted
shall be deducted from the Outstanding Balance but shall not otherwise reduce or limit any Installment Amounts to be paid on any
Installment Dates.

 

    	2

    	 

    

 

 

(b)       Company’s
Failure to Timely Deliver. Failure for any reason whatsoever to issue any portion of the Section 3 Conversion Shares to Holder
by the applicable Delivery Date in the manner required under this Note shall be a “Conversion Failure”. Upon
the occurrence of a Conversion Failure, in addition to all other remedies available to the Holder, the Holder, upon written notice
to the Company, may void its Conversion Notice with respect to, and retain or have returned (as the case may be) any portion of
this Note that has not been converted pursuant to such Conversion Notice, provided that the voiding of a Conversion Notice shall
not affect the Company’s obligations to make any payments which have accrued or are owed to the Holder prior to the date
of such notice under any of the Transaction Documents (as defined in the Agreement). Notwithstanding the foregoing, a Conversion
Failure shall not exist to the extent Section 3 Conversion Shares are not issued by the Company in order to comply with the limitations
set forth in Section 3.4 hereof. Upon the occurrence of a Conversion Failure (unless Holder elects to void the Conversion Notice),
in addition to such failure being considered an Event of Default hereunder, for purposes of Section 7.1 the Company shall also
be deemed to have issued the Section 3 Conversion Shares to Holder on the latest possible permitted date and pursuant to the terms
set forth in this Section 3, with Holder entitled to all the rights and privileges associated with such deemed issued shares (the
“Deemed Conversion Issuance”).

 

(c)       Registration;
Book-Entry. The Company shall maintain a register (the “Register”) for the recordation of the name and
address of the holders of all or any portion of this Note and the principal amount of this Note held by such holder (the “Registered
Note”). The entries in the Register shall be conclusive and binding for all purposes absent manifest error. The Company
and the holder shall treat each Person whose name is recorded in the Register as the owner of this Note for all purposes (including,
without limitation, the right to receive payments of principal and Interest hereunder) notwithstanding notice to the contrary.
The Registered Note may be assigned, transferred or sold in whole or in part only by registration of such assignment or sale on
the Register. Upon its receipt of a request to assign, transfer or sell all or part of the Registered Note by the holder thereof,
the Company shall record the information contained therein in the Register and issue one or more new Registered Notes in the same
aggregate principal amount as the principal amount of the surrendered Registered Note to the designated assignee or transferee
pursuant to Section 14. Notwithstanding anything to the contrary in this Section 3.3(c), the Holder may assign this Note
or any portion thereof to its Affiliate without delivering a request to assign or sell this Note to the Company and the recordation
of such assignment or sale in the Register (a “Related Party Assignment”); provided, that (A) the Company
may continue to deal solely with such assigning or selling Holder unless and until such Holder has delivered a request to assign
or sell this Note or portion thereof to the Company for recordation in the Register; (B) the failure of such assigning or selling
Holder to deliver a request to assign or sell such Note or portion thereof to the Company shall not affect the legality, validity,
or binding effect of such assignment or sale; and (C) such assigning or selling Holder shall, acting solely for this purpose as
a non-fiduciary agent of the Company, maintain a register (the “Related Party Register”) comparable to the
Register on behalf of the Company, and any such assignment or sale shall be effective upon recordation of such assignment or sale
in the Related Party Register.  Notwithstanding anything to the contrary set forth in this Section 3, upon conversion
of any portion of this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this
Note to the Company unless (A) the entire Outstanding Balance of this Note is being converted (in which event this Note shall
be delivered to the Company as contemplated by Section 3.3(a)) or (B) the Holder has provided the Company with prior
written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Note upon physical surrender
of this Note. The Holder and the Company shall maintain records showing the Outstanding Balance and Late Charges converted and/or
paid (as the case may be) and the dates of such conversions and/or payments (as the case may be) or shall use such other method,
reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Note upon conversion.

 

    	3

    	 

    

 

 

3.4.       Limitations
on Conversions.

 

(a)       Notwithstanding
anything to the contrary contained in this Note (except as set forth below in this subsection), this Note shall not be
convertible by the Holder hereof, and the Company shall not effect any conversion of this Note or otherwise issue any shares
of Common Stock pursuant to Section 3 or Section 8 hereof, to the extent (but only to the extent) that the Holder
together with any of its Affiliates would beneficially own in excess of 4.99% (the “Maximum Percentage”)
of the Common Stock outstanding. Notwithstanding the forgoing, (i) if any of the DWAC Eligible Conditions are not then
satisfied, the term “4.99%” shall be replaced in the preceding sentence with “9.99%” at such time as
the Market Capitalization of the Common Stock is less than $3,000,000.00, but (ii) if all of the DWAC Eligible Conditions are
then satisfied, the term “4.99%” shall be replaced in the preceding sentence with “9.99%” only at
such time as the Market Capitalization of the Common Stock is less than $1,500,000.00. For the avoidance of any doubt,
notwithstanding any other provision contained herein, if the term “4.99%” is replaced with “9.99%”
pursuant to the preceding sentence, such change to “9.99%” shall be permanent. For purposes of this Agreement,
the term “Market Capitalization of the Common Stock” shall mean the product equal to (i) the average VWAP
of the Common Stock for the immediately preceding thirty (30) Trading Days, multiplied by (ii) the aggregate number of
outstanding shares of Common Stock as reported on the Company’s most recently filed Form 10-Q or Form 10-K.

 

(b)       To
the extent the limitation set forth in subsection (a) immediately above applies, the determination of whether this Note
shall be convertible (vis-à-vis other convertible, exercisable or exchangeable securities owned by the Holder or any
of its Affiliates) and of which such securities shall be convertible, exercisable or exchangeable (as among all such
securities owned by the Holder and its Affiliates) shall, subject to such Maximum Percentage limitation, be determined on the
basis of the first submission to the Company for conversion, exercise or exchange (as the case may be). No prior inability to
convert this Note, or to issue shares of Common Stock, pursuant to this Section 3.4 shall have any effect on the
applicability of the provisions of this Section 3.4 with respect to any subsequent determination of convertibility. For
purposes of this Section 3.4 , beneficial ownership and all determinations and calculations (including, without limitation,
with respect to calculations of percentage ownership) shall be determined in accordance with Section 13(e) of the 1934 Act
(as defined in the Agreement) and the rules and regulations promulgated thereunder. The provisions of this Section 3.4 shall
be implemented in a manner otherwise than in strict conformity with the terms of this Section 3.4 to correct this Section 3.4
(or any portion hereof) which may be defective or inconsistent with the intended Maximum Percentage beneficial ownership
limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such Maximum
Percentage limitation. The limitations contained in this Section 3.4 shall apply to a successor Holder of this Note. The
holders of Common Stock shall be third party beneficiaries of this Section 3.4 and the Company may not waive this Section 3.4
without the consent of holders of a majority of its Common Stock. For any reason at any time, upon the written or oral
request of the Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder
the number of shares of Common Stock then outstanding, including by virtue of any prior conversion or exercise of convertible
or exercisable securities into Common Stock, including, without limitation, pursuant to this Note.

 

    	4

    	 

    

 

 

4.       RIGHTS
UPON EVENT OF DEFAULT.

 

4.1.       Event
of Default. Each of the following events shall constitute an “Event of Default”:

 

(a)       Failure
to Pay. The Company shall fail to make any payment when due and payable under the terms of this Note including, without limitation,
any payment of costs, fees, interest, principal (including, without limitation, the Company’s failure to deliver any Installment
Amount when due or to pay any redemption payments or amounts hereunder), or other amount due hereunder or under any other Transaction
Document (as defined in the Agreement).

 

(b)       Failure
to Deliver or Process Shares. The Company (or its Transfer Agent, as applicable) (i) fails to issue Section 3 Conversion
Shares by the Delivery Date; (ii) fails to issue any Pre-Installment Conversion Shares, Post-Installment Conversion Shares,
Pre-Installment Certificated Shares, or Post-Installment Certificated Shares, as applicable, within the time periods required
by Section 8 ; (iii) announces (or threatens in writing) that it will not honor its obligation to issue shares to Holder in
accordance with Section 3 and/or Section 8 of this Note; (iv) fails to transfer or cause its Transfer Agent to transfer or
issue (electronically or in certificated form, as applicable) any Section 3 Conversion Shares, Pre-Installment Conversion
Shares, Post-Installment Conversion Shares, Pre-Installment Certificated Shares, or Post-Installment Certificated Shares, as
applicable, issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note; (v)
directs its Transfer Agent not to transfer, or delays, impairs, and/or hinders its Transfer Agent in transferring or issuing
(electronically or in certificated form, as applicable) any Section 3 Conversion Shares, Pre-Installment Conversion Shares,
Post-Installment Conversion Shares, Pre-Installment Certificated Shares, or Post-Installment Certificated Shares, as
applicable, to be issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this
Note; or (vi) as applicable, fails to remove (or directs its Transfer Agent not to remove or impairs, delays, and/or hinders
its Transfer Agent from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof)
on any certificate for any Section 3 Conversion Shares, Pre-Installment Certificated Shares or Post-Installment Certificated
Shares as and when required by this Note (or makes any written announcement, statement or threat that it does not intend to
honor any such obligations).

 

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(c)       Judgment.
A final judgment or judgments for the payment of money aggregating in excess of $100,000 are rendered against the Company and/or
any of its Subsidiaries and which judgments are not, within thirty (30) calendar days after the entry thereof, bonded, discharged
or stayed pending appeal, or are not discharged within thirty (30) calendar days after the expiration of such stay; provided,
however, any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating
the $100,000 amount set forth above so long as the Company provides the Holder a written statement from such insurer or indemnity
provider (which written statement shall be reasonably satisfactory to the Holder) to the effect that such judgment is covered by
insurance or an indemnity and the Company or such Subsidiary (as the case may be) will receive the proceeds of such insurance or
indemnity within thirty (30) calendar days of the issuance of such judgment.

 

(d)       Breach
of Obligations; Covenants. The Company or its Subsidiaries, if any, shall fail to observe or perform any other covenant, obligation,
condition or agreement contained in this Note or any of the other Transaction Documents, including without limitation (i) all
reporting covenants and covenants to timely file all required quarterly and annual reports and any other filings required pursuant
to Rule 144, and (ii) strict compliance with all provisions of Sections 3, 8, and 10 of this Note.

 

(e)       Breach
of Representations and Warranties. Any representation, warranty, certificate, or other statement (financial or otherwise) made
or furnished by or on behalf of the Company to the Holder in writing included in this Note or in connection with any of the Transaction
Documents, or as an inducement to the Holder to enter into this Note or any of the other Transaction Documents, shall be false,
incorrect, incomplete or misleading in any material respect when made or furnished or becomes false thereafter.

 

(f)       Receiver
or Trustee. The Company shall make an assignment for the benefit of creditors, or apply for, or consent to, or otherwise be
subject to, the appointment of a receiver, trustee, liquidator, assignee, custodian, sequestrator, or other similar official for
a substantial part of its property or business.

 

(g)       Failure
to Pay Debts. If any of the Company’s assets are assigned to its creditors, or upon the occurrence of any default under,
redemption of or acceleration prior to maturity of any Indebtedness of the Company or any of its Subsidiaries in an amount equal
to $100,000 or more.

 

(h)       Bankruptcy.
Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary, for relief under
any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company.

 

(i)       Delisting
of Common Stock. The suspension from trading or the failure of the Common Stock to be trading on an Eligible Market for a period
of five (5) consecutive Trading Days or for more than an aggregate of ten (10) Trading Days in any 365-day period.

 

(j)       Liquidation.
Any dissolution, liquidation, or winding up of the Company or any substantial portion of its business.

 

(k)       Cessation
of Operations. Any cessation of operations by the Company or the Company admits it is otherwise generally unable to pay its
debts as such debts become due; provided, however, that any disclosure of the Company’s ability to continue as a “going
concern” shall not be an admission that the Company cannot pay its debts as they become due.

 

    	6

    	 

    

 

 

(l)       Maintenance
of Assets. The failure by the Company to maintain any material intellectual property rights, personal, real property or other
assets which are reasonably necessary to conduct its business (whether now or in the future).

 

(m)       Financial
Statement Restatement. The restatement of any financial statements filed by the Company with the SEC for any date or period
from two years prior to the date of this Note and until this Note is no longer outstanding, if the result of such restatement would,
by comparison to the unrestated financial statement, have constituted a material adverse effect on the rights of the Company with
respect to this Note or the Agreement.

 

(n)       Reverse
Split. The Company effectuates a reverse split of its Common Stock without twenty (20) Trading Days prior written notice to
the Holder.

 

(o)       Replacement
of Transfer Agent. In the event that the Company proposes to replace its Transfer Agent, the Company fails to provide, prior
to the effective date of such replacement, a fully executed Transfer Agent Letter (as defined by the Agreement) in a form as required
to be initially delivered pursuant to the Agreement (including but not limited to the provision to irrevocably reserve shares of
Common Stock in the Share Reserve) signed by the successor transfer agent and delivered to the Company and the Holder.

 

(p)       Governmental
Action. If any governmental or regulatory authority takes or institutes any action against the Company, a Subsidiary, or an
executive officer or director of the Company, that will materially affect the Company’s financial condition, operations or
ability to pay or perform the Company’s obligations under this Note.

 

(q)       Share
Reserve. The Company’s failure to maintain the Share Reserve (as defined in the Agreement).

 

(r)       Certification
of Equity Conditions. A materially false or inaccurate certification (including, without limitation, a false or inaccurate
deemed certification) by the Company that the Equity Conditions are satisfied, that there has been no Equity Conditions Failure
or as to whether any Event of Default has occurred.

 

(s)       DWAC
Eligibility. The failure of any of the DWAC Eligible Conditions to be satisfied at any time during which the Company has obligations
under this Note.

 

(t)       Cross
Default. Notwithstanding anything to the contrary contained in this Note or the other Transaction Documents, a breach or default
by the Company of any covenant or other term or condition contained in (i) any of the other Transaction Documents, or (ii) any
Other Agreements (defined below); shall, at the option of the Holder, be considered a default under this Note, in which event
the Holder shall be entitled (but in no event required) to apply all rights and remedies of the Holder under the terms of this
Note. The Company hereby agrees to notify the Holder in writing within three (3) Trading Days after any such default; provided,
however, any filing of an 8-K that identifies any such default shall not be deemed notice under this Section 4.1(t). “Other
Agreements” means, collectively, (1) all existing and future agreements and instruments between, among or by the Company
(or a Subsidiary), on the one hand, and the Holder (or an Affiliate of Holder), on the other hand, and (2) any financing agreement
or a material agreement that affects the Company’s ongoing business operations. For the avoidance of doubt, all existing
and future loan transactions between the Company and the Holder and its Affiliates will be cross-defaulted with each other loan
transaction and with all other existing and future debt of the Company to the Holder.

 

    	7

    	 

    

 

 

(u)       Reduced
Market Capitalization of the Common Stock. If at any time the Market Capitalization of the Common Stock is less than five (5)
times the Original Principal Amount.

 

Each subsection of
this Section 4.1 shall be interpreted and applied independently, and no such subsection shall be deemed to limit or qualify
any other subsection in any manner whatsoever.

 

4.2.       Notice
of an Event of Default; Remedies; Redemption Right.

 

(a)       Upon
the Company becoming aware of an occurrence of an Event of Default, the Company shall within one (1) Trading Day deliver written
notice thereof via facsimile and reputable overnight courier (with next day delivery specified) (an “Event of Default
Notice”) to the Holder, unless overnight delivery is waived by Holder upon receipt of the facsimile.

 

(b)       At
any time and from time to time (i) after the fifth (5th) day following the earlier of the Holder’s receipt
of an Event of Default Notice pertaining to any Event of Default occurring under any of Sections 4.1(c), (d), (e), (i), (l),
or (p) above, and the Holder becoming aware of any such Event of Default, if such Event of Default is not cured by such fifth
(5th) day, or (ii) after the thirtieth (30th) day following the earlier of the Holder’s receipt
of an Event of Default Notice pertaining to any Event of Default occurring under Section 4.1(s) above, and the Holder
becoming aware of any such Event of Default, if such Event of Default is not cured by such thirtieth (30th) day; provided,
however, that if such an Event of Default cannot reasonably be cured within such thirty (30) day period, the Company
shall not have any right to cure the same and subsection (iii) immediately below shall pertain to such Event of Default
instead of this subsection (ii), or (iii) after the earlier of the Holder’s receipt of an Event of Default Notice
pertaining to any Event of Default occurring under any provision of Section 4.1 not specifically referenced immediately above
in this Section 4.2(b), and the Holder becoming aware of any such Event of Default, the Holder may require the Company to
redeem (regardless of whether such Event of Default has been cured) all or any portion of this Note by delivering written
notice thereof (the “Event of Default Redemption Notice”) to the Company, which Event of Default
Redemption Notice shall indicate the portion of the Outstanding Balance the Holder is electing to redeem (the
“Default Redemption Amount”). Redemptions required by this Section 4.2(b) shall be made in accordance with
the provisions of Section 10. Notwithstanding anything to the contrary in this Section 4, but subject to
Section 3.4, until the Default Redemption Amount (together with Late Charges thereon) is paid in full pursuant to and in
accordance with the terms set forth in Section 10, the Outstanding Balance (together with any Late Charges thereon), may be
converted, in whole or in part from time to time, by the Holder into Common Stock pursuant to the other terms of this Note.
In the event of a partial redemption of this Note pursuant hereto, the applicable Default Redemption Amount shall be deducted
from the Installment Amount(s) relating to the applicable Installment Date(s) as set forth in the Event of Default Redemption
Notice. Notwithstanding the foregoing, this Section 4.2(b) shall not apply to an Event of Default arising under Section
4.1(h) (Bankruptcy). Notwithstanding any other provision contained herein, and for the avoidance of doubt, the Company shall
not have any right to cure any Event of Default occurring under Sections 4.1(a) or (b) above.

 

(c)       Upon
the occurrence of an Event of Default occurring under Section 4.1(h) due to the institution by or against the Company of any
bankruptcy proceeding for relief under any bankruptcy law or any law for the relief of debtors, (i) the Outstanding Balance
shall automatically increase to an amount equal to the Outstanding Balance immediately prior to such Event of Default
multiplied by the Redemption Premium, and (ii) all amounts owed under this Note shall accelerate and be immediately due and
payable, all without the need for any further notice to or action by any party hereunder.

 

    	8

    	 

    

 

 

(d)       Upon
the occurrence of any Event of Default not cured within the applicable cure period, this Note shall thereafter accrue interest
at the rate of 1.83% per month (or 22% per annum), compounding daily, whether before or after judgment; provided, however,
that notwithstanding any provision to the contrary herein, in no event shall the applicable interest rate at any time exceed the
maximum interest rate allowed under applicable law.

 

5.       RIGHTS
UPON FUNDAMENTAL TRANSACTION.

 

5.1.       Assumption.
The Company shall not enter into or be party to a Fundamental Transaction unless (i) the Successor Entity assumes in
writing all of the obligations of the Company under this Note and the other Transaction Documents in accordance with the
provisions of this Section 5.1 pursuant to written agreements in form and substance satisfactory to the Holder and approved
by the Holder, in its sole discretion, prior to such Fundamental Transaction, including agreements to deliver to the Holder
in exchange for this Note a security of the Successor Entity evidenced by a written instrument substantially similar in form
and substance to this Note, including, without limitation, having a principal amount and interest rate equal to the principal
amounts then outstanding and the interest rates of this Note, having similar conversion rights as this Note and having
similar ranking to this Note, and being satisfactory to the Holder in its sole discretion, (ii) the Successor Entity is
a publicly traded corporation whose common stock is quoted on or listed for trading on an Eligible Market, and (iii) the
Company has received the Holder’s prior written consent to enter into such Fundamental Transaction. Upon the occurrence
of any Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
date of such Fundamental Transaction, the provisions of this Note and the other Transaction Documents referring to the
“Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and
shall assume all of the obligations of the Company under this Note and the other Transaction Documents with the same effect
as if such Successor Entity had been named as the Company herein. Upon consummation of a Fundamental Transaction, the
Successor Entity shall deliver to the Holder confirmation that there shall be issued upon conversion or redemption of this
Note at any time after the consummation of such Fundamental Transaction, in lieu of the shares of the Company’s Common
Stock (or other securities, cash, assets or other property (except such items still issuable under Section 6 , which
shall continue to be receivable thereafter) issuable upon the conversion or redemption of this Note prior to such Fundamental
Transaction), such shares of the publicly traded common stock (or their equivalent) of the Successor Entity (including its
Parent Entity) which the Holder would have been entitled to receive upon the happening of such Fundamental Transaction had
this Note been converted immediately prior to such Fundamental Transaction (without regard to any limitations on the
conversion of this Note), as adjusted in accordance with the provisions of this Note. The provisions of this Section 5
shall apply similarly and equally to successive Fundamental Transactions and shall be applied without regard to any
limitations on the conversion of this Note.

 

5.2.       Notice
of a Fundamental Transaction; Redemption Right. No sooner than twenty (20) Trading Days nor later than ten (10) Trading
Days prior to the consummation of a Fundamental Transaction, but not prior to the public announcement of such Fundamental Transaction,
the Company shall deliver written notice thereof via facsimile and reputable overnight courier to the Holder (a “Fundamental
Transaction Notice”). At any time during the period beginning after the Holder’s receipt of a Fundamental Transaction
Notice or the Holder becoming aware of a Fundamental Transaction if a Fundamental Transaction Notice is not delivered to the Holder
in accordance with the immediately preceding sentence (as applicable) and ending on the later of twenty (20) Trading Days
after (i) consummation of such Fundamental Transaction and (ii) the date of receipt of such Fundamental Transaction
Notice, the Holder may require the Company to redeem all or any portion of this Note by delivering written notice thereof (“Fundamental
Transaction Redemption Notice”) to the Company, which Fundamental Transaction Redemption Notice shall indicate the portion
of the Outstanding Balance the Holder is electing to redeem (the “Fundamental Transaction Redemption Amount”).
The Fundamental Transaction Redemption Amount shall be redeemed by the Company in cash pursuant to and in accordance with Section 10
and shall have priority to payments to stockholders in connection with such Fundamental Transaction. Notwithstanding anything
to the contrary in this Section 5, but subject to Section 3.4, until the Fundamental Transaction Redemption Amount (together
with any Late Charges thereon) is paid in full pursuant to and in accordance with the terms set forth in Section 10, the Outstanding
Balance (together with any Late Charges thereon), may be converted, in whole or in part from time to time, by the Holder into
Common Stock pursuant to Section 3. In the event of a partial redemption of this Note pursuant hereto, the applicable Fundamental
Transaction Redemption Amount shall be deducted from the Installment Amount(s) relating to the applicable Installment Date(s)
as set forth in the Fundamental Transaction Redemption Notice.

 

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5.3.       Paid
in Full. Notwithstanding anything to the contrary in this Section 5, in no case shall any Fundamental Transaction be consummated
prior to the prepayment in full of the Outstanding Balance of this Note, with such prepayment subject to the Prepayment Premium
for the entire Outstanding Balance.

 

6.       DISTRIBUTION
OF ASSETS; RIGHTS UPON ISSUANCE OF PURCHASE RIGHTS AND OTHER CORPORATE EVENTS.

 

6.1.       Distribution
of Assets. Without the prior written consent of Holder, the Company agrees not to declare or make any dividend or other
distributions of its assets (or rights to acquire its assets) to any or all holders of shares of Common Stock, by way of return
of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction).

 

6.2.       Purchase
Rights. In addition to any adjustments pursuant to Section 7 below, if at any time the Company grants, issues or
sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the
record holders of any class of Common Stock (the “Purchase Rights”), then the Holder will be entitled to
acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have
acquired if the Holder had held the number of shares of Common Stock acquirable upon complete conversion of this Note
(without taking into account any limitations or restrictions on the convertibility of this Note) immediately before the date
on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date
as of which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the
Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase Right to such
extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such
Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would
not result in the Holder exceeding the Maximum Percentage).

 

6.3.       Other
Corporate Events. In addition to and not in substitution for any other rights hereunder, prior to the consummation of
any Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other
assets with respect to or in exchange for shares of Common Stock (a “Corporate Event”), the Company shall
make appropriate provision to insure that the Holder will thereafter have the right to receive upon a conversion of this Note
(i) in addition to the shares of Common Stock receivable upon such conversion, such securities or other assets to which
the Holder would have been entitled with respect to such shares of Common Stock had such shares of Common Stock been held by
the Holder upon the consummation of such Corporate Event (without taking into account any limitations or restrictions on the
convertibility of this Note) or (ii) in lieu of the shares of Common Stock otherwise receivable upon such conversion,
such securities or other assets received by the holders of shares of Common Stock in connection with the consummation of such
Corporate Event in such amounts as the Holder would have been entitled to receive had this Note initially been issued with
conversion rights for the form of such consideration (as opposed to shares of Common Stock) using a conversion rate for such
consideration commensurate with the Conversion Rate. Provision made pursuant to the preceding sentence shall be in a form and
substance satisfactory to the Holder. The provisions of this Section 6 shall apply similarly and equally to successive
Corporate Events and shall be applied without regard to any limitations on the conversion or redemption of this Note.

 

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7.       RIGHTS
UPON ISSUANCE OF SECURITIES.

 

7.1.       Adjustment
of Conversion Price upon Issuance of Common Stock. Except with respect to Excluded Securities, if and whenever on or after
the Issuance Date the Company issues or sells Common Stock, Options, Convertible Securities, or upon any conversion or Deemed
Issuance, or in accordance with subsections (a) through (f) below is deemed to have issued or sold, any shares of Common Stock
(including without limitation the issuance or sale of shares of Common Stock owned or held by or for the account of the Company,
but excluding any Excluded Securities issued or sold or deemed to have been issued or sold) for a consideration per share (the
“New Issuance Price”) less than a price equal to the Conversion Price in effect immediately prior to such issue,
conversion, or sale or deemed issuance or sale (such Conversion Price then in effect is referred to herein as the “Applicable
Price”) (the foregoing a “Dilutive Issuance”), then, immediately after such Dilutive Issuance, the
Conversion Price then in effect shall be reduced to an amount equal to the New Issuance Price. For the avoidance of doubt, if
the New Issuance Price is greater than the Applicable Price, there shall be no adjustment to the Conversion Price. For purposes
of determining the adjusted Conversion Price under this Section 7.1, the following shall be applicable:

 

(a)       Issuance
of Options. If the Company in any manner grants or sells any Options and the lowest price per share for which one share
of Common Stock is issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible
Securities issuable upon exercise of any such Option is less than the Applicable Price, then such share of Common Stock shall
be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such
Option for such price per share. For purposes of this Section 7.1(a), the “lowest price per share for which one
share of Common Stock is issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any
Convertible Securities issuable upon exercise of any such Option” shall be equal to (1) the lower of (x) the
sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one share of
Common Stock upon the granting or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange
of any Convertible Security issuable upon exercise of such Option and (y) the lowest exercise price set forth in such
Option for which one share of Common Stock is issuable upon the exercise of any such Options or upon conversion, exercise or
exchange of any Convertible Securities issuable upon exercise of any such Option minus (2) the sum of all amounts paid
or payable to the holder of such Option (or any other Person) upon the granting or sale of such Option, upon exercise of such
Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option plus the
value of any other consideration received or receivable by, or benefit conferred on, the holder of such Option (or any other
Person). Except as contemplated below, no further adjustment of the Conversion Price shall be made upon the actual issuance
of such share of Common Stock or of such Convertible Securities upon the exercise of such Options or upon the actual issuance
of such share of Common Stock upon conversion, exercise or exchange of such Convertible Securities.

 

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(b)       Issuance
of Convertible Securities. If the Company in any manner issues or sells any Convertible Securities and the lowest price per
share for which one share of Common Stock is issuable upon the conversion, exercise or exchange thereof is less than the Applicable
Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the
time of the issuance or sale of such Convertible Securities for such price per share. For the purposes of this Section 7.1(b),
the “lowest price per share for which one share of Common Stock is issuable upon the conversion, exercise or exchange thereof”
shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable
by the Company with respect to one share of Common Stock upon the issuance or sale of the Convertible Security and upon conversion,
exercise or exchange of such Convertible Security and (y) the lowest conversion price set forth in such Convertible Security
for which one share of Common Stock is issuable upon conversion, exercise or exchange thereof minus (2) the sum of all amounts
paid or payable to the holder of such Convertible Security (or any other Person) upon the issuance or sale of such Convertible
Security plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Convertible
Security (or any other Person). Except as contemplated below, no further adjustment of the Conversion Price shall be made upon
the actual issuance of such share of Common Stock upon conversion, exercise or exchange of such Convertible Securities, and if
any such issue or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of the Conversion
Price has been or is to be made pursuant to other provisions of this Section 7.1, except as contemplated below, no further
adjustment of the Conversion Price shall be made by reason of such issue or sale.

 

(c)       Change
in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional
consideration, if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at
which any Convertible Securities are convertible into or exercisable or exchangeable for shares of Common Stock increases or
decreases at any time, the Conversion Price in effect at the time of such increase or decrease shall be adjusted to the
Conversion Price which would have been in effect at such time had such Options or Convertible Securities provided for such
increased or decreased purchase price, additional consideration or increased or decreased conversion rate (as the case may
be) at the time initially granted, issued or sold. For purposes of this Section 7.1(c), if the terms of any Option or
Convertible Security that was outstanding as of the Issuance Date are increased or decreased in the manner described in the
immediately preceding sentence, then such Option or Convertible Security and the shares of Common Stock deemed issuable upon
exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or decrease. No
adjustment pursuant to this Section 7.1 shall be made if such adjustment would result in an increase of the Conversion Price
then in effect.

 

(d)       Calculation
of Consideration Received. If any Option or Convertible Security is issued or deemed issued in connection with the issuance
or sale or deemed issuance or sale of any other securities of the Company, together comprising
one integrated transaction, (x) such Option or Convertible Security (as applicable) will be deemed to have been issued for
consideration equal to the Black Scholes Consideration Value thereof and (y) the other securities issued or sold or deemed
to have been issued or sold in such integrated transaction shall be deemed to have been issued for consideration equal to the difference
of (I) the aggregate consideration received by the Company minus (II) the Black Scholes Consideration Value of each such
Option or Convertible Security (as applicable). If any shares of Common Stock, Options or Convertible Securities are issued or
sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount received
by the Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or sold for a consideration
other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except
where such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company
for such securities will be the average VWAP of such security for the five (5) Trading Day period immediately preceding the
date of receipt. If any shares of Common Stock, Options or Convertible Securities are issued to the owners of the non-surviving
entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be
deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such
shares of Common Stock, Options or Convertible Securities (as the case may be). The fair value of any consideration other than
cash or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to reach
agreement within ten (10) Trading Days after the occurrence of an event requiring valuation (the “Valuation Event”),
the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day
following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination
of such appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser
shall be borne by the Company.

 

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(e)       Deemed
Warrant Issuance. If Company fails to deliver Warrant Shares as required by the Warrant (as both such terms are defined
in the Agreement) issued to Holder pursuant to the Transaction Documents, in addition to such failure to act being considered
an Event of Default hereunder, for purposes of this Section 7.1 the Company shall also be deemed to have issued the Warrant
Shares to Holder on the applicable date set forth in the Warrant and pursuant to the terms set forth therein (the
“Deemed Warrant Issuance”).

 

(f)       Record
Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A) to
receive a dividend or other distribution payable in Common Stock, Options or in Convertible Securities
or (B) to subscribe for or purchase shares of Common Stock, Options or Convertible Securities, then such record date will
be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration
of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase
(as the case may be). 

 

7.2.       Adjustment
of Conversion Price upon Subdivision or Combination of Common Stock. Without limiting any provision of Section 5 or
Section 7.1, if the Company at any time on or after the Issuance Date subdivides (by any stock split, stock dividend,
recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of shares,
the Conversion Price in effect immediately prior to such subdivision will be proportionately reduced. Without limiting any
provision of Section 5 or Section 7.1, if the Company at any time on or after the Issuance Date combines (by
combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller
number of shares, the Conversion Price in effect immediately prior to such combination will be proportionately increased. Any
adjustment pursuant to this Section 7.2 shall become effective immediately after the effective date of such subdivision or
combination. If any event requiring an adjustment under this Section 7.2 occurs during the period that a Conversion Price is
calculated hereunder, then the calculation of such Conversion Price shall be adjusted appropriately to reflect such
event.

 

7.3.       Other
Events. In the event that the Company (or any Subsidiary) shall take any action to which the provisions hereof are not strictly
applicable, or, if applicable, would not operate to protect the Holder from dilution or if any
event occurs of the type contemplated by the provisions of this Section 7 but not expressly provided for by such provisions
(including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features),
then the Company’s board of directors shall in good faith determine and implement an appropriate adjustment in the Conversion
Price so as to protect the rights of the Holder, provided that no such adjustment pursuant to this Section 7.3
will increase the Conversion Price as otherwise determined pursuant to this Section 7,
provided further that if the Holder does not accept such adjustments as appropriately protecting its interests hereunder against
such dilution, then the Company’s board of directors and the Holder shall agree, in good faith, upon an independent investment
bank of nationally recognized standing to make such appropriate adjustments, whose determination shall be final and binding and
whose fees and expenses shall be borne by the Company. 

 

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8.       COMPANY
INSTALLMENT CONVERSION OR REDEMPTION. Beginning on the date that is two hundred ten (210) calendar days after the Issuance
Date (the “Initial Installment Date”), and on each applicable Installment Date thereafter, the Company shall
pay to the Holder of this Note the applicable Installment Amount due on such date by converting such Installment Amount in accordance
with this Section 8 (a “Company Conversion”); provided, however, the Company may, at its option
as described below, pay all or any part of such Installment Amount by redeeming such Installment Amount in cash (a “Company
Redemption”) or by any combination of a Company Conversion and a Company Redemption so long as the entire amount of
such Installment Amount due shall be converted and/or redeemed by the Company on the applicable Installment Date, subject to the
provisions of this Section 8; provided further that the Company shall not be entitled to effect a Company Conversion
with respect to any portion of such Installment Amount and shall be required to pay the entire amount of such Installment Amount
in cash pursuant to a Company Redemption if on the applicable Pre-Installment Notice Due Date (defined below) or on the applicable
Installment Date (as the case may be) there is an Equity Conditions Failure, and such failure is not waived by Holder as permitted
herein.

 

8.1.       General.
On or prior to the date which is the twenty-third (23rd) Trading Day prior to each Installment Date (each, a “Pre-Installment
Notice Due Date”), the Company shall deliver written notice to the Holder substantially in the form attached hereto
as Exhibit C-1 (each, a “Pre-Installment Notice”), and such Pre-Installment Notice shall (i) either (A) confirm
that the applicable Installment Amount of this Note shall be converted in whole pursuant to a Company Conversion, or (B) (1) state
that the Company elects to redeem, or is required to redeem in accordance with the provisions of this Note, in whole or in part,
the applicable Installment Amount pursuant to a Company Redemption and (2) specify the portion of the applicable Installment
Amount which the Company elects, or is required to redeem, pursuant to a Company Redemption (such amount to be redeemed in cash,
the “Company Redemption Amount”) and the portion of the applicable Installment Amount, if any, with respect
to which the Company will, and is permitted to, effect a Company Conversion (such amount of the applicable Installment Amount
so specified to be so converted pursuant to this Section 8 is referred to herein as the “Company Conversion Amount”),
which amounts when added together, must equal the entire applicable Installment Amount and (ii) if the applicable Installment
Amount is to be paid, in whole or in part, pursuant to a Company Conversion, certify that there is not an Equity Conditions Failure
as of the Pre-Installment Notice Due Date. Each Pre-Installment Notice shall be irrevocable and may not be revoked by the Company.
If the Company does not timely deliver a Pre-Installment Notice on an applicable Pre-Installment Notice Due Date that complies
with this Section 8, then the Company shall be deemed to have delivered on such Pre-Installment Notice Due Date an irrevocable
Pre-Installment Notice confirming a Company Conversion of the entire Installment Amount payable as required hereunder and shall
be deemed to have certified that there is not an Equity Conditions Failure as of the applicable Pre-Installment Notice Due Date.
The applicable Company Conversion Amount (whether set forth in the applicable Pre-Installment Notice or by operation of this Section 8)
shall be converted in accordance with Section 8.2 or Section 8.4, as applicable and the applicable Company Redemption Amount shall
be redeemed in accordance with Section 8.3.

 

8.2.       Mechanics
of Company Conversion. Subject to Section 3.4, if the Company delivers a Pre-Installment Notice and elects, or is
deemed to have delivered a Pre-Installment Notice and deemed to have elected, in whole or in part, a Company Conversion in
accordance with Section 8.1, then this Section 8.2 shall apply. Notwithstanding the foregoing, if an Equity Conditions
Failure has occurred as of the applicable Pre-Installment Notice Due Date, then the Company shall identify each such Equity
Conditions Failure in the Pre-Installment Notice and request a waiver thereof from Holder pursuant to Section 8.6 hereof. (i)
If such waiver is obtained, and all DWAC Eligible Conditions are then satisfied and a Company Conversion is not otherwise
prohibited under any other provision of this Note, then the remainder of this Section 8.2 shall apply to the Company
Conversion; (ii) if such waiver is obtained, but all DWAC Eligible Conditions are not then satisfied, then the remainder of
this Section 8.2 shall not apply and the Company must deliver certificated Common Stock to Holder pursuant to Section 8.4
hereof; or (iii) if such waiver is not obtained, then the remainder of this Section 8.2 shall not apply and the Company must
elect a Company Redemption and deliver cash to the Holder in an amount equal to the Installment Amount (or such lessor amount
authorized by the Holder in writing) pursuant to Section 8.3 hereof. To the extent applicable as set forth above:

 

    	14

    	 

    

 

 

(a)       No
later than three (3) Trading Days after each applicable Pre-Installment Notice Due Date, the Company shall deliver to the Holder’s
account the Pre-Installment Conversion Shares, and as to which the Holder shall be the owner thereof as of the applicable Pre-Installment
Notice Due Date.

 

(b)       No
later than three (3) Trading Days after each Installment Date, the Company shall deliver to the Holder’s account a
number of shares of Common Stock equal to the amount, if any, by which the Post-Installment Conversion Shares exceed the
Pre-Installment Conversion Shares previously delivered to Holder, registered in the name of the Holder or its designee. So
long as no Event of Default has occurred regarding payment, conversion or redemption under this Note (each a
“Payment Default”), if the Pre-Installment Conversion Shares on the applicable Installment Date exceed the
Post-Installment Conversion Shares, then the excess will be applied towards the next Conversion Shares to be issued by the
Company (unless the Outstanding Balance has been reduced to zero, in which case Holder will return such excess shares to the
Company). If a Payment Default has occurred and the Pre-Installment Conversion Shares for the applicable Installment Date
exceed the Post-Installment Conversion Shares, then Holder shall not be required to return to the Company any of the excess
shares or apply such excess shares to any future issuance or conversion of shares hereunder. The Company agrees to deliver to
the Holder such information and calculations required under this Section 8.2(b) substantially in the form attached hereto as
Exhibit C-2 (each, an “Installment Date Notice”).

 

(c)       If
an Event of Default occurs during any applicable Company Conversion Measuring Period (defined below), then Holder may elect to
either (i) return any Pre-Installment Conversion Shares delivered in connection with the applicable Installment Date, or (ii) retain
such Pre-Installment Conversion Shares and reduce the Outstanding Balance in connection therewith by an amount equal to the Market
Price of such retained Pre-Installment Conversion Shares as of the Installment Date, but in no event shall such reduction be greater
than the Company Conversion Amount used to calculate such Pre-Installment Conversion Shares. “Company Conversion Measuring
Period” means the period beginning on the applicable Pre-Installment Notice Due Date and ending on the applicable Installment
Date.

 

(d)       If
no Equity Conditions Failure existed as of the Pre-Installment Notice Due Date, but an Equity
Conditions Failure exists as of the applicable Installment Date, and such is not waived as permitted herein, or a Company Conversion
is not otherwise permitted as of the Installment Date under any other provision of this Note, then, at the option of the Holder
designated in writing to the Company, the Holder may require the Company to do any one or more of the following:

 

(i)       the
Company must redeem all or any part designated by the Holder of the Company Conversion Amount for which shares have not yet
been delivered to Holder (such designated amount is referred to as the “Designated Redemption Amount”) and
the Company shall pay to the Holder within three (3) Trading Days of such Installment Date, by wire transfer of
immediately available funds, an amount in cash equal to the Redemption Premium multiplied by the Designated Redemption Amount
(the “Designated Redemption Price”) (if the Company fails to pay the Designated Redemption Price by the
third (3rd) Trading Day following such written notice to the Company, then such failure to pay shall be an Event of Default
under Section 4.1(a) hereof), or

 

    	15

    	 

    

 

 

(ii)       the
Company Conversion shall be null and void with respect to the Company Conversion Amount for which shares have not yet been delivered
to Holder, and Holder shall be entitled to all the rights of a holder of this Note with respect to such remaining Company Conversion
Amount; provided, however, the Conversion Price for such remaining Company Conversion Amount shall thereafter be adjusted
to equal the lesser of (Y) the Default Conversion Price as in effect on the date on which the Holder voided the Company Conversion
and (Z) the Default Conversion Price that would be in effect on the date on which the Holder delivers a subsequent Conversion
Notice relating thereto as if such date was an Installment Date.

 

(e)       Notwithstanding
anything to the contrary in this Section 8.2, but subject to Section 3.4, until the Company
delivers Common Stock representing the Company Conversion Amount to the Holder pursuant to the terms of this Section 8.2,
the Company Conversion Amount may be converted by the Holder into Common Stock pursuant to Section 3.
In the event that the Holder elects to convert the Company Conversion Amount prior to the applicable Installment
Date as set forth in the immediately preceding sentence, the Company Conversion Amount so converted shall be deducted from the
Installment Amount(s) relating to the applicable Installment Date(s) as set forth in the applicable Conversion Notice.

 

(f)       All
Common Stock to be delivered to the Holder under this Section 8.2 shall be transferred via the DWAC system. Failure to do so shall
constitute an Event of Default under Section 4.1(b) hereof.

 

8.3.       Mechanics
of Company Redemption. If the Company elects, or is required to elect, a Company Redemption, in whole or in part, in accordance
with Section 8.1 or Section 8.2, then the Company Redemption Amount, if any, which is to
be paid to the Holder on the applicable Installment Date shall be redeemed by the Company on such Installment Date in an amount
of cash (without incurring any Prepayment Premium), and the Company shall pay to the Holder on such Installment Date, by wire
transfer of immediately available funds an amount, equal to the applicable Company Redemption Amount. If the Company fails to
pay the applicable Company Redemption Amount on the applicable Installment Date, then, at the option of the Holder designated
in writing to the Company (any such designation shall be a “Conversion Notice” for purposes of this Note), the Holder
may require the Company to convert all or any part of the Company Redemption Amount at the Default Conversion Price (determined
as of the date of such designation as if such date were an Installment Date). Conversions required by this Section 8.3
shall be made in accordance with the provisions of Section 3.3. Notwithstanding
anything to the contrary in this Section 8.3, but subject to Section 3.4
and the Holder’s right to require the Company to convert all or any part of the Company Redemption Amount at the
Default Conversion Price as set forth above, until the Company Redemption Amount (together with any Late Charges thereon) is paid
in full, the Company Redemption Amount (together with any Late Charges thereon) may be converted, in whole or in part, by the
Holder into Common Stock pursuant to Section 3. In the event the Holder elects to convert
all or any portion of the Company Redemption Amount prior to the applicable Installment Date as set forth in the immediately preceding
sentence, the Company Redemption Amount so converted shall be deducted from the Installment Amounts relating to the applicable
Installment Date(s) as set forth in the applicable Conversion Notice.

 

8.4.       DWAC
Eligibility. If, when the Company delivers a Pre-Installment Notice and elects, or is deemed to have delivered a
Pre-Installment Notice and deemed to have elected, in whole or in part, a Company Conversion in accordance with Section 8.1,
and the DWAC Eligible Conditions are not then satisfied but Holder waives the corresponding Equity Conditions Failure
pursuant to Section 8.6, then, in accordance with Section 8.2, although such status will constitute an Event of Default
hereunder, shares required to be issued to the Holder under this Section 8 shall be issued (without limiting any of
Holder’s rights with respect to the Event of Default) as follows:

 

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(a)       No
later than three (3) Trading Days after delivery or deemed delivery (as applicable) of the applicable Pre-Installment Notice setting
forth a Company Conversion Amount, the Company shall deliver to the Holder or its broker, via reputable overnight courier, the
Pre-Installment Certificated Shares by original share certificate, registered in the name of the Holder or its designee; provided,
however, that so long as shares are not provided electronically to the Holder under Section 8, the Pre-Installment Certificated
Shares shall equal two (2) times the number of Pre-Installment Conversion Shares that would otherwise be transferred electronically
to the Holder.

 

(b)       The
Company agrees to use its best efforts to cause such shares to become Free Trading (the first date such occurs, the “Free
Trading Date”). The Holder will notify the Company of the Free Trading Date via email within two (2) Trading Days after
the occurrence of the Free Trading Date.

 

(c)       Provided
that there is no Equity Conditions Failure as of the date that is twenty-three (23) Trading Days after the applicable Free
Trading Date (the “Certificated Shares Installment Date”) (or such failure is waived as permitted herein) and
a Company Conversion is not otherwise prohibited under any other provision of this Note, no later than three (3) Trading Days after
the applicable Certificated Shares Installment Date, the Company shall deliver to the Holder or its broker via reputable overnight
courier the Post-Installment Certificated Shares, less the Pre-Installment Certificated Shares previously delivered to the Holder,
by original share certificate, registered in the name of the Holder or its designee. So long as no Payment Default has occurred,
if the Pre-Installment Certificated Shares for the applicable Certificated Shares Installment Date exceed the Post-Installment
Certificated Shares, then the excess will be applied towards the next Conversion Shares to be issued by the Company (unless the
Outstanding Balance has been reduced to zero, in which case Holder will return such excess shares to the Company). If a Payment
Default has occurred and the Pre-Installment Certificated Shares for the applicable Certificated Shares Installment Date exceed
the Post-Installment Certificated Shares, then Holder shall not be required to return to the Company any of the excess shares or
apply such excess shares to any future issuance or conversion of shares hereunder.

 

8.5.       Deemed
Issuance. If the Company fails to deliver shares as required by any portion of this Section 8, in addition to such failure
to act being considered an Event of Default hereunder, for purposes of Section 7.1, the Company
shall also be deemed to have issued the Pre-Installment Conversion Shares, Post-Installment Conversion
Shares, Pre-Installment Certificated Shares, or Post-Installment Certificated Shares, as applicable, to Holder on the latest possible
permitted date pursuant to the terms set forth in this Section 8, with Holder entitled to all the rights and privileges
associated with such deemed issued shares (the “Deemed Installment Issuance”).

 

8.6.       Waiver
of Equity Conditions Failure. Notwithstanding anything in this Note to the Contrary, the Holder may waive in
writing any Equity Conditions Failure, except for the Non-Waivable Equity Conditions (defined below). For purposes of this
Section 8, “Non-Waivable Equity Conditions” refers to (A) the Equity Condition set forth in Section 27.19
(iv) (indicating that Holder may not own more than the Maximum Percentage set forth in Section 3.4 of this Note), and (B) the
Equity Condition set forth in Section 27.19 (v) (Common Stock may be issued without violating the rules of the Eligible
Market). Any such waiver shall only be made for the purposes of permitting a Company Conversion to occur under this Section 8
and shall not be deemed a waiver of the underlying default or a continuing waiver of a future Equity Conditions Failure. Any
such waiver shall not excuse the Company from the performance of any of its current or future obligations under this
Note.

 

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8.7.       Preparation
of Installment Notices. Because of the complexity of the calculations contemplated
under this Note, the Holder may, at its discretion, prepare the Pre-Installment Notice and/or the Installment Date Notice for the
benefit of the Company, including the calculation of Pre-Installment Conversion Shares, Post-Installment Conversion Shares, Pre-Installment
Certificated Shares, Post-Installment Certificated Shares; provided, however, that no error or mistake in the preparation
of such notices or information may be deemed a waiver of the Holder’s right to enforce the terms of this Note, even if such
error or mistake arises from the Holder’s own calculation. Nothing in this Section shall be deemed an obligation of the Holder
to prepare any such notices or information, or a waiver of any of its rights and remedies under this Note.

 

8.8.       Transfer
Fees. The Company shall pay any and all transfer, stamp, issuance and similar taxes that may be payable with respect to the
issuance and delivery of Pre-Installment Conversion Shares, Post-Installment Conversion Shares, Pre-Installment Certificated Shares,
and Post-Installment Certificated Shares.

 

9.       NONCIRCUMVENTION.
The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation (as defined
in the Agreement), bylaws, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Note, and will at all times in good faith carry out all of the provisions of this Note and take all action as may
be required to protect the rights of the Holder of this Note. Without limiting the generality of the foregoing, the Company (i) shall
not increase the par value of any shares of Common Stock receivable upon conversion of this Note above the Conversion Price then
in effect, (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally
issue fully paid and non-assessable shares of Common Stock upon the conversion of this Note, and (iii) shall, so long as this
Note is outstanding, take all action necessary to maintain the Share Reserve (as defined in the Agreement).

 

10.       HOLDER’S
REDEMPTIONS. If the Holder has submitted to the Company an Event of Default Redemption Notice in accordance with Section
4.2(b), then the Company shall pay to the Holder in cash within ten (10) Trading Days after the Company’s receipt of
such Event of Default Redemption Notice an amount equal to the Default Redemption Amount multiplied by the Redemption Premium
(the “Event of Default Redemption Price”); provided, however, that the Redemption Premium may only
be applied in computing the Event of Default Redemption Price with respect to the first two Events of Default to occur under
this Note, and not to any subsequent Events of Default. If the Holder has submitted to Company a Fundamental Transaction
Redemption Notice in accordance with Section 5.2, then the Company shall pay to the Holder in cash prior to the consummation
of such Fundamental Transaction if such notice is received prior to the consummation of such Fundamental Transaction and
within ten (10) Trading Days after the Company’s receipt of such notice otherwise, an amount equal to the Fundamental
Transaction Redemption Amount multiplied by the Redemption Premium (the “Fundamental Transaction Redemption
Price”). Notwithstanding anything in this Note to the contrary, the failure of the Company to pay the Redemption
Price under this Section 10 shall not be considered a separate Event of Default hereunder. In the event that the Company does
not pay the applicable Redemption Price to the Holder within the time period required, at any time thereafter and until the
Company pays such unpaid Redemption Price in full, the Holder shall have the option, in lieu of redemption, to cancel the
Event of Default Redemption Notice or the Fundamental Transaction Redemption Notice, as applicable, by written notice to the
Company (the “Redemption Cancellation Notice”). Upon the Company’s receipt of a Redemption
Cancellation Notice, (x) the Outstanding Balance of this Note as of the date of the Redemption Notice shall be increased by
an amount equal to (1) the applicable Event of Default Redemption Price, or Fundamental Transaction Redemption Price (as
the case may be), minus (2) the principal portion of the Outstanding Balance submitted for redemption; (y) this Note shall
thereafter be due and payable upon demand, with payment of the Outstanding Balance being due ten (10) Trading Days after
written demand therefor from the Holder; and (z) the Conversion Price of this Note shall be automatically adjusted with
respect to each conversion under this Note effected thereafter by the Holder to the lowest of (A) 65% of the lowest Closing
Bid Price of the Common Stock during the period beginning on and including the date on which the applicable Redemption Notice
is delivered to the Company and ending on and including the date of the Redemption Cancellation Notice, (B) the Market Price
as of the date of the Redemption Cancellation Notice, (C) the then current Market Price, and (D) the then current Conversion
Price. The Holder’s delivery of a Redemption Cancellation Notice and exercise of its rights following such notice shall
not affect the Company’s obligations to make any payments of Late Charges which have accrued prior to the date of such
Redemption Cancellation Notice and shall not be deemed a waiver of any Event of Default identified in the applicable Event of
Default Redemption Notice.

 

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11.       VOTING
RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required
by law and as expressly provided in this Note.

 

12.       AMENDING
THE TERMS OF THIS NOTE. The prior written consent of the Holder shall be required for any change or amendment to this Note.

 

13.       TRANSFER.
This Note and any shares of Common Stock issued upon conversion of this Note may be offered,
sold, assigned or transferred by the Holder without the consent of the Company. 

 

14.       REISSUANCE
OF THIS NOTE.

 

14.1.       Transfer.
If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company will forthwith issue
and deliver upon the order of the Holder a new Note (in accordance with Section 14.4), registered as the Holder may request,
representing the Outstanding Balance being transferred by the Holder and, if less than the entire Outstanding Balance is being
transferred, a new Note (in accordance with Section 14.4) to the Holder representing the
Outstanding Balance not being transferred.

 

14.2.       Lost,
Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Note (as to which a written certification and the indemnification contemplated below shall suffice
as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking
by the Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation
of this Note, the Company shall execute and deliver to the Holder a new Note (in accordance with Section 14.4) representing
the Outstanding Balance. 

 

14.3.       Note
Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder by delivery
to the principal office of the Company, for a new Note or Notes (in accordance with Section 14.4 and in principal amounts of
at least $1,000) representing in the aggregate the Outstanding Balance of this Note, and each such new Note will represent
such portion of such Outstanding Balance as is designated by the Holder at the time of such surrender. 

 

14.4.       Issuance
of New Notes. Subject to Section 10, whenever the Company is required to issue a new Note pursuant to the terms of this Note,
such new Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new
Note, the Outstanding Balance (or in the case of a new Note being issued pursuant to Section 14.1 or
Section 14.3, the portion of the Outstanding Balance designated by the Holder which, when added
to the outstanding balance represented by the other new Notes issued in connection with such issuance, does not exceed the Outstanding
Balance under this Note immediately prior to such issuance of new Notes), (iii) shall have an issuance date, as indicated
on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have the same rights and conditions
as this Note, and (v) shall represent accrued and unpaid Interest and Late Charges and other increases to the Outstanding
Balance as permitted hereunder from the Issuance Date. 

 

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15.       REMEDIES,
CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies, including without limitation the Redemption
Premium, Prepayment Premium, and all other charges, fees, and collection costs provided for in this Note, shall be cumulative
and in addition to all other remedies available under this Note and any of the other Transaction Documents at law or in equity
(including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s
right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note. The Company
covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein.
Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall
be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation
of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees
that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies,
to an injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and
without any bond or other security being required. The Company shall provide all information and documentation to the Holder that
is requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions of this
Note (including, without limitation, compliance with Section 7).

 

16.       PAYMENT
OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an attorney for collection or enforcement
prior to commencing legal proceedings, or is collected or enforced through any legal proceeding,
or the Holder otherwise takes action to collect amounts due under this Note or to enforce the provisions of this Note; or (b) there
occurs any bankruptcy, reorganization, receivership of the Company or other proceedings affecting Company creditors’ rights
and involving a claim under this Note; then the Company shall pay the costs incurred by the Holder for such collection, enforcement
or action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including, without limitation,
attorneys’ fees and disbursements. The Company expressly acknowledges and agrees that no amounts due under this Note shall
be affected, or limited, by the fact that the Purchase Price paid for this Note was less than the Original Principal Amount.

 

17.       CONSTRUCTION;
HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against
any Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part of, or affect
the interpretation of, this Note. Terms used in this Note but defined in the other Transaction Documents shall have the meanings
ascribed to such terms on the Issuance Date in such other Transaction Documents unless otherwise
consented to in writing by the Holder. 

 

18.       FAILURE
OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege. No waiver shall be effective
unless it is in writing and signed by an authorized representative of the waiving party. 

 

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19.       DISPUTE
RESOLUTION. In the case of a dispute as to the determination of the Conversion Price, Default Conversion Price,
Pre-Installment Conversion Price, Conversion Rate, the Closing Bid Price, the Closing Sale Price, VWAP or fair market value
(as the case may be) or the arithmetic calculation of Conversion Shares or the applicable
Redemption Price (as the case may be), the Company or the Holder (as the case may be) shall submit the disputed
determinations or arithmetic calculations (as the case may be) via facsimile (i) within two (2) Trading Days after
receipt of the applicable notice giving rise to such dispute to the Company or the Holder (as the case may be) or
(ii) if no notice gave rise to such dispute, at any time after the Holder learned of the circumstances giving rise to
such dispute (including, without limitation, as to whether any issuance or sale or deemed issuance or sale was an issuance or
sale or deemed issuance or sale of Excluded Securities). If the Holder and the Company are unable to agree upon such
determination or calculation within two (2) Trading Days of such disputed determination or arithmetic calculation (as
the case may be) being submitted to the Company or the Holder (as the case may be), then the Company shall, within two
(2) Trading Days, submit via facsimile (a) the disputed determination of the Conversion Price, Default Conversion
Price, Pre-Installment Conversion Price, Conversion Rate, the Closing Bid Price, the Closing Sale Price, VWAP or fair market
value (as the case may be) to an independent, reputable investment bank selected by the Holder or (b) the
disputed arithmetic calculation of the Conversion Shares or any Redemption Price (as the case may be) to the Company’s
independent, outside accountant. The Company shall cause at its expense the investment bank or the accountant (as the case
may be) to perform the determinations or calculations (as the case may be) and notify the Company and the Holder of the
results no later than ten (10) Trading Days from the time it receives such disputed determinations or calculations (as
the case may be). Such investment bank’s or accountant’s determination or calculation with respect to the
disputes set forth in this Section 19 (as the case may be) shall be binding upon all parties absent demonstrable
error. 

 

20.       NOTICES;
PAYMENTS.

 

20.1.       Notices.
Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be given in accordance
with the subsection of the Agreement titled “Notices.” The Company shall provide the Holder
with prompt written notice as may be required hereunder, including without limitation the following actions (such notice to include
in reasonable detail a description of such action and the reason therefore): (i) immediately upon any adjustment of
the Conversion Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least
fifteen (15) Trading Days prior to the date on which the Company closes its books or takes a record (A) with respect
to any dividend or distribution upon the Common Stock, (B) with respect to any grant, issuances, or sales of any Options,
Convertible Securities or rights to purchase stock, warrants, securities or other property to all holders of shares of Common Stock,
or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in
each case that such information shall be made known to the public prior to or in conjunction with such notice being provided to
the Holder.

 

20.2.       Currency.
All dollar amounts referred to in this Note are in United States Dollars (“U.S. Dollars”), and all amounts owing
under this Note shall be paid in U.S. Dollars. All amounts denominated in other currencies (if
any) shall be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation.
“Exchange Rate” means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this
Note, the U.S. Dollar exchange rate as published in The Wall Street Journal on the relevant date of calculation (it being
understood and agreed that where an amount is calculated with reference to, or over, a period of time, the date of calculation
shall be the final date of such period of time). 

 

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20.3.       Payments.
Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, unless otherwise expressly set forth
herein, such payment shall be made in lawful money of the United States of America by wire transfer of immediately available funds
pursuant to wire transfer instructions delivered to Company by Holder from time to time. Whenever any amount expressed to be due
by the terms of this Note is due on any day which is not a Trading Day, the same shall instead be due on the next succeeding day
which is a Trading Day. Any amount due under the Transaction Documents which is not paid when due shall result in a late charge
being incurred and payable by the Company in an amount equal to interest on such amount at the rate of twenty-two percent (22%)
per annum from the date such amount was due until the same is paid in full (“Late Charge”).

 

21.       CANCELLATION.
After repayment or conversion of the entire Outstanding Balance, this Note shall automatically be deemed canceled, shall be surrendered
to the Company for cancellation and shall not be reissued.

 

22.       WAIVER
OF NOTICE. To the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment, protest and all
other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and the
Agreement.

 

23.       GOVERNING
LAW. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the internal laws of the State of Utah, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of Utah. The Company hereby irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in Salt Lake City for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.
In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with
such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity
or enforceability of any other provision of this Note. Nothing contained herein shall be deemed or operate to preclude the Holder
from bringing suit or taking other legal action against the Company or any of its Subsidiaries in any other jurisdiction to collect
on the Company’s obligations to the Holder, to realize on any collateral or any other security for such obligations, or to
enforce a judgment or other court ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE
TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT
OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

24.       SEVERABILITY.
If any provision of this Note is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Note so long as this Note as so modified continues to express, without material
change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability
of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties
or the practical realization of the benefits that would otherwise be conferred upon the parties.  The parties will endeavor
in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with one or more valid provisions,
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

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25.       FEES
AND CHARGES. The parties acknowledge and agree that upon Company’s failure to comply with the provisions of this Note,
the Holder’s damages would be uncertain and difficult (if not impossible) to accurately estimate because of the parties’
inability to predict future interest rates, the Holder’s increased risk, and the uncertainty of the availability of a suitable
substitute investment opportunity for the Holder, among other reasons. Accordingly, any fees, charges, and interest due under this
Note, including without limitation the Prepayment Premium and the Redemption Premium, are intended by the parties to be, and shall
be deemed, a reasonable estimate of the Holder’s actual loss of its investment opportunity and not a penalty, and shall not
be deemed in any way to limit any other right or remedy Holder may have hereunder, at law or in equity.

 

26.       UNCONDITIONAL
OBLIGATION. Subject to the terms of the Agreement, no provision of this Note shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, and interest on, this Note at the time, place, and rate, and in the
coin or currency or where contemplated herein in shares of its Common Stock, as applicable, as herein prescribed. This Note is
the direct obligation of the Company and not subject to offsets, counterclaims, defenses, credits or deductions.

 

27.       CERTAIN
DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

 

27.1.       “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under
common control with, such Person, it being understood for purposes of this definition that “control” of a Person means
the power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the election of directors
of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

27.2.       “Agreement”
means that certain Securities Purchase Agreement, dated as of January 23, 2013, as may be amended from time to time, by and between
the Company and the Holder, pursuant to which the Company issued this Note.

 

27.3.       “Approved
Stock Plan” means any stock option plan which has been approved by the Board of Directors of the Company, pursuant
to which the Company’s securities may be issued to any employee, officer or director for services provided to the Company.

 

27.4.       “Black
Scholes Consideration Value” means the value of the applicable Option or Convertible Security (as the case may be) as
of the date of issuance thereof calculated using the Black Scholes Option Pricing Model obtained from the “OV” function
on Bloomberg utilizing (i) an underlying price per share equal to the Closing Sale Price of the Common Stock on the Trading
Day immediately preceding the public announcement of the execution of definitive documents with respect to the issuance of such
Option or Convertible Security (as the case may be), (ii) a risk-free interest rate corresponding to the U.S. Treasury rate
for a period equal to the remaining term of such Option or Convertible Security (as the case may be) as of the date of issuance
of such Option or Convertible Security (as the case may be), and (iii) an expected volatility equal to the greater of 100%
and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization
factor) as of the Trading Day immediately following the date of issuance of such Option or Convertible Security (as the case
may be).

 

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27.5.       “Bloomberg”
means Bloomberg, L.P. 

 

27.6.       “Closing
Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price
and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal
Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price (as
the case may be) then the last bid price or last trade price, respectively, of such security prior to 4:00:00 p.m., New York
time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such
security, the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or
trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing
bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for
such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such security
by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported
in “OTC Pink” by Pink OTC Markets Inc. (formerly Pink Sheets LLC), and any successor thereto. If the Closing Bid Price
or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid
Price or the Closing Sale Price (as the case may be) of such security on such date shall be the fair market value as mutually determined
by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then
such dispute shall be resolved in accordance with the procedures in Section 19

 

. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination
or other similar transaction during such period.

 

27.7.       “Common
Stock” means (i) the Company’s shares of common stock, $0.001 par value per share, and (ii) any capital
stock into which such common stock shall have been changed or any share capital resulting from a reclassification
of such common stock.

 

27.8.       “Contingent
Obligation” means as to any Person, any direct or indirect liability, contingent or otherwise, of that Person
with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the
Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such
liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such
liability will be protected (in whole or in part) against loss with respect thereto.

 

27.9.       “Conversion
Shares” means shares of Common Stock issuable by the Company upon any conversion of this Note, including without
limitation, Section 3 Conversion Shares, Pre-Installment Conversion Shares, Post-Installment Conversion Shares, Pre-Installment
Certificated Shares, and Post-Installment Certificated Shares.

 

27.10.       “Convertible
Securities” means any stock, preferred stock, stock appreciation rights, phantom stock, equity related rights, equity
linked rights, or other security (other than Options) that is at any time and under any circumstances, directly or indirectly,
convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares of Common
Stock.

 

27.11.       “Current
Subsidiary” means any Person in which the Company on the Issuance Date, directly or indirectly, (i) owns any of
the outstanding capital stock or holds any equity or similar interest of such Person or (ii) controls or operates all or any
part of the business, operations or administration of such Person, and all of the foregoing, collectively, “Current Subsidiaries.”

 

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27.12.       “Deemed
Issuance” means (i) a Deemed Conversion Issuance as defined in Section 3.3(b) hereof, (ii) a Deemed Warrant Issuance
as defined in Section 7.1(e) hereof, and (iii) a Deemed Installment Issuance as defined in Section
8.5 hereof.

 

27.13.       “Default
Conversion Price” means, with respect to a particular date of determination, the lower of (i) the Conversion Price then
in effect and (ii) the Market Price as of the specified Pre-Installment Notice Due Date or the Installment Date, as applicable.
All such determinations to be appropriately adjusted for any stock split, stock dividend, stock combination
or other similar transaction during any applicable Measuring Period.

 

27.14.       “DTC”
means the Depository Trust Company.

 

27.15.       “DTC/FAST
Program” means the DTC’s Fast Automated Securities Transfer Program.

 

27.16.       “DWAC”
means Deposit Withdrawal at Custodian as defined by the DTC.

 

27.17.       “DWAC
Eligible Conditions” means that (i) the Common Stock is eligible at DTC for full services pursuant to DTC’s Operational
Arrangements, including without limitation transfer through DTC’s DWAC system, (ii) the Company has been approved (without
revocation) by the DTC’s underwriting department, (iii) the Transfer Agent is approved as an agent in the DTC/FAST Program,
(iv) the Conversion Shares are otherwise eligible for delivery via DWAC, and (v) the Transfer Agent does not have a policy
prohibiting or limiting delivery of the Conversion Shares via DWAC.

 

27.18.       “Eligible
Market” means The New York Stock Exchange, NYSE Amex, the Nasdaq Global Select Market, the Nasdaq Global Market, the
Nasdaq Capital Market, the OTC Bulletin Board, the OTCQX or the OTCQB, or the Principal Market.
In no event shall quotations provided in OTC Pink by Pink OTC Markets Inc., or its successor, be considered an Eligible Market.

 

27.19.       “Equity
Conditions” means: (i) with respect to the applicable date of determination all of the Conversion Shares are
freely tradable under Rule 144 or without the need for registration under any applicable federal or state securities laws (in
each case, disregarding any limitation on conversion of this Note); (ii) on each day during the period beginning one
month prior to the applicable date of determination and ending on and including the applicable date of determination (the
“Equity Conditions Measuring Period”), the Common Stock is listed or designated for quotation (as
applicable) on an Eligible Market and shall not have been suspended from trading on an Eligible Market (other than
suspensions of not more than two (2) Trading Days and occurring prior to the applicable date of determination due to
business announcements by the Company); (iii) on each day during the Equity Conditions Measuring Period, the Company
shall have delivered all shares of Common Stock issuable upon conversion of this Note on a timely basis as set forth in
Section 3 hereof and all other shares of capital stock required to be delivered by the Company on a timely basis as set
forth in the other Transaction Documents; (iv) any shares of Common Stock to be issued in connection with the event
requiring determination may be issued in full without violating Section 3.4 hereof (the Holder acknowledges that the
Company shall be entitled to assume that this condition has been met for all purposes hereunder absent written notice from
the Holder); (v) any shares of Common Stock to be issued in connection with the event requiring determination may be
issued in full without violating the rules or regulations of the Eligible Market on which the Common Stock is then listed or
designated for quotation (as applicable); (vi) on each day during the Equity Conditions Measuring Period, no public
announcement of a pending, proposed or intended Fundamental Transaction shall have occurred which has not been
abandoned, terminated or consummated; (vii) the Company shall have no knowledge of any fact that would reasonably be
expected to cause any of the Conversion Shares to not be freely tradable without the need for registration under any
applicable state securities laws (in each case, disregarding any limitation on conversion of this Note); (viii) on each
day during the Equity Conditions Measuring Period, the Company otherwise shall have been in material compliance with each,
and shall not have breached any, term, provision, covenant, representation or warranty of any Transaction Document;
(ix) without limiting clause (viii) above, on each day during the Equity Conditions Measuring Period, there shall not
have occurred an Event of Default or an event that with the passage of time or giving of notice would constitute an Event of
Default; (x) all DWAC Eligible Conditions shall be satisfied as of each applicable Pre-Installment Notice Due Date and
Installment Date; (xi) on each Pre-Installment Notice Due Date and each Installment Date, the average and median daily dollar
volume of the Common Stock on its Principal Market for the previous twenty-three (23) Trading Days shall be greater than
$12,000.00; and (xii) the ten (10) day average VWAP of the Common Stock is greater than $0.05.

 

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27.20.       “Equity
Conditions Failure” means, with respect to a particular date of determination, that on any day during the period commencing
twenty three (23) Trading Days immediately prior to such date of determination and ending on such date of determination, the
Equity Conditions have not been satisfied (or waived in writing by the Holder). If an Equity Conditions
Failure is the result of an Event of Default, then the Equity Conditions Failure shall be deemed permanent and may not be cured
by the Company.

 

27.21.       “Excluded
Securities” means any shares of Common Stock, options, or convertible securities issued or issuable (i) in connection
with any Approved Stock Plan; provided that the option term, exercise price or similar provisions of any issuances pursuant
to such Approved Stock Plan are not amended, modified or changed on or after the Issuance Date; (ii) pursuant to that certain terms
sheet for a convertible promissory note in the original principal amount of $38,000 to be issued by the Company in favor of Howard
Holderness and convertible into Common Stock at a conversion price of $0.08 per share; and (iii) in connection with mergers, acquisitions,
strategic licensing arrangements, strategic business partnerships or joint ventures, in each case with non-affiliated third parties
and otherwise on an arm’s-length basis, the purpose of which is not to raise additional capital; provided, that such
third parties are not granted any registration rights.  Notwithstanding the foregoing, any Common Stock issued or issuable
to raise capital for the Company or its Subsidiaries, directly or indirectly, in connection with any transaction contemplated by
clause (ii) above, including, without limitation, securities issued in one or more related transactions or that result in similar
economic consequences, shall not be deemed to be Excluded Securities.

 

27.22.       “Free
Trading” means that (i) the certificate representing the applicable shares of Common Stock has been cleared and approved
for public resale by the compliance departments of Holder’s brokerage firm and the clearing firm servicing such brokerage,
and (ii) such shares are held in the name of the clearing firm servicing Holder’s brokerage firm and have been deposited
into such clearing firm’s account for the benefit of Holder.

 

27.23.       “Fundamental
Transaction” means that (i) (1) the Company or any of its Subsidiaries shall, directly or indirectly, in one or
more related transactions, consolidate or merge with or into (whether or not the Company or any of its Subsidiaries is the surviving
corporation) any other Person, or (2) the Company or any of its Significant Subsidiaries shall, directly or indirectly, in
one or more related transactions, sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all
of its respective properties or assets to any other Person, or (3) the Company or any of its Subsidiaries shall, directly
or indirectly, in one or more related transactions, allow any other Person to make a purchase, tender or exchange
offer that is accepted by the holders of more than 50% of the outstanding shares of Voting Stock of the Company (not including
any shares of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated with the
Persons making or party to, such purchase, tender or exchange offer), or (4) the Company or any of its Subsidiaries shall,
directly or indirectly, in one or more related transactions, consummate a stock or share purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other Person whereby
such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company (not including any shares of
Voting Stock of the Company held by the other Person or other Persons making or party to, or associated or affiliated with the
other Persons making or party to, such stock or share purchase agreement or other business combination), or (5) the Company
or any of its Subsidiaries shall, directly or indirectly, in one or more related transactions, reorganize, recapitalize or reclassify
the Common Stock, other than an increase in the number of authorized shares of the Company’s Common Stock, or (ii) any
“person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and
the rules and regulations promulgated thereunder) is or shall become the “beneficial owner” (as defined in Rule 13d-3
under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding
Voting Stock of the Company.

 

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27.24.       “GAAP”
means United States generally accepted accounting principles, consistently applied. 

 

27.25.       “Indebtedness”
of any Person means, without duplication (i) all indebtedness for borrowed money, (ii) all obligations issued, undertaken or assumed
as the deferred purchase price of property or services, including, without limitation, “capital leases” in accordance
with GAAP (other than trade payables entered into in the ordinary course of business), (iii) all reimbursement or payment obligations
with respect to letters of credit, surety bonds and other similar instruments, (iv) all obligations evidenced by notes, bonds,
debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of property,
assets or businesses, (v) all indebtedness created or arising under any conditional sale or other title retention agreement, or
incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even
though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or
sale of such property), (vi) all monetary obligations under any leasing or similar arrangement which, in connection with GAAP,
consistently applied for the periods covered thereby, is classified as a capital lease, (vii) all indebtedness referred to in clauses
(i) through (vi) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise,
to be secured by) any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property or assets
(including accounts and contract rights) owned by any Person, even though the Person which owns such assets or property has not
assumed or become liable for the payment of such indebtedness, and (viii) all Contingent Obligations in respect of indebtedness
or obligations of others of the kinds referred to in clauses (i) through (vii) above.

 

27.26.       “Installment
Amount” means the greater of (i) $28,125 ($225,000.00 ÷ 8), plus the sum of any accrued and unpaid Interest as
of the applicable Installment Date and accrued, and unpaid Late Charges, if any, under this Note as of the applicable Installment
Date, and any other amounts accruing or owing to Holder under this Note as of such Installment Date, and (ii) the then Outstanding
Balance divided by the number of Installment Dates remaining prior to the Maturity Date. In the event the Holder shall sell or
otherwise transfer any portion of this Note, the transferee shall be allocated a pro rata portion (based on the portion of this
Note transferred compared with the Outstanding Balance of this Note as of the transfer date) of each unpaid Installment Amount
hereunder. Notwithstanding any other provision contained herein, if any Installment Amount is greater than the then Outstanding
Balance of this Note, such Installment Amount shall be reduced to equal such then Outstanding Balance.

 

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27.27.       “Installment
Date” means the Initial Installment Date and the same day on each of the calendar months following the Initial
Installment Date, regardless of the occurrence of any Event of Default (or the issuance of any Redemption Cancellation
Notice). If the Outstanding Balance is not paid or converted in full on the Maturity Date, then in addition to any remedies
available under the Transaction Documents, the Installment Dates will continue on the same day of each calendar month until
the Outstanding Balance is paid or converted in full (thus requiring the Company to continue to provide Pre-Installment
Notices to the Holder pursuant to Section 8 hereof). If the Initial Installment Date is on the 29th,
30th, or 31st of a calendar month, then Installment Dates for shorter subsequent calendar months shall
be deemed to be on the last day of such applicable calendar month.

 

27.28.       “Market
Price” means 65% of the arithmetic average of the three (3) lowest VWAPs of the shares of Common Stock during
the twenty (20) consecutive Trading Day period immediately preceding the date of such determination (the “Measuring Period”).
All such determinations are to be appropriately adjusted for any stock split, stock dividend, stock combination or other similar
transaction during such Measuring Period.

 

27.29.       “Maturity
Date” shall mean the date that is fourteen (14) months after the Issuance Date.

 

27.30.       “New
Subsidiary” means, as of any date of determination, any Person in which the Company after the Issuance Date, directly
or indirectly, (i) owns or acquires any of the outstanding capital stock or holds any equity or similar interest
of such Person or (ii) controls or operates all or any part of the business, operations or administration of such Person, and all
of the foregoing, collectively, “New Subsidiaries.” 

 

27.31.       “Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

27.32.       “Parent
Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock
or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity,
the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

27.33.       “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated
organization, any other entity or a government or any department or agency thereof.

 

27.34.       “Post-Installment
Certificated Shares” means a number of shares of Common Stock equal to one (1) times the greater of (i) the Post-Installment
Conversion Shares calculated using the applicable Installment Date, and (ii) the Post-Installment Conversion Shares calculated
using the Certificated Shares Installment Date (as if such date were the designated Installment Date).

 

27.35.       “Post-Installment
Conversion Price” means, with respect to a particular date of determination, the lower of (i) the Conversion Price then
in effect and (ii) the Market Price for the applicable Installment Date. All such determinations to be appropriately adjusted for
any stock split, stock dividend, stock combination or other similar transaction during any applicable Measuring Period.

 

27.36.       “Post-Installment
Conversion Shares” means that number of shares of Common Stock that would be required to be delivered pursuant to
Section 8 on an applicable Installment Date without taking into account the delivery of any Pre-Installment Conversion
Shares. The Post-Installment Conversion Shares are equal to the quotient of (i) the Company Conversion Amount divided by
(ii) the Post-Installment Conversion Price as of the applicable Installment Date.

 

    	28

    	 

    

 

 

27.37.       “Pre-Installment
Certificated Shares” means the number of shares of Common Stock to be delivered pursuant to Section 8.4(a). The Pre-Installment
Certificated Shares are equal to two (2) times the number of Pre-Installment Conversion Shares that would otherwise be required
to be delivered to the Holder pursuant to Section 8.2(a) under the applicable Pre-Installment Notice.

 

27.38.       “Pre-Installment
Conversion Price” means, with respect to a particular date of determination, the lower of (i) the Conversion Price
then in effect and (ii) the Market Price for the applicable Pre-Installment Notice Due Date. All such determinations to be
appropriately adjusted for any stock split, stock dividend, stock combination or other similar
transaction during any applicable Measuring Period. 

 

27.39.       “Pre-Installment
Conversion Shares” means the number of shares of Common Stock to be delivered pursuant to Section 8.1. The Pre-Installment
Conversion Shares are equal to the quotient of (i) the Company Conversion Amount divided by (ii) the Pre-Installment Conversion
Price as of the applicable Pre-Installment Notice Due Date.

 

27.40.       “Principal
Market” means the OTCQB.

 

27.41.       “Redemption
Notices” means, collectively, Event of Default Redemption Notices and Fundamental Transaction Redemption Notices, and
each of the foregoing, individually, a “Redemption Notice.”

 

27.42.       “Redemption
Premium” means 135%. 

 

27.43.       “Redemption
Price” means either the Event of Default Redemption Price or the Fundamental Transaction Redemption Price, as the context
requires or permits.

 

27.44.       “SEC”
means the United States Securities and Exchange Commission or the successor thereto. 

 

27.45.       “Significant
Subsidiaries” means, as of any date of determination, collectively, all Subsidiaries that would constitute a “significant
subsidiary” under Rule 1-02 of Regulation S-X promulgated by the SEC, and each of the foregoing, individually,
a “Significant Subsidiary.”

 

27.46.       “Subsidiaries”
means, as of any date of determination, collectively, all Current Subsidiaries and all New Subsidiaries, and each of the foregoing,
individually, a “Subsidiary.”

 

27.47.       “Successor
Entity” means the Person, which may be the Company, formed by, resulting from or surviving any Fundamental Transaction
or the Person with which such Fundamental Transaction shall have been made, provided that if such Person is not a publicly
traded entity whose common stock or equivalent equity security is quoted or listed for trading on an Eligible Market, Successor
Entity shall mean such Person's Parent Entity. 

 

27.48.       
“Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock, then on the principal securities
exchange or securities market on which the Common Stock is then traded, provided that “Trading Day” shall not
include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that
the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or
market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m.,
New York time) unless such day is otherwise designated as a Trading Day in writing by the Holder. 

 

    	29

    	 

    

 

 

27.49.       “Voting
Stock” of a Person means capital stock of such Person of the class or classes pursuant to which the holders thereof have
the general voting power to elect, or the general power to appoint, at least a majority of the board of directors, managers, trustees
or other similar governing body of such Person (irrespective of whether or not at the time capital stock of any other class or
classes shall have or might have voting power by reason of the happening of any contingency).

 

27.50.       “VWAP”
means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or,
if the Principal Market is not the principal trading market for such security, then on the principal securities exchange or securities
market on which such security is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m.,
New York time, as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does not apply,
the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for
such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time,
as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours,
the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as
reported in “OTC Pink” by Pink OTC Markets Inc. (formerly Pink Sheets LLC), and any successor thereto. If the VWAP
cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall
be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree
upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 19.
All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar
transaction during such period.

 

28.       DISCLOSURE.
Upon receipt or delivery by the Company of any notice in accordance with the terms of this Note, unless the Company has in good
faith determined that the matters relating to such notice do not constitute material, non-public information relating to the Company
or any of its Subsidiaries, the Company shall within one (1) Trading Day after any such receipt or delivery, publicly disclose
such material, non-public information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that
a notice contains material, non-public information relating to the Company or any of its Subsidiaries, the Company so shall indicate
to such Holder contemporaneously with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed
to presume that all matters relating to such notice do not constitute material, non-public information relating to the Company
or its Subsidiaries.

 

29.       MAXIMUM
PAYMENTS. Nothing contained in this Note shall, or shall be deemed to, establish or require the payment of a rate of interest
or other charges in excess of the maximum permitted by applicable law. In the event that the
rate of interest required to be paid or other charges under this Note exceeds the maximum permitted by such law, any payments in
excess of such maximum shall be credited against amounts owed by the Company to the Holder and thus refunded to the Company. 

 

[Remainder of page intentionally left
blank]

 

    	30

    	 

    

 

 

 

 

IN WITNESS WHEREOF, the Company has caused
this Note to be duly executed as of the Issuance Date set forth above.

 

 

 

 

	 	THE COMPANY:
	 	 
	 	Applied Nanotech Holdings, Inc.
	 	 
	 	 
	 	By: _________________________
	 	Name: _______________________
	 	Title: ________________________

 

 

ACKNOWLEDGED, ACCEPTED AND AGREED:

 

Tonaquint, Inc.

 

By: _________________________

John M. Fife, President

 

 

 

 

 

 

 

[Signature page
to Convertible Promissory Note]

 

    	31

    	 

    

 

 

EXHIBIT A

 

Tonaquint,
Inc.

303 East Wacker Drive, Suite 1200

Chicago, Illinois 60601

 

 

 

	Applied Nanotech Holdings, Inc.	Date: ______________________
	Attn: Doug Baker	 
	3006 Longhorn Boulevard, Suite 107	 
	Austin, Texas 78758	 

 

 

CONVERSION NOTICE 

 

       The
above-captioned Holder hereby gives notice to Applied Nanotech Holdings, Inc., a Texas corporation (the “Company”),
pursuant to that certain Convertible Promissory Note made by the Company in favor of the Holder on January 23, 2013 (the “Note”),
that the Holder elects to convert the portion of the Note balance set forth below into fully paid and non-assessable shares of
Common Stock of the Company as of the date of conversion specified below. Said conversion shall be based on the Conversion Price
set forth below. In the event of a conflict between this Conversion Notice and the Note, the Note shall govern, or, in the alternative,
at the election of the Holder in its sole discretion, the Holder may provide a new form of Conversion Notice to conform to the
Note. Capitalized terms used in this notice without definition shall have the meanings given to them in the Note.

 

 

A.       Date
of conversion:       ____________ 

B.       Conversion
#:                 ____________ 

C.       Conversion
Amount:       ____________ 

D.       Conversion
Price: _______________ 

E.       Section
3 Conversion Shares: _______________ (C divided by D)

F.       Remaining
Outstanding Balance of Note: ____________*

 

* Subject to adjustments for corrections
and defaults, and other adjustments permitted by the Transaction Documents (as defined in the Agreement).

 

□
If this box is checked, the Section 3 Conversion Shares set forth above shall reduce the Transfer Agent Reserve (as defined
in the Agreement) in accordance with Section 5.2(bb)(iii) of the Agreement.

 

Please transfer the Section 3 Conversion
Shares electronically (via DWAC) to the following account:

 

	Broker: _____________	Address:
	DTC#: ______________	___________________
	Account #: ___________	___________________
	Account Name:__________	___________________

 

 

To the extent the
Section 3 Conversion Shares are not able to be delivered to the Holder electronically via the DWAC system, please add additional
certificated Common Stock equal to five percent (5%) of the number of Section 3 Conversion Shares so converted (per Section 3.3(a)
of the Note), and deliver all such certificated shares to the Holder via reputable overnight courier after receipt of this Conversion
Notice (by facsimile transmission or otherwise) to:

   

              _____________________________________

 

              _____________________________________

 

              _____________________________________

 

 

Sincerely, 

 

Holder:     Tonaquint,
Inc.

 

 

By: _________________________

John M. Fife, President

 

 

 

    	 

    	 

    

EXHIBIT B

ACKNOWLEDGMENT

 

 

 

The Company hereby
acknowledges this Conversion Notice and hereby directs _______________ to issue the above indicated number of shares of Common
Stock in accordance with the Irrevocable Instructions to Transfer Agent dated January 23, 2013 from the Company and acknowledged
and agreed to by ___________________.

 

	 
	
        Applied Nanotech Holdings,
        Inc.

        

         

	By: ________________________
	Name: ______________________
	Title: _______________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

EXHIBIT C-1 

 

Applied Nanotech Holdings, Inc.

3006 Longhorn Boulevard, Suite 107

Austin, Texas 78758

 

 

	Tonaquint, Inc.	Date: ___________
	Attn: John Fife	 
	303 E. Wacker Dr., Suite 1200	 
	Chicago, IL 60657	 

 

PRE-INSTALLMENT NOTICE

 

The above-captioned Company hereby gives
notice to Tonaquint, Inc., a Utah corporation (the “Holder”), pursuant to that certain Convertible Promissory
Note made by the Company in favor of the Holder on January 23, 2013 (the “Note”), of certain Company elections
and certifications related to payment of the Installment Amount of $_________________ due on ___________, 201_ (the “Installment
Date”). In the event of a conflict between this Pre-Installment Notice and the Note, the Note shall govern, or, in the
alternative, at the election of the Holder in its sole discretion, the Holder may provide a new form of Pre-Installment Notice
to conform to the Note. Capitalized terms used in this notice without definition shall have the meanings given to them in the Note.

 

PRE-INSTALLMENT ELECTIONS AND CERTIFICATIONS 

AS OF THE PRE-INSTALLMENT NOTICE DUE
DATE

 

 

 

A.       COMPANY
ELECTIONS

 

The Company elects to pay the Installment
Amount as follows (check one):

 

	______(i)	Redeeming the Installment Amount in cash in accordance with Section 8 of the Note (“Company Redemption”) (if selected, no other sections of this Notice need to be completed)
	______(ii)	Converting the Installment Amount in accordance with Section 8 of the Note (“Company Conversion”) (if selected, complete Section B(1) and Section (C) of this Notice)
	______(iii)	Combination of Company Redemption and Company Conversion (if selected, complete Section B(2) and Section (C) of this Notice)

 

B.       COMPANY
CONVERSION (if applicable)

 

1.       Company
Conversion:

 

A.       Pre-Installment
Notice Due Date: ____________, 201_

B.       Company
Conversion Amount:        _____________

C.       Pre-Installment
Conversion Price: _______________ (lower of (i) Conversion Price in effect and (ii) Market Price as of Pre-Installment Notice Due
Date)

D.       Pre-Installment
Conversion Shares: _______________ (B divided by C)

E.       Excess
shares to be applied from previous installment (if any): _____________

F.       Installment
shares to be delivered: ________________ (D minus E)

G.       Remaining
Outstanding Balance of Note: ____________ *

 

    	 

    	 

    

 

 

2.       Combination
of Company Redemption and Company Conversion (if elected above):

 

A.       Pre-Installment
Notice Due Date: ____________, 201_

B.       Installment
Amount:        ____________

C.       Company
Redemption Amount: _____________

D.       Company
Conversion Amount: _____________ (B minus C)

E.       Pre-Installment
Conversion Price: _______________ (lower of (i) Conversion Price in effect and (ii) Market Price as of Pre-Installment Notice Due
Date)

F.       Pre-Installment
Conversion Shares: _______________ (D divided by E)

G.       Excess
shares to be applied from previous installment (if any): _____________

H.       Installment
shares to be delivered: ________________ (F minus G)

I.       Remaining
Outstanding Balance of Note: ____________ *

 

* Subject to adjustments for corrections
and defaults, and other adjustments permitted by the Transaction Documents (as defined in the Agreement).

 

□
If this box is checked, the installment shares to be delivered set forth above shall reduce the Transfer Agent Reserve (as defined
in the Agreement) in accordance with Section 5.2(bb)(iii) of the Agreement.

  

 

C.       EQUITY
CONDITIONS CERTIFICATION (if applicable)

 

	1.		Market Capitalization of the Common Stock:________________

 

(Check One)

 

	2.		_________The Company herby certifies that no Equity Conditions Failure exists as of
the Pre-Installment Notice Due Date.

 

	3.		_________The Company hereby gives notice that an Equity Conditions Failure has occurred
and requests a waiver from the Holder with respect thereto. The Equity Conditions Failure is as follows:

 

 

 

 

 

 

 

 

Sincerely,

 

Company: Applied Nanotech Holdings, Inc.

 

 

 

By: ___________________________________

 

       Name: ______________________________

 

Title: _______________________________

 

    	32

    	 

    

 

EXHIBIT C-2

  

 

Applied Nanotech Holdings, Inc. 

3006 Longhorn Boulevard, Suite 107

Austin, Texas 78758

 

 

	Tonaquint, Inc.	Date: _________________
	Attn: John Fife	 
	303 E. Wacker Dr., Suite 1200	 
	Chicago, IL 60657	 

 

INSTALLMENT DATE NOTICE

 

The above-captioned Company hereby gives
notice to Tonaquint, Inc., a Utah corporation (the “Holder”), pursuant to that certain Convertible Promissory
Note made by the Company in favor of the Holder on January 23, 2013 (the “Note”), of Post-Installment Conversion
Shares and Equity Conditions Certifications related to _____________, 201_ (the “Installment Date”). In the
event of a conflict between this Installment Date Notice and the Note, the Note shall govern, or, in the alternative, at the election
of the Holder in its sole discretion, the Holder may provide a new form of Installment Date Notice to conform to the Note. Capitalized
terms used in this notice without definition shall have the meanings given to them in the Note.

 

POST-INSTALLMENT CONVERSION SHARES
AND CERTIFICATIONS

AS OF THE INSTALLMENT DATE

 

 

 

1.       POST-INSTALLMENT
CONVERSION SHARES

 

	A.		Pre-Installment Notice Due Date: ____________, 201_

 

	B.		Company Conversion Amount:        _____________

 

	C.		Post-Installment Conversion Price: _______________ (lower of (i) Conversion Price
in effect and (ii) Market Price as of Installment Date)

 

	D.		Post-Installment Conversion Shares: _______________ (B divided by C)

 

	E.		Pre-Installment Conversion Shares delivered: ________________

 

	F.		Post-Installment Conversion Shares to be delivered: ________________ (only applicable
if D minus E is greater than zero)

 

	G.		Pre-Installment Conversion Shares to be applied to next installment or returned:_________________
(only applicable if D minus E is less than zero and no Payment Default has occurred)

 

	H.		Pre-Installment Conversion Shares to be retained by the Holder because of a Payment
Default: _________________ (only applicable if D minus E is less than zero and a Payment Default has occurred)

 

    	33

    	 

    

 

 

 

 

□
If this box is checked, the Post-Installment Shares Conversion Shares to be delivered set forth above shall reduce the Transfer
Agent Reserve (as defined in the Agreement) in accordance with Section 5.2(bb)(iii) of the Agreement.

 

The Transfer Agent Reserve shall automatically
be increased by any Pre-Installment Conversion Shares that previously reduced the Transfer Agent Reserve and that are subsequently
returned to the Company.

 

 

 

2.       EQUITY
CONDITIONS CERTIFICATION

 

	A.		Market Capitalization of the Common Stock:________________

 

(Check One)

 

	B.		_________The Company herby certifies that no Equity Conditions Failure exists as of
the applicable Installment Date.

 

	C.		_________The Company hereby gives notice that an Equity Conditions Failure has occurred
and requests a waiver from the Holder with respect thereto. The Equity Conditions Failure is as follows:

 

 

 

Sincerely,

 

Company: Applied Nanotech Holdings, Inc.

 

 

 

By: ___________________________________

 

       Name: _____________________________

 

       Title: ______________________________

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