<SEC-DOCUMENT>0001104659-25-073722.txt : 20250804
<SEC-HEADER>0001104659-25-073722.hdr.sgml : 20250804
<ACCEPTANCE-DATETIME>20250804173034
ACCESSION NUMBER:		0001104659-25-073722
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		23
FILED AS OF DATE:		20250804
DATE AS OF CHANGE:		20250804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ICAHN ENTERPRISES L.P.
		CENTRAL INDEX KEY:			0000813762
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				133398766
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-289228
		FILM NUMBER:		251181776

	BUSINESS ADDRESS:	
		STREET 1:		16690 COLLINS AVE,
		STREET 2:		PH-1
		CITY:			SUNNY ISLES BEACH
		STATE:			FL
		ZIP:			33160
		BUSINESS PHONE:		(305) 422-4100

	MAIL ADDRESS:	
		STREET 1:		16690 COLLINS AVE,
		STREET 2:		PH-1
		CITY:			SUNNY ISLES BEACH
		STATE:			FL
		ZIP:			33160

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN REAL ESTATE PARTNERS L P
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ICAHN ENTERPRISES FINANCE CORP.
		CENTRAL INDEX KEY:			0001297337
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-289228-01
		FILM NUMBER:		251181777

	BUSINESS ADDRESS:	
		STREET 1:		16690 COLLINS AVE.
		STREET 2:		PH
		CITY:			SUNNY ISLES
		STATE:			FL
		ZIP:			33160
		BUSINESS PHONE:		305-422-4145

	MAIL ADDRESS:	
		STREET 1:		16690 COLLINS AVE.
		STREET 2:		PH
		CITY:			SUNNY ISLES
		STATE:			FL
		ZIP:			33160

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Icahn Enterprises Finance Corp
		DATE OF NAME CHANGE:	20100412

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American Real Estate Finance Corp.
		DATE OF NAME CHANGE:	20040715
</SEC-HEADER>
<DOCUMENT>
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    <title>tm2521625-1_s3 - none - 5.2656293s</title>
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        <div style="text-align:center; width:541.31pt; line-height:9.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">As filed with the Securities and Exchange Commission on August&#160;4, 2025</font><font style="font-weight:normal;letter-spacing:0.18pt;"> </font>
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        <div style="margin-left:20pt; margin-top:3.5pt; text-align:right; width:521.31pt; line-height:9.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">Registration No. 333-&#8199;&#8199;&#8199;&#8199;</font>&#8203;</div>
        <div style="margin-top:4.2pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 4.2pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
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          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 1.2pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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          <font style="letter-spacing:-0.28pt;">UNITED STATES</font>
          <br >
          <font style="letter-spacing:-0.28pt;">SECURITIES AND EXCHANGE COMMISSION </font>
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        <div style="margin-top:-0.3pt; text-align:center; width:541.31pt; line-height:9.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">Washington, D.C. 20549</font><font style="font-weight:normal;letter-spacing:0.18pt;"> </font>
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        <div style="margin-top:5pt; text-align:center; width:541.31pt; line-height:14pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">FORM S-3 </font>
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        <div style="margin-top:-0.3pt; text-align:center; width:541.31pt; line-height:8.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">REGISTRATION STATEMENT</font>
          <br >
          <font style="letter-spacing:-0.18pt;">UNDER </font>
          <br >
          <font style="letter-spacing:-0.18pt;">THE SECURITIES ACT OF 1933</font><font style="font-weight:normal;letter-spacing:0.18pt;"> </font>
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          <font style="font-weight:bold;letter-spacing:-0.28pt;">ICAHN ENTERPRISES L.P.</font>
          <br >
          <font style="font-size:8pt;letter-spacing:0.16pt;">(Exact Name of Registrant As Specified in Its Charter)</font><font style="letter-spacing:0.28pt;"> </font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:264.66pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.18pt;">Delaware</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:264.65pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.18pt;">13-3398766</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <div style="text-align:center; line-height:8pt;">
                <font style="letter-spacing:0.16pt;">(State or Other Jurisdiction of</font>
                <br >
                <font style="letter-spacing:0.16pt;">Incorporation or Organization) </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:264.65pt;">
              <div style="text-align:center; line-height:10pt;">
                <font style="letter-spacing:0.16pt;">(I.R.S. Employer</font>
                <br >
                <font style="letter-spacing:0.16pt;">Identification Number)</font>
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        <div style="margin-top:11.2pt; text-align:center; width:541.31pt; line-height:14.5pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">ICAHN ENTERPRISES FINANCE CORP.</font>
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        <div style="margin-top:0.5pt; text-align:center; width:541.31pt; line-height:8.5pt;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(Exact Name of Registrant As Specified in Its Charter) </font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.18pt;">Delaware</font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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                <font style="letter-spacing:-0.18pt;">20-1059842</font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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                <font style="letter-spacing:0.16pt;">(State or Other Jurisdiction of</font>
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                <font style="letter-spacing:0.16pt;">Incorporation or Organization)</font><font style="font-size:9pt;">&#8203;</font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <div style="text-align:center; line-height:9pt;">
                <font style="letter-spacing:0.16pt;">(I.R.S. Employer</font>
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                <font style="letter-spacing:0.16pt;">Identification Number)</font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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        <div style="margin-top:7.7pt; text-align:center; width:541.31pt; line-height:9pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">16690 Collins Avenue, PH-1</font>
          <br >
          <font style="letter-spacing:-0.18pt;">Sunny Isles Beach, FL 33160</font>
          <br >
          <font style="letter-spacing:-0.18pt;">(305) 422-4100</font><font style="font-weight:normal;letter-spacing:0.18pt;"> </font>
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          <font style="letter-spacing:0.16pt;">(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrants&#8217; Principal Executive Offices)</font><font style="font-size:9pt;">&#8203;<font style="letter-spacing:0.18pt;"> </font></font>
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        <div style="margin-top:3pt; text-align:center; width:541.31pt; line-height:9pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">Andrew Teno</font>
          <br >
          <font style="letter-spacing:-0.18pt;">President, Chief Executive Officer and Director</font>
          <br >
          <font style="letter-spacing:-0.18pt;">16690 Collins Avenue, PH-1</font>
          <br >
          <font style="letter-spacing:-0.18pt;">Sunny Isles Beach, FL 33160</font>
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          <font style="letter-spacing:-0.18pt;">(305) 422-4100</font><font style="font-weight:normal;letter-spacing:0.18pt;"> </font>
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          <font style="letter-spacing:0.16pt;">(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)</font><font style="font-size:9pt;">&#8203;<font style="letter-spacing:0.18pt;"> </font></font>
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          <font style="letter-spacing:-0.18pt;">With copies to:</font><font style="font-weight:normal;letter-spacing:0.18pt;"> </font>
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        <div style="margin-top:3.5pt; text-align:center; width:541.31pt; line-height:9pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">Louis E. Rambo, Esq.</font>
          <br >
          <font style="letter-spacing:-0.18pt;">Jonathan M. DeSantis, Esq.</font>
          <br >
          <font style="letter-spacing:-0.18pt;">Joshua A. Apfelroth, Esq.</font>
          <br >
          <font style="letter-spacing:-0.18pt;">Proskauer Rose LLP</font>
          <br >
          <font style="letter-spacing:-0.18pt;">Eleven Times Square</font>
          <br >
          <font style="letter-spacing:-0.18pt;">New York, New York 10036-8299</font>
          <br >
          <font style="letter-spacing:-0.18pt;">(212) 969-3000</font>
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        <div style="text-indent:20pt; margin-top:3.5pt; width:541.31pt; line-height:9.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this Registration Statement.</font><font style="font-weight:normal;letter-spacing:0.18pt;"> </font>
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        <div style="text-indent:20pt; margin-top:3.5pt; width:541.31pt; line-height:9pt;">
          <font style="letter-spacing:0.18pt;">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:3.5pt; width:541.31pt; line-height:9pt;">
          <font style="letter-spacing:0.18pt;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&#160;415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box&#160;&#9746; </font>
        </div>
        <div style="text-indent:20pt; margin-top:3.5pt; width:541.31pt; line-height:9pt;">
          <font style="letter-spacing:0.18pt;">If this Form is filed to register additional securities for an offering pursuant to Rule&#160;462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:3.5pt; width:541.31pt; line-height:9pt;">
          <font style="letter-spacing:0.18pt;">If this Form is a post-effective amendment filed pursuant to Rule&#160;462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier registration statement for the same offering. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:3.5pt; width:541.31pt; line-height:9pt;">
          <font style="letter-spacing:0.18pt;">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule&#160;462(e) under the Securities Act, check the following box: &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:3.5pt; width:541.31pt; line-height:9pt;">
          <font style="letter-spacing:0.18pt;">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule&#160;413(b) under the Securities Act, check the following box: &#9744; </font>
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        <div style="text-indent:20pt; margin-top:3.5pt; width:541.31pt; line-height:9pt;">
          <font style="letter-spacing:0.18pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule&#160;12b-2 of the Exchange Act. </font>
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          <tr style="line-height:8.97000000000003pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:190.66pt;">
              <div style=" float:left; line-height:9pt; text-align:left; width:108pt;white-space:nowrap;">
                <font style="letter-spacing:0.18pt;">Large accelerated filer</font>
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              </div>
              <div style=" line-height:9pt; text-align:left; margin-left:108pt;">
                <!--blacklining:none;-->
                <font style="letter-spacing:0.18pt;">&#9746; </font>
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              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:60pt;">&#8203;</td>
            <td style="padding:0pt; width:60pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:190.65pt;">
              <div style=" float:left; line-height:9pt; text-align:left; width:132pt;white-space:nowrap;">
                <font style="letter-spacing:0.18pt;">Accelerated filer</font>
                <br >
              </div>
              <div style=" line-height:9pt; text-align:left; margin-left:132pt;">
                <!--blacklining:none;-->
                <font style="letter-spacing:0.18pt;">&#9744; </font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8.97000000000003pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.53pt 0pt 0.5pt 0pt; width:190.66pt;">
              <div style=" float:left; line-height:9pt; text-align:left; width:108pt;white-space:nowrap;">
                <font style="letter-spacing:0.18pt;">Non-accelerated filer</font>
                <br >
              </div>
              <div style=" line-height:9pt; text-align:left; margin-left:108pt;">
                <!--blacklining:none;-->
                <font style="letter-spacing:0.18pt;">&#9744; </font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:60pt;">&#8203;</td>
            <td style="padding:0pt; width:60pt;">&#8203;</td>
            <td style="padding:1.53pt 0pt 0.5pt 0pt; width:190.65pt;">
              <div style=" float:left; line-height:9pt; text-align:left; width:132pt;white-space:nowrap;">
                <font style="letter-spacing:0.18pt;">Smaller reporting company</font>
                <br >
              </div>
              <div style=" line-height:9pt; text-align:left; margin-left:132pt;">
                <!--blacklining:none;-->
                <font style="letter-spacing:0.18pt;">&#9744; </font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8.97000000000003pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:190.66pt;">&#8203;</td>
            <td style="padding:0pt; width:60pt;">&#8203;</td>
            <td style="padding:0pt; width:60pt;">&#8203;</td>
            <td style="padding:1.53pt 0pt 0.5pt 0pt; width:190.65pt;white-space:normal;">
              <div style=" float:left; line-height:9pt; text-align:left; width:132pt;white-space:nowrap;">
                <font style="letter-spacing:0.18pt;">Emerging growth company</font>
                <br >
              </div>
              <div style=" line-height:9pt; text-align:left; margin-left:132pt;">
                <!--blacklining:none;-->
                <font style="letter-spacing:0.18pt;">&#9744;</font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="text-indent:20pt; margin-top:11.2pt; width:541.31pt; line-height:9pt;">
          <font style="letter-spacing:0.18pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;7(a)(2)(B) of the Securities Act. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:3.5pt; width:541.31pt; line-height:9pt;font-weight:bold;">
          <font style="letter-spacing:-0.18pt;">The registrants hereby amend this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with section&#160;8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission acting pursuant to said section 8(a), may determine.</font>
        </div>
        <div style="margin-top:2.8pt; width:541.31pt;">
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">EXPLANATORY NOTE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This registration statement contains: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a base prospectus which covers the offering, issuance and sale by the registrants of up to a maximum aggregate offering price of $1,200,000,000 of Icahn Enterprises, L.P.&#8217;s (&#8220;Icahn Enterprises&#8221;) depositary&#160;units or preferred&#160;units representing limited partner interests, debt securities (which may be senior debt securities or subordinated debt securities), including guarantees of non-convertible debt, warrants or rights, either separately or in&#160;units, in one or more offerings; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a sales agreement prospectus covering the offering, issuance and sale of up to $412,611,563 of Icahn Enterprises&#8217; depositary&#160;units consisting of (i)&#160;$12,611,563 of the Icahn Enterprises&#8217; depositary&#160;units that may be issued and sold under the Open Market Sale Agreement, dated November&#160;21, 2022 (the &#8220;November&#160;2022 Sales Agreement&#8221;), by and among Icahn Enterprises and Jefferies LLC (&#8220;Jefferies&#8221;), and (ii)&#160;$400,000,000 of depositary&#160;units that may be issued and sold under the Open Market Sale Agreement, dated August&#160;26, 2024 (the &#8220;August&#160;2024 Sales Agreement,&#8221; and together with the November&#160;2022 Sales Agreement, the &#8220;Sales Agreements&#8221;), by and among Icahn Enterprises and Jefferies. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The base prospectus immediately follows this explanatory note. The specific terms of any securities to be offered pursuant to the base prospectus will be specified in a prospectus supplement to the base prospectus. The sales agreement prospectus immediately follows the base prospectus. The depositary&#160;units that may be offered, issued and sold under the sales agreement prospectus are included in the $1,200,000,000 of securities that may be offered, issued and sold by the registrants under the base prospectus. Upon termination of the Sales Agreements, any portion of the $412,611,563 included in the sales agreement prospectus that is not sold pursuant to the Sales Agreements will be available for sale in other offerings pursuant to the base prospectus. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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    <div style="position:relative;overflow:hidden;min-height:775.71pt;page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="position:absolute;top:738.85pt;left:48.64pt;height:30pt;width:706.02pt;transform-origin:0pt -0pt;transform:rotate(-90deg) translate(0%, 0%);">
        <div style="text-align:justify; width:706pt; line-height:9.5pt;font-weight:bold;color:#FC0014;font-family:Helvetica, Arial, sans-serif;font-size:8pt;">
          <font style="letter-spacing:-0.08pt;">The information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</font><font style="color:#000000;letter-spacing:-0.08pt;"> </font>
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;color:#FC0014;">
          <font style="letter-spacing:-0.2pt;">SUBJECT TO COMPLETION, DATED AUGUST 4, 2025</font><font style="font-weight:normal;color:#000000;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">$1,200,000,000</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="position:relative;margin-top:10pt; text-align:center; width:456pt;">
          <img src="lg_icahnenterprises-4c.jpg" alt="[MISSING IMAGE: lg_icahnenterprises-4c.jpg]" height="119" width="209" >
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        <div style="margin-top:13.02pt; text-align:center; width:456pt; line-height:17.5pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:-0.32pt;">ICAHN ENTERPRISES L.P.</font>
          <br >
          <font style="letter-spacing:-0.32pt;">ICAHN ENTERPRISES FINANCE CORP.</font><font style="font-weight:normal;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:15.5pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">Depositary Units, Representing Limited Partner Interests</font>
          <br >
          <font style="letter-spacing:-0.28pt;">Preferred Units</font>
          <br >
          <font style="letter-spacing:-0.28pt;">Debt Securities (including Guarantees of Non-Convertible debt)</font>
          <br >
          <font style="letter-spacing:-0.28pt;">Warrants</font>
          <br >
          <font style="letter-spacing:-0.28pt;">Rights</font>
          <br >
          <font style="letter-spacing:-0.28pt;">Units</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may, from time to time, offer and sell depositary&#160;units or preferred&#160;units representing limited partner interests in Icahn Enterprises L.P., debt securities (which may be senior debt securities or subordinated debt securities), including guarantees of non-convertible debt, warrants or rights, either separately or in&#160;units, in one or more offerings. The debt securities, preferred&#160;units, warrants or rights may be convertible into or exercisable or exchangeable for depositary&#160;units, preferred&#160;units or debt securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:7.52pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may offer and sell these securities to or through one or more underwriters, dealers and agents, or directly to purchasers, on a continuous or delayed basis. The aggregate initial offering price of all securities sold by us under this prospectus will not exceed $1,200,000,000, including the U.S. dollar equivalent if the public offering of any such securities is denominated in one or more foreign currencies, foreign currency&#160;units or composite currencies. This prospectus describes the general terms of these securities and the general manner in which we will offer the securities. The specific terms of any securities we offer will be included in a supplement to this prospectus. The prospectus supplement will also describe the specific manner in which we will offer the securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:7.51pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Our depositary&#160;units are listed on The Nasdaq Global Select Market (&#8220;Nasdaq&#8221;) under the symbol &#8220;IEP.&#8221; </font>
        </div>
        <div style="text-indent:20pt; margin-top:7.52pt; width:456pt; line-height:11.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">This prospectus may not be used to complete sales of securities unless it is accompanied by a prospectus supplement.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:7.51pt; width:456pt; line-height:11.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Investing in our securities involves a high degree of risk. You should carefully consider the risks that are described in the &#8220;Risk Factors&#8221; section beginning on page <a href="#RIFA">5</a> of this prospectus and those found in the documents incorporated by reference herein and therein.</font>
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        <div style="margin-top:16.01pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="text-indent:20pt; margin-top:9.52pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense. </font>
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        <div style="margin-top:16.02pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:56.91pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The date of this prospectus is &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;, 2025.</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="TOC">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">ICAHN ENTERPRISES L.P.</font>
          <br >
          <font style="letter-spacing:-0.2pt;">ICAHN ENTERPRISES FINANCE CORP.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">TABLE OF CONTENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <table style="width:456pt;height:278.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:427.33pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;text-align:center;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Page </font>
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            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#ATP"><font style="letter-spacing:0.2pt;">ABOUT THIS PROSPECTUS </font></a>
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            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#ATP">1</a></font> <a href="#ATP"></a></td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#IAMD"><font style="letter-spacing:0.2pt;">INDUSTRY AND MARKET DATA </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#IAMD">2</a></font> <a href="#IAMD"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#CNRF"><font style="letter-spacing:0.2pt;">CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION </font></a>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#CNRF">3</a></font> <a href="#CNRF"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#OUCO"><font style="letter-spacing:0.2pt;">OUR COMPANY </font></a>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#OUCO">4</a></font> <a href="#OUCO"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#RIFA"><font style="letter-spacing:0.2pt;">RISK FACTORS </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#RIFA">5</a></font> <a href="#RIFA"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#UOP"><font style="letter-spacing:0.2pt;">USE OF PROCEEDS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#UOP">6</a></font> <a href="#UOP"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#DODU"><font style="letter-spacing:0.2pt;">DESCRIPTION OF DEPOSITARY UNITS </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#DODU">7</a></font> <a href="#DODU"></a></td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#DOPU"><font style="letter-spacing:0.2pt;">DESCRIPTION OF PREFERRED UNITS </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#DOPU">10</a></font> <a href="#DOPU"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <div style="white-space:nowrap;">
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#OPAA">11</a></font> <a href="#OPAA"></a></td>
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              <div style="white-space:nowrap;">
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#DODS">20</a></font> <a href="#DODS"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
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              <div style="white-space:nowrap;">
                <a href="#DOW"><font style="letter-spacing:0.2pt;">DESCRIPTION OF WARRANTS </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#DOW">28</a></font> <a href="#DOW"></a></td>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#DOR">30</a></font> <a href="#DOR"></a></td>
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          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#DOU"><font style="letter-spacing:0.2pt;">DESCRIPTION OF UNITS </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#DOU">31</a></font> <a href="#DOU"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#POD">32</a></font> <a href="#POD"></a></td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#LEMA">34</a></font> <a href="#LEMA"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#EXP">34</a></font> <a href="#EXP"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#WYCF"><font style="letter-spacing:0.2pt;">WHERE YOU CAN FIND MORE INFORMATION </font></a>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#WYCF">35</a></font> <a href="#WYCF"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#IOCD"><font style="letter-spacing:0.2pt;">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE </font></a>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#IOCD">36</a></font>
            </td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
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      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="ATP">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:244pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">ABOUT THIS PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus is part of a registration statement on Form S-3 that we and Icahn Enterprises Finance Corp. have filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) using a &#8220;shelf&#8221; registration, or continuous offering, process. Under this shelf registration process, we may, from time to time, offer and sell depositary&#160;units or preferred&#160;units representing limited partner interests, debt securities (including guarantees of non-convertible debt), warrants or rights, either separately or in&#160;units, in one or more offerings with a maximum aggregate offering price of $1,200,000,000. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus provides you with a general description of the securities we may offer. Each time we sell securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering and the offered securities. Any prospectus supplement may also add, update or change information contained in this prospectus. Any statement that we make in this prospectus will be modified or superseded by any inconsistent statement made by us in a prospectus supplement. This prospectus does not contain all of the information included in the registration statement. The registration statement filed with the SEC includes exhibits that provide more details about the matters discussed in this prospectus. You should carefully read this prospectus, the related exhibits filed with the SEC and any prospectus supplement, together with the additional information described below under the headings &#8220;Where You Can Find More Information&#8221; and &#8220;Incorporation of Certain Documents by Reference.&#8221; This prospectus incorporates important business and financial information about us that is not included in or delivered with this prospectus. We will provide without charge to each person to whom a copy of this prospectus is delivered, upon written or oral request of that person, a copy of any and all of this information. Requests for copies should be directed to Investor Relations Department, Icahn Enterprises L.P., 16690 Collins Avenue, PH-1, Sunny Isles Beach, FL 33160; (305) 422-4100. Our website address is </font><font style="font-style:italic;letter-spacing:0.2pt;">www.ielp.com.</font><font style="letter-spacing:0.2pt;"> Our website is not a part of this prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">You should rely only on the information contained or incorporated by reference in this prospectus and in any accompanying prospectus supplement. We have not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. You should assume that the information appearing in this prospectus, any prospectus supplement and any other document incorporated by reference is accurate only as of the date on the front cover of those documents. We do not imply that there has been no change in the information contained in this prospectus or in our affairs since that date by delivering this prospectus. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">1</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Helvetica, Arial, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="IAMD">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:512pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">INDUSTRY AND MARKET DATA</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">We obtained the market and competitive position data, if any, included or incorporated by reference herein from our and our subsidiaries&#8217; own research, surveys or studies conducted by third parties and industry or general publications. Industry publications and surveys generally state that they have obtained information from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. While we believe that each of these studies and publications is reliable, we have not independently verified such data, and we make no representation as to the accuracy of such information. Similarly, we believe our and our subsidiaries&#8217; internal research is reliable, but it has not been verified by any independent sources. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">2</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="CNRF">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:244pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus, any prospectus supplement and the documents that we incorporate by reference may contain &#8220;forward-looking statements.&#8221; Forward-looking statements are those that do not relate solely to historical fact. They include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. Forward-looking statements can generally be identified by phrases such as &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;potential,&#8221; &#8220;continues,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;seeks,&#8221; &#8220;predicts,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;projects,&#8221; &#8220;estimates,&#8221; &#8220;plans,&#8221; &#8220;could,&#8221; &#8220;designed,&#8221; &#8220;should be&#8221; and other similar expressions that denote expectations of future or conditional events rather than statements of fact. Forward-looking statements also may relate to strategies, plans and objectives for, or potential results of, future operations, financial results, financial condition, business prospects, growth strategy or liquidity, and market conditions, and are based upon management&#8217;s current plans and beliefs or current estimates of future results or trends. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">These forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties that may cause actual results to differ materially from trends, plans or expectations set forth in the forward-looking statements. These risks and uncertainties may include the risks and uncertainties described in our most recent Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, as well as those risk factors included under &#8220;Risk Factors&#8221; in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Given these risks and uncertainties, we urge you to read this prospectus, any prospectus supplement and the documents we incorporate by reference completely and with the understanding that actual future results may be materially different from what we plan or expect. All of the forward-looking statements made in this prospectus, any prospectus supplement and the documents we incorporate by reference are qualified by these cautionary statements and we cannot assure you that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on our business or operations. In addition, these forward-looking statements present our estimates and assumptions only as of the date of this prospectus, any prospectus supplement and the documents we incorporate by reference. We do not intend to update you concerning any future revisions to any forward-looking statements to reflect events or circumstances occurring after the date of this prospectus, any prospectus supplement and the documents we incorporate by reference. However, you should carefully review the risk factors set forth in other reports or documents we file from time to time with the SEC. </font>
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          <font style="letter-spacing:0.2pt;">3</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="OUCO">&#8203;</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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      <div style="margin-top:6pt;margin-bottom:120pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:-0.2pt;">OUR COMPANY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Icahn Enterprises L.P. (&#8220;Icahn Enterprises&#8221;) is a master limited partnership formed in Delaware on February&#160;17, 1987. References to &#8220;we,&#8221; &#8220;our&#8221; or &#8220;us&#8221; herein include Icahn Enterprises and its subsidiaries, unless the context otherwise requires. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings L.P. (&#8220;Icahn Enterprises Holdings&#8221;). Icahn Enterprises G.P. Inc. (&#8220;Icahn Enterprises GP&#8221;), which is owned and controlled by Mr.&#160;Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of June 30, 2025. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Therefore, the financial results of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same, with differences relating primarily to the allocation of the general partner interest, which is reflected as an aggregate 1.99% general partner interest in the financial statements of Icahn Enterprises. In addition to the above, Mr.&#160;Icahn and his affiliates owned approximately 86% of Icahn Enterprises&#8217; outstanding depositary&#160;units as of June 30, 2025. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We conduct and plan to continue to conduct our activities in such a manner as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;). Therefore, no more than 40% of our total assets can be invested in investment securities, as such term is defined in the Investment Company Act. In addition, we do not invest or intend to invest in securities as our primary business. We intend to structure our investments to continue to be taxed as a partnership rather than as a corporation under the applicable publicly traded partnership rules of the Internal Revenue Code of 1986, as amended. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Mr.&#160;Icahn&#8217;s estate has been designed to assure the stability and continuation of Icahn Enterprises with no need to monetize his interests for estate tax or other purposes. In the event of Mr.&#160;Icahn&#8217;s death, a substantial majority of Mr.&#160;Icahn&#8217;s interests in Icahn Enterprises and its general partner are expected to pass to trusts or charitable organizations that will be under the control of a group that will include Icahn family members and current or former senior Icahn Enterprises executives. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We are a diversified holding company owning subsidiaries engaged in the following operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our depositary&#160;units representing limited partner interests trade on The Nasdaq Global Select Market under the symbol &#8220;IEP.&#8221; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our principal executive offices are located at 16690 Collins Avenue, PH-1, Sunny Isles Beach, Florida&#160;33160. Our telephone number is (305) 422-4100. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Icahn Enterprises Finance Corp. (&#8220;Icahn Enterprises Finance&#8221;), a Delaware corporation, is our wholly owned subsidiary. Icahn Enterprises Finance was incorporated on April&#160;19, 2004 and was formed solely for the purpose of serving as a co-issuer of non-convertible debt securities of Icahn Enterprises. Icahn Enterprises Finance does not and will not have any operations or assets and will not have any revenues. Icahn Enterprises Finance&#8217;s principal business address is 16690 Collins Avenue, PH-1, Sunny Isles Beach, Florida 33160 and its telephone number is (305) 422-4100. </font>
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          <font style="letter-spacing:0.2pt;">4</font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:-0.2pt;">RISK FACTORS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">An investment in our securities involves a high degree of risk. Additionally, limited partner interests are inherently different from the capital stock of a corporation, although many of the business risks to which we are subject are similar to those that would be faced by a corporation engaged in similar businesses. Prior to making a decision about investing in our securities, you should carefully consider the risk factors and all of the other information included in, or incorporated by reference into, this prospectus or any prospectus supplement, including those included in our most recent Annual Report on Form 10-K and, if applicable, in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The occurrence of any of these risks could materially adversely affect our business, operating results and financial condition. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The risks and uncertainties we describe are not the only ones facing us. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business or operations. Any adverse effect on our business, financial condition or operating results could result in a decline in the value of our securities and the loss of all or part of your investment. </font>
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          <font style="letter-spacing:0.2pt;">5</font>
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          <font style="letter-spacing:-0.2pt;">USE OF PROCEEDS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except as described in any prospectus supplement, the net proceeds from the sale of the securities will be added to our general funds and used for partnership purposes, which may include investments in our operating subsidiaries and potential acquisitions in accordance with our investment strategy. We continually identify, evaluate and discuss with others acquisition and investment opportunities and intend to continue to pursue transactions. However, we have not reached any agreements, commitments or understandings for any future acquisitions or investments other than those arrangements, if any, as described in the documents we incorporate by reference or in any applicable prospectus supplement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">When we offer a particular series of securities, the prospectus supplement relating to that offering will describe the intended use of the net proceeds received from that offering. We will retain broad discretion in the use of the net proceeds. </font>
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          <font style="letter-spacing:0.2pt;">6</font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF DEPOSITARY UNITS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The following description of our depositary&#160;units does not purport to be complete and is qualified in its entirety by reference to applicable Delaware law, and to provisions of our amended and restated agreement of limited partnership, dated as of May&#160;12, 1987, as amended and restated as of February&#160;24, 2025, which we refer to as our partnership agreement, and the depositary agreement, dated as of July&#160;1, 1987, as amended and restated as of August&#160;2, 2016, which we refer to as our depositary agreement, entered into between us and Computershare Inc., as depositary, which we refer to as the depositary, and the unitholders. A reference to the &#8220;partnership agreement&#8221; in this prospectus refers to both our partnership agreement and the Icahn Enterprises Holdings partnership agreement, unless otherwise indicated. The prospectus supplement relating to a particular offering of depositary&#160;units will contain a description of U.S. federal income tax consequences relating to the depositary&#160;units. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The depositary&#160;units represent limited partner interests in Icahn Enterprises. The&#160;percentage interest in Icahn Enterprises represented by a depositary unit is equal to the ratio it bears at the time of such determination to the total number of depositary&#160;units in Icahn Enterprises (including any undeposited depositary&#160;units) outstanding, multiplied by 99%, which is the aggregate&#160;percentage interest in Icahn Enterprises of all holders of depositary&#160;units. Subject to the rights and preferences of any preferred&#160;units that may be issued, each depositary unit evidences entitlement to a portion of Icahn Enterprises&#8217; distributions and an allocation of Icahn Enterprises&#8217; net income and net loss, as determined in accordance with our partnership agreement. We are authorized to issue additional depositary&#160;units or other securities from time to time to unitholders or additional investors without the consent or approval of holders of depositary&#160;units, or unitholders. There is no limit to the number of depositary&#160;units or additional classes of&#160;units, including any preferred&#160;units, that may be issued. The board of directors of our general partner has the power, without any further action by the unitholders, to issue&#160;units with such designations, preferences and relative, participating or other special rights, powers and duties, including rights, powers and duties senior to existing classes of depositary&#160;units or preferred&#160;units. The depositary&#160;units have no preemptive rights. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">All or a portion of the depositary receipts evidencing the depositary&#160;units, as discussed below, may be held through the Depositary Trust Company&#8217;s (&#8220;DTC&#8221;) book-entry settlement system. All depositary receipts accepted for book-entry settlement with DTC are represented by a single receipt (the &#8220;DTC Receipt&#8221;), which is deposited with DTC (or its custodian) evidencing all such depositary&#160;units and registered in the name of the nominee of DTC (initially Cede &amp; Co.). The depositary or such other entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership of beneficial interests in the DTC Receipt are shown on, and the transfer of such ownership is effected through, records maintained by (i)&#160;DTC or its nominee for such DTC Receipt, or (ii)&#160;institutions that have accounts with DTC. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Deposit of Certificates of Limited Partner Interests</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Subject to the terms and conditions of the depositary agreement, on the date of any issuance of depositary&#160;units by Icahn Enterprises, our general partner will either (i)&#160;deposit with the depositary a certificate or certificates or (ii)&#160;in the case of uncertificated depositary&#160;units, provide evidence of a credit to the book-entry account maintained by the Registrar, in either case evidencing the aggregate whole number of depositary&#160;units so issued. Such deposit or book-entry credit will be accompanied by (a)&#160;written instructions containing the name, address, social security or taxpayer identification number of and the number of depositary&#160;units to be issued to each investor in the Partnership, and (b)&#160;a written request that the depositary execute and deliver to each such investor depositary receipts evidencing the depositary&#160;units, registered in the name of such investor, or book-entry credit in the name of such investor, in accordance with such written instructions. Each investor will thereupon be recognized by Icahn Enterprises as a record holder as of the closing date of such issuance of depositary&#160;units. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Transfer of Depositary Units</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Until a depositary unit has been transferred on the books of the depositary, we and the depositary will treat the record holder of the depositary unit as the absolute owner for all purposes. A transfer of depositary&#160;units will not be recognized by the depositary or us unless and until the depositary receipt </font>
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          <font style="letter-spacing:0.2pt;">7</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">evidencing such depositary&#160;units, or other evidence of uncertificated&#160;units, is surrendered by the holder thereof, in person or by duly authorized attorney, to the depositary, properly endorsed and any required signature guaranteed or accompanied by an instrument of transfer executed by the transferor. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Upon surrender for registration of transfer of any depositary unit evidenced by a receipt, and subject to the provisions of the partnership agreement, the appropriate officers of the general partner will execute and deliver, and in the case of receipts evidencing depositary&#160;units, the depositary will countersign and deliver, in the name of the holder or the designated transferee or transferees, as required pursuant to the holder&#8217;s instructions, one or more new receipts, or will deliver other evidence of the issuance of uncertificated&#160;units, evidencing the same aggregate number and type of depositary&#160;units as was evidenced by the receipt so surrendered. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">By acceptance of the transfer or issuance of any depositary&#160;units, each transferee or other recipient of depositary&#160;units (including any nominee holder or an agent or representative acquiring such&#160;units for the account of another person) (i)&#160;will be admitted to the partnership as a limited partner with respect to the&#160;units so transferred or issued to such person when any such transfer or issuance is reflected in the books and records of the partnership, (ii)&#160;will become bound by the terms of, and will be deemed to have agreed to be bound by, the partnership agreement, (iii)&#160;will become the record holder of the&#160;units so transferred or issued, (iv)&#160;represents that the transferee or other recipient has the capacity, power and authority to enter into the partnership agreement, and (v)&#160;makes the consents, acknowledgements and waivers contained in the partnership agreement, all with or without execution of the partnership agreement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A transferee will be deemed to be a party to the depositary agreement and to be bound by its terms and conditions. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Transfers of Depositary Units Held in Book-Entry Form.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Depositary&#160;units held in book-entry form will be transferred through DTC&#8217;s book-entry settlement system. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Withdrawal of Depositary Units from Deposit</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A unitholder may withdraw from the depositary the depositary&#160;units represented by its depositary receipts, upon written request and surrender of the depositary receipts evidencing the depositary&#160;units, in exchange for a certificate issued by us evidencing the same number of depositary&#160;units, or in the case of uncertificated depositary&#160;units, evidence of a book-entry credit. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A transferee is required to become a unitholder of record before being entitled to withdraw depositary&#160;units from the depositary. Depositary&#160;units that have been withdrawn from the depositary, and therefore are not evidenced by depositary receipts, are not transferable except upon death, by operation of law, by transfer to us or redeposit with the depositary. A holder of depositary&#160;units withdrawn from deposit will continue to receive its respective share of distributions and allocations of net income and losses pursuant to our partnership agreement. In order to transfer depositary&#160;units withdrawn from the depositary other than upon death, by operation of law or to the partnership, a unitholder must redeposit the certificate evidencing such withdrawn depositary&#160;units with the depositary and request issuance of depositary receipts representing such depositary&#160;units, which depositary receipts then may be transferred. Any redeposit of such withdrawn depositary&#160;units with the depositary requires 60&#160;days&#8217; advance written notice and payment to the depositary of a redeposit fee (initially $5.00 per 100 depositary&#160;units or portion thereof) and will be subject to the satisfaction of certain other procedural requirements under the depositary agreement. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Replacement of Lost Depositary Receipts and Certificates</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A unitholder or transferee who loses or has its certificate for depositary&#160;units or depositary receipts stolen or destroyed may obtain a replacement certificate or depositary receipt by furnishing a penalty surety bond and by satisfying certain other procedural requirements under the depositary agreement. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Amendment of Depositary Agreement</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Subject to the restrictions described below, any provision of the depositary agreement, including the form of depositary receipt, may, at any time and from time to time, be amended by the mutual agreement of </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">8</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:96pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">us and the depositary in any respect deemed necessary or appropriate by us and them, without the approval of the holders of depositary&#160;units. No amendment to the depositary agreement, however, may impair the right of a holder of depositary&#160;units to surrender a depositary receipt and to withdraw any or all of the deposited depositary&#160;units evidenced by a depositary receipt or to redeposit depositary&#160;units pursuant to the depositary agreement and receive a depositary receipt evidencing redeposited depositary&#160;units. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The depositary will furnish notice to each record holder of a depositary unit, and to each securities exchange on which depositary&#160;units are listed for trading, of any material amendment made to the depositary agreement. Each record holder of a depositary unit at the time any amendment of the depositary agreement becomes effective will be deemed, by continuing to hold the depositary unit, to consent and agree to the amendment and to be bound by the depositary agreement, as so amended. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The depositary will give notice of the imposition of any fee or charge, other than fees and charges provided for in the depositary agreement, or change to the fees and charges, upon record holders of depositary&#160;units to any securities exchange on which the depositary&#160;units are listed for trading and to all record holders of depositary&#160;units. The imposition of any fee or charge, or change to them, will not be effective until the expiration of 30&#160;days after the date of such notice, unless it becomes effective in the form of an amendment to the depositary agreement effected by us and the depositary. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Termination of Depositary Agreement</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may not terminate the depositary agreement unless the termination (1)&#160;is in connection with us entering into a similar agreement with a new depositary selected by the general partner, (2)&#160;is as a result of our receipt of an opinion of counsel to the effect that the termination is necessary for us to avoid being treated as an &#8220;association&#8221; taxable as a corporation for U.S. federal income tax purposes or to avoid being in violation of any applicable federal or state securities laws or (3)&#160;is in connection with our dissolution. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The depositary will terminate the depositary agreement, when directed to do so by us, by mailing notice of termination to the record holders of depositary&#160;units then outstanding at least 60&#160;days before the date fixed for the termination in such notice. Termination will be effective on the date fixed in such notice, which date must be at least 60&#160;days after it is mailed. Upon termination of the depositary agreement, the depositary will discontinue the transfer of depositary&#160;units, suspend the distribution of reports, notices and disbursements and cease to perform any other acts under the depositary agreement, except in the event the depositary agreement is not being terminated in connection with us entering into a similar agreement with a new depositary, the depositary will assist in the facilitation of the withdrawal of depositary&#160;units by holders who desire to surrender their depositary receipts. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Resignation or Removal of Depositary</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The depositary may resign as depositary and may be removed by us at any time upon 60&#160;days&#8217; written notice. The resignation or removal of the depositary becomes effective upon the appointment of a successor depositary by us and written acceptance by the successor depositary of its appointment. In the event a successor depositary is not appointed within 75&#160;days of notification of such resignation or removal, the general partner will act as depositary until a successor depositary is appointed. Any corporation into or with which the depositary may be merged or consolidated will be the successor depositary without the execution or filing of any document or any further act.</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">9</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="DOPU">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:190pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF PREFERRED UNITS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We are authorized to issue preferred&#160;units having rights senior to our depositary&#160;units. The board of directors of our general partner is authorized to establish the powers, rights, preferences, privileges and designations of one or more class of preferred&#160;units without further approval, including: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">distribution rights; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">conversion rights; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">voting rights; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">redemption rights and terms of redemption; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">liquidation preferences. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The rights, preferences, privileges and restrictions of the preferred&#160;units of each class will be fixed by a certificate of amendment to the partnership agreement relating to each class. The prospectus supplement relating to each class will specify the terms of the preferred&#160;units, including: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the maximum number of&#160;units in the class and the distinctive designation; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the rights to share in partnership distributions; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the terms on which the&#160;units may be redeemed, if at all; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the rights of the class upon dissolution and liquidation of the partnership; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the terms of any retirement or sinking fund for the purchase or redemption of the&#160;units of the class; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the terms and conditions, if any, on which the&#160;units of the class will be convertible into, or exchangeable for, units of any other class or classes of securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the voting rights, if any, on the&#160;units of the class; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any or all other preferences and relative, participating, operational or other special rights or qualifications, limitations or restrictions of the&#160;units. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will describe the specific terms of a particular class of preferred&#160;units in the prospectus supplement relating to that class. The description of preferred&#160;units above and the description of the terms of a particular series of preferred&#160;units in the prospectus supplement are not complete. You should refer to the applicable certificate of amendment to our partnership agreement for complete information. The prospectus supplement will contain a description of U.S. federal income tax consequences relating to the particular series of preferred&#160;units. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">10</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="OPAA">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:11.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">OUR PARTNERSHIP AGREEMENT AND CERTAIN</font>
          <br >
          <font style="letter-spacing:-0.2pt;">PROVISIONS OF DELAWARE LAW</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The rights of a limited partner of the partnership are set forth in our partnership agreement. The following is a summary of certain provisions of our partnership agreement and the agreement of limited partnership of Icahn Enterprises Holdings, or the Icahn Enterprises Holdings partnership agreement, which is similar to our partnership agreement in all material respects (except for the preferred&#160;units). The following summary discusses certain provisions that relate to both, and is qualified in its entirety by reference to both our partnership agreement and the Icahn Enterprises Holdings partnership agreement. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Removal of the General Partner</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Subject to certain limitations on the exercise by unitholders of voting rights, the general partner may be removed by the written consent or affirmative vote of holders of depositary&#160;units owning at least 75% of the total number of all outstanding depositary&#160;units, voting as a class, then held by unitholders, including the general partner and its affiliates to the extent that they are holders of depositary&#160;units. Upon the removal of the general partner by holders of depositary&#160;units, the holders of depositary&#160;units will be obligated to elect a successor general partner and to continue the business of the partnership. At the election of the general partner, a successor general partner will be required, at the effective date of its admission as a general partner, to purchase Icahn Enterprises GP&#8217;s general partner interest directly from Icahn Enterprises GP for a price equal to its &#8220;fair market value,&#8221; as described below. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If Icahn Enterprises GP does not elect to sell its interest, the successor general partner will be required to contribute to the capital of Icahn Enterprises cash in an amount equal to 1/99th of the product of the number of depositary&#160;units outstanding immediately prior to the effective date of such successor general partner&#8217;s admission (but after giving effect to the conversion of Icahn Enterprises GP&#8217;s general partner interest into depositary&#160;units described below) and the average price at which the depositary&#160;units had been trading over the 20-day period immediately preceding the successor general partner&#8217;s admission. Thereafter, the successor general partner will be entitled to one&#160;percent (1%) of all partnership allocations and distributions. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If Icahn Enterprises GP chooses not to sell its&#160;percentage interest directly to a successor general partner, Icahn Enterprises GP&#8217;s general partner interest in Icahn Enterprises will be converted into depositary&#160;units, with the number of depositary&#160;units to be received to be based upon the &#8220;fair market value&#8221; of its general partner interest at the time of its removal and the average price at which the depositary&#160;units had been trading over the 20-day period preceding the effective date of Icahn Enterprises GP&#8217;s departure. In this regard, the &#8220;fair market value&#8221; of the departing general partner&#8217;s interest is the amount that would be distributable to Icahn Enterprises GP on account of the interest if Icahn Enterprises were to dispose of all of its assets in an orderly liquidation, commencing on the effective date of its removal at a price equal to the fair market value of those assets (discounted at the rate then payable on one-year U.S. Treasury obligations to the effective date of such removal to reflect the time reasonably anticipated to be necessary to consummate the sales), as agreed upon between Icahn Enterprises GP as the departing general partner and its successor, or, in the absence of an agreement, as determined by an independent appraiser. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Upon removal of Icahn Enterprises GP from the partnership, Icahn Enterprises GP also will be removed as general partner of Icahn Enterprises Holdings and its general partner interest in Icahn Enterprises Holdings will either be purchased by the successor general partner or converted into depositary&#160;units (in which case the successor shall also contribute to the capital of Icahn Enterprises Holdings) in the same manner as provided above with respect to the partnership. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The partnership agreement provides that, upon the departure of Icahn Enterprises GP and the conversion of its general partner interest in Icahn Enterprises to depositary&#160;units, Icahn Enterprises will, at the request of the departing general partner, file with the SEC up to three registration statements under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), registering the offer and sale of all or a portion of the depositary&#160;units owned by Icahn Enterprises GP, including those depositary&#160;units received upon conversion of its general partner interest in Icahn Enterprises and Icahn Enterprises Holdings. The cost of the first registration will be borne by Icahn Enterprises and the cost of any other such registration will be borne by Icahn Enterprises GP. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">11</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
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          <font style="letter-spacing:-0.2pt;">Withdrawal of the General Partner</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The general partner may withdraw, but only if: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the withdrawal is with the consent of a majority interest; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">Icahn Enterprises GP, with the consent of a majority interest, transfers all of its interest as general partner in the partnership; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the transferee consents to be bound by the partnership agreement and the transferee has the necessary legal authority to act as successor general partner of the partnership; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">Icahn Enterprises receives an opinion of counsel to the effect that a vote by the unitholders and the admission of a new general partner is in conformity with Delaware law, will not cause the loss of limited liability to the unitholders and will not cause Icahn Enterprises to be treated as an &#8220;association&#8221; taxable as a corporation for U.S. federal income tax purposes. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the foregoing, Icahn Enterprises GP may, without the consent of the unitholders (to the extent permitted by law), transfer its interest as general partner in Icahn Enterprises to any person or entity that has, by merger, consolidation or otherwise, acquired all or substantially all of the assets or stock of Icahn Enterprises GP and continued its business, provided that such person or entity has a net worth no less than that of Icahn Enterprises GP and has accepted and agreed to be bound by the terms and conditions of the partnership agreement. The general partner also may mortgage, pledge, hypothecate or grant a security interest in its interest as general partner in Icahn Enterprises without the consent of unitholders. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the foregoing, pursuant to Section&#160;17-602 of the Delaware Revised Uniform Limited Partnership Act (the &#8220;Partnership Act&#8221;), the general partner may withdraw from the limited partnership at any time by giving written notice to the other partners. If this withdrawal results in the violation of the partnership agreement, the Partnership may recover from the withdrawing general partner damages for the breach in addition to any other remedies available under law. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Distributions</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The general partner has the power and authority to retain or use partnership assets or revenues as, in the sole and absolute discretion of the general partner, may be required to satisfy the anticipated present and future cash needs of the partnership, whether for operations, expansion, investments, acquisitions or otherwise. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Subject to Section&#160;17-607 of the Partnership Act and to the provision with respect to distributions upon liquidation or dissolution of the partnership, the general partner, in its sole and absolute discretion, may make such distribution from partnership assets or otherwise as it deems appropriate in its sole discretion, quarterly, annually or at any other time. Any distributions will be distributed to the general partner and the record holders in accordance with their respective&#160;percentage interests. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each distribution pursuant hereto shall be paid by the Partnership only to the record holders (as of the record date set forth for such distribution) and to the general partner. Such payment shall constitute full payment and satisfaction of the Partnership&#8217;s liability in respect of the applicable distribution (and the Partnership shall have no liability to any other Person by reason of an assignment of a depositary unit or otherwise). </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Allocations of Income and Loss</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Icahn Enterprises partnership agreement provides, in general, that all items of income, gain, loss and deduction are allocated to Icahn Enterprises GP and to the holders of depositary&#160;units in accordance with their respective&#160;percentage ownership in the partnership. Items allocated to the holders of depositary&#160;units are further allocated among them pro&#160;rata in accordance with the respective number of depositary&#160;units owned by each of them. The partnership&#8217;s income and gain, and loss and deduction, for U.S. federal income tax purposes will be computed on an annual basis and apportioned equally among the calendar&#160;months among the general partner and record holders of depositary&#160;units in accordance with their&#160;percentage interests as of the first day of the immediately following month. The partnership&#8217;s gains and losses from </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">12</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">capital transactions generally will be allocated among the general partner and record holders of depositary&#160;units in proportion to their&#160;percentage interests as of the close of business on the last day of the month in which such gains and losses occurred. However, if gain from a capital transaction is recognized by the partnership over more than one calendar year, gain recognized by the partnership in&#160;years subsequent to the year in which the capital transaction occurred shall be allocated in the same manner as income of the partnership is allocated. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Amendment of the Partnership Agreement</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Amendments to the partnership agreement may be proposed either by the general partner or by unitholders owning at least 10% of the&#160;units outstanding. In order to adopt a proposed amendment, other than certain amendments discussed below, the general partner is required to seek written consent of the unitholders or call a meeting to consider and vote upon the proposed amendment. The general partner is not required to take further action with respect to any proposed amendment that, in the opinion of counsel, would be illegal under Delaware law if adopted. A proposed amendment will become effective only if approved by the general partner in writing and approved by a majority interest of unitholders, unless a greater&#160;percentage is required by law or the partnership agreement. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Amendments Adopted Solely by Icahn Enterprises GP</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The general partner may amend the partnership agreement without the approval or consent of the limited partners to reflect: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any changes in our name or the location of our principal place of our business; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.09pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.09pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the admission, substitution, withdrawal or removal of partners in accordance with the partnership agreement; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">an election to be bound by any successor statute to the Partnership Act; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">any change that is necessary to qualify as a limited partnership or a partnership in which the limited partners have limited liability under the laws of any state or to ensure that we will not be treated as an association taxable as a corporation or otherwise taxed as an entity for U.S. federal income tax purposes; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">any change that is necessary to qualify as a &#8220;real estate investment trust&#8221;; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">any change (i)&#160;that is inconsequential and does not materially adversely affect unitholders; (ii)&#160;to cure any ambiguity or to correct any provision; (iii)&#160;to satisfy any federal or state agency or contained in any federal or state statute; (iv)&#160;to facilitate the trading of the depositary&#160;units or comply with any requirements of any securities exchange on which the depositary&#160;units are listed for trading; (v)&#160;in connection with any action permitted to be taken by Icahn Enterprises GP in the case of the loss of partnership status; or (vi)&#160;required or contemplated by the partnership agreement; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">any change in any provision of the partnership agreement that requires any action to be taken by or on behalf of the general partner pursuant to the requirements of applicable Delaware law if the provisions of applicable Delaware law are revised so that the taking of such action is no longer required; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.09pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">any other amendments similar to the foregoing. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Prohibited Amendments</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the foregoing, unless approved by Icahn Enterprises GP in writing and, subject to limitations on the exercise by unitholders of voting rights, by all of the holders of depositary&#160;units, no amendment may be made to the partnership agreement if the amendment, in the opinion of counsel would result in the loss of the limited liability of unitholders or Icahn Enterprises as the sole limited partner of Icahn Enterprises Holdings or would cause Icahn Enterprises or Icahn Enterprises Holdings to be treated as an </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">13</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">association taxable as a corporation for U.S. federal income tax purposes. In addition, no amendment to the partnership agreement may be made that would: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">enlarge the obligations of the general partner or any unitholder or convert the interest of any unitholder into the interest of a general partner; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">modify the expense reimbursement payable to the general partner and its affiliates pursuant to the partnership agreement without the consent of the general partner or the fees and compensation payable to the general partner and its affiliates pursuant to the Icahn Enterprises Holdings partnership agreement; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">modify the order and method for allocations of net income and net loss or distributions of net cash flow from operations without the consent of the general partner or the unitholders adversely affected; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">amend sections of the partnership agreement concerning amendments of the agreement without the consent of unitholders owning at least 95% of the total number of depositary&#160;units outstanding then held by all unitholders. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Issuance of Additional Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The partnership is authorized to issue additional depositary&#160;units or other securities from time to time to unitholders or additional investors without the consent or approval of unitholders. There is no limit to the number of depositary&#160;units or additional classes that may be issued. The board of directors of the general partner has the power, without any further action by the unitholders, to cause the Partnership to issue securities with such designations, preferences and relative, participating or other special rights, powers and duties, including rights, powers and duties senior to existing classes of depositary&#160;units or preferred&#160;units, if any. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Meetings; Voting Rights of Unitholders</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Any action that is required or permitted to be taken by unitholders may be taken either at a meeting of the holders of depositary&#160;units or without a meeting if consents in writing setting forth the action so taken are signed by holders of depositary&#160;units owning not less than the minimum number of depositary&#160;units, or preferred&#160;units, if any, that would be necessary to authorize or take such action at a meeting. Meetings of the holders of depositary&#160;units may be called by the general partner or by unitholders owning at least 10% of the total depositary&#160;units outstanding then owned by all such unitholders. Holders of depositary&#160;units may vote either in person or by proxy at meetings. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The general partner manages and operates Icahn Enterprises. Unlike the holders of common stock in a corporation, holders of our outstanding depositary&#160;units have only limited voting rights on matters affecting our business. Holders of depositary&#160;units have no right to elect the general partner on an annual or other continuing basis, and the general partner generally may not be removed except pursuant to the vote of the holders of not less than 75% of the outstanding depositary&#160;units, including the general partner and its affiliates to the extent that they are holders of depositary&#160;units. In addition, removal of the general partner may result in a change of control under our existing debt securities. As a result, holders of depositary&#160;units have limited say in matters affecting our operations and others may find it difficult to attempt to gain control or influence our activities. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each unitholder will have one vote for each depositary unit as to which the unitholder has been admitted as a unitholder. The voting rights of a unitholder who transfers a depositary unit will terminate with respect to that depositary unit upon its transfer. The partnership agreement does not provide for annual meetings of the unitholders. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unitholders have the right to vote on the following matters and the actions specified therein may be taken by the general partner only with the affirmative vote, in person or by proxy, of a majority interest (except that a higher vote is required for (i)&#160;certain amendments to the partnership agreement discussed above and (ii)&#160;the removal of the general partner) and with a separate concurrence of Icahn Enterprises GP: </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">14</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the amendment of the partnership agreement, except for those amendments that may be made without unitholder approval as discussed above; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the dissolution of Icahn Enterprises pursuant to the partnership agreement; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the selection of a liquidating trustee; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the approval or disapproval of any merger or consolidation of Icahn Enterprises; provided, however that no approval is required with respect to any such transaction which, in the sole and absolute discretion of the general partner, (A)&#160;is primarily for the purpose of acquiring properties or assets, (B)&#160;combines the ongoing business operations of the entities with Icahn Enterprises as the surviving entity, or (C)&#160;is between Icahn Enterprises and Icahn Enterprises Holdings; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the approval or disapproval of a sale or other disposition (except upon dissolution and liquidation) of all or substantially all of our assets; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the transfer of the general partner&#8217;s partner interest; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the withdrawal of Icahn Enterprises GP as the general partner; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the election of a successor general partner; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the removal of the general partner; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the election to reconstitute and continue the business rather than dissolve; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">to consent to certain proposals submitted for the approval of the limited partners of Icahn Enterprises Holdings. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">As of June 30, 2025, Mr.&#160;Icahn and his affiliates owned approximately 86% of our outstanding depositary&#160;units. As a result of these holdings, Mr.&#160;Icahn can exercise effective control over substantially all matters subject to unitholder consent or approval. Mr.&#160;Icahn&#8217;s interests may differ from the interests of other unitholders. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Restriction on Short-Form Mergers</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Neither the general partner nor its affiliates will cause the partnership (in the event that the Partnership Act is amended to permit partnerships to engage in short-form merger transactions), or any successor entity of the partnership, whether in its current form as a limited partnership or as converted to or succeeded by a corporation or other form of business association, to effect a merger or other business combination (in the event that such short-form merger statute applies to other business combinations) of the partnership or such successor, in each case pursuant to Section&#160;253 of the General Corporation Law of Delaware, or any successor statute, or any similar short-form merger statute under the laws of Delaware or any other jurisdiction. This provision does not apply to any other merger or business combination transaction. In addition, no amendment to this provision is permitted without a unanimous vote of the record holders, unless the amendment has been approved by the audit committee, in which event only a majority interest, as defined, is required for approval of the amendment. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Liability of General Partner and Unitholders</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The general partner will be liable for all general obligations of the partnership to the extent not paid by the partnership. The general partner will not, however, be liable for the nonrecourse obligations of the partnership. Assuming that a unitholder does not take part in the control of the business of Icahn Enterprises and otherwise acts in conformity with the provisions of the partnership agreement, the liability of the unitholder will, under the Partnership Act, be limited, subject to certain possible exceptions, generally to the amount contributed by the unitholder or the unitholder&#8217;s predecessor in interest to the capital of the partnership, plus the unitholder&#8217;s share of any undistributed partnership income, profits or property. However, under the Partnership Act, a unitholder who receives a distribution from Icahn Enterprises that is made in violation of the Partnership Act and who knew at the time of the distribution that the distribution was improper, is liable to Icahn Enterprises for the amount of the distribution. Such liability or liability under other applicable Delaware law (such as the law of fraudulent conveyances) ceases after expiration of three&#160;years from the date of the applicable distribution. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">15</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Under the Partnership Act, a partnership is prohibited from making a distribution to a partner to the extent that at the time of the distribution, after giving effect to the distribution, all liabilities of the partnership, other than liabilities to partners on account of their partner interests and liabilities for which the recourse of creditors is limited to specified property of the partnership, exceed the fair value of the assets of the partnership (except that fair value of property that is subject to a liability for which the recourse of creditors is limited is included in the assets of the partnership only to the extent that the fair value of the property exceeds that liability). An assignee of a limited partner who becomes a limited partner does not, under the Partnership Act, become liable for any obligation of the assignor to restore prior distributions. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Reimbursement of Expenses</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The partnership agreement requires us to reimburse the general partner for expenses it reasonably incurs or payments it makes on our behalf and all other expenses allocable to us or otherwise incurred by the general partner in connection with conducting our business, including without limitation, salaries and rent. Such allocations are subject to periodic review by our audit committee. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Books and Reports</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The general partner is required to keep complete and accurate books with respect to the partnership&#8217;s business at the principal office of the partnership. The books are maintained for financial accounting purposes on the accrual basis, in accordance with generally accepted accounting principles. The fiscal year of Icahn Enterprises is the calendar year. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unitholders will be entitled to have access to Icahn Enterprises books and certain other records at reasonable times upon reasonable notice to the general partner, subject to certain limitations including those intended to protect confidential business information. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The general partner will furnish to each unitholder, within 120&#160;days after the close of each fiscal year, reports containing certain financial statements of Icahn Enterprises for the fiscal year, including a balance sheet and statements of income, unitholders&#8217; equity and changes in financial position, which will be audited by a nationally recognized firm of independent certified public accountants. Within 90&#160;days after the close of each taxable year, Icahn Enterprises will use its best efforts to furnish to each unitholder as of the last day of any month during such taxable year such information as may be required by the unitholders for the preparation of their individual federal, state and local tax returns. This information will be furnished in summary form so that certain complex calculations normally required can be avoided. The partnership&#8217;s ability to furnish such summary information may depend on the cooperation of unitholders in supplying certain information to the partnership. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Power of Attorney</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the Icahn Enterprises&#8217; partnership agreement, each unitholder of record appoints Icahn Enterprises GP and each of Icahn Enterprises GP&#8217;s authorized officers as the unitholder&#8217;s or substituted unitholder&#8217;s attorney-in-fact: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to enter into the depositary agreement and deposit the depositary&#160;units of the unitholder or substituted unitholder in the deposit account established by the depositary and admit the holders of depositary&#160;units and preferred&#160;units as limited partners in Icahn Enterprises, and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to make, execute, file and/or record: </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">instruments with respect to any amendment of the partnership agreement; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">conveyances and other instruments and documents with respect to the dissolution, termination and liquidation of Icahn Enterprises pursuant to the terms of the partnership agreement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">financing statements or other documents necessary to grant or perfect a security interest, mortgage, pledge or lien on all or any of the assets of the partnership; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">instruments or papers required to continue the business of Icahn Enterprises pursuant to the partnership agreement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">16</font>
          <br >
        </div>
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">instruments relating to the admission of limited partners in the partnership; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">all other instruments deemed necessary or appropriate to carry out the provisions of the partnership agreement. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The power of attorney is irrevocable, will survive the subsequent death, incompetency, dissolution, disability, incapacity, bankruptcy or termination of the granting unitholder, and will extend to such unitholder&#8217;s heirs, successors and assigns. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Death, Bankruptcy or Incompetency of a Unitholder</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The death, bankruptcy or adjudication of incompetency of a unitholder will not dissolve the partnership. In such event, the legal representatives of the unitholder will have all the rights of a unitholder for the purpose of settling or managing the estate and such power as the deceased, bankruptcy or incompetent unitholder possessed to assess, sell or transfer any part of his interest. The transfer of depositary&#160;units and preferred&#160;units by the legal representative to any person or entity is subject to all of the restrictions to which such transfer would have been subject if it had been made by the deceased, bankrupt or incompetent unitholder. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Termination, Dissolution and Liquidation</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The partnership will continue until December&#160;31, 2085, unless sooner dissolved or terminated and its assets liquidated upon the occurrence of the earliest of: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the withdrawal, removal or bankruptcy of the general partner (subject to the right of the unitholders to reconstitute and continue the business of Icahn Enterprises by written agreement of a majority interest and designation by them of a successor general partner within 90&#160;days); </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the written consent or affirmative vote of a majority interest, with the approval of the general partner, to dissolve and terminate the partnership; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the sale or other disposition of all or substantially all of the assets of the partnership; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the partnership&#8217;s insolvency or bankruptcy; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any other event causing or requiring a dissolution under the Partnership Act. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The unitholders&#8217; right to continue Icahn Enterprises described above is subject to the receipt of an opinion of counsel to the effect that the continuation and the selection of a successor general partner will not result in the loss of limited liability of the unitholders and will not cause Icahn Enterprises to be treated as an association taxable as a corporation for U.S. federal income tax purposes. Upon dissolution, the general partner or other entity or person authorized to wind up the affairs of Icahn Enterprises will proceed to liquidate the assets of Icahn Enterprises and apply the proceeds of liquidation in the order of priority set forth in the partnership agreement. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Business Opportunities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The partnership agreement provides that the general partner and its affiliates are permitted to have other business interests and may engage in other business ventures of any nature whatsoever, and may compete directly or indirectly with our business. Mr.&#160;Icahn and his affiliates currently invest in assets that may be similar to those in which we may invest and Mr.&#160;Icahn and his affiliates intend to continue to do so. We do not have any right to participate therein or receive or share in any income or profits derived therefrom. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Indemnification Under the Partnership Act and the Partnership Agreement</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Icahn Enterprises and Icahn Enterprises Holdings are organized under the laws of Delaware. Section&#160;17-108 of the Partnership Act provides that a limited partnership may, and shall have the power to, indemnify and hold harmless any partners or other persons from and against any and all claims and demands whatsoever, subject to such standards and restrictions set forth in the partnership agreement. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">17</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Section&#160;6.15 of the Icahn Enterprises partnership agreement provides that Icahn Enterprises shall, to the fullest extent permitted by law, indemnify and hold harmless an Indemnitee or an Outside Capacity Indemnitee, each as defined in the Icahn Enterprises partnership agreement, from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys&#8217; fees and disbursements), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which the Indemnitee or an Outside Capacity Indemnitee may be involved, or threatened to be involved, as a party or otherwise by reason of its status as (x)&#160;the general partner or an affiliate thereof or (y)&#160;a partner, shareholder, director, officer, employee or agent of the general partner or an affiliate thereof or (z)&#160;a person serving at the request of the general partner in another entity in a similar capacity, which relate to, arise out of or are incidental to Icahn Enterprises, its property, business, or affairs, including, without limitation, liabilities under the federal and state securities laws, regardless of whether the Indemnitee or the Outside Capacity Indemnitee continues to be an Indemnitee or an Outside Capacity Indemnitee at the time any such liability or expense is paid or incurred, if (i)&#160;the Indemnitee or the Outside Capacity Indemnitee acted in good faith and in a manner it believed to be in, or not opposed to, the best interests of Icahn Enterprises, and, with respect to any criminal proceeding, had no reasonable cause to believe its conduct was unlawful and (ii)&#160;the Indemnitee&#8217;s or the Outside Capacity Indemnitee&#8217;s conduct did not constitute fraud, bad faith, or willful misconduct. The indemnification of an Outside Capacity Indemnitee shall be specifically in excess of any and all (i)&#160;amounts paid to or on behalf of such Outside Capacity Indemnitee under any indemnification from any person that is not the general partner, Icahn Enterprises, or Icahn Enterprise&#8217;s operating partnership, Icahn Enterprises Holdings; (ii)&#160;amounts paid to or on behalf of such Outside Capacity Indemnitee under any insurance policy maintained by any person that is not the general partner, Icahn Enterprises, or Icahn Enterprises Holdings, or otherwise issued to, covering, or providing any benefit to such Outside Capacity Indemnitee; and (iii)&#160;amounts paid to or on behalf of such Outside Capacity Indemnitee under any insurance policy issued to or for the benefit of the general partner, Icahn Enterprises, or Icahn Enterprises Holdings. No person that is not the general partner, Icahn Enterprises, or Icahn Enterprises Holdings shall be entitled to contribution or indemnification from or subrogation against Icahn Enterprises. The Icahn Enterprise partnership agreement further provides that an Indemnitee or Outside Capacity Indemnitee shall not be denied indemnification in whole or in part under Section&#160;6.15 by reason of the fact that the Indemnitee or Outside Capacity Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of the Icahn Enterprise partnership agreement. Any indemnification under Section&#160;6.15 shall be satisfied solely out of the assets of Icahn Enterprises. The record holders shall not be subject to personal liability by reason of the indemnification provision. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Section&#160;6.13 of Icahn Enterprises Holdings&#8217; partnership agreement provides that Icahn Enterprises Holdings shall, to the fullest extent permitted by law, indemnify and hold harmless an Indemnitee (individually, an &#8220;IEH Indemnitee&#8221;) or an Outside Capacity Indemnitee (individually, an &#8220;IEH Outside Capacity Indemnitee&#8221;), each as defined in the Icahn Enterprises Holdings&#8217; partnership agreement, from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys&#8217; fees and disbursements), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which the IEH Indemnitee or an IEH Outside Capacity Indemnitee may be involved, or threatened to be involved, as a party or otherwise by reason of its status as (x)&#160;the general partner or an affiliate thereof or (y)&#160;a partner, shareholder, director, officer, employee or agent of the general partner or an affiliate thereof or (z)&#160;a person serving at the request of the general partner in another entity in a similar capacity, which relate to, arise out of or are incidental to Icahn Enterprises Holdings, its property, business, or affairs, including, without limitation, liabilities under the federal and state securities laws, regardless of whether the IEH Indemnitee or the IEH Outside Capacity Indemnitee continues to be an IEH Indemnitee or an IEH Outside Capacity Indemnitee at the time any such liability or expense is paid or incurred, if (i)&#160;the IEH Indemnitee or the IEH Outside Capacity Indemnitee acted in good faith and in a manner it believed to be in, or not opposed to, the best interests of Icahn Enterprises Holdings, and, with respect to any criminal proceeding, had no reasonable cause to believe its conduct was unlawful and (ii)&#160;the IEH Indemnitee&#8217;s or the IEH Outside Capacity Indemnitee&#8217;s conduct did not constitute fraud, bad faith or willful misconduct. The Icahn Enterprises Holdings&#8217; partnership agreement further provides that an IEH Indemnitee shall not be denied indemnification in whole or in part under Section&#160;6.13 by reason of the fact that the IEH Indemnitee </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">18</font>
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-bottom:428pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of the Icahn Enterprises Holdings&#8217; partnership agreement. Any indemnification under Section&#160;6.13 shall be satisfied solely out of the assets of Icahn Enterprises Holdings. The record holders shall not be subject to personal liability by reason of the indemnification provision. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Indemnification Under the Delaware General Corporation Law and the Certificate of Incorporation and Bylaws of Icahn Enterprises Finance Corp.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Icahn Enterprises Finance Corp. is a corporation incorporated under the laws of the State of Delaware. Section&#160;145 of the Delaware General Corporation Law provides that under certain circumstances a corporation may indemnify directors and officers as well as other employees and individuals against expenses (including attorneys&#8217; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any threatened, pending or completed actions, suits or proceedings in which such person is made a party by reason of such person being or having been a director, officer, employee of or agent to the registrants. The statute provides that it is not exclusive of other rights to which those seeking indemnification may be entitled under any by-law, agreement, vote of stockholders or disinterested directors or otherwise.</font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">19</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="DODS">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF DEBT SECURITIES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may issue senior debt securities or subordinated debt securities under one or more separate indentures between us and Wilmington Trust, National Association, as trustee, or as otherwise named in an applicable supplement to this prospectus. Following the execution of any indenture, the indenture will be filed with the SEC and incorporated by reference in the registration statement of which this prospectus is a part. Any series of non-convertible debt securities issued by Icahn Enterprises Finance (either as a co-issuer with Icahn Enterprises or as sole issuer) will be guaranteed by its parent, Icahn Enterprises. Such guarantees will be full and unconditional, as defined in Rule&#160;3-10 of Regulation&#160;S-X, of the payment obligations on the securities being registered. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following summary describes certain material terms and provisions of our debt securities. When we offer to sell a particular series of debt securities, we will describe the specific terms of the series in the applicable supplement to this prospectus. You should read the applicable indenture for more details regarding the provisions of particular debt securities. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The debt securities will be our direct obligations, which may be either senior debt securities or subordinated debt securities. The debt securities will be issued under one or more indentures. Senior securities and subordinated securities may be issued pursuant to separate indentures, in each case between us and a trustee, which may be the same indenture trustee, subject to such amendments or supplements as may be adopted from time to time. The senior indenture and the subordinated indenture, as amended or supplemented from time to time, are sometimes hereinafter referred to collectively as the &#8220;indentures.&#8221; The indentures will be subject to and governed by the Trust Indenture Act of 1939, as amended. The statements made under this heading relating to the debt securities and the indentures are summaries of their provisions, do not purport to be complete and are qualified in their entirety by reference to the indentures and the debt securities. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Terms</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The indebtedness represented by the senior securities will rank equally with all our other unsubordinated indebtedness. The indebtedness represented by subordinated securities will be subordinated in right of payment to the prior payment in full of our senior securities. The particular terms of the debt securities offered by us will be described in one or more supplements to this prospectus, along with any applicable federal income tax considerations unique to such debt securities. Accordingly, for a description of the terms of any series of debt securities, reference must be made to both the prospectus supplement relating to that series and the description of the debt securities set forth in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except as set forth in any prospectus supplement, our debt securities may be issued without limits as to aggregate principal amount, in one or more series, in each case as established from time to time by us or as set forth in the applicable indenture. The terms of each series of our debt securities will be established by or pursuant to a resolution of our board of directors and set forth or determined in the manner provided in a resolution of our board of directors, in an officer&#8217;s certificate or by a supplemental indenture. All debt securities of 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 of the debt securities of that series, for issuance of additional debt securities of that series. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Any indenture trustee under an indenture may resign or be removed with respect to one or more series of debt securities as provided in the applicable indenture and a successor indenture trustee will be appointed to act with respect to such series. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following sets forth certain general terms and provisions of the indentures and the debt securities. The prospectus supplement relating to the series of debt securities being offered will contain further terms of those debt securities, including the following specific terms: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the title of the debt securities and whether the debt securities are secured, unsecured, senior securities or subordinated securities; </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">20</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the aggregate principal amount of the debt securities and any limit on such aggregate principal amount; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.69pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.69pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the price (expressed as a&#160;percentage of the principal amount of the series) at which the debt securities will be issued and, if other than the principal amount of the debt securities, the portion of the principal amount of the debt securities payable upon declaration of the maturity of the debt securities, or (if applicable) the portion of the principal amount of the debt securities that is convertible into depositary&#160;units or preferred&#160;units, or the method by which any such portion shall be determined; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if convertible, the terms on which such debt securities are convertible, including the initial conversion price or rate and the conversion period and any applicable limitations on the ownership or transferability of the common&#160;units or preferred&#160;units receivable on conversion; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the date or dates, or the method for determining the date or dates, on which the principal of the debt securities will be payable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the rate or rates (which may be fixed or variable), or the method by which the rate or rates shall be determined, at which the debt securities will bear interest, if any; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the date or dates, or the method for determining the date or dates, from which any interest will accrue, the dates on which any interest will be payable, the record dates for interest payment dates, or the method by which the record dates shall be determined, the persons to whom interest shall be payable, and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day&#160;months; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.69pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.69pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the place or places where the principal of (and premium, if any) and interest, if any, on the debt securities will be payable, where the debt securities may be surrendered for conversion or registration of transfer or exchange and where notices or demands to or upon us with respect to the debt securities and the applicable indenture may be served; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the period or periods, if any, within which, the price or prices at which and the other terms and conditions upon which the debt securities may, pursuant to any optional or mandatory redemption provisions, be redeemed, as a whole or in part, at our option; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">our obligation, if any, to redeem, repay or purchase the debt securities pursuant to any sinking fund or analogous provision or at the option of a holder of the debt securities, and the period or periods within which, the price or prices at which and the other terms and conditions upon which the debt securities will be redeemed, repaid or purchased, as a whole or in part, pursuant to such obligation; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if other than U.S. dollars, the currency or currencies in which such debt securities are denominated and payable, which may be a foreign currency or&#160;units of two or more foreign currencies or a composite currency or currencies, and the terms and conditions relating thereto; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">whether the amount of payments of principal of (and premium, if any) or interest, if any, on such debt securities may be determined with reference to an index, formula or other method (which index, formula or method may, but need not, be based on a currency, currencies, currency unit or&#160;units, or composite currency or currencies) and the manner in which such amounts shall be determined; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">whether the debt securities will be issued in certificated or book-entry form and, if so, the identity of the depositary for such securities; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">whether such debt securities will be in registered form and, if in registered form, the denominations thereof if other than minimum denominations of $1,000 and any integral multiple thereof; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.79pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the applicability, if any, of the defeasance and covenant defeasance provisions described in this prospectus or set forth in the applicable prospectus supplement and indenture, or any modification thereof; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">whether and under what circumstances we will pay any additional amounts on the debt securities in respect of any tax, assessment or governmental charge and, if so, whether we will have the option to redeem the debt securities in lieu of making such payment; </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">21</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">any deletions from, modifications of or additions to the events of default or our covenants, to the extent different from those described in this prospectus, and any change in the right of any trustee or any of the holders to declare the principal amount of any debt securities due and payable; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">the provisions, if any, relating to the security provided for the debt securities; and </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">any other terms of the debt securities not inconsistent with the provisions of the applicable indenture. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If so provided in the applicable prospectus supplement, our debt securities may be issued at a discount below their principal amount and provide for less than their entire principal amount to be payable upon declaration of acceleration of the maturity of such debt securities. In such cases, any special U.S. federal income tax, accounting and other considerations applicable to the securities will be described in the applicable prospectus supplement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except as may be set forth in any prospectus supplement, neither our debt securities nor the applicable indenture will contain any provisions that would limit our ability to incur indebtedness or that would afford holders of our debt securities protection in the event of a highly leveraged or similar transaction involving us or in the event of a change of control, regardless of whether the indebtedness, transaction or change of control is initiated or supported by us, any of our affiliates or any other party. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Reference is made to the applicable prospectus supplement for information with respect to any deletions from, modifications of, or additions to, the events of default or covenants that are described below, including any addition of a covenant or other provision providing event risk or similar protection. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Denomination, Interest, Registration and Transfer</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise described in the applicable prospectus supplement, our debt securities of any series will be issuable in minimum denominations of $1,000 and integral multiples thereof. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise specified in the applicable prospectus supplement, the principal of (and applicable premium, if any) and interest on any series of debt securities will be payable at the corporate trust office of the applicable indenture trustee, except, that, at our option, payment of interest may be made by check mailed to the address of the person entitled to payment of interest as it appears in the applicable register for the debt securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our debt securities of any series will be exchangeable for any authorized denomination of other debt securities of the same series and of a like aggregate principal amount and tenor upon surrender of the debt securities at the corporate trust office of the applicable indenture trustee or at the office of any registrar designated by us for such purpose. In addition, subject to certain limitations imposed upon debt securities issued in book-entry form, our debt securities of any series may be surrendered for conversion or registration of transfer or exchange thereof at the corporate trust office of the applicable indenture trustee or at the office of any registrar designated by us for such purpose. Every debt security surrendered for conversion, registration of transfer or exchange must be duly endorsed or accompanied by a written instrument of transfer, and the person requesting such action must provide evidence of title and identity satisfactory to the applicable indenture trustee or registrar. Except as may be set forth in any prospectus supplement, no service charge will be made for any registration of transfer or exchange of any debt securities, but we may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the registration of any transfer or exchange. If the applicable prospectus supplement refers to any registrar (in addition to the applicable indenture trustee) initially designated by us with respect to any series of debt securities, we may at any time rescind the designation of any such registrar or approve a change in the location through which any registrar acts, except that we will be required to maintain a transfer agent in each place of payment for such series. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may at any time designate additional registrars with respect to any series of debt securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Neither we nor any indenture trustee shall be required (1)&#160;to issue, register the transfer of or exchange debt securities of any series during a period beginning at the opening of business 15&#160;days before the day of the delivery of a notice of redemption of any debt securities that may be selected for redemption and ending at the close of business on the day of the delivery or (2)&#160;to register the transfer of or exchange any debt </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">22</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">security, or portion of the debt security, selected for redemption, in whole or in part, except the unredeemed portion of any debt security being redeemed in part. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Merger, Consolidation or Sale of Assets</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The applicable indenture will provide that we may, without the consent of the holders of any outstanding debt securities, consolidate with, or sell, lease or convey all or substantially all of our or its assets to, or merge with or into, any other entity provided that (a)&#160;either we shall be the continuing entity, or the successor entity (if other than our company) formed by or resulting from any such consolidation or merger or which shall have received the transfer of such assets, is organized under the laws of any domestic jurisdiction and expressly assumes by supplemental indenture our obligations to pay principal of (and premium, if any) and interest on all of the debt securities and the due and punctual performance and observance of all of the covenants and conditions contained in the indenture; (b)&#160;immediately after the transaction, no event of default under the applicable indenture, and no event which, after notice or the lapse of time, or both, would become an event of default, exists; and (c)&#160;an officers&#8217; certificate and legal opinion covering these conditions shall be delivered to the applicable indenture trustee. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise provided in the applicable indenture and set forth in the applicable prospectus supplement, the applicable indenture will provide that these conditions will not apply or be required to be complied with in connection with any merger or consolidation or sale, assignment, transfer, conveyance of all or substantially all of our assets to a wholly owned subsidiary, provided that if we are not the surviving entity of the transaction, the surviving entity complies with clauses (a)&#160;and (c). </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Covenants</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Covenants with respect to any series of debt securities will be set forth in the applicable prospectus supplement. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Subordination of Subordinated Debt Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless the prospectus supplement indicates otherwise, the following provisions will apply to the subordinated debt securities. To the extent we issue subordinated debt securities, they will also be contractually subordinated to any senior debt securities or other senior indebtedness that we may issue. The indebtedness underlying the subordinated debt securities will be payable only if all payments due under our senior indebtedness, including any outstanding senior debt securities, have been made. If we distribute our assets to creditors upon any dissolution, winding-up, liquidation or reorganization or in bankruptcy, insolvency, receivership or similar proceedings, we must first pay all amounts due or to become due on all senior indebtedness before we pay the principal of, or any premium or interest on, the subordinated debt securities. In the event the subordinated debt securities are accelerated because of any event of default, we may not make any payment on the subordinated debt securities until either we have paid all senior indebtedness or the acceleration is rescinded. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If we experience a bankruptcy, dissolution or reorganization, holders of senior indebtedness may receive more, ratably, and holders of subordinated debt securities may receive less, ratably, than our other creditors. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Events of Default, Notice and Waiver</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise set forth in the applicable prospectus supplement, each indenture will provide that the following events are &#8220;Events of Default&#8221; with respect to any series of debt securities: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">default for 30&#160;days in the payment of any installment of interest on any debt security of that series or in the performance of certain covenants contained in the indenture; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
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        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">default in the payment of principal of (or premium, if any, on) any debt security of the series at its maturity upon redemption or otherwise; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">default in the performance or breach of any other covenant contained in the indenture (other than a covenant added to the indenture solely for the benefit of a series of debt securities issued under </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">23</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:40pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">the indenture other than such series), continued for 60&#160;days after written notice as provided in the applicable indenture has been given; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(4)</font>
          <br >
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        <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">certain events of bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of our company or any guarantor that is a significant subsidiary, as defined; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(5)</font>
          <br >
        </div>
        <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any other event of default provided with respect to a particular series of debt securities. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If an event of default under any indenture with respect to debt securities of any series at the time outstanding occurs and is continuing, then in every such case the applicable indenture trustee or the holders of not less than 25% in principal amount of the debt securities of that series will have the right to declare the principal amount (or, if the debt securities of that series are original issue discount securities or indexed securities, such portion of the principal amount as may be specified in the terms of those debt securities) of all the debt securities of that series to be due and payable immediately by written notice thereof to us (and to the applicable indenture trustee if given by the holders). However, at any time after such a declaration of acceleration with respect to debt securities of any series (or of all debt securities then outstanding under any indenture, as the case may be) has been made, but before a judgment or decree for payment of the money due has been obtained by the applicable indenture trustee, the holders of not less than a majority in principal amount of outstanding debt securities of that series (or of all debt securities then outstanding under the applicable indenture, as the case may be) may rescind and annul the declaration and its consequences subject to certain conditions provided in the applicable indenture. The indentures also will provide that the holders of not less than a majority in principal amount of the outstanding debt securities of any series (or of all debt securities then outstanding under the applicable indenture, as the case may be) may waive any past default with respect to that series and its consequences, except a default in the payment of the principal of (or premium, if any) or interest on any debt security of that series or in respect of a covenant or provision which under the indenture cannot be modified or amended without the consent of each holder affected by such modification or amendment. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The indentures will require each indenture trustee to give notice to the holders of debt securities within the later of 90&#160;days of a default or a responsible officer of the trustee obtaining actual notice of such default under the applicable indenture unless the default shall have been cured or waived; provided, however, that the indenture trustee may withhold notice to the holders of any series of debt securities of any default with respect to the series if specified responsible officers of such indenture trustee consider withholding of notice to be in the interest of the holders. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except as may be set forth in any prospectus supplement, each indenture will provide that no holder of debt securities of any series may institute any proceeding, judicial or otherwise, with respect to such indenture or for any remedy under it, except in the case of failure of the applicable indenture trustee, for 60&#160;days, to act after it has received a written request to institute proceedings in respect of an event of default from the holders of not less than 25% in principal amount of the outstanding debt securities of that series, as well as an indemnity reasonably satisfactory to it, and the holders of a majority in aggregate principal amount of the outstanding securities of that series have not given the trustee a direction inconsistent with the request. This provision will not prevent, however, any holder of debt securities from instituting suit for the enforcement of payment of the principal of (and premium, if any) and interest on the debt securities on or after the respective due dates thereof. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The indentures will provide that an indenture trustee will be under no obligation to exercise any of its rights or powers under an indenture at the request or direction of any holders of any series of debt securities then outstanding under that indenture, unless the holders shall have offered and provided to the indenture trustee under that indenture security or indemnity satisfactory to it. The holders of not less than a majority in principal amount of the outstanding debt securities of any series (or of all debt securities then outstanding under an indenture, as the case may be) shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the applicable indenture trustee, or of exercising any trust or power conferred upon the indenture trustee. However, an indenture trustee may refuse to follow any direction which is in conflict with any law or the applicable indenture, which may involve the indenture trustee in personal liability or which may be prejudicial to the holders of debt securities of such </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">24</font>
          <br >
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      </div>
      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">series not joining therein (provided, however, that the trustee shall have no duty to determine whether any such direction is prejudicial to any holder). </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Within 90&#160;days after the close of each fiscal year, we will be required to deliver to each indenture trustee a certificate, signed by one of several of our specified officers, stating among other things whether or not the officer has knowledge of any default under the applicable indenture and, if so, specifying each default and the nature and status of the default. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Modification of the Indentures</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Except as may be set forth in any prospectus supplement, modifications and amendments of an indenture will be permitted to be made only with the consent of the holders of not less than a majority in principal amount of all outstanding debt securities issued under the indenture affected by the modification or amendment; provided, however, that no modification or amendment may, without the consent of the holder of each debt security affected thereby, </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.7pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:7.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">extend the stated maturity of the principal of, or any installment of interest (or premium, if any) on, any the debt security; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.7pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:7.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">reduce the principal amount of, or the rate or amount of interest on, or any premium payable on redemption of, any such debt security, or reduce the amount of principal of an original issue discount security that would be due and payable upon declaration of acceleration of its maturity or would be provable in bankruptcy, or adversely affect any right of repayment of the holder of any such debt security; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.7pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:7.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">change the coin or currency for payment of principal of, premium, if any, or interest on any the debt security; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.7pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(4)</font>
          <br >
        </div>
        <div style=" margin-top:7.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">modify any of the foregoing provisions or any of the provisions relating to the waiver of certain past defaults or covenants or modify certain covenants. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The holders of a majority in aggregate principal amount of the outstanding debt securities of each series may, on behalf of all holders of debt securities of that series, waive, insofar as that series is concerned, compliance by us with certain restrictive covenants of the applicable indenture. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Modifications and amendments of an indenture will be permitted to be made by us and the respective indenture trustee without the consent of any holder of debt securities for any of the following purposes among certain others: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to evidence the succession of another person to our company as obligor under the indenture; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to add to the covenants of our company for the benefit of the holders of all or any series of debt securities or to surrender any right or power conferred upon us in such indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to change or eliminate any provisions of the indenture restricting the payment of principal or premium with respect to securities in registered form, provided that the action shall not adversely affect the interest of the holders of the debt securities of any series in any material respect; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(4)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">in the case of subordinated securities, to make any change to the provisions of an indenture that would limit or terminate the benefits available to any holder of senior indebtedness, but only if each such holder of senior indebtedness consents to such change; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(5)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to add guarantees with respect to the securities or to secure the securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(6)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to convey, transfer assign, mortgage or pledge any property to the indenture trustee; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(7)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to modify an indenture so as to permit its qualification under the Trust Indenture Act; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(8)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to make any change that does not adversely affect the rights of any holder; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(9)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to add to, change or eliminate any provisions of an indenture; provided that any such addition, change or elimination not otherwise permitted under the indenture (i)&#160;shall be effective only when </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">25</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:40pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">there are no debt securities outstanding of any series created prior thereto which are entitled to the benefit of such provision or (ii)&#160;does not apply to nor modify the rights of the holders of any such debt securities; </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(10)</font>
          <br >
        </div>
        <div style=" margin-top:8.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to establish the form or terms of securities and coupons of any series of securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(11)</font>
          <br >
        </div>
        <div style=" margin-top:8.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to provide for the acceptance of appointment by a successor indenture trustee or facilitate the administration of the trusts under an indenture by more than one indenture trustee; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(12)</font>
          <br >
        </div>
        <div style=" margin-top:8.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">to cure any ambiguity, defect or inconsistency in an indenture. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The indentures will provide that, in determining whether the holders of the requisite principal amount of outstanding debt securities of a series have given any request, demand, authorization, direction, notice, consent or waiver under the applicable indenture or whether a quorum is present at a meeting of holders of debt securities, the principal amount of an original issue discount security that shall be deemed to be outstanding shall be the amount of principal that would be due and payable as of the date of the determination upon declaration of acceleration of the maturity of the original discount issue security pursuant to the indenture. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise set forth in the applicable prospectus supplement, we will be permitted, at our option, to discharge certain obligations to holders of any series of debt securities issued under any indenture that have not already been delivered to the applicable indenture trustee for cancellation and that either have become due and payable or will become due and payable within one year (or scheduled for redemption within one year) by irrevocably depositing with the applicable indenture trustee, in trust, funds in the currency or currencies, currency unit or&#160;units or composite currency or currencies in which the debt securities are payable in an amount sufficient to pay the entire indebtedness on the debt securities with respect to principal (and premium, if any) and interest to the date of the deposit (if such debt securities have become due and payable) or to the stated maturity or redemption date, as the case may be. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise indicated in the applicable prospectus supplement, the indentures will provide that we may elect either (1)&#160;to defease and be discharged from any and all obligations with respect to such debt securities, or (2)&#160;to be released from our obligations with respect to covenants under the applicable indenture. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In either case upon the irrevocable deposit by us with the applicable indenture trustee, in trust, of an amount sufficient to pay the principal of (and premium, if any) and interest on the debt securities on the stated maturity or on the applicable redemption date. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Such a trust will only be permitted to be established if, among other things, we have delivered to the applicable indenture trustee an opinion of counsel (as specified in the applicable indenture) and to the effect that the holders of the outstanding debt securities will not recognize income, gain or loss for U.S. 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. In the event of defeasance, the holders of debt securities would thereafter be able to look only to the trust fund for payment of principal (and premium, if any) and interest. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The applicable prospectus supplement may further describe the provisions, if any, permitting such defeasance or covenant defeasance, including any modifications to the provisions described above, with respect to the debt securities of or within a particular series. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Conversion Rights</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The terms and conditions, if any, upon which the debt securities are convertible into depositary&#160;units or preferred&#160;units will be set forth in the applicable prospectus supplement relating thereto. Such terms will include whether such debt securities are convertible into depositary&#160;units or preferred&#160;units, the conversion price (or manner of calculation thereof), the conversion period, provisions as to whether conversion will be at our option or the option of the holders, the events requiring an adjustment of the conversion price and provisions affecting conversion in the event of the redemption of such debt securities and any restrictions on conversion. Any convertible debt securities that may be offered shall be issued solely by Icahn Enterprises </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">26</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:352pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">and not by Icahn Enterprises Finance, and the prospectus supplement relating to the series of such convertible debt securities will contain such provision. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Payment</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise set forth in the applicable prospectus supplement, the principal of (and applicable premium, if any) and interest on any series of debt securities will be payable at the office of the paying agent, which shall be the corporate trust office of the indenture trustee, the address of which will be stated in the applicable prospectus supplement; provided that, at our option payment of interest may be made by check mailed to the address of the person entitled thereto as it appears in the applicable register for such debt securities or by wire transfer of funds to such person at an account maintained within the United States. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">All moneys paid by us to a paying agent or an indenture trustee for the payment of the principal of or any premium or interest on any debt security which remain unclaimed at the end of one year after such principal, premium or interest has become due and payable will be repaid to us, and the holder of such debt security thereafter may look only to us for payment thereof. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Global Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The debt securities of a series may be issued in whole or in part in the form of one or more global securities that will be deposited with, or on behalf of, a depositary identified in the applicable prospectus supplement relating to such series. Global securities will be issued in registered form and in either temporary or permanent form. The specific terms of the depositary arrangement with respect to a series of debt securities will be described in the applicable prospectus supplement relating to such series. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">27</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="DOW">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF WARRANTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General Description of Warrants</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may issue warrants for the purchase of depositary&#160;units, preferred&#160;units or debt securities. Warrants may be issued independently or together with other securities and may be attached to or separate from any offered securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between us and a bank or trust company, as warrant agent. The warrant agent will act solely as our agent in connection with the warrants and will not have any obligation or relationship of agency or trust for or with any holders or beneficial owners of warrants. A copy of the warrant agreement will be filed with the SEC in connection with the offering of warrants. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Depositary Unit Warrants and Preferred Unit Warrants</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The prospectus supplement relating to a particular issue of warrants to purchase depositary&#160;units or preferred&#160;units will describe the terms of the depositary unit or preferred unit warrants, including, among other things, the following: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the title of the warrants; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the offering price for the warrants, if any; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the aggregate number of the warrants; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the designation and terms of the depositary&#160;units or preferred&#160;units that may be purchased upon exercise of the warrants; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if applicable, the designation and terms of the securities that the warrants are issued with and the number of warrants issued with each security; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if applicable, the date from and after which the warrants and any securities issued with the warrants will be separately transferable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the number of depositary&#160;units or preferred&#160;units that may be purchased upon exercise of a warrant and the price at which such securities may be purchased upon exercise; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the dates on which the right to exercise the warrants commence and expire; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if applicable, the minimum or maximum amount of the warrants that may be exercised at any one time; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">whether the warrants will be certificated and whether the warrants represented by warrant certificates or the depositary&#160;units or preferred&#160;units that may be issued upon exercise of the warrants will be issued in registered or bearer form; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">information relating to book-entry procedures, if any; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the currency or currency&#160;units in which the offering price, if any, and the exercise price are payable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if applicable, a discussion of material United States federal income tax considerations; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">anti-dilution provisions of the warrants, if any; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">redemption or call provisions, if any, applicable to the warrants; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any additional terms of the warrants, including terms, procedures, and limitations relating to the exchange and exercise of the warrants; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any other information we think is important about the warrants. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Debt Warrants</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The prospectus supplement relating to a particular issue of warrants to purchase debt securities will describe the terms of those warrants, including, among other things, the following: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the title of the warrants; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">28</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:114pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the offering price for the warrants, if any; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the aggregate number of the warrants; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the designation and terms of the debt securities that may be purchased upon exercise of the warrant; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if applicable, the designation and terms of the debt securities that the warrants are issued with and the number of warrants issued with each debt security; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if applicable, the date from and after which the warrants and any debt securities issued with them will be separately transferable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the principal amount of debt securities that may be purchased upon exercise of a warrant and the price at which the debt securities may be purchased upon exercise; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the dates on which the right to exercise the warrants will commence and expire; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if applicable, the minimum or maximum amount of the warrants that may be exercised at any one time; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">whether the warrants will be certificated and whether the warrants represented by warrant certificates or the debt securities that may be issued upon exercise of the warrants will be issued in registered or bearer form; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">information relating to book-entry procedures, if any; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the currency or currency&#160;units in which the offering price, if any, and the exercise price are payable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">if applicable, a discussion of material United States federal income tax considerations; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">anti-dilution provisions of the warrants, if any; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">redemption or call provisions, if any, applicable to the warrants; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any additional terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any other information we think is important about the warrants. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Exercise of Warrants</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each warrant will entitle the holder of the warrant to purchase at the exercise price set forth in the applicable prospectus supplement the number of depositary&#160;units or preferred&#160;units or principal amount of debt securities being offered. Holders may exercise warrants at any time up to the close of business on the expiration date set forth in the applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants are void. Holders may exercise warrants as set forth in the prospectus supplement relating to the warrants being offered. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Until you exercise your warrants to purchase our depositary&#160;units, preferred&#160;units or debt securities, you will not have any rights as a holder of depositary&#160;units, preferred&#160;units or debt securities, as the case may be, by virtue of your ownership of warrants. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">29</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="DOR">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:140pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF RIGHTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may issue rights to purchase depositary&#160;units, preferred&#160;units or debt securities. These rights may be issued independently or together with any other security offered hereby and may or may not be transferable by the unitholder receiving the rights in such offering. In connection with any offering of such rights, we may enter into a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or other purchasers may be required to purchase any securities remaining unsubscribed for after such offering. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will describe in the applicable prospectus supplement the terms and conditions of the issue of rights being offered, the rights agreement relating to the rights and the rights certificates representing the rights, including, as applicable: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the title of the rights; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the date of determining the unitholders entitled to the rights distribution; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the title, aggregate number of depositary&#160;units or preferred&#160;units purchasable upon exercise of the rights; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the exercise price; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the aggregate number of rights issued; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the date, if any, on and after which the rights will be separately transferable; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the date on which the right to exercise the rights will commence and the date on which the right will expire; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">any other terms of the rights, including terms, procedures and limitations relating to the distribution, exchange and exercise of the rights. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each right will entitle the holder of rights to purchase for cash the principal amount of depositary&#160;units or preferred&#160;units at the exercise price provided in the applicable prospectus supplement. Rights may be exercised at any time up to the close of business on the expiration date for the rights provided in the applicable prospectus supplement. After the close of business on the expiration date, all unexercised rights will be void. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Holders may exercise rights as described in the applicable prospectus supplement. Upon receipt of payment and the rights certificate properly completed and duly executed at the corporate trust office of the rights agent or any other office indicated in the prospectus supplement, we will, as soon as practicable, forward the depositary&#160;units or preferred&#160;units purchasable upon exercise of the rights. If less than all of the rights issued in any rights offering are exercised, we may offer any unsubscribed securities directly to persons other than stockholders, to or through agents, underwriters or dealers or through a combination of such methods, including pursuant to standby underwriting arrangements, as described in the applicable prospectus supplement. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">30</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="DOU">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:414pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF UNITS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">As specified in the applicable prospectus supplement, we may issue&#160;units consisting of one or more depositary&#160;units, preferred&#160;units, debt securities, warrants or rights or any combination of such securities. The prospectus supplement will describe: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the terms of the&#160;units and of the depositary&#160;units, preferred&#160;units, debt securities, warrants or rights comprising the&#160;units, including whether and under what circumstances the securities comprising the&#160;units may be traded separately; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a description of the terms of any unit agreement governing the&#160;units; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">a description of the provisions for the payment, settlement, transfer or exchange or the&#160;units. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This summary of certain general terms of&#160;units and any summary description of&#160;units in the applicable prospectus supplement do not purport to be complete and are qualified in their entirety by reference to all provisions of the applicable unit agreement, if any, and, if applicable, collateral arrangements and depositary arrangements relating to such&#160;units. The forms of the unit agreement, if any, and other documents relating to a particular issue of&#160;units will be filed with the SEC each time we issue&#160;units, and you should read those documents for provisions that may be important to you. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">31</font>
          <br >
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="POD">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PLAN OF DISTRIBUTION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may sell our securities in or outside the United States to or through underwriters or dealers, through agents or directly to one or more investors. The applicable supplement to this prospectus with respect to our securities, will set forth the terms of the offering of our securities, including the name or names of any underwriters, dealers or agents, the public offering price, any underwriting discounts and other items constituting underwriter compensation, any discounts or concessions allowed or reallowed or paid to dealers, and any securities exchanges on which the securities may be listed. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Our securities may be sold directly by us or through agents designated by us from time to time at fixed prices, which may be changed, or at varying prices determined at the time of a sale of our securities. Any agent involved in the offer or sale of our securities will be named, and any commissions payable by us to such agent will be set forth, in the supplement to this prospectus relating thereto. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In connection with the sale of our securities, underwriters or agents may receive compensation from us or from purchasers of our securities, for whom they may act as agents, in the form of discounts, concessions or commissions. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Underwriters may sell our securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of our securities may be deemed to be underwriters under the Securities Act, and any discounts or commissions they receive from us and any profit on the resale of our securities they realize may be deemed to be underwriting discounts and commissions under the Securities Act. Any such underwriter or agent will be identified, and any such compensation received from us will be described, in the applicable supplement to this prospectus. Unless otherwise set forth in the supplement to this prospectus relating thereto, the obligations of the underwriters or agents to purchase our securities will be subject to conditions precedent and the underwriters will be obligated to purchase all our securities if any are purchased. The public offering price and any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Offers to purchase securities may be solicited directly by us and the sale thereof may be made by us directly to institutional investors or others, who may be deemed to be underwriters within the meaning of the Securities Act with respect to any resale thereof. The terms of any such sales will be described in the prospectus supplement relating thereto. We may use electronic media, including the internet, to sell offered securities directly. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may elect to list any series of securities on an exchange, but, unless otherwise specified in the applicable prospectus supplement and/or other offering material, we shall not be obligated to do so. No assurance can be given as to the liquidity of the trading market for any of the securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may agree to indemnify underwriters, dealers, and agents who participate in the distribution of securities against certain liabilities to which they may become subject in connection with the sale of the securities, including liabilities arising under the Securities Act. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Certain of the underwriters and their affiliates may be customers of, may engage in transactions with and may perform services for us or our affiliates in the ordinary course of business. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A prospectus and accompanying prospectus supplement in electronic form may be made available on the websites maintained by the underwriters. The underwriters may agree to allocate a number of securities for sale to their online brokerage account holders. Such allocations of securities for internet distributions will be made on the same basis as other allocations. In addition, securities may be sold by the underwriters to securities dealers who resell securities to online brokerage account holders. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">To the extent required, this prospectus may be amended or supplemented from time to time to describe a specific plan of distribution. The place and time of delivery for the securities in respect of which this prospectus is delivered will be set forth in the accompanying prospectus supplement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In connection with offerings of securities under the registration statement of which this prospectus forms a part and in compliance with applicable law, underwriters, brokers, or dealers may engage in </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">32</font>
          <br >
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:488pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">transactions that stabilize or maintain the market price of the securities at levels above those that might otherwise prevail in the open market. Specifically, underwriters, brokers, or dealers may over-allot in connection with offerings, creating a short position in the securities for their own accounts. For the purpose of covering a syndicate short position or stabilizing the price of the securities, the underwriters, brokers, or dealers may place bids for the securities or effect purchases of the securities in the open market. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Finally, the underwriters may impose a penalty whereby selling concessions allowed to syndicate members or other brokers or dealers for distribution of the securities in offerings may be reclaimed by the syndicate if the syndicate repurchases previously distributed securities in transactions to cover short positions, in stabilization transactions or otherwise. These activities may stabilize, maintain, or otherwise affect the market price of the securities, which may be higher than the price that might otherwise prevail in the open market, and, if commenced, may be discontinued at any time. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">33</font>
          <br >
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Helvetica, Arial, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="LEMA">&#8203;</a><a name="EXP">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:492pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">LEGAL MATTERS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">Proskauer Rose LLP will provide us with an opinion as to certain legal matters in connection with the securities we are offering. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">EXPERTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">The audited financial statements and management&#8217;s assessment of the effectiveness of internal control over financial reporting incorporated by reference in this prospectus and elsewhere in the registration statement have been so incorporated by reference in reliance upon the reports of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing. </font>
        </div>
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          <font style="letter-spacing:-0.2pt;">WHERE YOU CAN FIND MORE INFORMATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have filed with the SEC a registration statement on Form S-3 under the Securities Act with respect to the securities to be offered from time to time by this prospectus and any accompanying prospectus supplement. This prospectus is part of the registration statement. This prospectus does not contain all the information contained in the registration statement because we have omitted certain parts of the registration statement in accordance with the rules and regulations of the SEC. For further information, we refer you to the registration statement, including the exhibits and schedules thereto. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We are subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). As a result, we are required to file reports and other information with the SEC. We maintain a website at </font><font style="font-style:italic;letter-spacing:0.2pt;">www.ielp.com</font><font style="letter-spacing:0.2pt;">. We provide access to our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports free of charge through this website as soon as reasonably practicable after such material is electronically filed with the SEC. Paper copies of annual and periodic reports filed with the SEC may be obtained free of charge upon written request by contacting our headquarters at the address located on the front cover of this report or under Investor Relations on our website. In addition, our corporate governance guidelines, including our Code of Business Conduct and Ethics and Audit Committee Charter, are available on our website (under Corporate Governance) and are available in print without charge to any stockholder requesting them. The SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers like us who file electronically with the SEC. The SEC&#8217;s website is located at </font><font style="font-style:italic;letter-spacing:0.2pt;">www.sec.gov</font><font style="letter-spacing:0.2pt;">. </font>
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          <font style="letter-spacing:0.2pt;">35</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="IOCD">&#8203;</a>
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          <font style="letter-spacing:-0.2pt;">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The SEC allows us to &#8220;incorporate by reference&#8221; the information we file with them, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus, and information that we file later with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed below, all filings made pursuant to the Exchange Act after the date of the initial registration statement and prior to effectiveness of the registration statement and any other future filings we will make with the SEC under Section&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the termination of the offering (other than Current Reports on Form 8-K containing disclosure furnished under Items&#160;2.02 or 7.01 of Form 8-K, unless otherwise indicated therein): </font>
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/813762/000155837025001612/tmb-20241231x10k.htm">Our Annual Report on Form 10-K for the fiscal year ended December&#160;31, 2024, filed with the SEC on February&#160;26, 2025;</a> </font>
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          <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/813762/000155837025006771/tmb-20250331x10q.htm">Our Quarterly Report on Form 10-Q for the quarterly period ended March&#160;31, 2025, filed with the SEC on May&#160;7, 2025</a><font style="letter-spacing:0.2pt;"> </font><a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/0000813762/000155837025010094/tmb-20250630x10q.htm">and for the quarterly period ended on June 30, 2025, filed with the SEC on August&#160;4, 2025</a><font style="letter-spacing:0.2pt;">; </font>
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          <font style="letter-spacing:0.2pt;">All documents subsequently filed by us pursuant to Section&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of the initial registration statement and prior to the effectiveness of the registration statement, shall be deemed to be incorporated by reference into this prospectus; and </font>
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          <font style="letter-spacing:0.2pt;">All documents subsequently filed by us pursuant to Section&#160;13(a), 13(c), 14, or 15(d) of the Exchange Act, prior to the termination of the offering, shall be deemed to be incorporated by reference into this prospectus. </font>
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          <font style="letter-spacing:0.2pt;">You may request a copy of these filings (not including the exhibits to such documents unless the exhibits are specifically incorporated by reference in the information contained in this prospectus), at no cost, by writing or telephoning us at the following address: </font>
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        <div style="margin-top:8pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Icahn Enterprises L.P.</font>
          <br >
          <font style="letter-spacing:0.2pt;">16690 Collins Avenue, PH-1</font>
          <br >
          <font style="letter-spacing:0.2pt;">Sunny Isles Beach, FL 33160</font>
          <br >
          <font style="letter-spacing:0.2pt;">Attn: Chief Financial Officer</font>
          <br >
          <font style="letter-spacing:0.2pt;">Telephone requests may be directed to (305) 422-4100 </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus is part of a registration statement we filed with the SEC. You should rely only on the information or representations provided in this prospectus and any prospectus supplement. We have authorized no one to provide you with different information. We are not making an offer of these securities in any state where the offer is not permitted. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">You should not assume that the information in this prospectus is accurate as of any date other than the date on the front of the document or otherwise indicated herein. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Statements contained in this prospectus as to the contents of any contract or document are not necessarily complete and in each instance reference is made to the copy of that contract or document filed as an exhibit to the registration statement or as an exhibit to another filing, each such statement being qualified in all respects by such reference and the exhibits and schedules thereto.</font>
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          <font style="letter-spacing:0.2pt;">36</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="position:absolute;top:738.85pt;left:48.64pt;height:30pt;width:706.02pt;transform-origin:0pt -0pt;transform:rotate(-90deg) translate(0%, 0%);">
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          <font style="letter-spacing:-0.08pt;">The information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</font><font style="color:#000000;letter-spacing:-0.08pt;"> </font>
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;color:#FC0014;">
          <font style="letter-spacing:-0.2pt;">SUBJECT TO COMPLETION, DATED AUGUST 4, 2025</font><font style="font-weight:normal;color:#000000;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">Up to $412,611,563</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
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          <img src="lg_icahnenterprises-4c.jpg" alt="[MISSING IMAGE: lg_icahnenterprises-4c.jpg]" height="119" width="209" >
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        <div style="margin-top:16pt; text-align:center; width:456pt; line-height:18pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:-0.32pt;">ICAHN ENTERPRISES L.P.</font><font style="font-weight:normal;letter-spacing:0.32pt;"> </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">Depositary Units</font>
          <br >
          <font style="letter-spacing:-0.28pt;">Representing Limited Partner Interests</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
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        <div style="text-indent:20pt; margin-top:4pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">This prospectus relates to the offer, issuance and sale from time to time of our depositary&#160;units representing limited partner interests in Icahn Enterprises L.P. (&#8220;depositary&#160;units&#8221;) through Jefferies LLC (&#8220;Jefferies&#8221;) having an aggregate offering amount of up to $412,611,563 of depositary&#160;units consisting of (i)&#160;$12,611,563 of the depositary&#160;units that may be issued and sold under the Open Market Sale Agreement, dated November&#160;21, 2022 (the &#8220;November&#160;2022 Sales Agreement&#8221;), between us and Jefferies, and (ii)&#160;$400,000,000 of depositary&#160;units that may be issued and sold under the Open Market Sale Agreement, dated August&#160;26, 2024 (the &#8220;August&#160;2024 Sales Agreement,&#8221; and together with the November&#160;2022 Sales Agreement, the &#8220;Sales Agreements&#8221;), between us and Jefferies. The November&#160;2022 Sales Agreement and the August&#160;2024 Sales Agreement are filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) as exhibits to Current Reports on Form 8-K filed on November&#160;21, 2022 and August&#160;26, 2024, respectively. </font>
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        <div style="text-indent:20pt; margin-top:4pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Sales of our depositary&#160;units, if any, under this prospectus may be made in sales deemed to be an &#8220;at the market offering&#8221; as defined in Rule&#160;415(a)(4) promulgated under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), including sales made directly on or through the Nasdaq Global Select Market or any other existing trading market for our depositary&#160;units. Jefferies is not required to sell any specific number or dollar amount of our depositary&#160;units but will use its commercially reasonable efforts, as our agent and subject to the terms of the Sales Agreements, to sell our depositary&#160;units offered, as instructed by us. There is no arrangement for funds to be received in any escrow, trust or similar arrangement. Under the terms of the Sales Agreements, we also may sell our depositary&#160;units to Jefferies as principal for its own account at a price agreed upon at the time of the sale. If we sell our depositary&#160;units to Jefferies, as principal, we will enter into a separate agreement with Jefferies and we will describe that agreement in a separate prospectus supplement or pricing supplement to the extent required by law. See &#8220;Plan of Distribution.&#8221; </font>
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        <div style="text-indent:20pt; margin-top:4pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Jefferies will be entitled to a commission of an amount up to 2.00% of the gross sales price per depositary unit sold under the Sales Agreements by Jefferies acting as our agent with the exact amount to be agreed by the Company. In connection with the sale of our depositary&#160;units on our behalf, Jefferies may be deemed to be an &#8220;underwriter&#8221; within the meaning of the Securities Act. </font>
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        <div style="text-indent:20pt; margin-top:4pt; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Our depositary&#160;units are currently listed on the Nasdaq Global Select Market under the symbol &#8220;IEP.&#8221; On August&#160;1, 2025, the last reported sale price of our depositary&#160;units on the Nasdaq Global Select Market was $8.98 per depositary unit. </font>
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        <div style="margin-top:13.5pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="text-indent:20pt; margin-top:7pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Investing in our depositary&#160;units involves a high degree of risk. You should carefully consider the risks that are described in the &#8220;Risk Factors&#8221; section beginning on page <a href="#bRIFA">5</a> of this prospectus and the documents incorporated by reference herein and therein.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities, or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:15pt; text-align:center; width:456pt; line-height:18pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:-0.32pt;">Jefferies</font><font style="font-weight:normal;letter-spacing:0.32pt;"> </font>
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        <div style="margin-top:4pt; text-align:center; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">The date of this prospectus is &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199;, 2025</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="TOC2">&#8203;</a>
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          <font style="letter-spacing:-0.2pt;">TABLE OF CONTENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">Prospectus</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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                <font style="letter-spacing:-0.16pt;">Page </font>
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                <a href="#bATP"><font style="letter-spacing:0.2pt;">ABOUT THIS PROSPECTUS </font></a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bATP">1</a></font> <a href="#bATP"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bPRSU"><font style="letter-spacing:0.2pt;">PROSPECTUS SUMMARY </font></a>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bPRSU">2</a></font> <a href="#bPRSU"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bTHOF"><font style="letter-spacing:0.2pt;">THE OFFERING </font></a>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bTHOF">4</a></font> <a href="#bTHOF"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bRIFA"><font style="letter-spacing:0.2pt;">RISK FACTORS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bRIFA">5</a></font> <a href="#bRIFA"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bSNRF"><font style="letter-spacing:0.2pt;">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS </font></a>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bSNRF">6</a></font> <a href="#bSNRF"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bUOP"><font style="letter-spacing:0.2pt;">USE OF PROCEEDS </font></a>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bUOP">8</a></font> <a href="#bUOP"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bMUFI">9</a></font> <a href="#bMUFI"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bPOD">21</a></font> <a href="#bPOD"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bLEMA">23</a></font> <a href="#bLEMA"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bEXP"><font style="letter-spacing:0.2pt;">EXPERTS </font></a>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bEXP">23</a></font> <a href="#bEXP"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bWYCF"><font style="letter-spacing:0.2pt;">WHERE YOU CAN FIND MORE INFORMATION </font></a>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bWYCF">23</a></font> <a href="#bWYCF"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#bIOCI"><font style="letter-spacing:0.2pt;">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE </font></a>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#bIOCI">23</a></font>
            </td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">i</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="bATP">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:76pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">ABOUT THIS PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus forms part of a registration statement on Form S-3 that we filed with the SEC, utilizing a &#8220;shelf&#8221; registration process. To the extent that any statement we make in this prospectus is inconsistent with statements made in any documents incorporated by reference herein or therein as of the date of this prospectus, the statements made in this prospectus will be deemed to modify or supersede those made in such documents incorporated by reference herein and therein. You should carefully read this prospectus, including the information incorporated by reference herein and therein, and any related free writing prospectus that we have authorized for use in connection with this offering. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">You should rely only on the information that we have included or incorporated by reference in this prospectus and any related free writing prospectus that we may authorize to be provided to you. Neither we nor Jefferies have authorized any dealer, salesman or other person to give you any information or to make any representation other than those contained or incorporated by reference in this prospectus or any related free writing prospectus. We and Jefferies take no responsibility for, and provide no assurance as to the reliability of, any other information that others may give you.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The information contained in this prospectus and any related free writing prospectus is accurate only as of the date of this prospectus and any related free writing prospectus, as applicable, and the information contained in any document incorporated by reference herein or therein is accurate only as of the date of such document incorporated by reference, regardless of the time of delivery of this or any related free writing prospectus or of any sale of our depositary&#160;units. Our business, financial condition, results of operations and prospects may have changed since those dates.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus and any related free writing prospectus do not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction or to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus may contain or incorporate by reference summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been or will be filed or have been or will be incorporated by reference as exhibits to the registration statement of which this prospectus forms a part, and you may obtain copies of those documents as described in this prospectus under the heading &#8220;Where You Can Find More Information.&#8221; </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following information should help you understand some of the conventions used in this prospectus: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Throughout this prospectus, when we use the terms &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our partnership,&#8221; &#8220;Icahn Enterprises&#8221; or &#8220;Icahn Enterprises L.P.,&#8221; we are referring either to Icahn Enterprises L.P., the registrant itself, or to Icahn Enterprises L.P. and our subsidiaries collectively, as the context requires. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">We are managed by Icahn Enterprises G.P. Inc., a Delaware corporation indirectly wholly owned by Mr.&#160;Carl C. Icahn, which is our general partner. Our general partner makes all determinations on behalf of our partnership, including determinations related to the conduct of our partnership&#8217;s business and operations. As a result, the executive officers of our general partner, under the direction of the board of directors of our general partner, make all decisions on behalf of our partnership with respect to the conduct of our business. We refer to the board of directors of our general partner as the &#8220;board of directors.&#8221;</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">1</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="bPRSU">&#8203;</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:17.5pt;margin-left:12pt;width:456pt;">
          <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">PROSPECTUS SUMMARY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-style:italic;">
            <font style="letter-spacing:0.2pt;">This summary highlights information contained in other parts of this prospectus. Because it is only a summary, it does not contain all of the information that you should consider before investing in our depositary&#160;units and it is qualified in its entirety by, and should be read in conjunction with, the more detailed information appearing elsewhere in this prospectus, any applicable free writing prospectus and the documents incorporated by reference herein and therein. You should read all such documents carefully, especially the risk factors and our financial statements and the related notes included or incorporated by reference herein or therein, before deciding to buy our depositary&#160;units.</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Overview</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc. (&#8220;Icahn Enterprises GP&#8221;), which is indirectly owned and controlled by Mr.&#160;Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of June&#160;30, 2025, representing an aggregate 1.99% general partner interest in Icahn Enterprises and Icahn Enterprises Holdings. Mr.&#160;Icahn and his affiliates owned approximately 86% of Icahn Enterprises&#8217; outstanding depositary&#160;units as of June&#160;30, 2025. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises (unless otherwise noted), and investment activity and expenses associated with our Holding Company. The following is a summary of our core holdings: </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-style:italic;letter-spacing:0.2pt;">Investment.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Our Investment segment is comprised of various private investment funds (&#8220;Investment Funds&#8221;) in which we have general partner interests and through which we invest our proprietary capital. As general partner, we provide investment advisory and certain administrative and back office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. We and certain of Mr.&#160;Icahn&#8217;s family members and affiliates are the sole investors in the Investment Funds. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $2.5 billion and $2.7 billion as of June&#160;30, 2025 and December&#160;31, 2024, respectively. </font>
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            <font style="font-style:italic;letter-spacing:0.2pt;">Energy.&nbsp;&nbsp;&nbsp;</font><font style="letter-spacing:0.2pt;">We conduct our Energy segment through our majority owned subsidiary, CVR Energy, Inc. (&#8220;CVR Energy&#8221;), along with our interest in CVR Partners, LP, a publicly traded limited partnership (&#8220;CVR Partners&#8221;) and subsidiary of CVR Energy. CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing businesses, the renewable fuels businesses, as well as in the nitrogen fertilizer manufacturing and distribution businesses through its holdings in CVR Partners. CVR Energy is an independent petroleum refiner and marketer of high value transportation fuels primarily in the form of gasoline, diesel, jet fuel and distillates. The renewables business refines feedstocks, such as soybean oil, corn oil, and other related renewable feedstocks, into renewable diesel and markets renewable products. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate (&#8220;UAN&#8221;) and ammonia. CVR Energy held 100% of the general partner interest and approximately 37% of the outstanding common&#160;units of CVR Partners as of June&#160;30, 2025. As of June&#160;30, 2025 we owned approximately 70% of the total outstanding common stock of CVR Energy and 3% of the outstanding common&#160;units of CVR Partners. </font>
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            <font style="font-style:italic;letter-spacing:0.2pt;">Automotive.&nbsp;&nbsp;&nbsp;</font><font style="letter-spacing:0.2pt;">We conduct our Automotive segment through our wholly owned subsidiaries, Icahn Automotive Group LLC. Our Automotive segment is engaged in providing a full range of automotive repair and maintenance services, along with the sale of any installed parts or materials related to automotive services to our customers, as well as sales of automotive aftermarket parts and retailed merchandise (&#8220;Aftermarket Parts&#8221;). We exited the Aftermarket Parts business in the first quarter of 2025. In addition to its primary businesses, the Automotive segment leases available and excess real estate in certain locations under long-term operating leases. </font>
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            <font style="font-style:italic;letter-spacing:0.2pt;">Food Packaging.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;We conduct our Food Packaging segment through our majority owned subsidiary, Viskase Companies, Inc. (&#8220;Viskase&#8221;). Viskase is a producer of cellulosic, fibrous and plastic casings used to </font>
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          <font style="letter-spacing:0.2pt;">2</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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            <font style="letter-spacing:0.2pt;">prepare and package processed meat products. In March&#160;2025, Viskase completed an equity private placement whereby we acquired an additional 7,142,858 shares of Viskase common stock for $15&#160;million. As of June&#160;30, 2025, we owned approximately 91% of the total outstanding common stock of Viskase. </font>
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            <font style="font-style:italic;letter-spacing:0.2pt;">Real Estate.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;We conduct our Real Estate segment through various wholly owned subsidiaries. Our Real Estate segment consists of investment properties which includes land, retail, office and industrial properties leased to corporate tenants, the development and sale of single-family homes, and the operations of a resort and a country club. </font>
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            <font style="font-style:italic;letter-spacing:0.2pt;">Home Fashion.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;We conduct our Home Fashion segment through our wholly owned subsidiary, WestPoint Home LLC (&#8220;WPH&#8221;). WPH&#8217;s business consists of manufacturing, sourcing, marketing, distributing and selling home fashion consumer products. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="font-style:italic;letter-spacing:0.2pt;">Pharma.&nbsp;&nbsp;&nbsp;</font><font style="letter-spacing:0.2pt;">We conduct our Pharma segment through our wholly owned subsidiary, Vivus LLC, formerly Vivus, Inc. (&#8220;Vivus&#8221;). Vivus is a specialty pharmaceutical company with two approved therapies; one for chronic weight management and the other for the treatment of exocrine pancreatic insufficiency. In addition, Vivus has two product candidates in active clinical development and two product candidates in early-stage development. </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Risk Factors</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Investment in our depositary&#160;units involves substantial risks. See &#8220;Risk Factors&#8221; starting on page 5, and the risk factors included in our <a style="-sec-extract:exhibit" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/813762/000155837025001612/tmb-20241231x10k.htm">Annual Report on Form 10-K for the year ended December&#160;31, 2024</a> and in our subsequent Quarterly Reports on Form 10-Q (which are incorporated by reference herein), as well as other information included in this prospectus for a discussion of certain risks relating to an investment in our depositary&#160;units. </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Corporate Information</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Information concerning the Company is contained in the documents that we file with the SEC as a reporting company under the Exchange Act, which are accessible at </font><font style="font-style:italic;letter-spacing:0.2pt;">www.sec.gov</font><font style="letter-spacing:0.2pt;">. Our website address is </font><font style="font-style:italic;letter-spacing:0.2pt;">www.ielp.com</font><font style="letter-spacing:0.2pt;">. The information contained on, or that can be accessed through, our website is not a part of this prospectus. We have included our website address in this prospectus solely as an inactive textual reference. Our mailing address is 16690 Collins Avenue, PH-1, Sunny Isles Beach, Florida 33160. Our telephone number is (800) 255-2737. </font>
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          <font style="letter-spacing:0.2pt;">3</font>
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            <font style="letter-spacing:-0.2pt;">THE OFFERING</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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            <div style="margin-left:10pt; text-indent:-10pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:-0.2pt;">Depositary&#160;units offered by us</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="margin-left:168pt; margin-top:-12pt; width:288pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Depositary&#160;units having an aggregate offering amount of up to $412,611,563, consisting of (i)&#160;$12,611,563 of depositary&#160;units that may be issued and sold under the November&#160;2022 Sales Agreement and (ii)&#160;$400,000,000 of depositary&#160;units that may be issued and sold under the August&#160;2024 Sales Agreement. </font>
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              <font style="letter-spacing:-0.2pt;">Manner of offering</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="margin-left:168pt; margin-top:-12pt; width:288pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;At-the-market&#8221; offering that may be made from time to time through Jefferies. See &#8220;Plan of Distribution.&#8221; </font>
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              <font style="letter-spacing:-0.2pt;">Use of proceeds</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="margin-left:168pt; margin-top:-12pt; width:288pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">We intend to use the net proceeds from future sales of our depositary&#160;units in this offering to fund potential acquisitions and for general limited partnership purposes. See &#8220;Use of Proceeds.&#8221; </font>
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            <div style="margin-left:10pt; text-indent:-10pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:-0.2pt;">Material U.S. federal income tax considerations</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="margin-left:168pt; margin-top:-12pt; width:288pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">For a discussion of material U.S. federal income tax considerations that may be relevant to potential holders of our depositary&#160;units, please read &#8220;Material U.S. Federal Income Tax Considerations.&#8221; </font>
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            <div style="margin-left:10pt; text-indent:-10pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:-0.2pt;">Risk factors</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="margin-left:168pt; margin-top:-12pt; width:288pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Investing in our depositary&#160;units involves a high degree of risk. See the information contained in or incorporated by reference under the heading &#8220;Risk Factors&#8221; on page 5 in this prospectus and in the documents incorporated by reference into this prospectus and any free writing prospectus that we have authorized for use in connection with this offering. </font>
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              <font style="letter-spacing:-0.2pt;">Nasdaq Global Select Market symbol</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.2pt;">IEP.</font>
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          <font style="letter-spacing:0.2pt;">4</font>
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          <font style="letter-spacing:-0.2pt;">RISK FACTORS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">An investment in our depositary&#160;units involves a high degree of risk. Before deciding whether to invest in our depositary&#160;units, you should carefully consider the risks described below and those discussed under the sections captioned &#8220;Risk Factors&#8221; contained in our Annual Report on <a style="-sec-extract:exhibit" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/813762/000155837025001612/tmb-20241231x10k.htm">Form 10-K for the year ended December&#160;31, 2024</a>, and our subsequent Quarterly Reports on Form 10-Q (which are incorporated by reference in this prospectus), together with other information in this prospectus, the information and documents incorporated by reference herein and therein, and in any free writing prospectus that we have authorized for use in connection with this offering. You should also carefully consider the risks incorporated by reference herein by way of any amendment or update to our risk factors reflected in subsequent SEC filings. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could be seriously harmed. This could cause the trading price of our depositary&#160;units to decline, resulting in a loss of all or part of your investment. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Risks Related to This Offering and Our Depositary Units</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Issuances or sales of our depositary&#160;units may be dilutive or cause the market price of our depositary&#160;units to fall.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The issuance or sale of substantial amounts of our depositary&#160;units, the perception that such issuances or sales of our depositary&#160;units could occur or the availability for future issuance or sale of our depositary&#160;units could have a dilutive effect on our actual and expected earnings per depositary unit or could have the effect of depressing the market price of our depositary&#160;units. The actual amount of dilution or decline in market price cannot be determined at this time and would be dependent upon numerous factors which are not currently known to us. </font>
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          <font style="letter-spacing:-0.2pt;">Management will have broad discretion as to the use of the proceeds from this offering, and we may not use the proceeds effectively.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our management will have broad discretion with respect to the use of proceeds of this offering, including for any of the purposes described in the section of this prospectus entitled &#8220;Use of Proceeds.&#8221; You will be relying on the judgment of our management regarding the application of the proceeds of this offering. The results and effectiveness of the use of proceeds are uncertain, and we could spend the proceeds in ways that you do not agree with or that do not improve our results of operations or enhance the value of our depositary&#160;units. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Our depositary&#160;units will be sold in &#8220;at-the-market&#8221; offerings, and investors who buy depositary&#160;units at different times will likely pay different prices.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Investors who purchase depositary&#160;units in this offering at different times will likely pay different prices and may experience different outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices, and numbers of depositary&#160;units sold in this offering. Investors may experience a decline in the value of their depositary&#160;units. The trading price of our depositary&#160;units may be volatile and subject to wide fluctuations. Many factors could have an impact on our depositary unit price, including fluctuations in the performance of our Investment Funds or our overall performance. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The actual number of depositary&#160;units we will issue under the Sales Agreements, at any one time or in total, is uncertain.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Subject to certain limitations in the Sales Agreements and compliance with applicable law, we have the discretion to deliver an issuance notice to Jefferies at any time throughout the terms of each Sales Agreement. The number of depositary&#160;units that are sold by Jefferies after delivering an issuance notice will fluctuate based on the market price of our depositary&#160;units during the selling period and limits we set with Jefferies. It is not currently possible to predict the number of depositary&#160;units that will be ultimately issued. </font>
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          <font style="letter-spacing:0.2pt;">5</font>
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This prospectus and the accompanying prospectus and the documents incorporated by reference herein and therein may contain &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that involve substantial risks and uncertainties. Forward-looking statements are those that do not relate solely to historical fact. They include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. Forward-looking statements can generally be identified by phrases such as &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;potential,&#8221; &#8220;continues,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;seeks,&#8221; &#8220;predicts,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;projects,&#8221; &#8220;estimates,&#8221; &#8220;plans,&#8221; &#8220;could,&#8221; &#8220;designed,&#8221; &#8220;should be&#8221; and other similar expressions that denote expectations of future or conditional events rather than statements of fact. Forward-looking statements also may relate to strategies, plans and objectives for, and potential results of, future operations, financial results, financial condition, business prospects, growth strategy and liquidity, and are based upon management&#8217;s current plans and beliefs or current estimates of future results or trends. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">These forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties that may cause actual results to differ materially from trends, plans or expectations set forth in the forward-looking statements. These risks and uncertainties may include the risks and uncertainties discussed under the sections captioned &#8220;Risk Factors&#8221; in our <a style="-sec-extract:exhibit" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/813762/000155837025001612/tmb-20241231x10k.htm">Annual Report on Form 10-K for the year ended December&#160;31, 2024</a> and our Quarterly Reports on Form 10-Q, as well as those risk factors included under &#8220;Risk Factors&#8221; in this prospectus. In addition, those &#8220;Risk Factors&#8221; may be updated from time to time by our filings under the Exchange Act. Among these risks and uncertainties are: risks related to economic downturns, substantial competition and rising operating costs; the impacts from the Russia/Ukraine conflict and ongoing conflict in the Middle East, including economic volatility and the impacts of export controls and other economic sanctions; risks related to our investment activities, including the nature of the investments made by the private funds in which we invest, including the impact of the use of leverage through options, short sales, swaps, forwards and other derivative instruments; risk related to our ability to comply with the covenants in our senior notes and the risk of foreclosure on the assets securing our notes; declines in the fair value of our investments, losses in the private funds and loss of key employees; risks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended, or be taxed as a corporation; risks relating to short sellers and associated litigation and regulatory inquires; risks related to our general partner and controlling unitholder; pledges of our&#160;units by our controlling unitholder; risks related to our energy business, including the volatility and availability of crude oil, other feed stocks and refined products, declines in global demand for crude oil, refined products and liquid transportation fuels, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in nitrogen fertilizer demand in the agricultural industry and seasonality of results; volatile commodity pricing and higher industry utilization and oversupply risks relating to potential strategic transactions involving our Energy segment, and the impact of tariffs; risks related to our automotive activities and exposure to adverse conditions in the automotive industry, including as a result of the Chapter 11 filing of our automotive parts subsidiary; risks related to our food packaging activities, including competition from better capitalized competitors, inability of our suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; supply chain issues; inflation, including increased costs of raw materials and shipping; interest rate increases; labor shortages and workforce availability; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; and risks related to our home fashion operations, including changes in the availability and price of raw materials, manufacturing disruptions, and changes in transportation costs and delivery times; and political and regulatory uncertainty, including changing economic policy and the imposition of tariffs. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except as required by law, after the date of this prospectus, we are under no duty to update or revise any of the forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Given these risks and uncertainties, we urge you to read this prospectus and the documents incorporated by reference herein or therein completely and with the understanding that actual future results may be materially different from what we plan or expect. All of the forward-looking statements made in this prospectus and the documents incorporated by reference herein or therein are qualified by these cautionary </font>
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          <font style="letter-spacing:0.2pt;">6</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">statements and we cannot assure you that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on our business or operations. In addition, these forward-looking statements present our estimates and assumptions only as of the date of this prospectus, the accompanying prospectus or the documents incorporated by reference herein or therein, as applicable. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">7</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="bUOP">&#8203;</a>
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          <font style="letter-spacing:-0.2pt;">USE OF PROCEEDS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We intend to use the net proceeds from future sales of our depositary&#160;units in this offering to fund potential acquisitions and for general limited partnership purposes. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our management will have broad discretion in allocating the net proceeds from this offering, and investors will be relying on the judgment of our management regarding the application of the net proceeds from this offering. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">These expected uses represent our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve. The amounts and timing of our actual expenditures may vary significantly depending on numerous factors.</font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">8</font>
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          <font style="letter-spacing:-0.2pt;">MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The following is a discussion of the material U.S. federal income tax consequences of this offering and the ownership of our depositary&#160;units, more generally. This discussion is based upon current provisions of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), existing final and proposed Treasury regulations promulgated under the Code (the &#8220;Treasury Regulations&#8221;), administrative rulings and judicial decisions now in effect, all of which are subject to change, possibly with retroactive effect. Changes in these authorities may cause the tax consequences to vary substantially from the consequences described below. We have not sought a ruling from the Internal Revenue Service (the &#8220;IRS&#8221;) with respect to any of the tax matters discussed below, and the IRS would not be precluded from taking positions contrary to those described herein. As a result, no assurance can be given that the IRS will agree with all of the tax characterizations and the tax consequences described below. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This discussion does not purport to be a complete description of all U.S. federal income tax consequences of this offering and the ownership of our depositary&#160;units, more generally. Moreover, this discussion focuses on our unitholders who are individual citizens or residents of the United States and has only limited application to corporations, estates, trusts, nonresident aliens, and other unitholders subject to specialized tax treatment, such as tax-exempt institutions, non-U.S. persons, unitholders who own 5% or more of our depositary&#160;units, individual retirement accounts (&#8220;IRAs&#8221;), real estate investment trusts (&#8220;REITs&#8221;), regulated investment companies (&#8220;RICs&#8221;), including mutual funds, insurance companies, unitholders that are treated as partnerships for U.S. federal income tax purposes, S corporations, other publicly traded partnerships, persons who have ceased to be U.S. citizens or to be taxed as residents of the United States, controlled foreign corporations, passive foreign investment companies, dealers in securities or currencies, traders in securities that elect to mark-to-market, unitholders who acquired our&#160;units from us in exchange for property other than cash (and those who acquired their&#160;units from such unitholders other than by purchase through a national securities exchange), affiliates of our general partner, or persons who hold our depositary&#160;units as part of a hedge, straddle or conversion transaction. Also, this discussion assumes that our depositary&#160;units are held as capital assets (within the meaning of Section&#160;1221 of the Code) at the time of this offering. Furthermore, except as specifically provided, this discussion does not address the tax considerations arising under the U.S. federal estate or gift tax laws or under the laws of any state, local, non-U.S. or other taxing jurisdiction or under any applicable treaty. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If a unitholder is an entity or arrangement classified as a partnership for U.S. federal income tax purposes, the tax treatment of each of the partners generally will depend upon the status of such partner and upon the activities of the partnership and, thus, the partners in such partnership should consult their own tax advisors. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">As stated above, no ruling has been or will be requested from the IRS with respect to the tax consequences of this offering. Some tax aspects of this offering are not certain and no assurance can be given that the opinions and statements made herein with respect to tax matters will be sustained by a court if contested by the IRS. Furthermore, the tax treatment of this offering may be significantly modified by future legislative, regulatory or administrative changes or court decisions. Any modifications may or may not be retroactively applied. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Other than as described herein, no opinions are being given with respect to any other tax matters arising from this offering. Moreover, the discussion herein assumes that this offering is consummated in the manner described in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">THE FOLLOWING DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT A SUBSTITUTE FOR CAREFUL TAX PLANNING AND ADVICE. A UNITHOLDER SHOULD CONSULT WITH, AND MUST RELY ON, THEIR OWN TAX ADVISORS IN ANALYZING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES PARTICULAR TO THE UNITHOLDER OF THIS OFFERING AND OWNERSHIP OF OUR DEPOSITARY UNITS, INCLUDING THE POSSIBLE EFFECTS OF CHANGES IN U.S. FEDERAL OR OTHER TAX LAWS.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">Partnership Status</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A partnership is not a taxable entity and incurs no U.S. federal income tax liability. Instead, each partner of a partnership is required to take into account the partner&#8217;s share of items of income, gain, loss, </font>
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          <font style="letter-spacing:0.2pt;">9</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">and deduction of the partnership in computing the partner&#8217;s U.S. federal income tax liability, regardless of whether cash distributions are made to the partner by the partnership. Distributions by a partnership to a partner are generally not taxable to the partner unless the amount of cash distributed to the partner is in excess of the partner&#8217;s adjusted basis in the partner&#8217;s partnership interest. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Section&#160;7704 of the Code provides that publicly traded partnerships will, as a general rule, be taxed as corporations. However, an exception, referred to as the &#8220;Qualifying Income Exception,&#8221; exists with respect to publicly traded partnerships of which 90% or more of the gross income for every taxable year consists of &#8220;qualifying income.&#8221; Qualifying income includes interest (other than from a financial business), dividends, gains from the sale of real property and gains from the sale or other disposition of capital assets held for the production of income that otherwise constitutes qualifying income. Based upon and subject to estimates and factual representations made by us and our general partner and a review of the applicable legal authorities, Proskauer Rose LLP is of the opinion that at least 90% of our current gross income constitutes qualifying income. The portion of our income that is qualifying income may change from time to time. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">No ruling has been or will be sought from the IRS, and the IRS has made no determination as to our status for U.S. federal income tax purposes. Instead, we will rely on the opinion of Proskauer Rose LLP on such matters. It is the opinion of Proskauer Rose LLP that, based upon the Code, Treasury Regulations, published IRS revenue rulings, and court decisions and the representations described below, we will be classified as a partnership. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In rendering its opinion, Proskauer Rose LLP has relied on factual representations made by us and our general partner. Certain of those representations made by us and our general partner upon which Proskauer Rose LLP has relied are as follows: </font>
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          <font style="letter-spacing:0.2pt;">(a)</font>
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          <font style="letter-spacing:0.2pt;">we have not at any time engaged in the business of writing insurance or annuity contracts or the reinsuring of risks underwritten by insurance companies, nor have we conducted any banking activities; and </font>
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          <font style="letter-spacing:0.2pt;">(b)</font>
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          <font style="letter-spacing:0.2pt;">for each taxable year, at least 90% of our gross income has been and will be income that Proskauer Rose LLP has opined or will opine is &#8220;qualifying income&#8221; within the meaning of Section&#160;7704(d) of the Code. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We believe that these representations have been true in the past, are true as of the date hereof, and will continue to be true in the future. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If we fail to meet the Qualifying Income Exception, other than a failure that is determined by the IRS to be inadvertent and that is cured within a reasonable time after discovery (in which case the IRS may also require us to make adjustments with respect to our unitholders or pay other amounts), we will be treated as if we had transferred all of our assets, subject to liabilities, to a newly formed corporation on the first day of the year in which we fail to meet the Qualifying Income Exception in return for stock in that corporation, and then distributed that stock to the unitholders in liquidation of their interests in us. This deemed contribution and liquidation should be tax-free to unitholders and us so long as we, at that time, do not have liabilities in excess of the tax basis of our assets (and otherwise may be taxable if we have liabilities in excess of the tax basis of our assets). Thereafter, we would be treated as a corporation for U.S. federal income tax purposes. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If we were treated as an association taxable as a corporation in any taxable year, either as a result of a failure to meet the Qualifying Income Exception or otherwise, our items of income, gain, loss and deduction would be reflected only on our tax return rather than being passed through to our unitholders, and our net income would be taxed to us at corporate rates. In addition, any distribution made to a unitholder would be treated as either taxable dividend income, to the extent of our current or accumulated earnings and profits, or, in the absence of earnings and profits, a nontaxable return of capital, to the extent of the unitholder&#8217;s tax basis in the unitholder&#8217;s&#160;units, or taxable capital gain, after the unitholder&#8217;s tax basis in the unitholder&#8217;s&#160;units is reduced to zero. Accordingly, taxation as a corporation could result in a material reduction in a unitholder&#8217;s cash flow and after-tax return and thus could likely result in a substantial reduction of the value of our&#160;units. </font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">10</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">The remainder of this discussion assumes that we will be classified as a partnership for U.S. federal income tax purposes. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Tax Treatment of Holders of Our Depositary Units</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Partner Status</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Holders of depositary&#160;units in Icahn Enterprises will be treated as partners of Icahn Enterprises for U.S. federal income tax purposes. Unitholders whose&#160;units are held in street name or by a nominee and who have the right to direct the nominee in the exercise of all substantive rights attendant to the ownership of their&#160;units will be treated as partners of Icahn Enterprises for U.S. federal income tax purposes. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">It is uncertain whether a beneficial owner of&#160;units whose&#160;units have been transferred to a short seller would remain a partner with respect to those&#160;units for U.S. federal income tax purposes. Please read &#8220;&#8212;&#160;Tax Treatment of Holders of Our Depositary Units&#8201;&#8212;&#8201;Treatment of Short Sales.&#8221; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Income, gain, deductions, or losses may not be reportable by a unitholder who is not a partner for U.S. federal income tax purposes, and any cash distributions received by a unitholder who is not a partner for U.S. federal income tax purposes may therefore be taxable as ordinary income. These unitholders should consult their own tax advisors with respect to the tax consequences of holding&#160;units in Icahn Enterprises. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The references to &#8220;unitholders&#8221; in the discussion that follows are to persons who are treated as partners in Icahn Enterprises for U.S. federal income tax purposes. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Flow-Through of Taxable Income</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We do not pay any U.S. federal income tax. Instead, each unitholder will be required to report any share of our income, gains, losses, and deductions on the unitholder&#8217;s tax income tax return without regard to whether we make corresponding cash distributions. Each unitholder will be required to include in income an allocable share of our income, gains, losses and deductions for our taxable year ending with or within the unitholder&#8217;s taxable year. Our taxable year ends on December&#160;31. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Treatment of Distributions</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Distributions by us to a unitholder generally will be taxable to the unitholder for U.S. federal income tax purposes only to the extent any cash distribution exceeds a unitholder&#8217;s tax basis in our&#160;units immediately before the distribution, in which case the amount of that excess generally will be considered to be gain from the sale or exchange of the&#160;units, taxable in accordance with the rules described under &#8220;&#8212; Disposition of Depositary Units&#8221; below. Any reduction in a unitholder&#8217;s share of our liabilities for which no partner, including the general partner, bears the economic risk of loss, known as &#8220;nonrecourse liabilities,&#8221; will be treated as a distribution by us of cash to that unitholder. To the extent our distributions cause a unitholder&#8217;s &#8220;at-risk&#8221; amount to be less than zero at the end of any taxable year, the unitholder must recapture any losses deducted in previous&#160;years. Please read &#8220;&#8212; Limitations on Deductibility of Losses.&#8221; </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Basis of Depositary Units</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A unitholder&#8217;s initial tax basis in our&#160;units will be the amount the unitholder paid for the&#160;units plus the unitholder&#8217;s share of our nonrecourse liabilities. That basis will be increased by the unitholder&#8217;s share of our income and by any increases in the unitholder&#8217;s share of our nonrecourse liabilities. That basis will be decreased, but not below zero, by distributions from us, by the unitholder&#8217;s share of our losses, by any decreases in the unitholder&#8217;s share of our nonrecourse liabilities and by the unitholder&#8217;s share of our expenditures that are not deductible in computing taxable income and are not required to be capitalized. Please read &#8220;&#8212; Disposition of Depositary Units&#8201;&#8212;&#8201;Recognition of Gain or Loss.&#8221; </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Limitations on Deductibility of Losses</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The deduction by a unitholder of the unitholder&#8217;s share of our losses will be limited to the tax basis in the unitholder&#8217;s&#160;units and, in the case of an individual unitholder, estate, trust, or corporate unitholder that is a closely held corporation to the amount for which the unitholder is considered to be &#8220;at risk&#8221; with </font>
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          <font style="letter-spacing:0.2pt;">11</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">respect to our activities, if that is less than the unitholder&#8217;s tax basis. A unitholder subject to these limitations must recapture losses deducted in previous&#160;years to the extent that distributions cause the unitholder&#8217;s at-risk amount to be less than zero at the end of any taxable year. Losses disallowed to a unitholder or recaptured as a result of these limitations will carry forward and will be allowable as a deduction to the extent that the unitholder&#8217;s at-risk amount is subsequently increased, provided such losses do not exceed such unitholder&#8217;s tax basis. Upon the taxable disposition of a unit, any gain recognized by a unitholder can be offset by losses that were previously suspended by the at-risk limitation but may not be offset by losses suspended by the basis limitation. Any loss previously suspended by the at-risk limitation in excess of that gain would no longer be utilizable. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In general, a unitholder will be at risk to the extent of the unitholder&#8217;s tax basis in our&#160;units, excluding any portion of that basis attributable to the unitholder&#8217;s share of our nonrecourse liabilities, reduced by (a)&#160;any portion of that basis representing amounts otherwise protected against loss because of a guarantee, stop loss agreement or other similar arrangement and (b)&#160;any amount of money the unitholder borrows to acquire or hold&#160;units if the lender of those borrowed funds owns an interest in us the unitholder, is related to the unitholder, or can look only to the&#160;units for repayment. A unitholder&#8217;s at-risk amount will increase or decrease as the tax basis of the unitholder&#8217;s&#160;units increases or decreases, other than tax basis increases or decreases attributable to increases or decreases in the unitholder&#8217;s share of our nonrecourse liabilities. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In addition to the basis and at-risk limitations on the deductibility of losses, the passive loss limitation generally provides that individuals, estates, trusts, and some closely-held corporations and personal service corporations can deduct losses from passive activities, which are generally trade or business activities in which the taxpayer does not materially participate, only to the extent of the taxpayer&#8217;s income from those passive activities. The passive loss limitation is applied separately with respect to each publicly traded partnership. Consequently, any passive losses we generate will be available to offset only our passive income generated in the future and will not be available to offset income from other passive activities or investments (including our investments or a unitholder&#8217;s investments in other publicly traded partnerships), or a unitholder&#8217;s salary or active business income. Passive losses that are not deductible because they exceed a unitholder&#8217;s share of our income may be deducted in full when the unitholder disposes of the unitholder&#8217;s entire investment in us in a fully taxable transaction with an unrelated party. Individual unitholders, who hold our&#160;units directly or through a partnership or other pass-through entity, may also be subject to additional limitations on deductibility of certain &#8220;excess business losses.&#8221; The passive loss limitations are applied after other applicable limitations on deductions, including the at-risk rules and the basis limitation, but before the &#8220;excess business loss&#8221; limitations. </font>
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          <font style="letter-spacing:0.2pt;">A unitholder&#8217;s share of our net income may be offset by the unitholder&#8217;s share of our suspended passive losses, but it may not be offset by any other current or carryover losses of the unitholder from other passive activities, including those attributable to other publicly traded partnerships. Unitholders should consult with their tax advisors regarding their limitation on the deductibility of losses under applicable sections of the Code. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Limitations on Interest Deductions</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The deductibility of a non-corporate taxpayer&#8217;s &#8220;investment interest expense&#8221; is generally limited to the amount of that taxpayer&#8217;s &#8220;net investment income.&#8221; Investment interest expense includes: </font>
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          <font style="letter-spacing:0.2pt;">interest on indebtedness properly allocable to property held for investment; </font>
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          <font style="letter-spacing:0.2pt;">our interest expense attributed to portfolio income; and </font>
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          <font style="letter-spacing:0.2pt;">the portion of interest expense incurred to purchase or carry an interest in a passive activity to the extent attributable to portfolio income. The computation of a unitholder&#8217;s investment interest expense will take into account interest on any margin account borrowing or other loan incurred to purchase or carry a unit. </font>
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          <font style="letter-spacing:0.2pt;">Net investment income includes gross income from property held for investment and amounts treated as portfolio income under the passive loss rules, less deductible expenses, other than interest, directly connected with the production of investment income, but generally does not include gains attributable to the disposition of property held for investment or qualified dividend income. The IRS has indicated that the </font>
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          <font style="letter-spacing:0.2pt;">12</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">net passive income earned by a publicly traded partnership will be treated as investment income to its unitholders for purposes of the investment interest deduction limitation. In addition, the unitholder&#8217;s share of our portfolio income will be treated as investment income. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Section&#160;163(j) of the Code generally limits the deductibility of &#8220;business interest&#8221; by a taxpayer to the &#8220;business interest income&#8221; of the taxpayer plus 30% of the taxpayer&#8217;s &#8220;adjusted taxable income.&#8221; In the case of a taxpayer that is a partnership, this limitation is generally determined at the partnership level. Special carryforward rules apply to partnerships and their partners. The rules governing Section&#160;163(j) of the Code are particularly complex as applied to partnerships and their partners. We expect that substantially all of our interest will not be &#8220;business interest&#8221; as such term is used in Section&#160;163(j) of the Code and thus would not be subject to the limitations described in this paragraph. Prospective unitholders should consult with their tax advisors as to the application of the limitation on deductibility of &#8220;business interest&#8221; under Section&#160;163(j) of the Code. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Entity-Level Collections</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If we or our general partner are required or elect under applicable law to pay any U.S. federal, state, local or foreign income tax on behalf of any unitholder or any former unitholder, we are authorized to pay those taxes from our funds. That payment, if made, will be treated as a distribution of cash to the unitholder on whose behalf the payment was made. If the payment is made on behalf of a person whose identity cannot be determined, we are authorized to treat the payment as a distribution to all current unitholders. Payments by us as described above could give rise to an overpayment of tax on behalf of an individual unitholder, in which event the unitholder would be required to file a claim to obtain a credit or refund. </font>
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          <font style="letter-spacing:0.2pt;">Allocation of Partnership Income, Gain, Loss and Deduction</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">For U.S. federal income tax purposes, a unitholder&#8217;s allocable share of our items of income, gain, loss, deduction or credit will be governed by the limited partnership agreement for our partnership if such allocations have &#8220;substantial economic effect&#8221; or are determined to be in accordance with your interest in our partnership. We allocate items of income, gain, loss and deduction generally in accordance with the relative&#160;percentage interests of the unitholders, subject to Section&#160;704(c) of the Code. We believe that for U.S. federal income tax purposes, with the exception of the issues described in &#8220;&#8212; Section&#160;754 Election and Section&#160;743 Adjustments&#8221; and &#8220;&#8212; Disposition of Depositary Units&#8201;&#8212;&#8201;Allocations Between Transferors and Transferees,&#8221; such allocations will have substantial economic effect or be in accordance with your interest in our partnership. If the IRS successfully challenges the allocations made pursuant to the limited partnership agreement, the resulting allocations for U.S. federal income tax purposes might be less favorable than the allocations set forth in the limited partnership agreement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Specified items of our income, gain, loss and deduction will be allocated under Section&#160;704(c) of the Code to account for any difference between the tax basis and fair market value of any property contributed to us that exists at the time of such contribution. The effect of these allocations, referred to as &#8220;Section&#160;704(c) Allocations,&#8221; to a unitholder purchasing common&#160;units from us in an offering will be essentially the same as if the tax bases of our assets were equal to their fair market value at the time of such offering. We will also make &#8220;Reverse Section&#160;704(c) Allocations,&#8221; similar to the Section&#160;704(c) Allocations described above, to all of our unitholders immediately prior to this offering, and prior to any future issuance of&#160;units, whether pursuant to this prospectus or otherwise, or certain other future transactions to account for the difference between the &#8220;book&#8221; basis for purposes of maintaining capital accounts and the fair market value of all property held by us at the time of such issuance or future transaction. </font>
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          <font style="letter-spacing:0.2pt;">Treatment of Short Sales</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">A unitholder whose&#160;units are loaned to a &#8220;short seller&#8221; to cover a short sale of&#160;units may be considered as having disposed of those&#160;units. If so, the loaning unitholder would no longer be treated for tax purposes as a partner with respect to those&#160;units during the period of the loan and may recognize gain or loss from the disposition. As a result, during this period: </font>
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          <font style="letter-spacing:0.2pt;">any of our income, gain, loss, or deduction with respect to those&#160;units would not be reportable by the unitholder; </font>
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          <font style="letter-spacing:0.2pt;">13</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">any cash distributions received by the unitholder as to those&#160;units would be fully taxable; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">all of these distributions would appear to be ordinary income. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The law is unclear with respect to the tax treatment of a unitholder whose&#160;units are loaned to a short seller to cover a short sale of&#160;units; therefore, unitholders desiring to assure their status as partners and avoid the risk of gain recognition from a loan to a short seller are urged to modify any applicable brokerage account agreements to prohibit their brokers from borrowing and loaning their&#160;units, as well as to consult their own tax advisors. Please also read &#8220;&#8212; Disposition of Depositary Units&#8201;&#8212;&#8201;Recognition of Gain or Loss.&#8221; </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Alternative Minimum Tax</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each individual unitholder will be required to take into account a distributive share of our income, gain, loss, or deduction for purposes of the alternative minimum tax. Prospective unitholders should consult with their tax advisors as to the impact of an investment in&#160;units on their liability for the alternative minimum tax. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Tax Rates</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Under current law, the highest marginal U.S. federal income tax rate applicable to ordinary income of individuals is 37% and the highest marginal U.S. federal income tax rate applicable to long-term capital gains (generally, capital gains on certain assets held for more than 12&#160;months) of individuals is 20%. These rates are subject to change by new legislation at any time. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, a 3.8% tax is imposed on certain net investment income earned by individuals, estates and trusts. For these purposes, net investment income generally includes the allocable share of our income to a unitholder, as well as a unitholder&#8217;s gain realized from a sale of&#160;units. In the case of an individual, the tax will be imposed on the lesser of (i)&#160;net investment income and (ii)&#160;the amount by which modified adjusted gross income exceeds $250,000 (if the taxpayer is married and filing jointly or a surviving spouse), $125,000 (if the taxpayer is married and filing separately) and $200,000 (in any other case). In the case of an estate or trust, the tax will be imposed on the lesser of (i)&#160;undistributed net investment income and (ii)&#160;the excess adjusted gross income over the dollar amount at which the highest income tax bracket applicable to an estate or trust begins. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Section&#160;754 Election and Section&#160;743 Adjustments</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have made the election permitted by Section&#160;754 of the Code. That election is irrevocable without the consent of the IRS. The election will generally permit us to adjust a unit purchaser&#8217;s tax basis in our assets under Section&#160;743(b) of the Code to reflect the unitholder&#8217;s purchase price (such adjustment, a &#8220;Section&#160;743(b) adjustment&#8221;) if the unitholder purchases from an existing unitholder. The Section&#160;743(b) adjustment does not apply to a person who purchases&#160;units directly from us in an issuance such as this one, and it belongs only to the purchaser and not to other unitholders. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The calculations involved in the Section&#160;754 election are complex, particularly as they relate to publicly traded partnerships, and will be made on the basis of certain simplifying assumptions as to the purchase price paid for particular&#160;units and other matters. Moreover, we intend to depreciate the portion of a Section&#160;743(b) adjustment attributable to unrealized appreciation in the value of any property contributed to us consistent with the methods employed by other publicly traded partnerships and the Treasury Regulations under Section&#160;743, but this method is arguably inconsistent with Treasury Regulation Section&#160;1.167(c)-1(a)(6), which is not expected to directly apply to a material portion of our assets. Due to these simplifying assumptions and the particular methods we have chosen, the IRS could seek to reallocate some or all of any Section&#160;743(b) adjustments we make to the basis of certain assets. Should the IRS require a different basis adjustment to be made, and should, in our opinion, the expense of compliance exceed the benefit of the election, we may seek permission from the IRS to revoke our Section&#160;754 election. If permission is granted, a subsequent purchaser of our&#160;units may be allocated more income than would have been allocated had the election not been revoked. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">14</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Tax Treatment of Operations</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Accounting Method and Taxable Year</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Our taxable year ends December&#160;31, and we use the accrual method of accounting for U.S. federal income tax purposes. Each unitholder will be required to include in income the unitholder&#8217;s share of our income, gain, loss and deduction for our taxable year ending within or with the unitholder&#8217;s taxable year. Please read &#8220;&#8212; Disposition of Depositary Units&#8201;&#8212;&#8201;Allocations Between Transferors and Transferees.&#8221; </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Organizational and Syndication Expenses</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">The costs we incur in selling our&#160;units (called &#8220;syndication expenses&#8221;) must be capitalized and cannot be deducted currently, ratably, or upon our termination. There are uncertainties regarding the classification of such costs as organization expenses, and whether we may amortize such costs. The underwriting discounts and commissions we incur will be treated as syndication expenses, which we may amortize. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Deduction for Certain Qualified Business Income</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Individual taxpayers may be allowed a deduction of 20% of certain domestic business income (excluding capital gains, dividend income, and certain types of compensation) received from publicly traded partnerships. We expect that a substantial amount of our income may not be eligible for the deduction. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Disposition of Depositary Units</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Recognition of Gain or Loss</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Gain or loss will be recognized on a sale of our&#160;units equal to the difference between the amount realized and the unitholder&#8217;s tax basis for the&#160;units sold. A unitholder&#8217;s amount realized will be measured by the sum of the cash or the fair market value of other property received plus the unitholder&#8217;s share of our nonrecourse liabilities. Because the amount realized includes a unitholder&#8217;s share of our nonrecourse liabilities, the gain recognized on the sale of&#160;units could result in a tax liability in excess of any cash received from the sale. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except as noted below, gain or loss recognized by a unitholder on the sale or exchange of a unit will generally be taxable as capital gain or loss. Capital gain recognized by an individual on the sale of&#160;units held for more than twelve&#160;months will generally be taxed at a maximum U.S. federal income tax rate of 20%. In addition, all or a portion of the gain realized by a non-corporate unitholder on the sale or exchange of a unit, regardless of whether the unit was held for more than twelve&#160;months, will generally be subject to a 3.8% tax on net investment income if the non-corporate unitholder meets certain minimum income thresholds. Please read &#8220;&#8212; Tax Treatment of Holders of Our Depositary Units&#8201;&#8212;&#8201;Tax Rates.&#8221; Certain gain attributable to &#8220;unrealized receivables&#8221; or &#8220;inventory items&#8221; would be characterized as ordinary income rather than capital gain. For example, if we hold debt acquired at a market discount, accrued market discount on such debt would be treated as &#8220;unrealized receivables.&#8221; The deductibility of capital losses is subject to limitations. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If a unitholder acquire&#160;units in separate transactions, the unitholder must combine the basis of those&#160;units and maintain a single adjusted tax basis for all those&#160;units. Upon sale or other disposition of less than all of the&#160;units, a portion of that tax basis must be allocated to the&#160;units sold using an &#8220;equitable apportionment&#8221; method, which generally means that the tax basis allocated to the interest sold equals an amount that bears the same relation to the unitholder&#8217;s tax basis in the unitholder&#8217;s entire interest in the partnership as the value of the interest sold bears to the value of the unitholder&#8217;s entire interest in the partnership. A selling unitholder who can identify&#160;units transferred with an ascertainable holding period may elect to use the actual holding period of the&#160;units transferred. A unitholder electing to use the actual holding period of&#160;units transferred must consistently use that identification method for all subsequent sales or exchanges of&#160;units. A unitholder considering the purchase of additional&#160;units or a sale of&#160;units purchased in separate transactions should consult their tax advisors as to the possible consequences of the application of these rules. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">15</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">Specific provisions of the Code affect the taxation of some financial products and securities, including partnership interests, by treating a taxpayer as having sold an &#8220;appreciated&#8221; partnership interest, one in which gain would be recognized if it were sold, assigned or terminated at its fair market value, if the taxpayer or related persons enter(s) into: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">a short sale; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">an offsetting notional principal contract; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">a futures or forward contract with respect to the partnership interest or substantially identical property. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Moreover, if a taxpayer has previously entered into a short sale, an offsetting notional principal contract, or a futures or forward contract with respect to the partnership interest, the taxpayer will be treated as having sold that position if the taxpayer or a related person then acquires the partnership interest or substantially identical property. The Secretary of the Treasury is also authorized to issue regulations that treat a taxpayer that enters into transactions or positions that have substantially the same effect as the preceding transactions as having constructively sold the financial position. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Allocations Between Transferors and Transferees</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We prorate our items of income, gain, loss and deduction between transferors and transferees of our&#160;units based upon the ownership of our&#160;units on the first business day of each month, instead of on the basis of the date a particular unit is transferred. Treasury Regulations that provide that publicly traded partnerships may use a similar monthly simplifying convention to allocate tax items among transferor and transferee unitholders. Nonetheless, such regulations do not specifically authorize the use of the particular proration method we have adopted. If the IRS were to challenge this method or new Treasury Regulations were issued, we may be required to change the allocation of items of income, gain, loss and deduction among our unitholders. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Notification Requirements</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A unitholder who sells any&#160;units and a purchaser of&#160;units from another unitholder is generally required to comply with certain notification requirements. However, these reporting requirements may not apply to a sale by an individual who is a citizen of the United States and who effects the sale or exchange through a broker who will satisfy such requirements. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Tax-Exempt Organizations and Certain Other Investors</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Ownership of&#160;units by employee benefit plans, other tax-exempt organizations, non-resident aliens, foreign corporations, and other foreign persons raises issues unique to those investors and, as described below, may have adverse tax consequences to them. A unitholder that is tax-exempt entity or a non-U.S. person should consult their own tax advisors before investing in our&#160;units. Employee benefit plans and most other organizations exempt from U.S. federal income tax, including individual retirement accounts and other retirement plans, are subject to U.S. federal income tax on unrelated business taxable income. Unrelated business taxable income consists of income derived from the conduct of an unrelated trade or business regularly carried on by a tax-exempt entity, or income derived from &#8220;debt financed&#8221; property. Generally, dividends, interest and gains from the sale or exchange of capital assets are not unrelated business taxable income when the acquisition of the investment giving rise to such income has not been financed through borrowed funds. Under the Code, in computing its unrelated business taxable income, a tax-exempt organization is required to include its share of income of any entity of which it is a member and which is treated as a partnership for U.S. federal income tax purposes, to the extent such income would be unrelated business taxable income if earned directly by such tax-exempt organization. Some of our income allocated to a unitholder that is a tax-exempt organization may be unrelated business taxable income, in which case it would be taxable to such unitholder. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Non-resident aliens and foreign corporations, trusts, or estates that own&#160;units may be considered to be engaged in a trade or business in the United States because of the ownership of&#160;units. If considered to be engaged in trade or business in the United States, a unitholder will be required to file U.S. federal tax returns </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">16</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">to report their share of our income, gain, loss, or deduction and pay U.S. federal income tax at regular rates on the unitholder&#8217;s share of our net income or gain. The failure by a non-U.S. person that owns&#160;units to file any required U.S. federal income tax returns on a timely basis will result in the disallowance of otherwise allowable deductions and credits that are effectively connected with the conduct of such trade or business in the United States. Moreover, under rules applicable to publicly traded partnerships, we will withhold at the highest applicable effective tax rate from cash distributions made quarterly to foreign unitholders. Withholding may apply regardless of whether we make distributions of cash or&#160;units, in which case a non-U.S. person may have additional amounts due. Each foreign unitholder must obtain a taxpayer identification number from the IRS and submit that number to our transfer agent on an IRS Form W-8BEN or W-8BEN-E or applicable substitute form in order to obtain credit for these withholding taxes. A change in applicable law may require us to change these procedures. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If we are treated as being engaged in a trade or business in the United States, any gain recognized by a non-U.S. unitholder on the sale or exchange of depositary&#160;units that is attributable to assets that if sold would produce income that would be effectively connected with such trade or business in the United States will be treated for U.S. federal income tax purposes as income that is effective connected with a United States trade or business (&#8220;ECI&#8221;), and hence, such unitholders would be subject to U.S. federal income tax on the sale or exchange of such depositary&#160;units. Moreover, unless an applicable non-foreign affidavit is furnished to the appropriate party or another exception applies, a 10% withholding tax generally will apply to any amount realized by a unitholder on the sale, exchange or disposition of depositary&#160;units to the extent that such amount would be treated as ECI under the rules described above. Please read &#8220;&#8212; Additional Withholding Requirements.&#8221; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In addition, a foreign corporation that owns&#160;units and is treated as engaged in a United States trade or business will be subject to the United States branch profits tax at a rate of 30%, in addition to regular U.S. federal income tax, on its share of our income and gain, as adjusted for changes in the foreign corporation&#8217;s &#8220;U.S. net equity,&#8221; which is effectively connected with the conduct of a United States trade or business. That tax may be reduced or eliminated by an income tax treaty between the United States and the country in which the foreign corporate unitholder is a &#8220;qualified resident.&#8221; In addition, this type of unitholder is subject to special information reporting requirements under Section&#160;6038C of the Code. </font>
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          <font style="letter-spacing:-0.2pt;">Administrative Matters</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Information Returns and Audit Procedures</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We intend to furnish to each unitholder, within 90&#160;days after the close of each calendar year, specific tax information, including a Schedule&#160;K-1, which describes the unitholder&#8217;s share of our income, gain, loss and deduction for our preceding taxable year. In preparing this information, which will not be reviewed by counsel, we will take various accounting and reporting positions, some of which have been mentioned earlier. We cannot guarantee that those positions will yield a result that conforms to the requirements of the Code, Treasury Regulations, or administrative interpretations of the IRS. Any challenge by the IRS could negatively affect the value of the&#160;units. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The IRS may audit our U.S. federal income tax information returns. Adjustments resulting from an IRS audit may require each unitholder to adjust a prior year&#8217;s tax liability, and possibly may result in an audit of the unitholder&#8217;s return. Any audit of a unitholder&#8217;s return could result in adjustments not related to our returns as well as those related to our returns. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If the IRS makes audit adjustments to our income tax returns, it (and some states) may assess and collect any taxes (including any applicable penalties and interest) resulting from such audit adjustment directly from us. Generally, we expect to elect to have our unitholders take such audit adjustment into account in accordance with their interests in us during the tax year under audit, but there can be no assurance that we will be able to do so (or will choose to do so) under all circumstances, or that we will be able to (or choose to) effect corresponding shifts in state income or similar tax liability resulting from the IRS adjustment in states in which we do business in the year under audit or in the adjustment year. If we are unable to have our unitholders take such audit adjustment into account in accordance with their interests in us during the tax year under audit, our current unitholders may bear some or all of the tax liability resulting from such audit adjustment, even if such unitholders did not own&#160;units in us during the tax year under audit. If, as a </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">17</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">result of any such audit adjustment, we are required to make payments of taxes, penalties, and interest, our cash available to service debt or pay distributions to our unitholders could be substantially reduced. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Additionally our general partner (or such other affiliate as may be designated by the general partner) is our &#8220;partnership representative&#8221; and has the sole authority to act on our behalf for purposes of, among other things, U.S. federal income tax audits and judicial review of administrative adjustments by the IRS. Further, any actions taken by us or by the partnership representative on our behalf with respect to, among other things, U.S. federal income tax audits and judicial review of administrative adjustments by the IRS, will be binding on us and all of our unitholders. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A unitholder must file a statement with the IRS identifying the treatment of any item on the unitholder&#8217;s U.S. federal income tax return that is not consistent with the treatment of the item on our return. Intentional or negligent disregard of this consistency requirement may subject a unitholder to substantial penalties. </font>
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          <font style="letter-spacing:0.2pt;">Additional Withholding Requirements</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Withholding taxes may apply to certain types of payments made to &#8220;foreign financial institutions&#8221; &#8203;(as specially defined in the Code) and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on interest, dividends and other fixed or determinable annual or periodical gains, profits and income from sources within the United States (&#8220;FDAP Income&#8221;) paid to a foreign financial institution or to a &#8220;non-financial foreign entity&#8221; &#8203;(as specially defined in the Code), unless (i)&#160;the foreign financial institution undertakes certain diligence and reporting, (ii)&#160;the non-financial foreign entity either certifies it does not have any substantial U.S. owners or furnishes identifying information regarding each substantial U.S. owner or (iii)&#160;the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in clause (i)&#160;above, it must enter into an agreement with the U.S. Treasury Department requiring, among other things, that it undertake to identify accounts held by certain U.S. persons or U.S.&#8201;&#8212;&#8201;owned foreign entities, annually report certain information about such accounts, and withhold 30% on payments to noncompliant foreign financial institutions and certain other account holders. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury Regulations, may modify these requirements. These rules generally apply to payments of FDAP Income currently. Thus, to the extent we have FDAP Income that are not treated as effectively connected with a trade or business in the United States (please read &#8220;&#8212; Tax-Exempt Organizations and Certain Other Investors&#8221;), unitholders who are foreign financial institutions or certain other non-U.S. entities may be subject to withholding on distributions they receive from us, or their distributive share of our income, pursuant to the rules described above. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">For distributions made after January&#160;1, 2024, we must post on its primary public website (and keep accessible for ten&#160;years), and deliver to any registered holder that is a nominee, a qualified notice that states the amount of a distribution that is attributable to each type of income group specified in the final regulations published by the IRS on November&#160;30, 2020. If the qualified notice is incorrect such that it causes a broker to underwithhold with respect to an amount in excess of cumulative net income, we may be liable for any underwithholding on such amount. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">For transfers, including a sale, exchange or other disposition of&#160;units, that occur on or after January&#160;1, 2024, a publicly traded partnership may be liable for any underwithholding by a broker that relies on a qualified notice for which the publicly traded partnership failed to make a reasonable estimate of the amounts required for determining the applicability of the &#8220;10&#160;percent exception.&#8221; The &#8220;10&#160;percent exception&#8221; applies if, either (1)&#160;the publicly traded partnership was not engaged in a U.S. trade or business during a specified time period, or (2)&#160;upon a hypothetical sale of a publicly traded partnership&#8217;s assets at fair market value, (i)&#160;the amount of net gain that would have been effectively connected with the conduct of a U.S. trade or business would be less than 10% of the total net gain, or (ii)&#160;no gain would have been effectively connected with the conduct of a U.S. trade or business. A unitholder should consult their own tax advisors regarding the potential application of these withholding provisions. </font>
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          <font style="letter-spacing:0.2pt;">Nominee Reporting</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Persons who hold an interest in us as a nominee for another person are required to furnish to us: </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">18</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(a)</font>
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          <font style="letter-spacing:0.2pt;">the name, address, and taxpayer identification number of the beneficial owner and the nominee; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(b)</font>
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          <font style="letter-spacing:0.2pt;">whether the beneficial owner is: </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">1.</font>
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        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
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          <font style="letter-spacing:0.2pt;">a person that is not a United States person; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">2.</font>
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        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
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          <font style="letter-spacing:0.2pt;">a foreign government, an international organization, or any wholly owned agency or instrumentality of either of the foregoing; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">3.</font>
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        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
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          <font style="letter-spacing:0.2pt;">a tax-exempt entity; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(c)</font>
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        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
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          <font style="letter-spacing:0.2pt;">the amount and description of&#160;units held, acquired, or transferred for the beneficial owner; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(d)</font>
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        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
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          <font style="letter-spacing:0.2pt;">specific information including the dates of acquisitions and transfers, means of acquisitions and transfers, and acquisition cost for purchases, as well as the amount of net proceeds from sales. Brokers and financial institutions are required to furnish additional information, including whether they are United States persons and specific information on&#160;units they acquire, hold, or transfer for their own account. A penalty of $100 per failure, up to a maximum of $1.5&#160;million per calendar year, is imposed by the Code for failure to report that information to us. The nominee is required to supply the beneficial owner of the&#160;units with the information furnished to us. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Reportable Transactions</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If we were to engage in a &#8220;reportable transaction,&#8221; we (and possibly a unitholder and others) would be required to make a detailed disclosure of the transaction to the IRS. A transaction may be a reportable transaction based upon any of several factors, including the fact that it is a type of tax avoidance transaction publicly identified by the IRS as a &#8220;listed transaction&#8221; or that it produces certain kinds of losses for partnerships, individuals, S corporations, and trusts in excess of $2&#160;million in any single year, or $4&#160;million in any combination of six successive tax&#160;years. Our participation in a reportable transaction could increase the likelihood that our U.S. federal income tax information return (and possibly a unitholder&#8217;s tax return) would be audited by the IRS. Please read &#8220;&#8212; Information Returns and Audit Procedures.&#8221; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Moreover, if we were to participate in a reportable transaction with a significant purpose to avoid or evade tax, or in any listed transaction, a unitholder may be subject to the following: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">accuracy-related penalties with a broader scope, significantly narrower exceptions, and potentially greater amounts than described above at &#8220;&#8212; Accuracy-Related Penalties&#8221;; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">for those persons otherwise entitled to deduct interest on U.S. federal tax deficiencies, nondeducibility of interest on any resulting tax liability; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
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          <font style="letter-spacing:0.2pt;">in the case of a listed transaction, an extended statute of limitations. We do not expect to engage in any &#8220;reportable transactions.&#8221; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">State, Local and Other Tax Considerations</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition to U.S. federal income taxes, a unitholder may be subject to other taxes, including state and local income taxes, unincorporated business taxes, and estate, inheritance or intangibles taxes that may be imposed by the various jurisdictions in which we conduct business or own property or in which a unitholder is a resident. We currently conduct business and own property in multiple states. Substantially all of these states currently impose a personal income tax on individuals. All of these states impose an income tax on corporations and other entities. Moreover, in addition to state income or similar taxes imposed on residents of certain states, we may also own property or do business in other states in the future that impose income or similar taxes on nonresident individuals. Although an analysis of those various taxes is not presented here, each prospective unitholder should consider their potential impact on an investment in us. A unitholder may be required to file state income tax returns and to pay state income taxes in certain states in which we do business or own property, and may be subject to penalties for failure to comply with those requirements. In some states, tax losses may not produce a tax benefit in the year incurred and also may not be available to offset income in subsequent taxable&#160;years. Some of the states may require us, or we may elect, to withhold a&#160;percentage of income from amounts to be distributed to a unitholder who is not a resident of the state. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">19</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Withholding, the amount of which may be greater or less than a particular unitholder&#8217;s income tax liability to the state, generally does not relieve a nonresident unitholder from the obligation to file an income tax return. Amounts withheld may be treated as if distributed to unitholders for purposes of determining the amounts distributed by us. Please read &#8220;&#8212; Tax Treatment of Holders of Our Depositary Units&#8201;&#8212;&#8201;Entity- Level Collections.&#8221; Withholding may apply regardless of whether we make distributions of cash or&#160;units, in which case a nonresident unitholder may have additional amounts due. Based on current law and our estimate of our future operations, we anticipate that any amounts required to be withheld will not be material. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">It is the responsibility of each unitholder to investigate the legal and tax consequences, under the laws of pertinent jurisdictions, of an investment in us. Accordingly, each prospective unitholder should consult and depend upon their own tax counsel or other advisor with regard to those matters. Further, it is the responsibility of each unitholder to file all state, local, and non-U.S. as well as U.S. federal tax returns that may be required to be filed. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">THE FOREGOING SUMMARY IS INCLUDED FOR GENERAL INFORMATIONAL PURPOSES ONLY. ACCORDINGLY, A UNITHOLDER SHOULD CONSULT WITH THEIR OWN TAX ADVISORS WITH RESPECT TO THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND NON-UNITED STATES TAX CONSEQUENCES OF THE OWNERSHIP OF OUR DEPOSITARY UNITS, APPLICABLE TO A UNITHOLDER&#8217;S PARTICULAR TAX SITUATION.</font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">20</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="bPOD">&#8203;</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PLAN OF DISTRIBUTION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have entered into the Sales Agreements with Jefferies under which we may issue and sell our depositary&#160;units from time to time through Jefferies, as sales agent, having an aggregate offering amount of up to $412,611,563, consisting of (i)&#160;$12,611,563 of depositary&#160;units that may be issued and sold under the November&#160;2022 Sales Agreement and (ii)&#160;$400,000,000 of depositary&#160;units that may be issued and sold under the August&#160;2024 Sales Agreement. The November&#160;2022 Sales Agreement and the August&#160;2024 Sales Agreement are filed with the SEC as exhibits to Current Reports on Form 8-K filed on <a style="-sec-extract:exhibit" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/813762/000110465922120849/tm2231023d1_8k.htm">November&#160;21, 2022</a> and <a style="-sec-extract:exhibit" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/813762/000110465924092649/tm2420889d1_8k.htm">August&#160;26, 2024</a>, respectively, and are incorporated by reference in this prospectus. Sales of our depositary&#160;units, if any, under this prospectus may be made in sales deemed to be an &#8220;at the market offering&#8221; as defined in Rule&#160;415(a)(4) promulgated under the Securities Act, including sales made directly on or through the Nasdaq Global Select Market or any other existing trading market for our depositary&#160;units. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">When requested by us, Jefferies will offer our depositary&#160;units subject to the terms and conditions of the Sales Agreements, which may be on a daily basis for periods of time, or as we may otherwise agree with Jefferies. We will designate the maximum amount of depositary&#160;units to be sold through Jefferies when we request Jefferies to do so. Jefferies is not required to sell any specific number or dollar amount of our depositary&#160;units. Jefferies has agreed, subject to the terms and conditions of the Sales Agreements, to use its commercially reasonable efforts to execute our orders to sell, as our sales agent and on our behalf, our depositary&#160;units submitted to Jefferies from time to time by us, as instructed by us and consistent with its normal sales and trading practices. We may instruct Jefferies not to place depositary&#160;units at or below a price designated by us. We or Jefferies may suspend the offering of depositary&#160;units under the Sales Agreements upon proper notice to the other party. There is no arrangement for funds to be received in any escrow, trust or similar arrangement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If we and Jefferies so agree, Jefferies may act as principal in connection with the placement of the depositary&#160;units offered hereby. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will pay Jefferies a commission of an amount up to 2.00% of the gross sales price per depositary unit sold under the Sales Agreements by Jefferies acting as our agent with the exact amount to be agreed by the Company. The estimated offering expenses payable by us under each of the Sales Agreements, in addition to such commission and reimbursement of expenses, are approximately $250,000, which includes legal, accounting and printing costs and various other fees associated with registering the depositary&#160;units being offered. The remaining sale proceeds, after deducting any other transaction fees, will equal our net proceeds from the sale of such depositary&#160;units. We have agreed to reimburse Jefferies for certain ongoing disbursements of its legal counsel payable in the amount up to $25,000 under the Sales Agreements in connection with each diligence bring-down on which we file with the SEC an annual report on Form&#160;10-K thereafter, and up to $15,000 in connection with each other diligence bring-down thereafter. We have also agreed to reimburse Jefferies for certain of its expenses in an amount up to $50,000 under the November&#160;2022 Sales Agreement, and up to $75,000 under the August&#160;2024 Sales Agreement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Jefferies will provide written confirmation to us following the close of trading on the Nasdaq Global Select Market each day on which depositary&#160;units are sold under the Sales Agreements. Each confirmation will include the number of depositary&#160;units sold on that day, the aggregate gross proceeds of such sales and the commission payable by us to Jefferies. Settlement for sales of depositary&#160;units will occur, unless otherwise agreed, on the second business day following the date on which such sales were made. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In connection with the sale of our depositary&#160;units on our behalf, Jefferies may be deemed to be an &#8220;underwriter&#8221; within the meaning of the Securities Act, and the compensation of Jefferies may be deemed to be underwriting commissions or discounts. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have agreed to indemnify Jefferies against certain liabilities, including liabilities under the Securities Act. We have also agreed to contribute to payments Jefferies may be required to make in respect of such liabilities. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The offering of depositary&#160;units pursuant to the Sales Agreements will terminate upon the earliest of (i)&#160;the sale of all depositary&#160;units subject to the Sales Agreements and this prospectus and (ii)&#160;the termination of the Sales Agreements according to the respective terms by either Jefferies or us. </font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">21</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Jefferies has provided, and may in the future provide, various investment banking, commercial banking, financial advisory and other services to us and our affiliates for which services it has received and may in the future receive, customary fees. In the course of its business, Jefferies may actively trade our securities for its own account or for the accounts of customers, and, accordingly, Jefferies may at any time hold long or short positions in such securities. Under the terms of the Sales Agreements, we also may sell our depositary&#160;units to Jefferies as principal for its own account at a price agreed upon at the time of the sale. If we sell our depositary&#160;units to Jefferies, as principal, we will enter into a separate agreement with Jefferies, and we will describe that agreement in a separate prospectus supplement or pricing supplement to the extent required by law. </font>
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          <font style="letter-spacing:0.2pt;">22</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="bLEMA">&#8203;</a><a name="bEXP">&#8203;</a><a name="bWYCF">&#8203;</a><a name="bIOCI">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:-0.2pt;">LEGAL MATTERS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The validity of the depositary&#160;units being offered in this offering will be passed upon for us by Proskauer Rose LLP, New York, New York. Latham &amp; Watkins LLP, New York, New York, is counsel to Jefferies in connection with this offering. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">EXPERTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The audited financial statements and management&#8217;s assessment of the effectiveness of internal control over financial reporting incorporated by reference in this prospectus and elsewhere in the registration statement have been so incorporated by reference in reliance upon the reports of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">WHERE YOU CAN FIND MORE INFORMATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This prospectus forms part of a registration statement on Form S-3 that we filed with the SEC. This prospectus does not contain all of the information set forth in the registration statement and the exhibits to the registration statement or the documents incorporated by reference herein and therein. For further information with respect to us and depositary&#160;units, we refer you to the registration statement and the exhibits and schedules filed as a part of the registration statement and the documents incorporated by reference herein and therein. You should rely only on the information contained in this prospectus or incorporated by reference herein or therein. Neither we nor Jefferies has authorized anyone else to provide you with different information. You should not assume that the information in this prospectus is accurate as of any date other than the date on the front page of this prospectus, regardless of the time of delivery of this prospectus or any sale of the securities offered hereby. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We maintain a website at </font><font style="font-style:italic;letter-spacing:0.2pt;">www.ielp.com</font><font style="letter-spacing:0.2pt;">. Information contained in or accessible through our website does not constitute a part of this prospectus. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The SEC allows us to &#8220;incorporate by reference&#8221; information from other documents that we file with it, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus. Information in this prospectus supersedes information incorporated by reference that we filed with the SEC prior to the date of this prospectus, while information that we file later with the SEC will automatically update and supersede the information in this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We incorporate by reference into this prospectus and the registration statement of which this prospectus forms a part the information or documents listed below that we have filed with the SEC (excluding any information in the documents that is deemed by the rules of the SEC to be furnished and not filed): </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/813762/000155837025001612/tmb-20241231x10k.htm">our Annual Report on Form 10-K for the year ended December&#160;31, 2024, filed with the SEC on February&#160;26, 2025;</a> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">our Quarterly Reports on Form 10-Q for the quarterly periods ended March&#160;31, 2025 and June&#160;30, 2025, filed with the SEC on <a style="-sec-extract:exhibit" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/813762/000155837025006771/tmb-20250331x10q.htm">May&#160;7, 2025</a> and August&#160;4, 2025, respectively; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the description of our depositary&#160;units contained in our <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/813762/000092847511000301/iepf8-a12b120811.txt">Registration Statement on Form 8-A, filed on December&#160;9, 2011</a>, including any amendments or reports filed for purposes of updating this description. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">All documents filed by us pursuant to Sections&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding any information in those documents that is deemed by the rules of the SEC to be furnished and not filed) between the date of this prospectus and the termination of the offering of securities under this prospectus shall also be deemed to be incorporated herein by reference. Any statement contained in any document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or in any other subsequently filed document which also is or is deemed to be incorporated by reference in this </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">23</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
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      <div style="margin-top:6pt;margin-bottom:388pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">prospectus modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will furnish without charge to each person, including any beneficial owner, to whom a prospectus is delivered, on written or oral request, a copy of any or all of the documents incorporated by reference in this prospectus, including exhibits to these documents. You may request a copy of these filings (not including the exhibits to such documents unless the exhibits are specifically incorporated by reference in the information contained in this prospectus), at no cost, by writing or telephoning us at the following address: </font>
        </div>
        <div style="margin-top:8pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Icahn Enterprises L.P.</font>
          <br >
          <font style="letter-spacing:0.2pt;">16690 Collins Avenue, PH-1</font>
          <br >
          <font style="letter-spacing:0.2pt;">Sunny Isles Beach, Florida 33160</font>
          <br >
          <font style="letter-spacing:0.2pt;">Attn: Chief Financial Officer</font>
          <br >
          <font style="letter-spacing:0.2pt;">Telephone requests may be directed to (800) 255-2737 </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus is part of a registration statement we filed with the SEC. That registration statement and the exhibits filed along with the registration statement contain more information about us and the depositary&#160;units in this offering. Because information about documents referred to in this prospectus is not always complete, you should read the full documents which are filed as exhibits to the registration statement. You may read and copy the full registration statement and its exhibits at the SEC&#8217;s public reference rooms or its website </font><font style="font-style:italic;letter-spacing:0.2pt;">www.sec.gov</font><font style="letter-spacing:0.2pt;">.</font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">24</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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        <div style="width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 0pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
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          <div style="margin-left: 0pt; width: 456pt; margin-top: 3pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:110pt; text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">$1,200,000,000</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="position:relative;margin-top:74pt; text-align:center; width:456pt;">
          <img src="lg_icahnenterprises-4c.jpg" alt="[MISSING IMAGE: lg_icahnenterprises-4c.jpg]" height="119" width="209" >
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        <div style="margin-top:77pt; text-align:center; width:456pt; line-height:18pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:16pt;">
          <font style="letter-spacing:-0.32pt;">ICAHN ENTERPRISES L.P.</font>
          <br >
          <font style="letter-spacing:-0.32pt;">ICAHN ENTERPRISES FINANCE CORP.</font><font style="font-weight:normal;letter-spacing:0.32pt;"> </font>
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          <font style="letter-spacing:-0.24pt;">PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.24pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199;, 2025</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:-0.2pt;">PART II</font>
          <br >
          <font style="letter-spacing:-0.2pt;">INFORMATION NOT REQUIRED IN PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;14.&nbsp;&nbsp;&nbsp;Other Expenses of Issuance and Distribution</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Securities and Exchange Commission registration fee and the estimated expenses in connection with the offering are as follows: </font>
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                <font style="letter-spacing:0.2pt;">Securities and Exchange Commission registration fee </font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:0pt 0pt 1pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:27.75pt; text-align:right; white-space:nowrap;">183,720 </td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">The Nasdaq Stock Market Listing Fees </font>
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            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
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              <font style="position:relative;">&#8203;</font><font style="position:absolute;"><font style="font-weight:bold;font-size:9pt;"></font>*</font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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                <font style="letter-spacing:0.2pt;">Transfer Agent and Registrar, Trustee and Depositary Fees </font>
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              <font style="position:relative;">&#8203;</font><font style="position:absolute;"><font style="font-weight:bold;font-size:9pt;"></font>*</font>
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                <font style="letter-spacing:0.2pt;">Accounting fees and expenses </font>
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              <font style="position:relative;">&#8203;</font><font style="position:absolute;"><font style="font-weight:bold;font-size:9pt;"></font>*</font>
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                <font style="letter-spacing:0.2pt;">Legal fees and expenses </font>
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              <font style="position:relative;">&#8203;</font><font style="position:absolute;"><font style="font-weight:bold;font-size:9pt;"></font>*</font>
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                <font style="letter-spacing:0.2pt;">Printing expenses </font>
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              <font style="position:relative;">&#8203;</font><font style="position:absolute;"><font style="font-weight:bold;font-size:9pt;"></font>*</font>
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                <font style="letter-spacing:0.2pt;">Miscellaneous </font>
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            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
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              <font style="position:relative;">&#8203;</font><font style="position:absolute;"><font style="font-weight:bold;font-size:9pt;"></font>*</font>
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            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
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                <font style="letter-spacing:0.2pt;">Total </font>
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            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
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              <font style="position:relative;">&#8203;</font><font style="position:absolute;"><font style="font-weight:bold;font-size:9pt;"></font>*</font>
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          <font style="letter-spacing:0.2pt;">*</font>
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          <font style="letter-spacing:0.2pt;">Estimated expenses not presently known. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;15.&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:11.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Indemnification Under the Delaware Limited Partnership Act and the Third Amended and Restated Icahn Enterprises Partners L.P. Limited Partnership Agreement</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Icahn Enterprises L.P. (the &#8220;Icahn Enterprises&#8221;) is organized under the laws of Delaware. Section&#160;17-108 of the Delaware Revised Uniform Limited Partnership Act (the &#8220;Partnership Act&#8221;) provides that a limited partnership may, and shall have the power to, indemnify and hold harmless any partners or other persons from and against any and all claims and demands whatsoever, subject to such standards and restrictions set forth in the partnership agreement. </font>
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          <font style="letter-spacing:0.2pt;">Section&#160;6.15 of the Icahn Enterprises partnership agreement provides that Icahn Enterprises shall, to the fullest extent permitted by law, indemnify and hold harmless an Indemnitee or an Outside Capacity Indemnitee, each as defined in the Icahn Enterprises partnership agreement, from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys&#8217; fees and disbursements), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which the Indemnitee or an Outside Capacity Indemnitee may be involved, or threatened to be involved, as a party or otherwise by reason of its status as (x)&#160;the general partner or an affiliate thereof or (y)&#160;a partner, shareholder, director, officer, employee or agent of the general partner or an affiliate thereof or (z)&#160;a person serving at the request of the general partner in another entity in a similar capacity, which relate to, arise out of or are incidental to Icahn Enterprises, its property, business, or affairs, including, without limitation, liabilities under the federal and state securities laws, regardless of whether the Indemnitee or the Outside Capacity Indemnitee continues to be an Indemnitee or an Outside Capacity Indemnitee at the time any such liability or expense is paid or incurred, if (i)&#160;the Indemnitee or the Outside Capacity Indemnitee acted in good faith and in a manner it believed to be in, or not opposed to, the best interests of Icahn Enterprises, and, with respect to any criminal proceeding, had no reasonable cause to believe its conduct was unlawful and (ii)&#160;the Indemnitee&#8217;s or the Outside Capacity Indemnitee&#8217;s conduct did not constitute fraud, bad faith, or willful misconduct. The indemnification of an Outside Capacity Indemnitee shall be specifically in excess of any and all (i)&#160;amounts paid to or on behalf of such Outside Capacity Indemnitee under any indemnification from any person that is not the general partner, Icahn Enterprises, or Icahn Enterprise&#8217;s operating partnership, Icahn Enterprises Holdings; (ii)&#160;amounts paid to or on behalf of such Outside Capacity Indemnitee under any insurance policy maintained by any person that is not the general partner, Icahn Enterprises, or Icahn Enterprises Holdings, or otherwise issued to, covering, or providing any benefit to such Outside Capacity Indemnitee; and (iii)&#160;amounts paid to or on behalf of such Outside Capacity Indemnitee under any insurance policy issued to or for the benefit of the general partner, Icahn Enterprises, or Icahn </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">II-1</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">Enterprises Holdings. No person that is not the general partner, Icahn Enterprises, or Icahn Enterprises Holdings shall be entitled to contribution or indemnification from or subrogation against Icahn Enterprises. The Icahn Enterprises partnership agreement further provides that an Indemnitee or Outside Capacity Indemnitee shall not be denied indemnification in whole or in part under Section&#160;6.15 by reason of the fact that the Indemnitee or Outside Capacity Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of the Icahn Enterprises partnership agreement. Any indemnification under Section&#160;6.15 shall be satisfied solely out of the assets of Icahn Enterprises. The record holders shall not be subject to personal liability by reason of the indemnification provision. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Indemnification Under the Delaware General Corporation Law and the Certificate of Incorporation and Bylaws of Icahn Enterprises Finance Corp.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Icahn Enterprises Finance Corp. is a corporation incorporated under the laws of the State of Delaware. Section&#160;145 of the Delaware General Corporation Law provides that under certain circumstances a corporation may indemnify directors and officers as well as other employees and individuals against expenses (including attorneys&#8217; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any threatened, pending or completed actions, suits or proceedings in which such person is made a party by reason of such person being or having been a director, officer, employee of or agent to the registrants. The statute provides that it is not exclusive of other rights to which those seeking indemnification may be entitled under any by-law, agreement, vote of stockholders or disinterested directors or otherwise. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;16.&nbsp;&nbsp;&nbsp;Exhibits</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following documents are filed as exhibits to this registration statement, including those exhibits incorporated herein by reference to a prior filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, as indicated in parentheses: </font>
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              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Exhibit</font>
                <br >
                <font style="letter-spacing:-0.16pt;">No. </font>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
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              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Description </font>
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3pt 0pt 0.5pt 0pt; width:24.75pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">1.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3pt 0pt 0.5pt 0pt; width:419.25pt;">
              <font style="letter-spacing:0.2pt;">Form of Underwriting Agreement.* </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:24.75pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">1.2 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:419.25pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/813762/000110465922120849/tm2231023d1_ex1-1.htm">Open Market Sale Agreement, dated as of November 21, 2022, between Icahn Enterprises L.P. and Jefferies LLC (incorporated by reference to Exhibit 1.1 to the Current Report on Form 8-K filed with the SEC on November 21,&#160;2022).</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:24.75pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">1.3 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:419.25pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/813762/000110465924092649/tm2420889d1_ex1-1.htm">Open Market Sale Agreement, dated as of August 26, 2024, between Icahn Enterprises L.P. and Jefferies LLC (incorporated by reference to Exhibit 1.1 to the Current Report on Form 8-K filed with the SEC on August 26, 2024).</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:24.75pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">4.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:419.25pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/813762/000081376216000089/iep-ex41_certificatex8416.htm">Specimen Depositary Certificate (incorporated by reference to Exhibit&#160;4.1 to Icahn Enterprises&#8217; Form 10-Q for the quarterly period ended June&#160;30, 2016 (SEC File No. 1-9516), filed on August&#160;4, 2016).</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:24.75pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">4.2 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:419.25pt;white-space:normal;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/813762/0000897204-95-000016-index.htm">Specimen Certificate representing preferred&#160;units (incorporated by reference to Exhibit&#160;4.9 to Icahn Enterprises&#8217; Form S-3/A (SEC File No. 33-54767), filed on February&#160;22, 1995).</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:24.75pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">4.3 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:419.25pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2521625d2_ex4-3.htm">Form of Indenture.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:24.75pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">4.4 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:419.25pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2521625d2_ex4-4.htm">Form of Indenture (Subordinated Debt Securities).</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:24.75pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">4.5 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:419.25pt;">
              <font style="letter-spacing:0.2pt;">Form of Warrant Agreement and Warrant Certificate.* </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:24.75pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">4.6 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:419.25pt;">
              <font style="letter-spacing:0.2pt;">Form of Rights Agreement and Rights Certificate.* </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:24.75pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">5.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:419.25pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2521625d2_ex5-1.htm">Opinion of Proskauer Rose LLP.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:24.75pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">8.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:419.25pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2521625d2_ex8-1.htm">Opinion of Proskauer Rose LLP relating to tax matters.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:24.75pt;">
              <font style="letter-spacing:0.2pt;">23.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:419.25pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2521625d2_ex23-1.htm">Consent of Grant Thornton LLP.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:24.75pt;">
              <font style="letter-spacing:0.2pt;">23.2 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:419.25pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2521625d2_ex5-1.htm">Consent of Proskauer Rose LLP (included in Exhibit&#160;5.1).</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:24.75pt;">
              <font style="letter-spacing:0.2pt;">23.3 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:419.25pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2521625d2_ex8-1.htm">Consent of Proskauer Rose LLP (included in Exhibit 8.1 hereto)</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:24.75pt;">
              <font style="letter-spacing:0.2pt;">24.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:419.25pt;">
              <div style="letter-spacing:0.2pt;">
                <a href="#tSIG">Power of Attorney (included on the signature pages to this Form S-3).</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-2</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <table style="width:456pt;height:87pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0.167pt 0pt 1.917pt 0pt; width:24.75pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Exhibit</font>
                <br >
                <font style="letter-spacing:-0.16pt;">No. </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0.167pt 0pt 1.917pt 0pt; width:419.25pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Description </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.667pt 0pt 0.583pt 0pt; width:24.75pt;">
              <font style="letter-spacing:0.2pt;">25.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.667pt 0pt 0.583pt 0pt; width:419.25pt;white-space:normal;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2521625d2_ex25-1.htm">Form T-1, Statement of Eligibility and Qualification under the Trust Indenture Act of 1939 under the Indenture.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.583pt 0pt; width:24.75pt;">
              <font style="letter-spacing:0.2pt;">25.2 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.583pt 0pt; width:419.25pt;white-space:normal;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2521625d2_ex25-2.htm">Form T-1 (Subordinated Debt Securities), Statement of Eligibility and Qualification under the Trust Indenture Act of 1939 under the Indenture.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.583pt 0pt; width:24.75pt;">
              <font style="letter-spacing:0.2pt;">107 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.583pt 0pt; width:419.25pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2521625d1_ex-filingfees.htm">Filing Fee Table.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.3pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.5pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">*</font>
          <br >
        </div>
        <div style=" margin-top:7.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">To be filed by amendment or as an exhibit to a report pursuant to Section&#160;13(a), 13(c) or 15(d) of the Exchange Act, as applicable. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;17.&nbsp;&nbsp;&nbsp;Undertakings</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The undersigned registrants hereby undertake: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.21pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:7.21pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(i)</font>
          <br >
        </div>
        <div style=" margin-top:7.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">To include any prospectus required by Section&#160;10(a)(3) of the Securities Act of 1933; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.11pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(ii)</font>
          <br >
        </div>
        <div style=" margin-top:7.11pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&#160;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20&#160;percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(iii)</font>
          <br >
        </div>
        <div style=" margin-top:7.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:40pt; margin-top:8pt; width:416pt; line-height:11.5pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style="font-style:italic;letter-spacing:0.2pt;">however</font><font style="letter-spacing:0.2pt;">, that paragraphs (1)(i), (1)(ii) and (1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the registrants pursuant to Section&#160;13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule&#160;424(b) that is a part of the registration statement. </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:7.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </font><font style="font-style:italic;letter-spacing:0.2pt;">bona fide</font><font style="letter-spacing:0.2pt;"> offering thereof. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:7.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.11pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(4)</font>
          <br >
        </div>
        <div style=" margin-top:7.11pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">That, for the purpose of determining liability under the Securities Act to any purchaser: </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(i)</font>
          <br >
        </div>
        <div style=" margin-top:7.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">If the registrant is relying on Rule&#160;430B: </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:7.11pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(A)</font>
          <br >
        </div>
        <div style=" margin-top:7.11pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Each prospectus filed by the registrant pursuant to Rule&#160;424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:7.11pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(B)</font>
          <br >
        </div>
        <div style=" margin-top:7.11pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Each prospectus required to be filed pursuant to Rule&#160;424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule&#160;430B relating to an offering made pursuant </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-3</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:80pt; width:376pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">to Rule&#160;415(a)(1)(i), (vii), or (x)&#160;for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule&#160;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial </font><font style="font-style:italic;letter-spacing:0.2pt;">bona fide</font><font style="letter-spacing:0.2pt;"> offering thereof. </font><font style="font-style:italic;letter-spacing:0.2pt;">Provided, however</font><font style="letter-spacing:0.2pt;">, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or </font>
        </div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(ii)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">If the registrant is subject to Rule&#160;430C, each prospectus filed pursuant to Rule&#160;424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule&#160;430B or other than prospectuses filed in reliance on Rule&#160;430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. </font><font style="font-style:italic;letter-spacing:0.2pt;">Provided, however</font><font style="letter-spacing:0.2pt;">, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(5)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, in a primary offering of securities of the undersigned registrants pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrants will be sellers to the purchaser and will be considered to offer or sell such securities to such purchaser: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(i)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Any preliminary prospectus or prospectus of the undersigned registrants relating to the offering required to be filed pursuant to Rule&#160;424; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.81pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(ii)</font>
          <br >
        </div>
        <div style=" margin-top:7.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrants or used or referred to by the undersigned registrants; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(iii)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrants or its securities provided by or on behalf of the undersigned registrant; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(iv)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Any other communication that is an offer in the offering made by the undersigned registrants to the purchaser. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(6)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">That, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to Section&#160;13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section&#160;15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </font><font style="font-style:italic;letter-spacing:0.2pt;">bona fide</font><font style="letter-spacing:0.2pt;"> offering thereof. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(7)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrants pursuant to the foregoing </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-4</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:328pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:40pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">provisions, or otherwise, the registrants have been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrants of expenses incurred or paid by a director, officer or controlling person of the registrants in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrants will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(8)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of a registration statement in reliance upon Rule&#160;430A and contained in the form of prospectus filed by the registrants pursuant to Rule&#160;424(b)(1) or (4)&#160;or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(9)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </font><font style="font-style:italic;letter-spacing:0.2pt;">bona fide</font><font style="letter-spacing:0.2pt;"> offering thereof. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(10)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a)&#160;of Section&#160;310 of the Trust Indenture Act in accordance with the rules and regulations prescribed under the Commission under Section&#160;305(b)(2) of the Trust Indenture Act.</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-5</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tSIG">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:19pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SIGNATURES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Sunny Isles Beach, State of Florida on August&#160;4, 2025. </font>
        </div>
        <div style="margin-left:220pt; margin-top:12pt; width:236pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">ICAHN ENTERPRISES L.P.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:220pt; margin-top:12pt; width:236pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">By: Icahn Enterprises G.P. Inc.,</font>
          <br >
          <font style="letter-spacing:0.2pt;">its general partner </font>
        </div>
        <div style="margin-left:220pt; margin-top:12pt; width:236pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">/s/ Andrew Teno</font>
        </div>
        <div style="margin-left:220pt; margin-top:2.5pt; width:236pt;">
          <div style="margin-left: 0pt; width: 236pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-left:220pt; margin-top:2pt; width:236pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Andrew Teno</font>
          <br >
          <font style="letter-spacing:0.2pt;">President, Chief Executive Officer and Director </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Andrew Teno and Ted Papapostolou, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments, including post-effective amendments, to this Registration Statement, and any registration statement relating to the offering covered by this Registration Statement and filed pursuant to Rule&#160;462(b) under the Securities Act of 1933, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that each of said attorneys in fact and agents or their substitute or substitutes may lawfully do or cause to be done by virtue hereof. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated. </font>
        </div>
        <table style="width:456pt;height:222pt;margin-top:6pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:12pt;height:29pt; white-space:normal;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding-top:4pt; width:184.47pt;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Andrew Teno</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify; line-height:0pt;">
                <div style="margin-left: 0pt; width: 184.47pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Andrew Teno </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:4pt; width:184.47pt;">
              <font style="letter-spacing:0.2pt;">President, Chief Executive Officer and Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:4pt; width:63.07pt;white-space:nowrap;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">August&#160;4, 2025 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:33pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding-top:4pt; width:184.47pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Ted Papapostolou</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify; line-height:0pt;">
                <div style="margin-left: 0pt; width: 184.47pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Ted Papapostolou </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:4pt; width:184.47pt;">
              <font style="letter-spacing:0.2pt;">Chief Financial Officer and Secretary </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:4pt; width:63.07pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">August&#160;4, 2025 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:33pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding-top:4pt; width:184.47pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Robert Flint</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify; line-height:0pt;">
                <div style="margin-left: 0pt; width: 184.47pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Robert Flint </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:4pt; width:184.47pt;">
              <font style="letter-spacing:0.2pt;">Chief Accounting Officer </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:4pt; width:63.07pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">August&#160;4, 2025 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:33pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding-top:4pt; width:184.47pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Denise Barton</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify; line-height:0pt;">
                <div style="margin-left: 0pt; width: 184.47pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Denise Barton </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:4pt; width:184.47pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:4pt; width:63.07pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">August&#160;4, 2025 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:33pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding-top:4pt; width:184.47pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Nancy Dunlap</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify; line-height:0pt;">
                <div style="margin-left: 0pt; width: 184.47pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Nancy Dunlap </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:4pt; width:184.47pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:4pt; width:63.07pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">August&#160;4, 2025 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:33pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding-top:4pt; width:184.47pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Stephen A. Mongillo</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify; line-height:0pt;">
                <div style="margin-left: 0pt; width: 184.47pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Stephen A. Mongillo </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:4pt; width:184.47pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:4pt; width:63.07pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">August&#160;4, 2025 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding-top:4pt; width:184.47pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Carl C. Icahn</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 184.47pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Carl C. Icahn </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:4pt; width:184.47pt;">
              <font style="letter-spacing:0.2pt;">Chairman of the Board </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:4pt; width:63.07pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">August&#160;4, 2025</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-6</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style=" width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:39pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SIGNATURES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Sunny Isles, State of Florida on August&#160;4, 2025. </font>
        </div>
        <div style="margin-left:220pt; margin-top:12pt; width:236pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">ICAHN ENTERPRISES FINANCE CORP.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:220pt; margin-top:12pt; width:236pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">/s/ Andrew Teno</font>
        </div>
        <div style="margin-left:220pt; margin-top:2.5pt; width:236pt;">
          <div style="margin-left: 0pt; width: 236pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-left:220pt; margin-top:2pt; width:236pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Andrew Teno</font>
          <br >
          <font style="letter-spacing:0.2pt;">President, Chief Executive Officer and Director </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Andrew Teno and Ted Papapostolou, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments, including post-effective amendments, to this Registration Statement, and any registration statement relating to the offering covered by this Registration Statement and filed pursuant to Rule&#160;462(b) under the Securities Act of 1933, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that each of said attorneys in fact and agents or their substitute or substitutes may lawfully do or cause to be done by virtue hereof. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated. </font>
        </div>
        <table style="width:456pt;height:234pt;margin-top:8pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:12pt;height:31pt; white-space:normal;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding-top:6pt; width:184.47pt;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Andrew Teno</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify; line-height:0pt;">
                <div style="margin-left: 0pt; width: 184.47pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Andrew Teno </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:6pt; width:184.47pt;">
              <font style="letter-spacing:0.2pt;">President, Chief Executive Officer and Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:6pt; width:63.07pt;white-space:nowrap;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">August&#160;4, 2025 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:35pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding-top:6pt; width:184.47pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Ted Papapostolou</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify; line-height:0pt;">
                <div style="margin-left: 0pt; width: 184.47pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Ted Papapostolou </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:6pt; width:184.47pt;">
              <font style="letter-spacing:0.2pt;">Chief Financial Officer and Secretary </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:6pt; width:63.07pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">August&#160;4, 2025 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:35pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding-top:6pt; width:184.47pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Robert Flint</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify; line-height:0pt;">
                <div style="margin-left: 0pt; width: 184.47pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Robert Flint </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:6pt; width:63.07pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">August&#160;4, 2025 </font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:12pt;height:35pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:6pt; width:63.07pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">August&#160;4, 2025 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:35pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding-top:6pt; width:184.47pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Nancy Dunlap</font>
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              <div style="margin-top:2.5pt; text-align:justify; line-height:0pt;">
                <div style="margin-left: 0pt; width: 184.47pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Nancy Dunlap </font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <font style="letter-spacing:0.2pt;">Director </font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:6pt; width:63.07pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">August&#160;4, 2025 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:35pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding-top:6pt; width:184.47pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Stephen A. Mongillo</font>
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              <div style="margin-top:2.5pt; text-align:justify; line-height:0pt;">
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              <div style="margin-top:2pt;">
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:6pt; width:184.47pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:6pt; width:63.07pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">August&#160;4, 2025 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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                <div style="margin-left: 0pt; width: 184.47pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Carl C. Icahn </font>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding-top:6pt; width:63.07pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">August&#160;4, 2025</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-7</font>
          <br >
        </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>tm2521625d2_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>EXHIBIT&nbsp;4.3</B></FONT></P>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ICAHN ENTERPRISES L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ICAHN ENTERPRISES FINANCE CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Issuers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of ________ ___, ______</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Senior Debt Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>CROSS-REFERENCE
TABLE</U></B></FONT><B>*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRUST INDENTURE</B></FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDENTURE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ACT SECTION</B></FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECTION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 4%; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">310 </FONT></TD>
    <TD STYLE="width: 4%; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;</FONT></TD>
    <TD STYLE="width: 72%; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.08; 7.10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">311</FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">312</FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.06</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.03</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.03</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">313</FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.06</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.06</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.06; 7.07</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.06; 11.02</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.06</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">314</FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.02; 4.03; 11.02</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.04</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.04</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.05</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">315</FONT></TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.01</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.05; 11.02</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.01</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.01</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">316</FONT></TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(last sentence)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.09</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.05</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.04</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.07</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.04</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">317</FONT></TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.08</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.09</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.05</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">318</FONT></TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.01</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.01</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">N.A. means not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* This Cross-Reference Table is not part of the
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TABLE OF CONTENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding: 0.5pt 0.5pt 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 78%; padding: 0.5pt 0.5pt 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; padding: 0.5pt 0.5pt 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;1</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFINITIONS AND INCORPORATION BY REFERENCE</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">01</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.01.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">01</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.02.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Definitions</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">06</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.03.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation by Reference of Trust Indenture Act</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">06</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.04.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rules&nbsp;of Construction</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">06</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;2</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE SECURITIES</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">07</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.01.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuable in Series</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">07</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.02.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establishment of Terms of Series&nbsp;of Securities</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">07</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.03.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution and Authentication</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">09</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.04.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrar and Paying Agent</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.05.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paying Agent to Hold Money in Trust</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.06.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders Lists</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.07.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer and Exchange</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.08.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutilated, Destroyed, Lost and Stolen Securities</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.09.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding Securities</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.10.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury Securities</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.11.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temporary Securities</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.12.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.13.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defaulted Interest</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.14.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global Securities</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.15.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP Numbers</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;3</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REDEMPTION AND PREPAYMENT</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.01.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices to Trustee</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.02.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selection of Securities to be Redeemed</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.03.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Redemption</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.04.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Notice of Redemption</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.05.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit of Redemption Price</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.06.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Redeemed in Part</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;4</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVENANTS</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.01.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Securities</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.02.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.03.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance Certificate</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.04.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Existence</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.05.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculation of Original Issue Discount</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;5</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUCCESSORS</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.01.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger, Consolidation or Sale of Assets</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;6</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFAULTS AND REMEDIES</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.01.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events of Default</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.02.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceleration</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.03.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Remedies</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.04.</FONT></TD>
    <TD STYLE="padding: 0.5pt; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Past Defaults</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.05.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Control By Majority</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.06.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Suits</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.07.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights of Holders to Receive Payment</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.08.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collection Suit by Trustee</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.09.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee May&nbsp;File Proofs of Claim</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.10.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Priorities</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.11.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undertaking For Costs</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;7</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRUSTEE</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.01.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duties of Trustee</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.02.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights of Trustee</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.03.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual Rights of Trustee</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.04.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee&rsquo;s Disclaimer</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.05.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Defaults</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.06.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports By Trustee to Holders</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.07.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation and Indemnity</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.08.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Replacement of Trustee</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.09.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successor Trustee by Merger, Etc.</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.10.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eligibility; Disqualification</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.11.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferential Collection of Claims Against the Company</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;8</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISCHARGE; LEGAL DEFEASANCE AND COVENANT DEFEASANCE</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.01.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discharge; Option to Effect Legal Defeasance or Covenant Defeasance</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.02.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Defeasance and Discharge</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.03.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenant Defeasance</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.04.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to Legal or Covenant Defeasance</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.05.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.06.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment to the Company</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.07.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reinstatement</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;9</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDMENT, SUPPLEMENT AND WAIVER</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9.01.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without Consent of Holders</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9.02.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With Consent of Holders of Securities</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9.03.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with Trust Indenture Act</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9.04.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revocation and Effect of Consents and Waivers</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9.05.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notation on or Exchange of Securities</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9.06.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee to Sign Amendments, Etc.</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;10</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE GUARANTEES</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;10.01.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantee</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;10.02.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Guarantor Liability</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;10.03.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution and Delivery of Guarantee</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;11</FONT></TD>
    <TD STYLE="padding: 0.5pt; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MISCELLANEOUS</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.01. </FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust Indenture Act Controls</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.02.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.03.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Communication by Holders of Securities with Other Holders of Securities</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.04.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate and Opinion as to Conditions Precedent</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.05.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements Required in Certificate or Opinion</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.06.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rules&nbsp;by Trustee, Paying Agent and Registrar</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.07.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Personal Liability of Directors, Officers, Employees and Stockholders</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.08.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOVERNING LAW</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.09.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Adverse Interpretation of Other Agreements</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.10.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.11.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.12.</FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterpart Originals</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding: 0.5pt 0.5pt 0.5pt 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.13. </FONT></TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Table of Contents, Headings, Etc.</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">INDENTURE dated as of [__],
[__] between Icahn Enterprises L.P., a Delaware limited partnership (&ldquo;<B>Icahn Enterprises</B>&rdquo;) Icahn Enterprises Finance
Corp., a Delaware corporation (&ldquo;<B>Icahn Enterprises Finance</B>&rdquo; and together with Icahn Enterprises, the &ldquo;Company&rdquo;),
and Wilmington Trust, National Association, a national banking association, as trustee (the &ldquo;<B>Trustee</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the Trustee
agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Securities issued under this
Indenture (the &ldquo;<B>Securities</B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;1<BR>
DEFINITIONS AND INCORPORATION BY REFERENCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;1.01.
</FONT><U>Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Affiliate</B>&rdquo;
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, &ldquo;control&rdquo; (including, with correlative meanings, the
terms &ldquo;controlling,&rdquo; &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo;), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Agent</B>&rdquo;
means any Registrar, Paying Agent or co-registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Bankruptcy Law</B>&rdquo;
means Title 11 of the United States Code, as amended, or any similar federal, state or foreign law for the relief of debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Board of Directors</B>&rdquo;
means, with respect to any Person, the board of directors or comparable governing body of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Board Resolution</B>&rdquo;
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of
Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and
delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Business Day</B>&rdquo;
means any day other than a Legal Holiday.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Capital Stock</B>&rdquo;
of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests
in (however designated) equity of such Person, including any preferred stock, but excluding any debt securities convertible into such
equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Clearstream</B>&rdquo;
means Clearstream Banking, Societe Anonyme, Luxembourg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Commission</B>&rdquo;
or &ldquo;<B>SEC</B>&rdquo; means the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Company</B>&rdquo;
means, collectively Icahn Enterprises and Icahn Enterprises Finance, and any and all successors thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Company Order</B>&rdquo;
means a written order signed in the name of the Company by two Officers, one of whom must be the Company&rsquo;s principal executive officer,
principal financial officer or principal accounting officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Control</B>&rdquo;
means the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of a Person, whether
through the ownership of Voting Stock, by agreement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Corporate Trust
Office of the Trustee</B>&rdquo; shall be at the address of the Trustee specified in Section&nbsp;11.02 or such other address as to which
the Trustee may give notice to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Custodian</B>&rdquo;
means the Trustee, as custodian with respect to the Securities in global form, or any successor entity thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Default</B>&rdquo;
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Definitive Security</B>&rdquo;
means a certificated Security registered in the name of the Holder thereof and issued in accordance with Section&nbsp;2.07.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Depositary</B>&rdquo;
means, with respect to the Securities issuable or issued in whole or in part in global form, the Person specified in Section&nbsp;2.14
as the Depositary with respect to the Securities, and any and all successors thereto appointed as depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Dollar</B>&rdquo;
means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender for the payment
of public and private debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Euroclear</B>&rdquo;
means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Exchange Act</B>&rdquo;
means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Foreign Currency</B>&rdquo;
means any currency or currency unit issued by a government other than the government of The United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>GAAP</B>&rdquo;
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board, the
Commission or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of
the United States, which are in effect from time to time; provided, however, that all reports and other financial information provided
by the Company to the Holders of the Securities, the Trustee and/or the Commission shall be prepared in accordance with GAAP, as in effect
on the date of such report or other financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Global Security</B>&rdquo;
when used with respect to any Series&nbsp;of Securities issued hereunder, means a Security which is executed by the Company and authenticated
and delivered by the Trustee to the Depositary or pursuant to the Depositary&rsquo;s instruction, all in accordance with this Indenture
and an indenture supplemental hereto, if any, or Board Resolution and pursuant to a Company Order, which shall be registered in the name
of the Depositary or its nominee and which shall represent, and shall be denominated in an amount equal to the aggregate principal amount
of, all the outstanding Securities of such Series&nbsp;or any portion thereof, in either case having the same terms, including, without
limitation, the same original issue date, date or dates on which principal and interest are due, and interest rate or method of determining
interest and which shall bear the legend as prescribed by Section&nbsp;2.14(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Global Security
Legend</B>&rdquo; means the legend set forth in Section&nbsp;2.14(c), which is required to be placed on all Global Securities issued under
this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Government Securities</B>&rdquo;
means direct obligations of, or obligations guaranteed by, the United States of America for the payment of which guarantee or obligations
the full faith and credit of the United States is pledged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Guarantee</B>&rdquo;
means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect,
in any manner (including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in
respect thereof), of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well,
to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Guarantor</B>&rdquo;
means Icahn Enterprises in the event that Icahn Enterprises executes a Guarantee in accordance with the provisions of this Indenture,
and its successors and assigns, in each case, until the Guarantee has been released in accordance with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Holder</B>&rdquo;
means a Person in whose name a Security is registered on the Registrar&rsquo;s books.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Icahn Enterprises&rdquo;</B>
means Icahn Enterprises L.P. (and not any of its subsidiaries).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Icahn Enterprises
Finance</B>&rdquo; means Icahn Enterprises Finance Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Indebtedness</B>&rdquo;
has the meaning specified in the applicable Board Resolution, supplemental indenture or Officers&rsquo; Certificate relating to a particular
Series&nbsp;of Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Indenture</B>&rdquo;
means this Indenture, as amended or supplemented from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Interest Payment
Date</B>&rdquo; when used with respect to any Series&nbsp;of Securities, means the date specified in such Securities for the payment of
any installment of interest on those Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Legal Holiday</B>&rdquo;
means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized by law,
regulation or executive order to remain closed. If a payment date or redemption date is a Legal Holiday at a place of payment, payment
may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the
intervening period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Maturity</B>&rdquo;
when used with respect to any Security or installment of principal thereof, means the date on which the principal of such Security or
such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration
of acceleration, call for redemption, notice of option to elect repayment or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Offering</B>&rdquo;
means the offering of the Securities by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Officer</B>&rdquo;
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Officers&rsquo;
Certificate</B>&rdquo; means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the principal
executive officer, the principal financial officer or the principal accounting officer of the Company, delivered to the Trustee that meets
the requirements set forth in this Indenture, including without limitation the requirements of Section&nbsp;11.05.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Opinion of Counsel</B>&rdquo;
means a written opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section&nbsp;11.05.
The counsel may be an employee of or counsel to the Company, any Guarantor, or, at the Trustee&rsquo;s option, the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Original Issue Discount
Security</B>&rdquo; means any Security that provides for an amount less than the stated principal amount thereof to be due and payable
upon declaration of acceleration of the maturity thereof pursuant to Section&nbsp;6.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Participant</B>&rdquo;
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream,
respectively (and, with respect to the Depositary Trust Company, shall include Euroclear and Clearstream).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Person</B>&rdquo;
means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated
organization, government or any agency or political subdivision thereof or any other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Responsible Officer</B>,&rdquo;
when used with respect to the Trustee, means any officer within the Corporate Trust Office of the Trustee (or any successor group of the
Trustee) and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because
of his knowledge of and familiarity with the particular subject, and in each case, who shall have direct responsibility for the administration
of this Indenture</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Securities</B>&rdquo;
has the meaning assigned to it in the preamble to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Securities Act</B>&rdquo;
means the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Series</B>&rdquo;
or &ldquo;<B>Series&nbsp;of Securities</B>&rdquo; means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.01 and 2.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Significant Subsidiary</B>&rdquo;
means any Subsidiary which would be a &ldquo;significant subsidiary&rdquo; as defined in Article&nbsp;1, Rule&nbsp;1-02 of Regulation
S-X, promulgated pursuant to the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Stated Maturity</B>&rdquo;
when used with respect to any Security, means the date specified in such Security as the fixed date on which an amount equal to the principal
amount of such Security is due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Subsidiary</B>&rdquo;
means, with respect to any specified Person:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&nbsp;any corporation, association
or other business entity of which more than 50% of the total Voting Stock is at the time owned or Controlled, directly or indirectly,
by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&nbsp;any partnership (a)&nbsp;the
sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b)&nbsp;the only general
partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>TIA</B>&rdquo; means
the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date on which this Indenture is qualified under
the TIA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Trustee</B>&rdquo;
means the party named as such above until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter
means the successor serving hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Voting Stock</B>&rdquo;
means, with respect to any Person that is (a)&nbsp;a corporation, any class or series of capital stock of such Person that is ordinarily
entitled to vote in the election of directors thereof at a meeting of stockholders called for such purpose, without the occurrence of
any additional event or contingency, (b)&nbsp;a limited liability company, membership interests entitled to manage, or to elect or appoint
the Persons that will manage the operations or business of the limited liability company, or (c)&nbsp;a partnership, partnership interests
entitled to elect or replace the general partner thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Wholly Owned Subsidiary</B>&rdquo;
of a Person means a subsidiary of such person all of the outstanding Capital Stock or other ownership interests of which (other than directors&rsquo;
qualifying shares) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person or by such Person
and one or more Wholly Owned Subsidiaries of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;1.02.
</FONT><U>Other Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Term</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Defined in<BR>
Section</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 82%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Covenant Defeasance&rdquo;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.03</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Event of Default&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.01</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Legal Defeasance&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.02</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;notice of acceleration&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.02</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Paying Agent&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.04</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Registrar&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.04</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Service Agent&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.04</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Transfer&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.01</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;1.03.
</FONT><U>Incorporation by Reference of Trust Indenture Act</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever this Indenture refers
to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following TIA terms used
in this Indenture have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Indenture Securities</B>&rdquo;
means the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Indenture Security
Holder</B>&rdquo; means a Holder of a Security</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Indenture to be
Qualified</B>&rdquo; means this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Indenture Trustee</B>&rdquo;
or &ldquo;<B>Institutional Trustee</B>&rdquo; means the Trustee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Obligor</B>&rdquo;
on the Securities means the Company and any successor obligor upon the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All other terms used in this
Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule&nbsp;under the TIA have the
meanings so assigned to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;1.04.
</FONT><U>Rules&nbsp;of Construction</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the context otherwise
requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
term has the meaning assigned to it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>words
in the singular include the plural, and in the plural include the singular;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>provisions
apply to successive events and transactions; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>references
to sections of or rules&nbsp;under the Securities Act, the Exchange Act or the TIA shall be deemed to include substitute, replacement
of successor sections or rules&nbsp;adopted by the Commission from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;2<BR>
THE SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.01.
</FONT><U>Issuable in Series</U>. The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture
is unlimited. The Securities may be issued in one or more Series. All Securities of a Series&nbsp;shall be identical except as may be
set forth in a Board Resolution, a supplemental indenture or an Officers&rsquo; Certificate detailing the adoption of the terms thereof
pursuant to the authority granted under a Board Resolution. In the case of Securities of a Series&nbsp;to be issued from time to time,
the Board Resolution, Officers&rsquo; Certificate or supplemental indenture may provide for the method by which specified terms (such
as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between
Series&nbsp;in respect of any matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.02.
</FONT><U>Establishment of Terms of Series&nbsp;of Securities</U>. At or prior to the issuance of any Securities within a Series, the
following shall be established (as to the Series&nbsp;generally, in the case of Subsection 2.02(a)&nbsp;and either as to such Securities
within the Series&nbsp;or as to the Series&nbsp;generally in the case of Subsections 2.02(b)&nbsp;through 2.02(x)) by a Board Resolution,
a supplemental indenture or an Officers&rsquo; Certificate pursuant to authority granted under a Board Resolution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
title of the Securities of the Series&nbsp;(which shall distinguish the Securities of that particular Series&nbsp;from the Securities
of any other Series);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
limit upon the aggregate principal amount of the Securities of the Series&nbsp;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);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
date or dates on which the principal and premium, if any, of the Securities of the Series&nbsp;are payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
rate or rates (which may be fixed or variable) at which the Securities of the Series&nbsp;shall bear interest, if any, or the method of
determining such rate or rates, the date or dates from which such interest, if any, shall accrue, the Interest Payment Dates on which
such interest, if any, shall be payable or the method by which the Interest Payment Dates will be determined, the record dates for the
determination of Holders thereof to whom interest is payable (in the case of Securities in registered form), and the basis upon which
such interest will be calculated if other than that of a 360-day year of twelve 30-day months;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
currency or currencies, including composite currencies, in which Securities of the Series&nbsp;shall be denominated, if other than Dollars,
the place or places, if any, in addition to or instead of the Corporate Trust Office of the Trustee (in the case of Securities in registered
form), where the principal, premium, if any, and interest with respect to Securities of such Series&nbsp;shall be payable or the method
of such payment, if by wire transfer, mail or other means;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
price or prices at which, the period or periods within which, and the terms and conditions upon which, Securities of the Series&nbsp;may
be redeemed, in whole or in part, at the option of the Company or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
obligation, if any, of the Company to redeem, purchase or repay the Securities of the Series&nbsp;pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof and the price or prices at which, the period or periods within which, and the terms and
conditions upon which, Securities of the Series&nbsp;shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
terms, if any, upon which the Securities of the Series&nbsp;may be convertible into or exchanged for any of the Company&rsquo;s common
stock, preferred stock, other securities or warrants to purchase the Company&rsquo;s common stock, preferred stock or other securities
and the terms and conditions upon which such conversion or exchange shall be effected, including the initial conversion or exchange price
or rate, the conversion or exchange period and any other additional provisions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
other than minimum denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the
Securities of the Series&nbsp;shall be issuable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
the amount of principal, premium, if any, or interest with respect to the Securities of the Series&nbsp;may be determined with reference
to an index or pursuant to a formula, the manner in which such amounts will be determined;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
the principal amount payable at the Stated Maturity of Securities of the Series&nbsp;will not be determinable as of any one or more dates
prior to such Stated Maturity, the amount that will be deemed to be such principal amount as of any such date for any purpose, including
the principal amount thereof which will be due and payable upon any Maturity other than the Stated Maturity and which will be deemed to
be outstanding as of any such date (or, in any such case, the manner in which such deemed principal amount is to be determined), and,
if necessary, the manner of determining the equivalent thereof in Dollars;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
applicability of, if any, and any changes or additions to Article&nbsp;8;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
other than the principal amount thereof, the portion of the principal amount of the Securities of the Series&nbsp;that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section&nbsp;6.02;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
terms, if any, of the transfer, mortgage, pledge or assignment as security for the Securities of the Series&nbsp;of any properties, assets,
moneys, proceeds, securities or other collateral, including whether certain provisions of the TIA are applicable and any corresponding
changes to provisions of this Indenture as then in effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
addition to or change in the Events of Default which applies to any Securities of the Series&nbsp;and any change in the right of the Trustee
or the requisite Holders of such Series&nbsp;of Securities to declare the principal, premium, if any, and interest on such Series&nbsp;of
Securities due and payable pursuant to Section&nbsp;6.02;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
the Securities of the Series&nbsp;shall be issued in whole or in part in the form of a Global Security, the terms and conditions, if any,
upon which such Global Security may be exchanged in whole or in part for other individual Definitive Securities of such Series, the Depositary
for such Global Security and the form of any legend or legends to be borne by any such Global Security in addition to or in lieu of the
Global Securities Legend;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
Trustee, authenticating agent, Paying Agent, transfer agent, Service Agent or Registrar;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
applicability of, and any addition to or change in, the covenants (and the related definitions) set forth in Articles 4 or 5 which applies
to the Securities of the Series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(s)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>with
regard to Securities of the Series&nbsp;that do not bear interest, the dates for certain required reports to the Trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(t)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
United Stated Federal income tax consequences applicable to the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(u)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
terms applicable to Original Issue Discount Securities, including the rate or rates at which original issue discount will accrue; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
other terms of Securities of the Series&nbsp;(which terms shall not be inconsistent with the provisions of this Indenture, except as permitted
by Section&nbsp;9.01, but which may modify or delete any provision of this Indenture insofar as it applies to such Series).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All Securities of any one
Series&nbsp;need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so
provided by or pursuant to the Board Resolution, supplemental indenture or Officers&rsquo; Certificate referred to above, and the authorized
principal amount of any Series&nbsp;may not be increased to provide for issuances of additional Securities of such Series, unless otherwise
provided in such Board Resolution, supplemental indenture or Officers&rsquo; Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.03.
</FONT><U>Execution and Authentication</U>. One Officer shall sign the Securities for the Company by manual, electronic or facsimile signature.
If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.
The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall at any time,
and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental
indenture or Officers&rsquo; Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of its
authentication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate principal amount
of Securities of any Series&nbsp;outstanding at any time may not exceed any limit upon the maximum principal amount for such Series&nbsp;set
forth in the Board Resolution, supplemental indenture or Officers&rsquo; Certificate delivered pursuant to Section&nbsp;2.02, except as
provided in Section&nbsp;2.08.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the issuance of Securities
of any Series, the Trustee shall have received and (subject to Section&nbsp;7.02) shall be fully protected in relying on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Board Resolution, supplemental indenture or Officers&rsquo; Certificate establishing the form of the Securities of that Series&nbsp;or
of Securities within that Series&nbsp;and the terms of the Securities of that Series&nbsp;or Securities within that Series; (b)&nbsp;an
Officers&rsquo; Certificate complying with Section&nbsp;11.05; and (c)&nbsp;an Opinion of Counsel complying with Section&nbsp;11.05 and
also stating:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
the form or forms of such Securities has been established by or pursuant to a Board Resolution or Officers&rsquo; Certificate, that each
such form has been established in conformity with the provisions of this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
the terms of such Securities have been, or will be, established by or pursuant to a Board Resolution or Officers&rsquo; Certificate, that
such terms have been or will be, established in conformity with the provisions of this Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that
such Securities when authenticated and delivered by the Trustee and issued by the Company will constitute valid and legally binding obligations
of the Company and, if applicable, the Guarantees will constitute valid, and legally binding obligations of the Guarantors, enforceable
in accordance with their respective terms, subject to bankruptcy, insolvency, moratorium, reorganization, liquidation, fraudulent conveyance
or transfer and other similar laws of general applicability relating to or affecting the enforcement of creditors&rsquo; rights, or to
general equity principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee shall have the right to decline to
authenticate and deliver any Securities of such Series: (a)&nbsp;if the Trustee, being advised by counsel, determines that such action
may not lawfully be taken; (b)&nbsp;if the Trustee in good faith by its board of directors or trustees, executive committee or a trust
committee of directors and/or vice-presidents shall determine that such action would expose the Trustee to personal liability to Holders
of any then outstanding Series&nbsp;of Securities, or (c)&nbsp;the issue of such Securities pursuant to this Indenture will affect the
Trustee&rsquo;s own rights, duties or immunities under this Indenture or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee may appoint an
authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever
the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights as an Agent to deal with the Company or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any Global Securities (i)&nbsp;shall
be registered in the name of the Depositary or the nominee of the Depositary and (ii)&nbsp;shall be delivered by the Trustee to the Depositary
or pursuant to the Depositary&rsquo;s instructions or held by the Trustee as Custodian. Participants shall have no rights either under
this Indenture with respect to any Global Security held on their behalf by the Depositary or by the Custodian or under such Global Security,
and the Depositary may be treated by the Company, the Trustee and any agent of the Company or Trustee as the owner of such Global Security
for all purposes. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any Agent or other agent of
the Company or the Trustee from giving effect to any written certificate, proxy or other authorization furnished by the Depositary or
impair, as between the Depositary and its Participants, the operation of customary practices of such Depositary governing the exercise
of the rights of an owner of a beneficial interest in any Global Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall have no
responsibility or obligation to any Holder, any member or Participant of the Depositary or any other Person with respect to the accuracy
of the records of the Depositary (or its nominee) or of any Participant or member thereof, with respect to any ownership interest in the
Securities or with respect to the delivery of any notice (including without limitation any notice of redemption) or the payment of any
amount or delivery of any Securities (or other security or property) under which or with respect to the Securities. The Trustee may rely
(and shall be fully protected in relying) upon information furnished by the Depositary with respect to its members and Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.04.
</FONT><U>Registrar and Paying Agent</U>. The Company shall maintain, with respect to each Series&nbsp;of Securities, at the place or
places specified with respect to such Series&nbsp;pursuant to Section&nbsp;2.02, an office or agency where Securities of such Series&nbsp;may
be presented or surrendered for payment (&ldquo;<B>Paying Agent</B>&rdquo;) and where Securities of such Series&nbsp;may be presented
for registration of transfer or for exchange (&ldquo;Registrar&rdquo;). The Registrar shall keep a register with respect to each Series&nbsp;of
Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and
any change in the name and address, of each Registrar or Paying Agent. If at any time the Company shall fail to maintain any such required
Registrar or Paying Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations or surrenders may
be made at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations
and surrenders. In no case will any service of legal process be made against the Company at the office of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may also from
time to time designate one or more co-registrars or additional paying agents and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar or
Paying Agent in each place so specified pursuant to Section&nbsp;2.02 for Securities of any Series&nbsp;for such purposes. The Company
will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such
co-registrar or additional paying agent. The term &ldquo;Registrar&rdquo; includes any co-registrar, and the term &ldquo;Paying Agent&rdquo;
includes any additional paying agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby appoints
the Trustee as the initial Registrar and Paying Agent for each Series&nbsp;unless another Registrar or Paying Agent, as the case may be,
is appointed prior to the time the Securities of that Series&nbsp;are first issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.05.
</FONT><U>Paying Agent to Hold Money in Trust</U>. The Company shall require each Paying Agent, other than the Trustee, to agree in writing
that the Paying Agent will hold in trust, for the benefit of Holders of any Series&nbsp;of Securities, or the Trustee, all money held
by the Paying Agent for the payment of principal of or interest on the Series&nbsp;of Securities, and will notify the Trustee of any default
by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held
by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over
to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company
or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders of any Series&nbsp;of
Securities all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee
shall serve as Paying Agent for the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.06.
</FONT><U>Holders Lists</U>. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of all Holders of each Series&nbsp;of Securities and shall otherwise comply with TIA Section&nbsp;312(a).
If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven Business Days before each Interest Payment
Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of the Holders of each Series&nbsp;of Securities and the Company shall otherwise comply with TIA Section&nbsp;312(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.07.
</FONT><U>Transfer and Exchange</U>. When Securities of a Series&nbsp;are presented to the Registrar or a co-registrar with a request
to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register
the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges,
the Trustee shall authenticate Securities at the Registrar&rsquo;s request. No service charge shall be made for any registration of transfer
or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.11, 3.06, or 9.05).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the Company nor the
Registrar shall be required (a)&nbsp;to issue, register the transfer of, or exchange Securities of any Series&nbsp;for the period beginning
at the opening of business fifteen days immediately preceding the delivery of a notice of redemption of Securities of that Series&nbsp;selected
for redemption and ending at the close of business on the day of such delivery or (b)&nbsp;to register the transfer or exchange of any
Security of any Series&nbsp;selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities
selected, called or being called for redemption in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.08.
</FONT><U>Mutilated, Destroyed, Lost and Stolen Securities</U>. If any mutilated Security is surrendered to the Trustee, the Company shall
execute and the Trustee, upon receipt of a Company Order, shall authenticate and deliver in exchange therefor a new Security of the same
Series&nbsp;and of like tenor and principal amount and bearing a number not contemporaneously outstanding. If there shall be delivered
to the Company and the Trustee (i)&nbsp;evidence to their satisfaction of the destruction, loss or theft of any Security and (ii)&nbsp;such
security or indemnity as may be required by them in their judgment to save each of them and any agent of either of them harmless, then,
in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall
execute and upon receipt of a Company Order, the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed,
lost or stolen Security, a new Security of the same Series&nbsp;and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing
a new Security, pay such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Every new Security of any
Series&nbsp;issued pursuant to this Section&nbsp;in lieu of any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the Series&nbsp;duly
issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The provisions of this Section&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.09.
</FONT><U>Outstanding Securities</U>. The Securities outstanding at any time are all the Securities authenticated by the Trustee except
for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Security effected by the
Trustee in accordance with the provisions hereof, and those described in this Section&nbsp;2.09 as not outstanding. Except as set forth
in Section&nbsp;2.10 hereof, a Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the
Security; however, Securities held by the Company or a Subsidiary of the Company shall not be deemed to be outstanding for purposes of
Section&nbsp;9.02 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a Security is replaced
pursuant to Section&nbsp;2.08, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security
is held by a bona fide purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Paying Agent (other
than the Company, a Subsidiary or an Affiliate of any thereof) holds, on the Maturity of Securities of a Series&nbsp;money sufficient
to pay such Securities of the Series&nbsp;payable on that date, then on and after that date such Securities of the Series&nbsp;shall be
deemed to be no longer outstanding and shall cease to accrue interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In determining whether the
Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be outstanding for such
purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration
of acceleration of the Maturity thereof pursuant to Section&nbsp;6.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.10.
</FONT><U>Treasury Securities</U>. In determining whether the Holders of the required principal amount of Securities of a Series&nbsp;have
concurred in any request, demand, authorization, notice, direction, waiver or consent, Securities of a Series&nbsp;owned by the Company
or an Affiliate shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on
any such request, demand, authorization, notice, direction, waiver or consent, only Securities of a Series&nbsp;that the Trustee knows
are so owned shall be disregarded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.11.
</FONT><U>Temporary Securities</U>. Until Definitive Securities are ready for delivery, the Company may prepare and the Trustee shall,
upon receipt of a Company Order, authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially in
the form of Definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable
delay, the Company shall prepare and the Trustee shall, upon receipt of a Company Order, authenticate Definitive Securities of the same
Series&nbsp;and date of maturity in exchange for temporary Securities. Until so exchanged, temporary Securities shall be entitled to the
same rights under this Indenture as the Definitive Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.12.
</FONT><U>Cancellation</U>. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and Paying Agent
and any other Person shall forward to the Trustee any Securities surrendered to them for cancellation, registration of transfer, exchange
or payment. The Trustee will dispose of canceled Securities in accordance with its customary practice (subject to the record retention
requirement of the Exchange Act). Evidence of cancellation of all canceled Securities, or confirmation of the reduction in the aggregate
principal amount outstanding represented by a Global Security, as applicable, will be delivered to the Company upon written request. The
Company may not issue new Securities to replace Securities that it has paid or that have been delivered to the Trustee for cancellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.13.
</FONT><U>Defaulted Interest</U>. If the Company defaults in a payment of interest on a Series&nbsp;of Securities, it shall pay the defaulted
interest in any lawful manner plus, to the extent lawful, any interest payable on the defaulted interest, to the Persons who are Holders
of the Series&nbsp;on a subsequent special record date. The Company will notify the Trustee in writing of the amount of defaulted interest
proposed to be paid on each Security and the date of the proposed payment. The Company shall fix each such special record date and payment
date. At least 15 days before the special record date, the Company (or upon the written request of the Company, the Trustee, in the name
and at the expense of the Company) shall mail or cause to be mailed (or send or cause to be sent by electronic transmission in the case
of Global Securities) to Holders of the Series&nbsp;a notice that states the special record date, the related payment date and the amount
of such interest to be paid. The Company may pay defaulted interest in any other lawful manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.14.
</FONT><U>Global Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Terms
of Securities</U>. A Board Resolution, a supplemental indenture hereto or an Officers&rsquo; Certificate shall establish whether the Securities
of a Series&nbsp;shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security
or Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Transfer
and Exchange</U>. Notwithstanding any provisions to the contrary contained in Section&nbsp;2.07 and in addition thereto, any Global Security
shall be exchangeable pursuant to Section&nbsp;2.07 for Securities registered in the names of Holders other than the Depositary for such
Security or its nominee only if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such
Depositary ceases to be a clearing agency registered under the Exchange Act, and in either case, the Company fails to appoint a successor
Depositary within 90&nbsp;days of such event;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company executes and delivers to the Trustee an Officers&rsquo; Certificate to the effect that such Global Security shall be so exchangeable;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing. Any Global
Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the
Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor
and terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as provided in this
Section&nbsp;2.14(b), a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security
to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such a successor Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Legend</U>.
Any Global Security issued hereunder shall bear a legend in substantially the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;THIS GLOBAL SECURITY
IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I)&nbsp;THIS GLOBAL SECURITY MAY&nbsp;BE EXCHANGED
IN WHOLE BUT NOT IN PART&nbsp;PURSUANT TO SECTION&nbsp;2.07 OF THE INDENTURE, (II)&nbsp;THIS GLOBAL SECURITY MAY&nbsp;BE DELIVERED TO
THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION&nbsp;2.12 OF THE INDENTURE AND (III)&nbsp;THIS GLOBAL SECURITY MAY&nbsp;BE TRANSFERRED
TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF ICAHN ENTERPRISES L.P.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Acts
of Holders</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or
by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such
instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the &ldquo;Act&rdquo; of Holders
signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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 such officer the execution thereof. Where such execution is by a signer acting in a
capacity other than such signer&rsquo;s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such
signer&rsquo;s 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 which the Trustee deems sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
ownership of registered securities shall be proved by the register maintained by the Registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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 or the Company in reliance thereon, whether
or not notation of such action is made upon such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company
may, at its option, by 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
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Payments</U>.
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section&nbsp;2.02, payment of the
principal of and interest, if any, on any Global Security shall be made to the Holder thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Consents,
Declaration and Directions</U>. Except as provided in Section&nbsp;2.14(e), the Company, the Trustee and any Agent shall treat a person
as the Holder of such principal amount of outstanding Securities of such Series&nbsp;represented by a Global Security as shall be specified
in a written statement of the Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers
or directions required to be given by the Holders pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.15.
</FONT><U>CUSIP Numbers</U>. The Company in issuing the Securities may use &ldquo;CUSIP&rdquo; numbers (if then generally in use), and,
if so, the Trustee shall use &ldquo;CUSIP&rdquo; numbers in notices of redemption as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained
in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities,
and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee
of any change in CUSIP Numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;3<BR>
REDEMPTION AND PREPAYMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.01.
</FONT><U>Notices to Trustee</U>. The Company may, with respect to any Series&nbsp;of Securities, reserve the right to redeem and pay
the Series&nbsp;of Securities or may covenant to redeem and pay the Series&nbsp;of Securities or any part thereof prior to the Stated
Maturity thereof at such time and on such terms as provided for in such Series&nbsp;of Securities. If a Series&nbsp;of Securities is redeemable
and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series&nbsp;of Securities pursuant
to the terms of such Securities, it shall notify the Trustee of the redemption date and the principal amount of Securities of the Series&nbsp;to
be redeemed and the redemption price. The Company shall give such notice to the Trustee at least 45 but no more than 60 days before the
redemption date (or such shorter notice as may be acceptable to the Trustee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.02.
</FONT><U>Selection of Securities to be Redeemed</U>. Unless otherwise indicated for a particular Series&nbsp;by a Board Resolution, supplemental
indenture or an Officers&rsquo; Certificate, if less than all of the Securities are to be redeemed or purchased in an offer to purchase
at any time, the Securities to be redeemed or purchased will be selected as follows: (a)&nbsp;if the Securities are in the form of Global
Securities, in accordance with the procedures of the Depositary, and (b)&nbsp;if the Securities are listed on any national securities
exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed.
No Securities of $1,000 principal amount or less will be redeemed in part. Except as provided in the preceding sentence, provisions of
this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any Security is to be redeemed
in part only, the notice of redemption that relates to such Security shall state the portion of the principal amount of that Security
to be redeemed. A new Security in principal amount equal to the unredeemed portion of the original Security presented for redemption will
be issued in the name of the Holder thereof upon cancellation of the original Security. Securities called for redemption become due on
the date fixed for redemption. On and after the redemption date, interest ceases to accrue or accrete on Securities or portions of them
called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.03.
</FONT><U>Notice of Redemption</U>. Unless otherwise provided for a particular Series&nbsp;of Securities by a Board Resolution, a supplemental
indenture or an Officers&rsquo; Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall send,
by first class mail, or electronically in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose
Securities are to be redeemed at its registered address, except that a notice of redemption may be given more than 60 days prior to a
redemption date if the notice is used in connection with Article&nbsp;8 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The notice shall identify the Securities to be
redeemed and shall state:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
redemption date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Redemption Price (as defined in the Indenture for the Series&nbsp;of Securities);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
any Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed and that, after the redemption
date upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion shall be issued
upon cancellation of the original Security;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
name and address of the Paying Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that
Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that,
unless the Company defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to the
terms of this Indenture, interest on the Securities called for redemption ceases to accrue on and after the redemption date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
paragraph of the Securities and/or provision of this Indenture or any supplemental indenture or Board Resolution pursuant to which the
Securities called for redemption are being redeemed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
CUSIP number, if any, printed on the Securities being redeemed; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that
no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the Company&rsquo;s written
request, the Trustee shall give the notice of redemption in the Company&rsquo;s name and at its expense; provided, however, that the Company
shall have delivered to the Trustee, at least 45 days prior to the redemption date (or such shorter period as shall be acceptable to the
Trustee), an Officers&rsquo; Certificate requesting that the Trustee give such notice and setting forth the information to be stated in
such notice as provided in the preceding paragraph. If any of the Securities to be redeemed is in the form of a Global Security, then
the Company shall modify such notice to the extent necessary to conform with the procedures of the Depositary applicable to such redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.04.
</FONT><U>Effect of Notice of Redemption</U>. Once notice of redemption is sent in accordance with Section&nbsp;3.03, Securities called
for redemption become irrevocably due and payable on the redemption date at the redemption price, plus accrued and unpaid interest to
such date. A notice of redemption may not be conditional. Failure to give notice or any defect in the notice to the Holder of any Security
shall not affect the validity of the notice to any other Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.05.
</FONT><U>Deposit of Redemption Price</U>. On or before 11:00 a.m.&nbsp;(New York City time) on the redemption date, the Company shall
deposit with the Trustee or with the Paying Agent (or if the Company or any Subsidiary is the Paying Agent, shall segregate and hold in
trust) money sufficient to pay the redemption price, of and accrued interest on, all Securities to be redeemed on that date, other than
Securities or portions of Securities called for redemption that have been delivered to the Trustee for cancellation. The Trustee or the
Paying Agent shall as promptly as practicable return to the Company any money deposited with the Trustee or the Paying Agent by the Company
in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Securities to be redeemed. If such money
is then held by the Company or a Subsidiary in trust and is not required for such purpose, it shall be discharged from such trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company complies with
the provisions of the preceding paragraph, on and after the redemption, interest shall cease to accrue on the Securities called for redemption.
If a Security is redeemed on or after an interest record date but on or prior to the related Interest Payment Date, then any accrued and
unpaid interest shall be paid to the Person in whose name such Security was registered at the close of business on such record date. If
any Security called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply
with the preceding paragraph, interest shall be paid on the unpaid principal from the redemption date until such principal is paid, and
to the extent lawful, on any interest not paid on such unpaid principal, in each case at the rate provided in the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.06.
</FONT><U>Securities Redeemed in Part</U>. Upon surrender of a Security that is redeemed in part, the Company shall execute and, upon
receipt of a Company Order, the Trustee shall authenticate for the Holder at the expense of the Company a new Security equal in principal
amount to the unredeemed portion of the Security surrendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;4<BR>
COVENANTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.01.
</FONT><U>Payment of Securities</U>. The Company covenants and agrees for the benefit of the Holders of each Series&nbsp;of Securities
that it will duly and punctually make all payments in respect of each Series&nbsp;of Securities on the dates and in the manner provided
in such Series&nbsp;of Securities and this Indenture. Such payments shall be considered made on the date the Trustee or the Paying Agent,
if other than the Company or a Subsidiary thereof, holds, as of 10:00 a.m.&nbsp;New York City time, in accordance with this Indenture,
funds sufficient to make all payments with respect to such Securities then due and the Trustee or the Paying Agent, as the case may be,
is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.02.
</FONT><U>Reports</U>. Unless otherwise indicated in a Board Resolution, a supplemental indenture or an Officers&rsquo; Certificate, whether
or not required by the rules&nbsp;and regulations of the Commission so long as any Securities are outstanding, the Company shall furnish
to the Trustee and the Holders of the Securities the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
quarterly and annual financial information that would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K
if the Company were required to file such Forms, including a &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations&rdquo; and, with respect to the annual information only, a report thereon by the Company&rsquo;s certified independent
accountants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
current reports that would be required to be filed with the Commission on Form&nbsp;8-K if the Company were required to file such reports;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
other information, reports and documents that the Company is required to file with the Commission pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of
the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in each case, within the time periods specified
in the Commission&rsquo;s rules&nbsp;and regulations; provided that such information and reports need not be furnished to the Holders
if they are generally available on the Internet free of charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, whether or not
required by the rules&nbsp;and regulations of the Commission, the Company shall file a copy of all such information and reports with the
Commission for public availability within the time periods specified in the Commission&rsquo;s rules&nbsp;and regulations (unless the
Commission shall not accept such a filing) and make such information available to securities analysts and prospective investors upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reports by the Company delivered
to the Trustee should be considered for informational purposes only and the Trustee&rsquo;s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Company&rsquo;s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers&rsquo; Certificates). The Trustee
shall have no duty to determine whether any reports have been posted or filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
if the Company files with the Commission the reports required by the preceding paragraphs electronically via the EDGAR filing system (or
any successor filing system) within such specified time periods and such reports are publicly available, the Company shall not be required
under this Indenture to furnish such reports to the Trustee or the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.03.
</FONT><U>Compliance Certificate</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within 90 days
after the end of each fiscal year of the Company, an Officers&rsquo; Certificate stating that a review of the activities of the Company
and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining
whether each of the Company and any other obligors has kept, observed, performed and fulfilled its obligations under this Indenture, and
further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge each entity has fulfilled
all of its obligations under this Indenture throughout such year and is not in default in the performance or observance of any of the
terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults
or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto)
and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of
the principal of, premium on, if any, or interest on, the Securities is prohibited or if such event has occurred, a description of the
event and what action the Company is taking or proposes to take with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>So
long as not contrary to the then current recommendations of the American Institute of Certified Public Accountants, the year-end financial
statements delivered pursuant to Section&nbsp;4.02(a)&nbsp;above shall be accompanied by a written statement of the Company&rsquo;s independent
public accountants (who shall be a firm of established national reputation, reasonably satisfactory to the Trustee) that in making the
examination necessary for certification of such financial statements, nothing has come to their attention that would lead them to believe
that a Default or an Event of Default has occurred and is continuing or, if any such Default or Event of Default has occurred and is continuing,
specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly
to any Person for any failure to obtain knowledge of any such Default or Event of Default. In the event that such written statement of
the Company&rsquo;s independent public accountants cannot be obtained, the Company shall deliver an Officers&rsquo; Certificate certifying
that it has used its best efforts to obtain such statements and was unable to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company shall, so long as any Securities are outstanding, deliver to the Trustee, forthwith upon any Officer becoming aware of any Default
or Event of Default that is then continuing, an Officers&rsquo; Certificate specifying such Default or Event of Default and what action
the Company is taking or proposes to take with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.04.
</FONT><U>Corporate Existence</U>. Subject to Article&nbsp;5, the Company shall do or cause to be done all things necessary to preserve
and keep in full force and effect:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>its
corporate, partnership or other existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance
with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the Company shall
not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries,
if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company
and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.05.
</FONT><U>Calculation of Original Issue Discount</U>. The Company shall file with the Trustee promptly at the end of each calendar year
(i)&nbsp;a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on outstanding
Securities as of the end of such year and (ii)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;5<BR>
SUCCESSORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;5.01.
</FONT><U>Merger, Consolidation or Sale of Assets</U>. Unless otherwise provided for in a particular Series&nbsp;by a Board Resolution,
a supplemental indenture or an Officers&rsquo; Certificate, the Company shall not consolidate with or merge into (whether or not the Company
is the surviving entity), or sell, assign, transfer, lease, convey or otherwise dispose of (collectively, &ldquo;Transfer&rdquo;) all
or substantially all of its properties or assets to, another Person unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
resulting, surviving or transferee Person (the &ldquo;<B>Successor Company</B>&rdquo;) shall be a corporation, limited liability company
or limited partnership organized or existing under the laws of the United States, any state thereof or the District of Columbia;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such Transfer has been
made assumes all the obligations of the Company under the Securities and this Indenture pursuant to a supplemental indenture or amendment,
in a form reasonably satisfactory to the Trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>immediately
after such transaction, no Default exists; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or Transfer and such supplemental indenture or amendment complies with this Indenture, and such Opinion of Counsel shall also state
that such supplemental indenture or amendment has been duly authorized, executed and delivered by such Person and that it is valid and
binding upon such Person in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Successor Company shall
succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture (as modified by a Board
Resolution, supplemental indenture or Officers&rsquo; Certificate), and the predecessor Company, except in the case of a lease of all
or substantially all of its assets, shall be released from the obligation to pay the principal of and interest on the Securities. The
foregoing will not prohibit a consolidation or merger between the Company and a Wholly Owned Subsidiary, the transfer of all or substantially
all of the properties or assets of the Company to a Wholly Owned Subsidiary or the transfer of all or substantially all of the properties
or assets of a Wholly Owned Subsidiary to the Company; provided, that if the Company is not the surviving entity of such transaction or
the Person to which such transfer is made, the surviving entity or the Person to which such transfer is made shall comply with clauses
(b)&nbsp;and (d)&nbsp;of this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;6<BR>
DEFAULTS AND REMEDIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.01.
</FONT><U>Events of Default</U>. Unless otherwise indicated for a particular Series&nbsp;of Securities by a Board Resolution, a supplemental
indenture or an Officers&rsquo; Certificate, each of the following constitutes an &ldquo;Event of Default&rdquo; with respect to each
Series&nbsp;of Securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>default
for 30 days in the payment of interest when due with respect to the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>default
in payment when due of principal or premium, if any, on the Securities at maturity, upon redemption or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>failure
by the Company for 30 days after receipt of notice (as specified below) to comply with the provisions described under Section&nbsp;2.04,
4.02, 4.03 or 5.01;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>failure
by the Company for 60 days after notice (as specified below) to comply with its other agreements in this Indenture or the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>commences
a voluntary case;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>consents
to the entry of an order for relief against it in an involuntary case in which it is the debtor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>consents
to the appointment of a custodian of it or for all or substantially all of its property; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>makes
a general assignment for the benefit of its creditors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>is
for relief against the Company or any Significant Subsidiary in an involuntary case in which it is the debtor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>appoints
a custodian of the Company or any Significant Subsidiary or for all or substantially all of its property; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>orders
the liquidation of the Company or any Significant Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and the order or decree contemplated in clause
(i), (ii)&nbsp;or (iii), remains unstayed and in effect for 60 consecutive days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Default under paragraph
(c)&nbsp;or (d)&nbsp;is not an Event of Default until the Trustee or the Holders of at least 25% in principal amount of the outstanding
Securities notify the Company of the Default and the Company does not cure such Default within the time specified after receipt of such
notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a &ldquo;Notice of Default&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that the last
day of the period referred to in paragraph (a), (c), (d), (e)&nbsp;or (f)&nbsp;of this Section&nbsp;6.01 is not a Business Day, then the
first Business Day following such day shall be deemed to be the last day of the period referred to in such clauses. Any &ldquo;day&rdquo;
will be deemed to end as of 11:59 p.m., New York City time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.02.
</FONT><U>Acceleration</U>. If an Event of Default with respect to any Series&nbsp;of Securities at the time outstanding (other than an
Event of Default with respect to the Company specified in paragraph (e)&nbsp;and (f)&nbsp;of Section&nbsp;6.01) occurs and is continuing,
the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities of that Series&nbsp;may declare the
unpaid principal of, (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms
of such Security) premium, if any, and accrued and unpaid interest on all the Securities of that Series&nbsp;to be due and payable by
notice in writing to the Company (and the Trustee, if given by the Holders) specifying the respective Event of Default and that it is
a &ldquo;notice of acceleration.&rdquo; Upon such a declaration, such amounts shall be due and payable immediately. If an Event of Default
with respect to the Company specified in paragraph (e)&nbsp;or (f)&nbsp;of Section&nbsp;6.01 occurs, the principal amount of (or, in the
case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any,
and accrued and unpaid interest on all the Securities of each Series&nbsp;of Security shall ipso facto become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any Holder. The Holders of a majority in principal amount of
the then outstanding Securities of any Series&nbsp;of Securities by written notice to the Trustee may rescind an acceleration and its
consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or
waived with respect to such Series&nbsp;of Securities (except nonpayment of the principal amount of (or, in the case of Original Issue
Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid
interest on all the Securities of that Series&nbsp;that has become due solely because of the acceleration).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.03.
</FONT><U>Other Remedies</U>. If an Event of Default with respect to any Series&nbsp;of Securities occurs and is continuing, the Trustee
may pursue any available remedy to collect the payment of the principal amount of (or, in the case of Original Issue Discount Securities
of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on all
the Securities of that Series&nbsp;or to enforce the performance of any provision of the Securities of that Series&nbsp;or this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee may maintain a
proceeding even if it does not possess any of the Securities of a Series&nbsp;or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default with respect to any Series&nbsp;of
Securities shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative
to the extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.04.
</FONT><U>Waiver of Past Defaults</U>. Holders of at least a majority in principal amount of the Securities of any Series&nbsp;(including
consents obtained in connection with a tender offer or exchange for Securities) by notice to the Trustee may on behalf of the Holders
of all of Securities of that Series&nbsp;waive an existing Default or Event of Default and its consequences hereunder, except a continuing
Default or Event of Default (i)&nbsp;in the payment of the principal amount of (or, in the case of Original Issue Discount Securities
of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on all
the Securities of that Series, or (ii)&nbsp;in respect of a covenant or provision which under this Indenture cannot be modified or amended
without the consent of each Holder affected by such modification or amendment. Upon any such waiver, such Default shall cease to exist,
and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver
shall extend to any subsequent or other Default or impair any right consequent thereon. The Company shall deliver to the Trustee an Officers&rsquo;
Certificate stating that the requisite percentage of Holders has consents to such waiver and shall attach copies of such consents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.05.
</FONT><U>Control By Majority</U>. Holders of a majority in principal amount of the then outstanding Securities of any Series&nbsp;may
direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust
or power conferred on it with respect to that Series. However, the Trustee may refuse to follow any direction that conflicts with law
or this Indenture or, that the Trustee determines may be prejudicial to the rights of any other Holder of Securities of that Series&nbsp;(<I>provided,
</I>that the Trustee shall not have an affirmative duty to determine whether any such direction is prejudicial to the rights of any Holder)
or that may involve the Trustee in personal liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.06.
</FONT><U>Limitation on Suits</U>. Except to enforce the right to receive payment of the principal amount of (or, in the case of Original
Issue Discount Securities, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest
on a Security of Series&nbsp;when due, no Holder of a Security of that Series&nbsp;may pursue any remedy with respect to this Indenture
or the Securities of that Series&nbsp;unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Holder previously gave to the Trustee written notice of a continuing Event of Default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Holders of at least 25% in aggregate principal amount of the then outstanding Securities of that Series&nbsp;have made a written request
to the Trustee to pursue the remedy;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
Holder or Holders of that Series&nbsp;has offered and provided to the Trustee indemnity satisfactory to the Trustee against any loss,
liability or expense;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee has not complied with the request within 60 days after receipt of the request and the offer and, if requested, the provision of
indemnity; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>during
such 60-day period the Holders of a majority in aggregate principal amount of the outstanding Securities of that Series&nbsp;have not
given the Trustee a direction inconsistent with the request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Holder of Securities of
any Series&nbsp;may not use this Indenture to prejudice the rights of another Holder of that Series&nbsp;or to obtain a preference or
priority over another Holder of that Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.07.
</FONT><U>Rights of Holders to Receive Payment</U>. Notwithstanding any other provision of this Indenture, the right of any Holder to
receive payment of the principal amount of (or, in the case of Original Issue Discount Securities, the portion thereby specified in the
terms of such Security), premium, if any, and accrued and unpaid interest on the Securities held by such Holder, on or after their Maturity,
or to bring suit for the enforcement of any such payment on or after their Maturity, shall not be impaired or affected without the consent
of such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.08.
</FONT><U>Collection Suit by Trustee</U>. If an Event of Default specified in Section&nbsp;6.01(a)&nbsp;or (b)&nbsp;occurs and is continuing,
the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company or any other obligor
under the Securities for the whole amount then due and, to the extent lawful, interest and such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.09.
</FONT><U>Trustee May&nbsp;File Proofs of Claim</U>. The Trustee is authorized to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee (including without limitation any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings
relative to the Company (or any other obligor under the Securities), its creditors or its property and shall be entitled and empowered
to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such
judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section&nbsp;7.07.
To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section&nbsp;7.07 hereof out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities
and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization
or arrangement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.10.
</FONT><U>Priorities</U>. If the Trustee or any Agent collects any money or property pursuant to this Article&nbsp;6 with respect to any
Series&nbsp;of Securities, it shall pay out the money or property in the following order:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">First: to the Trustee,
such Agent, their agents and attorneys for amounts due under Section&nbsp;7.07,; Second: to Holders for amounts due and unpaid on the
Securities of that Series&nbsp;for the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the
portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Securities of that Series&nbsp;for the principal amount of (or,
in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium,
if any, and accrued and unpaid interest, respectively; and Third: to the Company or to such party as a court of competent jurisdiction
shall direct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee may fix a record
date and payment date for any payment to Holders pursuant to this Section&nbsp;6.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.11.
</FONT>. <U>Undertaking For Costs</U>. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys&rsquo; fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims
or defenses made by the party litigant. This Section&nbsp;6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to
Section&nbsp;6.07, or a suit by Holders of more than 10% in principal amount of the then outstanding Securities of any Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;7<BR>
TRUSTEE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.01.
</FONT><U>Duties of Trustee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
an Event of Default of which a Responsible Officer of the Trustee has actual knowledge has occurred and is continuing with respect to
any Series&nbsp;of Securities, 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 as a prudent person would exercise or use under the circumstances in the conduct of his or her
own affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
during the continuance of an Event of Default with respect to any Series&nbsp;of Securities of which a Responsible Officer of the Trustee
has actual knowledge or of which written notice shall have been given to the Trustee in accordance with the terms of this Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
duties of the Trustee shall be determined solely by the express provisions of this Indenture, with respect to the Securities of that Series,
as modified or supplemented by a Board Resolution, a supplemental indenture or an Officers&rsquo; Certificate, and the Trustee need perform
only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the absence of bad faith on its part, the Trustee may with respect to Securities of that Series, 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, with respect to certificates or opinions specifically required by any provision hereof
to be furnished to it, the Trustee shall examine the certificates and opinions to determine whether or not they conform on their face
to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct,
except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>this
paragraph does not limit the effect of paragraph (b)&nbsp;of this Section&nbsp;7.01;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section&nbsp;6.05 and the Trustee shall be entitled from time to time to request such direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b)&nbsp;and (c)&nbsp;of this Section&nbsp;7.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
anything to the contrary in this Indenture, no provision of this Indenture shall require the Trustee to expend or risk its own funds or
incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request
of any Holders, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability
or expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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 or other paper or documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.02.
</FONT><U>Rights of Trustee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee may conclusively rely on the truth of the statements and correctness of the opinions contained in, and shall be protected from
acting or refraining from acting upon, any document. The Trustee need not investigate any fact or matter stated in the 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 to examine the books, records and premises of the
Company, personally or by agent or attorney, to the extent reasonably required by such inquiry or investigation at the sole cost of the
Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Before
the Trustee acts or refrains from acting, it may require an Officers&rsquo; Certificate or an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers&rsquo; Certificate or Opinion
of Counsel. Prior to taking, suffering or admitting any action, the Trustee may consult with counsel of the Trustee&rsquo;s own choosing
and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect
of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee may act through its attorneys and agents and shall not be responsible for the misconduct, negligence or failure to act of any
attorney or agent appointed with due care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights
or powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed
by an Officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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 unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against
the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. In no event shall the Trustee
be liable or responsible for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including
but not limited to lost profits) for any action it takes or omits to take, even if the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall not be deemed to have notice of any Default or Event of Default with respect to Securities of any Series&nbsp;unless a Responsible
Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default or Event of
Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee from the Issuer or the Holders
of 25% in aggregate principal amount of the outstanding Securities of all series affected thereby, and such notice references the specific
Default or Event of Default, the Notes of such series and this Indenture</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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 as Registrar and Paying Agent, and each
Agent and other Person employed to act hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee may request that the Company deliver an Officers&rsquo; 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 Officer&rsquo;s Certificate may be signed by any Person
authorized to sign an Officers&rsquo; Certificate, including any Person specified as so authorized in any such certificate previously
delivered and not superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
any provision herein to the contrary, in no event shall the Trustee be liable for any failure or delay in the performance of its obligations
under this Indenture because of circumstances beyond its control, including, but not limited to, nuclear or natural catastrophes or acts
of God, flood, war (whether declared or undeclared), terrorism, fire, riot, strikes or work stoppages&nbsp;for any reason, embargo, government
action, including any laws, ordinances, regulations or the like which restrict or prohibit the providing of the services contemplated
by this Indenture, inability to obtain material, equipment, or communications or computer (software and hardware) facilities, or the failure
of equipment or interruption of utilities, communications or computer (software and hardware) facilities, and other causes beyond its
control whether or not of the same class or kind as specifically named above</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
at any time Trustee is served with any judicial or administrative order, judgment, decree, writ or other form of judicial or administrative
process which in any way affects any property held by it hereunder (including, but not limited to, orders of attachment or garnishment
or other forms of levies or injunctions or stays relating to the transfer of any property), Trustee is authorized to comply therewith
in any manner as it or its legal counsel of its own choosing deems appropriate in good faith; and if Trustee complies with any such judicial
or administrative order, judgment, decree, writ or other form of judicial or administrative process, Trustee shall not be liable to any
of the parties hereto or to any other person or entity even though such order, judgment, decree, writ or process may be subsequently modified
or vacated or otherwise determined to have been without legal force or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
permissive rights of the Trustee shall not be construed as duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.03.
</FONT><U>Individual Rights of Trustee</U>. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities
and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However,
in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the Commission
for permission to continue as Trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to
Sections 7.10 and 7.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.04.
</FONT><U>Trustee&rsquo;s Disclaimer</U>. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy
of this Indenture or the Securities, it shall not be accountable for the Company&rsquo;s use of the proceeds from the Securities or any
money paid to the Company or upon the Company&rsquo;s direction under any provision of this Indenture, it shall not be responsible for
the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement
or recital herein or any statement in the Securities or any other document in connection with the sale of the Securities or pursuant to
this Indenture other than its certificate of authentication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.05.
</FONT><U>Notice of Defaults</U>. If a Default or Event of Default with respect to Securities of any Series&nbsp;occurs and is continuing
and if it is known to the Trustee, the Trustee shall send to Holders of that Series&nbsp;a notice of the Default or Event of Default within
the later of 90 days after it occurs or a Responsible Officer of the Trustee obtains actual knowledge of such Default or Event of Default.
Except in the case of a Default or Event of Default in payment on any Security pursuant to Section&nbsp;6.01(a)&nbsp;or (b), the Trustee
may withhold the notice if and so long as a Responsible Officer in good faith determines that withholding the notice is in the interests
of the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.06.
</FONT><U>Reports By Trustee to Holders</U>. Unless otherwise specified in the applicable Board Resolution, supplemental indenture or
Officers&rsquo; Certificate, within 60 days after each [ ] beginning with the [ ] following the date of this Indenture, and for so long
as Securities remain outstanding, the Trustee shall send to the Holders of the Securities a brief report dated as of such reporting date
that complies with TIA Section&nbsp;313(a)&nbsp;(but if no event described in TIA Section&nbsp;313(a)&nbsp;has occurred within the twelve
months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA Section&nbsp;313(b)(2). The
Trustee shall also send all reports as required by TIA Section&nbsp;313(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A copy of each report at the
time it is sent to the Holders shall be sent to the Company and filed with the Commission and each stock exchange on which the Company
has informed the Trustee in writing the Securities are listed in accordance with TIA Section&nbsp;313(d). The Company shall promptly notify
the Trustee in writing when the Securities are listed on any stock exchange and of any delisting thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.07.
</FONT><U>Compensation and Indemnity</U>. The Company shall pay to the Trustee from time to time reasonable compensation, as may be agreed
by the Company and the Trustee in writing, for its acceptance of this Indenture and services hereunder. To the extent lawful, the Trustee&rsquo;s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee
promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for
its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee&rsquo;s agents and counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall indemnify
the Trustee and hold it harmless against any and all losses, liabilities or expenses incurred by it arising out of or in connection with
the acceptance or administration of its duties under this Indenture, including the reasonable costs and expenses of enforcing this Indenture
against the Company or any other obligors under the Securities (including this Section&nbsp;7.07) and defending itself against any claim
(whether asserted by the Company or any Holder or any other person) or liability in connection with the exercise or performance of any
of its powers or duties hereunder except to the extent any such loss, liability or expense may be attributable to its gross negligence
or willful misconduct. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee
to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee
shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such
counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligations of the Company
under this Section&nbsp;7.07 constitute additional Indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture,
including without limitation any termination or rejection hereof under any Bankruptcy Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To secure the Company&rsquo;s
payment obligations in this Section&nbsp;7.07, the Trustee shall have a lien prior to the Securities on all money or property held or
collected by the Trustee, except that held in trust to pay principal, premium, if any, and interest on particular Securities. Such lien
shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. The Trustee&rsquo;s right
to receive payment of any amounts due under this Section&nbsp;7.07 shall not be subordinate to any other Company Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When the Trustee incurs expenses
or renders services after an Event of Default specified in Section&nbsp;6.01(e)&nbsp;or (f)&nbsp;occurs, the expenses and the compensation
for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under
any Bankruptcy Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall comply with
the provisions of TIA Section&nbsp;313(b)(2)&nbsp;to the extent applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.08.
</FONT><U>Replacement of Trustee</U>. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective
only upon the successor Trustee&rsquo;s acceptance of appointment as provided in this Section&nbsp;7.08.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee may resign in
writing at any time and be discharged from the trust hereby created with respect to the Securities of any Series&nbsp;by so notifying
the Company. The Holders of a majority in principal amount of the then outstanding Securities of any Series&nbsp;may remove the Trustee
with respect to such Series&nbsp;of Securities by so notifying the Trustee and the Company in writing. The Company may remove the Trustee
if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee fails to comply with Section&nbsp;7.10;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
Custodian or public officer takes charge of the Trustee or its property; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee becomes incapable of acting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Trustee resigns, is
removed by the Company or by the Holders of a majority in principal amount of the Securities of any Series&nbsp;and such Holders do not
reasonably promptly appoint a successor Trustee or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event
being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee with respect to the Securities
of such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a successor Trustee does
not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of
at least 10% in principal amount of Securities of that Series&nbsp;may petition any court of competent jurisdiction at the expense of
the Company for the appointment of a successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Trustee, after written
request by any Holder of a Security who has been a Holder of a Security for at least six months, fails to comply with Section&nbsp;7.10,
such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The successor Trustee shall
deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The successor Trustee shall send a notice of its succession to the Holders. The retiring Trustee shall promptly transfer all
property held by it as Trustee to the successor Trustee, provided that all sums owing to the Trustee hereunder have been paid and subject
to the lien provided for in Section&nbsp;7.07. Notwithstanding replacement of the Trustee pursuant to this Section&nbsp;7.08, the Company&rsquo;s
obligations under Section&nbsp;7.07 shall continue for the benefit of the retiring Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.09.
</FONT><U>Successor Trustee by Merger, Etc</U>. If the Trustee consolidates, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor
Trustee; provided, such corporation or association shall be otherwise eligible and qualified under this Article&nbsp;7 and shall notify
the Company of its successor hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.10.
</FONT><U>Eligibility; Disqualification</U>. There shall at all times be a Trustee hereunder that is a corporation organized and doing
business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate
trustee power, that is subject to supervision or examination by federal or state authorities and has a combined capital and surplus of
at least $50.0 million as set forth in its most recent published annual report of condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Indenture shall always
have a Trustee who satisfies the requirements of TIA Section&nbsp;310(a)(1), (2)&nbsp;and (5). The Trustee is subject to TIA Section&nbsp;310(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.11.
</FONT><U>Preferential Collection of Claims Against the Company</U>. The Trustee is subject to TIA Section&nbsp;311(a), excluding any
creditor relationship listed in TIA Section&nbsp;311(b). A Trustee who has resigned or been removed shall be subject to TIA Section&nbsp;311(a)&nbsp;to
the extent indicated therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;8<BR>
DISCHARGE; LEGAL DEFEASANCE AND COVENANT DEFEASANCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.01.
</FONT><U>Discharge; Option to Effect Legal Defeasance or Covenant Defeasance</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>When
(i)&nbsp;the Company has delivered to the Trustee all outstanding Securities of a Series&nbsp;(other than Securities replaced pursuant
to Section&nbsp;2.08) for cancellation or (ii)&nbsp;all Securities of a Series&nbsp;that have not been delivered to the Trustee for cancellation
(1)&nbsp;have become due and payable by reason of the sending of a notice of redemption or otherwise, (2)&nbsp;will become due and payable
at their Stated Maturity within one year or (3)&nbsp;are to be called for redemption within 12 months under arrangements reasonably satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the reasonable expense of the Company, and, in
case of (1), (2)&nbsp;and (3)&nbsp;above, the Company has irrevocably deposited with the Trustee in cash in United States dollars in trust
for such purpose funds sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee
for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the case of Securities which have become
due and payalbe0 or to the Stated Maturity or Redemption Date, as the case may be, together with instructions from the Issuer irrevocably
directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; and if in either the case
of (i)&nbsp;or (ii), (A)&nbsp;the Company pays all other sums payable hereunder by the Company, and (B)&nbsp;the Company has delivered
an Officers&rsquo; Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture with respect to such Securities have been complied with, then this Indenture shall
cease to be of further effect with respect to the Securities of such Series&nbsp;except as set out in Section&nbsp;8.01(b). The Trustee
shall acknowledge satisfaction and discharge of this Indenture with respect to such Securities upon the written request and at the cost
and expense of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
Section&nbsp;8.01(a), the Company&rsquo;s obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08 and 2.11 and the rights, powers,
trusts, duties and immunities of the Trustee, including without limitation, under Sections 7.07, 8.05 and 8.07, and the Company&rsquo;s
obligations in connection therewith, shall survive until the Securities of a Series&nbsp;have been paid in full. The rights of outstanding
Securities to receive solely from the trust funds described in Section&nbsp;8.05 payments in respect of principal of, premium, if any,
and interest on such Securities when such payments are due shall also survive until the Securities have been paid in full. Thereafter,
the Company&rsquo;s obligations in Sections 7.07 and 8.06 shall survive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company may, at the option of its Board of Directors evidenced by a Board Resolution set forth in an Officers&rsquo; Certificate, at any
time, elect to have all of its obligations discharged with respect to all outstanding Securities of any Series&nbsp;pursuant to Section&nbsp;8.02
or 8.03 and upon compliance with the conditions set forth below in this Article&nbsp;8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.02.
</FONT><U>Legal Defeasance and Discharge</U>. Upon the Company&rsquo;s exercise under Section&nbsp;8.01(c)&nbsp;of the option applicable
to this Section&nbsp;8.02, the Company shall, subject to the satisfaction of the conditions set forth in Section&nbsp;8.04, be deemed
to have been discharged from its obligations with respect to all outstanding Securities of that Series&nbsp;on the date the conditions
set forth below are satisfied (hereinafter, &ldquo;<B>Legal Defeasance</B>&rdquo;). For this purpose, Legal Defeasance means that the
Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Securities of that Series,
which shall thereafter be deemed to be &ldquo;outstanding&rdquo; only for the purposes of Section&nbsp;8.05 and the other Sections of
this Indenture referred to in (a)&nbsp;and (b)&nbsp;below, and to have satisfied all its other obligations under such Securities and this
Indenture (and the Trustee, upon the written request and at the expense of the Company, shall execute proper instruments acknowledging
the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
rights of Holders of outstanding Securities of that Series&nbsp;to receive solely from the trust fund described in Section&nbsp;8.04(a),
payments in respect of the principal of, premium, if any, and interest on such Securities of that Series&nbsp;when such payments are due;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company&rsquo;s obligations with respect to such Securities of that Series&nbsp;under Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08 and
2.11;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
rights, powers, trusts, duties and immunities of the Trustee, including without limitation, under Sections 7.07, 8.05 and 8.07, and the
Company&rsquo;s obligations in connection therewith; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
provisions of this Article&nbsp;8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to compliance with
this Article&nbsp;8, the Company may exercise its option under this Section&nbsp;8.02 notwithstanding the prior exercise of its option
under Section&nbsp;8.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.03.
</FONT><U>Covenant Defeasance</U>. Upon the Company&rsquo;s exercise under Section&nbsp;8.01(c)&nbsp;of the option applicable to this
Section&nbsp;8.03 with respect to the Securities of a Series, the Company shall, subject to the satisfaction of the conditions set forth
in Section&nbsp;8.04, be released from its obligations under the covenants contained in a Board Resolution, a supplemental indenture or
an Officers&rsquo; Certificate and Section&nbsp;5.01 with respect to the outstanding Securities of that Series&nbsp;on and after the date
the conditions set forth below are satisfied (hereinafter, &ldquo;<B>Covenant Defeasance</B>&rdquo;), and the Securities of that Series&nbsp;shall
thereafter be deemed not &ldquo;outstanding&rdquo; for the purposes of any direction, waiver, consent or declaration or act of Holders
(and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed &ldquo;outstanding&rdquo; for
all other purposes hereunder (it being understood that such Securities shall not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to the outstanding Securities of that Series, the Company and its Subsidiaries may
omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant
to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default
under Section&nbsp;6.01, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby.
In addition, upon the Company&rsquo;s exercise under Section&nbsp;8.01(c)&nbsp;of the option applicable to this Section&nbsp;8.03, subject
to the satisfaction of the conditions set forth in Section&nbsp;8.04, any event specified in Section&nbsp;6.01 (other than Section&nbsp;6.01(e)&nbsp;and
(f)) shall not constitute an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.04.
</FONT><U>Conditions to Legal or Covenant Defeasance</U>. The following shall be the conditions to the application of either Section&nbsp;8.02
or 8.03 to the outstanding Securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to exercise either
Legal Defeasance or Covenant Defeasance with respect to any Series&nbsp;of Securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of that Series&nbsp;of Securities, (i)&nbsp;cash
in United States dollars, (ii)&nbsp;non-callable Government Securities or (iii)&nbsp;a combination thereof, in such amounts as shall be
sufficient, in the opinion of a nationally recognized firm of independent public accountants to pay the principal of, premium, if any,
and interest on the outstanding Securities of such Series&nbsp;on the stated maturity or on the applicable redemption date, as the case
may be, and the Company must specify whether the Securities of such Series&nbsp;are being defeased to maturity or to a particular redemption
date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the case of an election under Section&nbsp;8.02, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States
reasonably acceptable to the Trustee confirming that (i)&nbsp;the Company has received from, or there has been published by, the Internal
Revenue Service a ruling or (ii)&nbsp;since the date hereof, there has been a change in the applicable federal income tax law, in either
case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Securities of such
Series&nbsp;shall not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and shall be
subject to federal income tax on the same amounts, in the same manner and at the same time as would have been the case if such Legal Defeasance
had not occurred;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the case of an election under Section&nbsp;8.03, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States
reasonably acceptable to the Trustee confirming that the Holders of the outstanding Securities of such Series&nbsp;shall not recognize
income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and shall 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>no
Default or Event of Default with respect to that Series&nbsp;of Securities shall have occurred and be continuing on the date of such deposit
(other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) or insofar as Sections
6.01(e)&nbsp;and (f)&nbsp;are concerned, at any time in the period ending on the 91st day after the date of deposit (it being understood
that this condition shall not be deemed satisfied until the expiration of such period);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any material agreement
or instrument (other than this Indenture) to which the Company is a party or by which the Company is bound;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that after the 91st day following the deposit, the trust
funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo;
rights generally;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company shall have delivered to the Trustee an Officers&rsquo; Certificate stating that the deposit was not made by the Company with the
intent of preferring the Holders over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding
any other creditors of the Company or others; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company shall have delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the Legal Defeasance or the Covenant Defeasance have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.05.
</FONT><U>Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions</U>. Subject to Section&nbsp;8.06,
all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section&nbsp;8.05, the &ldquo;<B>Trustee</B>&rdquo;) pursuant to Section&nbsp;8.04 in respect of the
outstanding Securities of that Series&nbsp;shall be held in trust and applied by the Trustee, in accordance with the provisions of such
Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent)
as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal, premium,
if any, and interest but such money need not be segregated from other funds except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities
deposited pursuant to Section&nbsp;8.04 or the principal and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Securities of that Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Anything in this Article&nbsp;8
to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the written request of the Company,
and be relieved of all liability with respect to, any money or non-callable Government Securities held by it as provided in Section&nbsp;8.04
which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee (which may be the opinion delivered under Section&nbsp;8.04(a)), are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.06.
</FONT><U>Repayment to the Company</U>. Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust
for the payment of the principal of, premium, if any, and interest on any Security and remaining unclaimed for one year after such principal,
and premium, if any, or interest, has become due and payable shall be paid to the Company on its written request or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Security 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 trust money, 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 the New York Times and The Wall
Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not
be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid
to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.07.
</FONT><U>Reinstatement</U>. If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable Government Securities
in accordance with Section&nbsp;8.02 or 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the obligations of the Company under this Indenture, and the Securities
shall be revived and reinstated as though no deposit had occurred pursuant to Section&nbsp;8.02 or 8.03 until such time as the Trustee
or Paying Agent is permitted to apply all such money in accordance with Section&nbsp;8.02 or 8.03, as the case may be; provided, however,
that, if the Company makes any payment of principal of, premium, if any, or interest on any Security following the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money held
by the Trustee or Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;9<BR>
AMENDMENT, SUPPLEMENT AND WAIVER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.01.
</FONT><U>Without Consent of Holders</U>. Without the consent of any Holder, the Company and the Trustee may amend or supplement this
Indenture or the Securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
evidence the succession of another Person to the Company pursuant to Article&nbsp;5 and the assumption by such successor of the Company&rsquo;s
covenants, agreements and obligations in this Indenture and in the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
surrender any right or power conferred upon the Company by this Indenture, to add to the covenants of the Company such further covenants,
restrictions, conditions or provisions for the protection of the Holders of all or any Series&nbsp;of Securities as the Board of Directors
of the Company shall consider to be for the protection of the Holders of such Securities, and to make the occurrence, or the occurrence
and continuance, of a default in respect of any such additional covenants, restrictions, conditions or provisions a Default or an Event
of Default under this Indenture; provided, however, that with respect to any such additional covenant, restriction, condition or provision,
such amendment may provide for a period of grace after default, which may be shorter or longer than that allowed in the case of other
Defaults, may provide for an immediate enforcement upon such Default, may limit the remedies available to the Trustee upon such Default
or may limit the right of Holders of a majority in aggregate principal amount of the Securities of any Series&nbsp;to waive such default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
cure any ambiguity or correct or supplement any provision contained in this Indenture, in any supplemental indenture or in any Securities
that may be defective or inconsistent with any other provision contained therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
convey, transfer, assign, mortgage or pledge any property to or with the Trustee, or to make such other provisions in regard to matters
or questions arising under this Indenture as shall not adversely affect the interests of any Holders of Securities of any Series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
modify or amend this Indenture in such a manner as to permit the qualification of this Indenture or any supplemental indenture hereto
under the TIA as then in effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
change or eliminate any restrictions on the payment of principal or premium with respect to Securities in registered form, so as to not
adversely affect the interests of the Holders or any coupons of any Series&nbsp;in any material respect or permit or facilitate the issuance
of Securities of any Series&nbsp;in uncertificated form;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
add guarantees with respect to the Securities or to secure the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
make any change that does not adversely affect the rights of any Holder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
add to, change or eliminate any of the provisions of this Indenture with respect to one or more Series&nbsp;of Securities, so long as
any such addition, change or elimination not otherwise permitted under this Indenture shall (x)&nbsp;neither apply to any Security of
any Series&nbsp;created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor modify
the rights of the Holders of any such Security with respect to the benefit of such provision or (y)&nbsp;become effective only when there
is no such Security outstanding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
conform the text of this Indenture to any provision of this description of debt securities or any description of debt securities contained
in the prospectus supplement to the extent that such provision was intended to be a verbatim recitation of the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
evidence and provide for the acceptance of appointment by a successor or separate Trustee with respect to the Securities of one or more
Series&nbsp;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 this Indenture by more than one Trustee; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
establish the form or terms of Securities and coupons of any Series&nbsp;pursuant to Article&nbsp;2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the request of the Company
accompanied by Board Resolution authorizing the execution of any such amended or supplemental Indenture, and upon receipt by the Trustee
of the documents described in Section&nbsp;9.06, the Trustee shall join with the Company in the execution of any amended or supplemental
Indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that
may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental Indenture that affects its
own rights, duties or immunities under this Indenture or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.02.
</FONT><U>With Consent of Holders of Securities</U>. The Company and the Trustee may amend or supplement this Indenture or the Securities
of any Series&nbsp;with the consent of the Holders of at least a majority in principal amount of the Securities of such Series&nbsp;then
outstanding voting as a single class (including consents obtained in connection with a tender offer or exchange offer for Securities),
and, subject to Sections 6.02, 6.04 and 6.07, any existing Default or Event of Default (other than a Default or Event of Default in the
payment of the principal of, premium, if any, or interest on the Securities (except a payment default resulting from an acceleration that
has been rescinded)) or compliance with any provision of this Indenture or the Securities of any Series&nbsp;may be waived with the consent
of the Holders of a majority in principal amount of the then outstanding Securities of such Series&nbsp;voting as a single class (including
consents obtained in connection with or a tender offer or exchange offer for the Securities).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the request of the Company
accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon the filing with the
Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Securities as aforesaid, and upon receipt by the Trustee
of the documents described in Section&nbsp;9.06, the Trustee shall join with the Company in the execution of such amended or supplemental
Indenture unless such amended or supplemental indenture affects the Trustee&rsquo;s own rights, duties or immunities under this Indenture
or otherwise, in which case the Trustee may, but shall not be obligated to, enter into such amended or supplemental indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It shall not be necessary
for the consent of the Holders of Securities under this Section&nbsp;9.02 to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After an amendment, supplement
or waiver under this Section&nbsp;9.02 becomes effective, the Company shall mail to the Holders of Securities affected thereby a notice
briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such amended or supplemental Indenture or waiver. However, without the consent
of the Holders of all of the affected Securities, an amendment, supplement or waiver may not (with respect to any Security of any Series&nbsp;held
by a non-consenting Holder):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>reduce
the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>reduce
the principal amount of or extend the Stated Maturity of any Security, or alter the provisions with respect to the redemption of the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>reduce
the rate of or extend the time for payment of interest on any Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>waive
a Default or Event of Default in the payment of principal of or premium, if any, or interest on the Securities (except a rescission of
acceleration of the Securities by the Holders of at least a majority in aggregate principal amount of the Securities then outstanding
and a waiver of the payment default that resulted from such acceleration);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>make
any Security payable in money other than that stated in the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>make
any change in Section&nbsp;6.04 or 6.07;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>waive
a redemption payment with respect to any Security; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>make
any change in the foregoing amendment and waiver provisions of this Article&nbsp;9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.03.
</FONT><U>Compliance with Trust Indenture Act</U>. Every amendment or supplement to this Indenture or the Securities shall comply with
the TIA as then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.04.
</FONT><U>Revocation and Effect of Consents and Waivers</U>. A consent to an amendment or a waiver by a Holder of a Security shall bind
the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same debt as the consenting Holder&rsquo;s
Security, even if notation of the consent or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke
the consent or waiver as to such Holder&rsquo;s Security or portion of the Security if the Trustee receives the notice of revocation before
the date the amendment or waiver becomes effective. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment
or waiver becomes effective once both (i)&nbsp;the requisite number of consents have been received by the Company or the Trustee and (ii)&nbsp;such
amendment or waiver has been executed by the Company and the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may, but shall
not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action
described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately
preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall
be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue
to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.05.
</FONT><U>Notation on or Exchange of Securities</U>. The Trustee may place an appropriate notation about an amendment, supplement or waiver
on any Security thereafter authenticated. The Company in exchange for all Securities may issue and the Trustee upon receipt of a Company
Order shall authenticate new Securities that reflect the amendment, supplement or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Failure to make the appropriate
notation or issue a new Security shall not affect the validity and effect of such amendment, supplement or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.06.
</FONT><U>Trustee to Sign Amendments, Etc</U>. The Trustee shall sign any amended or supplemental Indenture authorized pursuant to this
Article&nbsp;9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee.
The Company may not sign an amendment or supplemental Indenture until the Board of Directors approves it. In executing any amended or
supplemental indenture the Trustee shall be entitled to receive and (subject to Section&nbsp;7.01) shall be fully protected in relying
upon, in addition to the documents required by Section&nbsp;10.04, an Officers&rsquo; Certificate and an Opinion of Counsel stating that
the execution of such amended or supplemental indenture is authorized or permitted by this Indenture, that it is not inconsistent herewith,
that it has been duly authorized, executed and delivered by the Company and any Guarantor and that it will be valid and binding upon the
Company and any Guarantor in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;10<BR>
NOTE GUARANTEES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.01.
</FONT><U>Guarantee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Subject
to this Article&nbsp;10, the Guarantor hereby unconditionally guarantees to each Holder of Securities issued by Icahn Enterprises Finance,
authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability
of this Indenture, the Securities or the obligations of the Company hereunder or thereunder, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
principal of, premium and liquidated damages, if any, and interest on, the Notes will be promptly paid in full when due, whether at maturity,
by acceleration, redemption or otherwise, and interest on the overdue principal of premium on, if any and interest on the Notes, if any,
if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full
or performed, all in accordance with the terms hereof and thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
case of any extension of time of payment or renewal of any Securities or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Failing payment when due of
any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantor will pay the same immediately. The Guarantor
agrees that this is a guarantee of payment and not a guarantee of collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Guarantor hereby agrees that its obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of
the Securities or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Securities
with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or
any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. The Guarantor hereby
waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company,
any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Guarantee
will not be discharged except by complete performance of the obligations contained in the Securities and this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantor or any custodian, trustee, liquidator
or other similar official acting in relation to either the Company or the Guarantor, any amount paid by either to the Trustee or such
Holder, this Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed
hereby until payment in full of all obligations guaranteed hereby. The Guarantor further agrees that, as between the Guarantor, on the
one hand, and the Holders and the Trustee, on the other hand, (1)&nbsp;the maturity of the obligations guaranteed hereby may be accelerated
as provided in Article&nbsp;6 hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby, and (2)&nbsp;in the event of any declaration of acceleration of such
obligations as provided in Article&nbsp;6 hereof, such obligations (whether or not due and payable) will forthwith become due and payable
by the Guarantor for the purpose of this Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.02.
</FONT><U>Limitation on Guarantor Liability</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Guarantor, and by its acceptance of Securities,
each Holder, hereby confirms that it is the intention of all such parties that the Guarantee not constitute a fraudulent transfer or conveyance
for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state
law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantor hereby
irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such
maximum amount and all other contingent and fixed liabilities of the Guarantor that are relevant under such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.03.
</FONT><U>Execution and Delivery of Guarantee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To evidence its Guarantee
set forth in Section&nbsp;10.01 hereof, the Guarantor hereby agrees that a notation of such Note Guarantee will be endorsed by an Officer
of the Guarantor on each Security authenticated and delivered by the Trustee and that this Indenture will be executed on behalf of the
Guarantor by one of its Officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Guarantor hereby agrees
that its Guarantee set forth in Section&nbsp;10.01 hereof will remain in full force and effect notwithstanding any failure to endorse
on the Securities a notation of such Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an Officer whose signature
is on this Indenture or on the Guarantee no longer holds that office at the time the Trustee authenticates the Securities on which a Guarantee
is endorsed, the Guarantee will be valid nevertheless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The delivery of any Securities
by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Guarantee set forth in this Indenture
on behalf of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;11<BR>
MISCELLANEOUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.01.
</FONT><U>Trust Indenture Act Controls</U>. If any provision of this Indenture limits, qualifies or conflicts with the duties imposed
by TIA Section&nbsp;318(c), the imposed duties shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.02.
</FONT><U>Notices</U>. Any notice or communication by the Company, any Guarantor or the Trustee to others is duly given if in writing
and delivered in person or mailed by first class mail (registered or certified, return receipt requested), facsimile transmission, electronic
mail in .pdf format, or by overnight air courier guaranteeing next day delivery, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to the Company or the Guarantor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Icahn Enterprises L.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Icahn Enterprises Finance Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16690 Collins Avenue, PH-1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sunny Isles Beach, Florida 33160</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: Jesse Lynn, General Counsel</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt; width: 50%">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With a copy to:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proskauer Rose LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">1001 Pennsylvania Avenue, NW, Suite&#8239;600 South</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"> Washington DC 20004-2533</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">Attention: Louis Rambo,&nbsp;Esq.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt"> If to the Trustee:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wilmington Trust, National Association</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50 South Sixth Street, Suite&nbsp;1290</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minneapolis, MN 55402</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Telecopier No.: (612) 217-5651 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Attention: Corporate Trust Administration</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With a copy to:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alston&nbsp;&amp; Bird LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">1120 South Tryon Street, Suite&nbsp;300</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"> Charlotte, North Carolina 28203-6818</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile No.: ****</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: ****</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, the Guarantor
or the Trustee, by notice to the other may designate additional or different addresses for subsequent notices or communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile or
electronic mail in .pdf format;; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing
next day delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any notice or communication
to a Holder shall be sent electronically or mailed by first class mail, certified or registered, return receipt requested, or by overnight
air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar or in accordance with the applicable
procedures of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any notice or communication
will also be mailed by the Trustee to any Person described in TIA &sect;313(c), to the extent required by the TIA. Failure to mail or
deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a
notice or communication is mailed or delivered in the manner provided above within the time prescribed, it is duly given, whether or not
the addressee receives it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company mails or delivers
a notice or communication to Holders, it shall mail or send electronically a copy to the Trustee and each Agent at the same time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.03.
</FONT><U>Communication by Holders of Securities with Other Holders of Securities</U>. Holders may communicate pursuant to TIA Section&nbsp;312(b)&nbsp;with
other Holders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and anyone
else shall have the protection of TIA Section&nbsp;312(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.04.
</FONT><U>Certificate and Opinion as to Conditions Precedent</U>. Upon any request or application by the Company to the Trustee to take
any action under this Indenture, the Company shall furnish to the Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
Officers&rsquo; Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers,
all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such
conditions precedent and covenants have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.05.
</FONT><U>Statements Required in Certificate or Opinion</U>. Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
statement that the Person making such certificate or opinion has read such covenant or condition;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him to express
an informed opinion as to whether or not such covenant or condition has been satisfied; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
statement as to whether or not, in the opinion of such person, such condition or covenant has been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.06.
</FONT><U>Rules&nbsp;by Trustee, Paying Agent and Registrar</U>. The Trustee may make reasonable rules&nbsp;for action by or at a meeting
of Holders. The Registrar or Paying Agent may make reasonable rules&nbsp;and set reasonable requirements for its functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.07.
</FONT><U>No Personal Liability of Directors, Officers, Employees and Stockholders</U>. 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 this Indenture
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting
a Security waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.08.
</FONT><U>GOVERNING LAW; JURISDICTION; WAIVER OF TRIAL BY JURY</U>. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED
TO CONSTRUE THIS INDENTURE, THE SECURITIES AND THE GUARANTEE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. THE PARTIES HERETO HEREBY IRREVOCABLY (I)&nbsp;SUBMIT
TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, (II)&nbsp;WAIVE
ANY OBLIGATION TO LAYING OF VENUE IN SUCH ACTION OR PROCEEDING IN SUCH COURTS, AND (III)&nbsp;WAIVE ANY OBJECTION THAT SUCH COURTS ARE
AN INCONVENIENT FORUM OR DO NOT HAVE JURISDICTION OVER ANY OTHER PARTY. EACH OF THE PARTIES HERETO HEREBY (AND THE HOLDERS BY THEIR ACCEPTANCE
OF THE NOTES THEREBY) WAIVES THE RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR
IN CONNECTION WITH THIS INDENTURE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.09.
</FONT><U>No Adverse Interpretation of Other Agreements</U>. This Indenture may not be used to interpret any other indenture, loan or
debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.10.
</FONT><U>Successors</U>. All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements
of the Trustee in this Indenture shall bind its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.11.
</FONT><U>Severability</U>. In case any provision in this Indenture or in the Securities or the Guarantee 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.12.
</FONT><U>Counterpart Originals</U>. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.13.
</FONT><U>Table of Contents, Headings, Etc</U>. The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections
of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in
no way modify or restrict any of the terms or provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signatures on following page]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SIGNATURES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated as of _______</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICAHN ENTERPRISES L.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 47%; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Icahn Enterprises G.P.,&nbsp;Inc.,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">its general partner</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.5pt 0.5pt 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICAHN ENTERPRISES FINANCE CORP.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.5pt 0.5pt 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WILMINGTON TRUST, NATIONAL ASSOCIATION, as TRUSTEE</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.5pt 0.5pt 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD></TR>
  </TABLE>
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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>3
<FILENAME>tm2521625d2_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;4.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ICAHN ENTERPRISES L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ICAHN ENTERPRISES FINANCE CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Issuers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of ________ ___, ______</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Subordinated Debt Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>CROSS-REFERENCE
TABLE</U></B></FONT><B>*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRUST INDENTURE</B></FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDENTURE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 0.5pt 0.5pt 1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ACT SECTION</B></FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.5pt 0.5pt 1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECTION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 3%; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">310 </FONT></TD>
    <TD STYLE="width: 2%; padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-top: 0.5pt; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;</FONT></TD>
    <TD STYLE="width: 78%; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.08; 7.10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">311</FONT></TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">312</FONT></TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.06</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.03</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.03</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">313</FONT></TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.06</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.06</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.06; 7.07</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.06; 12.02</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.06</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">314</FONT></TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.02; 4.03; 12.02</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.04</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.04</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.05</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">315</FONT></TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.01</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.05; 12.02</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.01</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.01</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">316</FONT></TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(last sentence)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.09</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.05</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.04</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.07</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.04</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">317</FONT></TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.08</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.09</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.05</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">318</FONT></TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.01</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-bottom: 0.5pt; padding-left: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 0.5pt; padding-bottom: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.01</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">N.A. means not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* This Cross-Reference Table is not part of the
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TABLE OF CONTENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5pt; width: 15%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt; width: 77%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.5pt; text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;1</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFINITIONS AND INCORPORATION BY REFERENCE</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.01.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.02.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Definitions</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.03.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation by Reference of Trust Indenture Act</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.04.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rules&nbsp;of Construction</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;2</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE SECURITIES</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.01.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuable in Series</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.02.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establishment of Terms of Series&nbsp;of Securities</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.03.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution and Authentication</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.04.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrar and Paying Agent</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.05.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paying Agent to Hold Money in Trust</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.06.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders Lists</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.07.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer and Exchange</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.08.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutilated, Destroyed, Lost and Stolen Securities</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.09.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding Securities</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.10.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury Securities</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.11.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temporary Securities</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.12.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.13.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defaulted Interest</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.14.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global Securities</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.15.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP Numbers</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;3</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REDEMPTION AND PREPAYMENT</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.01.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices to Trustee</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.02.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selection of Securities to be Redeemed</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.03.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Redemption</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.04.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Notice of Redemption</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.05.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit of Redemption Price</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.06.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Redeemed in Part</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;4</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVENANTS</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.01.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Securities</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.02.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.03.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance Certificate</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.04.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Existence</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.05.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculation of Original Issue Discount</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;5</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUCCESSORS</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.01.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger, Consolidation or Sale of Assets</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;6</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFAULTS AND REMEDIES</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.01.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events of Default</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.02.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceleration</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.03.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Remedies</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.04.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Past Defaults</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.05.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Control By Majority</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.06.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Suits</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.07.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights of Holders to Receive Payment</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">25</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.08.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; width: 77%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collection Suit by Trustee</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right; width: 8%">25</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.09.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee May&nbsp;File Proofs of Claim</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">25</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.10.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Priorities</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.11.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undertaking For Costs</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;7</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRUSTEE</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.01.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duties of Trustee</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.02.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights of Trustee</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.03.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual Rights of Trustee</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.04.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee&rsquo;s Disclaimer</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.05.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Defaults</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.06.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports By Trustee to Holders</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.07.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation and Indemnity</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.08.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Replacement of Trustee</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.09.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successor Trustee by Merger, Etc.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.10.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eligibility; Disqualification</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.11.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferential Collection of Claims Against the Company</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;8</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISCHARGE; LEGAL DEFEASANCE AND COVENANT DEFEASANCE</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.01.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discharge; Option to Effect Legal Defeasance or Covenant Defeasance</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">33<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.02.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Defeasance and Discharge</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.03.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenant Defeasance</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.04.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to Legal or Covenant Defeasance</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.05.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.06.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment to the Company</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.07.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reinstatement</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;9</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDMENT, SUPPLEMENT AND WAIVER</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></font></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9.01.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without Consent of Holders</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9.02.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With Consent of Holders of Securities</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9.03.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with Trust Indenture Act</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9.04.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revocation and Effect of Consents and Waivers</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9.05.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notation on or Exchange of Securities</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9.06.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee to Sign Amendments, Etc.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;10</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBORDINATION</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;10.01.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Subordinated to Senior Indebtedness</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;10.02.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effectuation of Subordination by Trustee</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;10.03.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Knowledge of Trustee</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;10.04.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee&rsquo;s Relation to Senior Indebtedness</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;10.05.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights of Holders of Senior Indebtedness Not Impaired</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;11</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE GUARANTEES</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.01.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantee</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.02.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Guarantor Liability</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.03.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution and Delivery of Guarantee</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;12</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MISCELLANEOUS</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12.01. </FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust Indenture Act Controls</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12.02.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; width: 77%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right; width: 8%">48</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12.03.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Communication by Holders of Securities with Other Holders of Securities</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12.04.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate and Opinion as to Conditions Precedent</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12.05.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements Required in Certificate or Opinion</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12.06.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rules&nbsp;by Trustee, Paying Agent and Registrar</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12.07.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Personal Liability of Directors, Officers, Employees and Stockholders</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>0</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12.08.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOVERNING LAW</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>0</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12.09.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Adverse Interpretation of Other Agreements</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>0</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12.10.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right">5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>0</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12.11.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12.12.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterpart Originals</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-left: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12.13. </FONT></TD>
    <TD STYLE="padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Table of Contents, Headings, Etc.</FONT></TD>
    <TD STYLE="padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">INDENTURE dated as of [__],
[__] between Icahn Enterprises L.P., a Delaware limited partnership (&ldquo;<B>Icahn Enterprises</B>&rdquo;) Icahn Enterprises Finance
Corp., a Delaware corporation (&ldquo;<B>Icahn Enterprises Finance</B>&rdquo; and together with Icahn Enterprises, the &ldquo;Company&rdquo;),
and Wilmington Trust, National Association, a national banking association, as trustee (the &ldquo;<B>Trustee</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the Trustee
agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Securities issued under this
Indenture (the &ldquo;<B>Securities</B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;1<BR>
DEFINITIONS AND INCORPORATION BY REFERENCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;1.01.
</FONT><U>Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Affiliate</B>&rdquo;
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, &ldquo;control&rdquo; (including, with correlative meanings, the
terms &ldquo;controlling,&rdquo; &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo;), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Agent</B>&rdquo;
means any Registrar, Paying Agent or co-registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Bankruptcy Law</B>&rdquo;
means Title 11 of the United States Code, as amended, or any similar federal, state or foreign law for the relief of debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Board of Directors</B>&rdquo;
means, with respect to any Person, the board of directors or comparable governing body of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Board Resolution</B>&rdquo;
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of
Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and
delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Business Day</B>&rdquo;
means any day other than a Legal Holiday.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Capital Stock</B>&rdquo;
of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests
in (however designated) equity of such Person, including any preferred stock, but excluding any debt securities convertible into such
equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Clearstream</B>&rdquo;
means Clearstream Banking, Societe Anonyme, Luxembourg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Commission</B>&rdquo;
or &ldquo;<B>SEC</B>&rdquo; means the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Company</B>&rdquo;
means, collectively Icahn Enterprises and Icahn Enterprises Finance, and any and all successors thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Company Order</B>&rdquo;
means a written order signed in the name of the Company by two Officers, one of whom must be the Company&rsquo;s principal executive officer,
principal financial officer or principal accounting officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Control</B>&rdquo;
means the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of a Person, whether
through the ownership of Voting Stock, by agreement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Corporate Trust
Office of the Trustee</B>&rdquo; shall be at the address of the Trustee specified in Section&nbsp;12.02 or such other address as to which
the Trustee may give notice to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Custodian</B>&rdquo;
means the Trustee, as custodian with respect to the Securities in global form, or any successor entity thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Default</B>&rdquo;
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Definitive Security</B>&rdquo;
means a certificated Security registered in the name of the Holder thereof and issued in accordance with Section&nbsp;2.07.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Depositary</B>&rdquo;
means, with respect to the Securities issuable or issued in whole or in part in global form, the Person specified in Section&nbsp;2.14
as the Depositary with respect to the Securities, and any and all successors thereto appointed as depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Dollar</B>&rdquo;
means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender for the payment
of public and private debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Euroclear</B>&rdquo;
means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Exchange Act</B>&rdquo;
means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Foreign Currency</B>&rdquo;
means any currency or currency unit issued by a government other than the government of The United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>GAAP</B>&rdquo;
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board, the
Commission or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of
the United States, which are in effect from time to time; provided, however, that all reports and other financial information provided
by the Company to the Holders of the Securities, the Trustee and/or the Commission shall be prepared in accordance with GAAP, as in effect
on the date of such report or other financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Global Security</B>&rdquo;
when used with respect to any Series&nbsp;of Securities issued hereunder, means a Security which is executed by the Company and authenticated
and delivered by the Trustee to the Depositary or pursuant to the Depositary&rsquo;s instruction, all in accordance with this Indenture
and an indenture supplemental hereto, if any, or Board Resolution and pursuant to a Company Order, which shall be registered in the name
of the Depositary or its nominee and which shall represent, and shall be denominated in an amount equal to the aggregate principal amount
of, all the outstanding Securities of such Series&nbsp;or any portion thereof, in either case having the same terms, including, without
limitation, the same original issue date, date or dates on which principal and interest are due, and interest rate or method of determining
interest and which shall bear the legend as prescribed by Section&nbsp;2.14(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Global Security
Legend</B>&rdquo; means the legend set forth in Section&nbsp;2.14(c), which is required to be placed on all Global Securities issued under
this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Government Securities</B>&rdquo;
means direct obligations of, or obligations guaranteed by, the United States of America for the payment of which guarantee or obligations
the full faith and credit of the United States is pledged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Guarantee</B>&rdquo;
means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect,
in any manner (including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in
respect thereof), of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well,
to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Guarantor</B>&rdquo;
means Icahn Enterprises in the event that Icahn Enterprises executes a Guarantee in accordance with the provisions of this Indenture,
and its successors and assigns, in each case, until the Guarantee has been released in accordance with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Holder</B>&rdquo;
means a Person in whose name a Security is registered on the Registrar&rsquo;s books.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Icahn Enterprises&rdquo;</B>
means Icahn Enterprises L.P. (and not any of its subsidiaries).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Icahn Enterprises
Finance</B>&rdquo; means Icahn Enterprises Finance Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Indebtedness</B>&rdquo;
has the meaning specified in the applicable Board Resolution, supplemental indenture or Officers&rsquo; Certificate relating to a particular
Series&nbsp;of Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Indenture</B>&rdquo;
means this Indenture, as amended or supplemented from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Interest Payment
Date</B>&rdquo; when used with respect to any Series&nbsp;of Securities, means the date specified in such Securities for the payment of
any installment of interest on those Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Legal Holiday</B>&rdquo;
means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized by law,
regulation or executive order to remain closed. If a payment date or redemption date is a Legal Holiday at a place of payment, payment
may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the
intervening period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Maturity</B>&rdquo;
when used with respect to any Security or installment of principal thereof, means the date on which the principal of such Security or
such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration
of acceleration, call for redemption, notice of option to elect repayment or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Offering</B>&rdquo;
means the offering of the Securities by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Officer</B>&rdquo;
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Officers&rsquo;
Certificate</B>&rdquo; means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the principal
executive officer, the principal financial officer or the principal accounting officer of the Company, delivered to the Trustee that meets
the requirements set forth in this Indenture, including without limitation the requirements of Section&nbsp;12.05.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Opinion of Counsel</B>&rdquo;
means a written opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section&nbsp;12.05.
The counsel may be an employee of or counsel to the Company, any Guarantor, or, at the Trustee&rsquo;s option, the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Original Issue Discount
Security</B>&rdquo; means any Security that provides for an amount less than the stated principal amount thereof to be due and payable
upon declaration of acceleration of the maturity thereof pursuant to Section&nbsp;6.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Participant</B>&rdquo;
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream,
respectively (and, with respect to the Depositary Trust Company, shall include Euroclear and Clearstream).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Person</B>&rdquo;
means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated
organization, government or any agency or political subdivision thereof or any other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Responsible Officer</B>,&rdquo;
when used with respect to the Trustee, means any officer within the Corporate Trust Office of the Trustee (or any successor group of the
Trustee) and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because
of his knowledge of and familiarity with the particular subject, and in each case, who shall have direct responsibility for the administration
of this Indenture</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Securities</B>&rdquo;
has the meaning assigned to it in the preamble to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Securities Act</B>&rdquo;
means the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Series</B>&rdquo;
or &ldquo;<B>Series&nbsp;of Securities</B>&rdquo; means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.01 and 2.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Significant Subsidiary</B>&rdquo;
means any Subsidiary which would be a &ldquo;significant subsidiary&rdquo; as defined in Article&nbsp;1, Rule&nbsp;1-02 of Regulation
S-X, promulgated pursuant to the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Stated Maturity</B>&rdquo;
when used with respect to any Security, means the date specified in such Security as the fixed date on which an amount equal to the principal
amount of such Security is due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Subsidiary</B>&rdquo;
means, with respect to any specified Person:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&nbsp;any corporation, association
or other business entity of which more than 50% of the total Voting Stock is at the time owned or Controlled, directly or indirectly,
by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&nbsp;any partnership (a)&nbsp;the
sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b)&nbsp;the only general
partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>TIA</B>&rdquo; means
the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date on which this Indenture is qualified under
the TIA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Trustee</B>&rdquo;
means the party named as such above until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter
means the successor serving hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Voting Stock</B>&rdquo;
means, with respect to any Person that is (a)&nbsp;a corporation, any class or series of capital stock of such Person that is ordinarily
entitled to vote in the election of directors thereof at a meeting of stockholders called for such purpose, without the occurrence of
any additional event or contingency, (b)&nbsp;a limited liability company, membership interests entitled to manage, or to elect or appoint
the Persons that will manage the operations or business of the limited liability company, or (c)&nbsp;a partnership, partnership interests
entitled to elect or replace the general partner thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Wholly Owned Subsidiary</B>&rdquo;
of a Person means a subsidiary of such person all of the outstanding Capital Stock or other ownership interests of which (other than directors&rsquo;
qualifying shares) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person or by such Person
and one or more Wholly Owned Subsidiaries of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;1.02.
</FONT><U>Other Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Term</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Defined <BR>
in<BR> Section</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 81%; font: 10pt Times New Roman, Times, Serif; text-align: justify">&ldquo;Covenant Defeasance&rdquo;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">8.03</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&ldquo;Event of Default&rdquo;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.01</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&ldquo;Legal Defeasance&rdquo;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.02</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&ldquo;notice of acceleration&rdquo;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.02</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&ldquo;Paying Agent&rdquo;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.04</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&ldquo;Registrar&rdquo;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.04</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&ldquo;Service Agent&rdquo;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.04</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&ldquo;Transfer&rdquo;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.01</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;1.03.
</FONT><U>Incorporation by Reference of Trust Indenture Act</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever this Indenture refers
to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following TIA terms used
in this Indenture have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Indenture Securities</B>&rdquo;
means the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Indenture Security
Holder</B>&rdquo; means a Holder of a Security</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Indenture to be
Qualified</B>&rdquo; means this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Indenture Trustee</B>&rdquo;
or &ldquo;<B>Institutional Trustee</B>&rdquo; means the Trustee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Obligor</B>&rdquo;
on the Securities means the Company and any successor obligor upon the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All other terms used in this
Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule&nbsp;under the TIA have the
meanings so assigned to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;1.04.
</FONT><U>Rules&nbsp;of Construction</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the context otherwise
requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
term has the meaning assigned to it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>words
in the singular include the plural, and in the plural include the singular;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>provisions
apply to successive events and transactions; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>references
to sections of or rules&nbsp;under the Securities Act, the Exchange Act or the TIA shall be deemed to include substitute, replacement
of successor sections or rules&nbsp;adopted by the Commission from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;2<BR>
THE SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.01.
</FONT><U>Issuable in Series</U>. The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture
is unlimited. The Securities may be issued in one or more Series. All Securities of a Series&nbsp;shall be identical except as may be
set forth in a Board Resolution, a supplemental indenture or an Officers&rsquo; Certificate detailing the adoption of the terms thereof
pursuant to the authority granted under a Board Resolution. In the case of Securities of a Series&nbsp;to be issued from time to time,
the Board Resolution, Officers&rsquo; Certificate or supplemental indenture may provide for the method by which specified terms (such
as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between
Series&nbsp;in respect of any matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.02.
</FONT><U>Establishment of Terms of Series&nbsp;of Securities</U>. At or prior to the issuance of any Securities within a Series, the
following shall be established (as to the Series&nbsp;generally, in the case of Subsection 2.02(a)&nbsp;and either as to such Securities
within the Series&nbsp;or as to the Series&nbsp;generally in the case of Subsections 2.02(b)&nbsp;through 2.02(x)) by a Board Resolution,
a supplemental indenture or an Officers&rsquo; Certificate pursuant to authority granted under a Board Resolution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
title of the Securities of the Series&nbsp;(which shall distinguish the Securities of that particular Series&nbsp;from the Securities
of any other Series);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
limit upon the aggregate principal amount of the Securities of the Series&nbsp;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);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
date or dates on which the principal and premium, if any, of the Securities of the Series&nbsp;are payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
rate or rates (which may be fixed or variable) at which the Securities of the Series&nbsp;shall bear interest, if any, or the method of
determining such rate or rates, the date or dates from which such interest, if any, shall accrue, the Interest Payment Dates on which
such interest, if any, shall be payable or the method by which the Interest Payment Dates will be determined, the record dates for the
determination of Holders thereof to whom interest is payable (in the case of Securities in registered form), and the basis upon which
such interest will be calculated if other than that of a 360-day year of twelve 30-day months;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
currency or currencies, including composite currencies, in which Securities of the Series&nbsp;shall be denominated, if other than Dollars,
the place or places, if any, in addition to or instead of the Corporate Trust Office of the Trustee (in the case of Securities in registered
form), where the principal, premium, if any, and interest with respect to Securities of such Series&nbsp;shall be payable or the method
of such payment, if by wire transfer, mail or other means;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
price or prices at which, the period or periods within which, and the terms and conditions upon which, Securities of the Series&nbsp;may
be redeemed, in whole or in part, at the option of the Company or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
obligation, if any, of the Company to redeem, purchase or repay the Securities of the Series&nbsp;pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof and the price or prices at which, the period or periods within which, and the terms and
conditions upon which, Securities of the Series&nbsp;shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
terms, if any, upon which the Securities of the Series&nbsp;may be convertible into or exchanged for any of the Company&rsquo;s common
stock, preferred stock, other securities or warrants to purchase the Company&rsquo;s common stock, preferred stock or other securities
and the terms and conditions upon which such conversion or exchange shall be effected, including the initial conversion or exchange price
or rate, the conversion or exchange period and any other additional provisions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
other than minimum denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the
Securities of the Series&nbsp;shall be issuable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
the amount of principal, premium, if any, or interest with respect to the Securities of the Series&nbsp;may be determined with reference
to an index or pursuant to a formula, the manner in which such amounts will be determined;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
the principal amount payable at the Stated Maturity of Securities of the Series&nbsp;will not be determinable as of any one or more dates
prior to such Stated Maturity, the amount that will be deemed to be such principal amount as of any such date for any purpose, including
the principal amount thereof which will be due and payable upon any Maturity other than the Stated Maturity and which will be deemed to
be outstanding as of any such date (or, in any such case, the manner in which such deemed principal amount is to be determined), and,
if necessary, the manner of determining the equivalent thereof in Dollars;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
applicability of, if any, and any changes or additions to Article&nbsp;8;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
other than the principal amount thereof, the portion of the principal amount of the Securities of the Series&nbsp;that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section&nbsp;6.02;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
terms, if any, of the transfer, mortgage, pledge or assignment as security for the Securities of the Series&nbsp;of any properties, assets,
moneys, proceeds, securities or other collateral, including whether certain provisions of the TIA are applicable and any corresponding
changes to provisions of this Indenture as then in effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
addition to or change in the Events of Default which applies to any Securities of the Series&nbsp;and any change in the right of the Trustee
or the requisite Holders of such Series&nbsp;of Securities to declare the principal, premium, if any, and interest on such Series&nbsp;of
Securities due and payable pursuant to Section&nbsp;6.02;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
the Securities of the Series&nbsp;shall be issued in whole or in part in the form of a Global Security, the terms and conditions, if any,
upon which such Global Security may be exchanged in whole or in part for other individual Definitive Securities of such Series, the Depositary
for such Global Security and the form of any legend or legends to be borne by any such Global Security in addition to or in lieu of the
Global Securities Legend;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
Trustee, authenticating agent, Paying Agent, transfer agent, Service Agent or Registrar;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
applicability of, and any addition to or change in, the covenants (and the related definitions) set forth in Articles 4 or 5 which applies
to the Securities of the Series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(s)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
additional or different subordination terms, if any, applicable to the Securities of the Series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(t)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>with
regard to Securities of the Series&nbsp;that do not bear interest, the dates for certain required reports to the Trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(u)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
United Stated Federal income tax consequences applicable to the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
terms applicable to Original Issue Discount Securities, including the rate or rates at which original issue discount will accrue; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(w)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
other terms of Securities of the Series&nbsp;(which terms shall not be inconsistent with the provisions of this Indenture, except as permitted
by Section&nbsp;9.01, but which may modify or delete any provision of this Indenture insofar as it applies to such Series).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All Securities of any one
Series&nbsp;need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so
provided by or pursuant to the Board Resolution, supplemental indenture or Officers&rsquo; Certificate referred to above, and the authorized
principal amount of any Series&nbsp;may not be increased to provide for issuances of additional Securities of such Series, unless otherwise
provided in such Board Resolution, supplemental indenture or Officers&rsquo; Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.03.
</FONT><U>Execution and Authentication</U>. One Officer shall sign the Securities for the Company by manual, electronic or facsimile signature.
If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.
The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall at any time,
and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental
indenture or Officers&rsquo; Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of its
authentication..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate principal amount
of Securities of any Series&nbsp;outstanding at any time may not exceed any limit upon the maximum principal amount for such Series&nbsp;set
forth in the Board Resolution, supplemental indenture or Officers&rsquo; Certificate delivered pursuant to Section&nbsp;2.02, except as
provided in Section&nbsp;2.08.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the issuance of Securities
of any Series, the Trustee shall have received and (subject to Section&nbsp;7.02) shall be fully protected in relying on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Board Resolution, supplemental indenture or Officers&rsquo; Certificate establishing the form of the Securities of that Series&nbsp;or
of Securities within that Series&nbsp;and the terms of the Securities of that Series&nbsp;or Securities within that Series; (b)&nbsp;an
Officers&rsquo; Certificate complying with Section&nbsp;12.05; and (c)&nbsp;an Opinion of Counsel complying with Section&nbsp;12.05 and
also stating:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
the form or forms of such Securities has been established by or pursuant to a Board Resolution or Officers&rsquo; Certificate, that each
such form has been established in conformity with the provisions of this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
the terms of such Securities have been, or will be, established by or pursuant to a Board Resolution or Officers&rsquo; Certificate, that
such terms have been or will be, established in conformity with the provisions of this Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that
such Securities when authenticated and delivered by the Trustee and issued by the Company will constitute valid and legally binding obligations
of the Company and, if applicable, the Guarantees will constitute valid, and legally binding obligations of the Guarantors, enforceable
in accordance with their respective terms, subject to bankruptcy, insolvency, moratorium, reorganization, liquidation, fraudulent conveyance
or transfer and other similar laws of general applicability relating to or affecting the enforcement of creditors&rsquo; rights, or to
general equity principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall have the
right to decline to authenticate and deliver any Securities of such Series: (a)&nbsp;if the Trustee, being advised by counsel, determines
that such action may not lawfully be taken; (b)&nbsp;if the Trustee in good faith by its board of directors or trustees, executive committee
or a trust committee of directors and/or vice-presidents shall determine that such action would expose the Trustee to personal liability
to Holders of any then outstanding Series&nbsp;of Securities, or (c)&nbsp;the issue of such Securities pursuant to this Indenture will
affect the Trustee&rsquo;s own rights, duties or immunities under this Indenture or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee may appoint an
authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever
the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights as an Agent to deal with the Company or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any Global Securities (i)&nbsp;shall
be registered in the name of the Depositary or the nominee of the Depositary and (ii)&nbsp;shall be delivered by the Trustee to the Depositary
or pursuant to the Depositary&rsquo;s instructions or held by the Trustee as Custodian. Participants shall have no rights either under
this Indenture with respect to any Global Security held on their behalf by the Depositary or by the Custodian or under such Global Security,
and the Depositary may be treated by the Company, the Trustee and any agent of the Company or Trustee as the owner of such Global Security
for all purposes. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any Agent or other agent of
the Company or the Trustee from giving effect to any written certificate, proxy or other authorization furnished by the Depositary or
impair, as between the Depositary and its Participants, the operation of customary practices of such Depositary governing the exercise
of the rights of an owner of a beneficial interest in any Global Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall have no
responsibility or obligation to any Holder, any member or Participant of the Depositary or any other Person with respect to the accuracy
of the records of the Depositary (or its nominee) or of any Participant or member thereof, with respect to any ownership interest in the
Securities or with respect to the delivery of any notice (including without limitation any notice of redemption) or the payment of any
amount or delivery of any Securities (or other security or property) under which or with respect to the Securities. The Trustee may rely
(and shall be fully protected in relying) upon information furnished by the Depositary with respect to its members and Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.04.
</FONT><U>Registrar and Paying Agent</U>. The Company shall maintain, with respect to each Series&nbsp;of Securities, at the place or
places specified with respect to such Series&nbsp;pursuant to Section&nbsp;2.02, an office or agency where Securities of such Series&nbsp;may
be presented or surrendered for payment (&ldquo;<B>Paying Agent</B>&rdquo;) and where Securities of such Series&nbsp;may be presented
for registration of transfer or for exchange (&ldquo;<B>Registrar</B>&rdquo;). The Registrar shall keep a register with respect to each
Series&nbsp;of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and
address, and any change in the name and address, of each Registrar or Paying Agent. If at any time the Company shall fail to maintain
any such required Registrar or Paying Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations
or surrenders may be made at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive
all such presentations and surrenders. In no case will any service of legal process be made against the Company at the office of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may also from
time to time designate one or more co-registrars or additional paying agents and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar or
Paying Agent in each place so specified pursuant to Section&nbsp;2.02 for Securities of any Series&nbsp;for such purposes. The Company
will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such
co-registrar or additional paying agent. The term &ldquo;Registrar&rdquo; includes any co-registrar, and the term &ldquo;Paying Agent&rdquo;
includes any additional paying agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby appoints
the Trustee as the initial Registrar and Paying Agent for each Series&nbsp;unless another Registrar or Paying Agent, as the case may be,
is appointed prior to the time the Securities of that Series&nbsp;are first issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.05.
</FONT><U>Paying Agent to Hold Money in Trust</U>. The Company shall require each Paying Agent, other than the Trustee, to agree in writing
that the Paying Agent will hold in trust, for the benefit of Holders of any Series&nbsp;of Securities, or the Trustee, all money held
by the Paying Agent for the payment of principal of or interest on the Series&nbsp;of Securities, and will notify the Trustee of any default
by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held
by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over
to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company
or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders of any Series&nbsp;of
Securities all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee
shall serve as Paying Agent for the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.06.
</FONT><U>Holders Lists</U>. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of all Holders of each Series&nbsp;of Securities and shall otherwise comply with TIA Section&nbsp;312(a).
If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven Business Days before each Interest Payment
Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of the Holders of each Series&nbsp;of Securities and the Company shall otherwise comply with TIA Section&nbsp;312(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.07.
</FONT><U>Transfer and Exchange</U>. When Securities of a Series&nbsp;are presented to the Registrar or a co-registrar with a request
to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register
the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges,
the Trustee shall authenticate Securities at the Registrar&rsquo;s request. No service charge shall be made for any registration of transfer
or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.11, 3.06, or 9.05).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the Company nor the
Registrar shall be required (a)&nbsp;to issue, register the transfer of, or exchange Securities of any Series&nbsp;for the period beginning
at the opening of business fifteen days immediately preceding the delivery of a notice of redemption of Securities of that Series&nbsp;selected
for redemption and ending at the close of business on the day of such delivery or (b)&nbsp;to register the transfer or exchange of any
Security of any Series&nbsp;selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities
selected, called or being called for redemption in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.08.
</FONT><U>Mutilated, Destroyed, Lost and Stolen Securities</U>. If any mutilated Security is surrendered to the Trustee, the Company shall
execute and the Trustee, upon receipt of a Company Order, shall authenticate and deliver in exchange therefor a new Security of the same
Series&nbsp;and of like tenor and principal amount and bearing a number not contemporaneously outstanding. If there shall be delivered
to the Company and the Trustee (i)&nbsp;evidence to their satisfaction of the destruction, loss or theft of any Security and (ii)&nbsp;such
security or indemnity as may be required by them in their judgment to save each of them and any agent of either of them harmless, then,
in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall
execute and upon receipt of a Company Order, the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed,
lost or stolen Security, a new Security of the same Series&nbsp;and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing
a new Security, pay such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Every new Security of any
Series&nbsp;issued pursuant to this Section&nbsp;in lieu of any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the Series&nbsp;duly
issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The provisions of this Section&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.09.
</FONT><U>Outstanding Securities</U>. The Securities outstanding at any time are all the Securities authenticated by the Trustee except
for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Security effected by the
Trustee in accordance with the provisions hereof, and those described in this Section&nbsp;2.09 as not outstanding. Except as set forth
in Section&nbsp;2.10 hereof, a Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the
Security; however, Securities held by the Company or a Subsidiary of the Company shall not be deemed to be outstanding for purposes of
Section&nbsp;9.02 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a Security is replaced
pursuant to Section&nbsp;2.08, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security
is held by a bona fide purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Paying Agent (other
than the Company, a Subsidiary or an Affiliate of any thereof) holds, on the Maturity of Securities of a Series&nbsp;money sufficient
to pay such Securities of the Series&nbsp;payable on that date, then on and after that date such Securities of the Series&nbsp;shall be
deemed to be no longer outstanding and shall cease to accrue interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In determining whether the
Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be outstanding for such
purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration
of acceleration of the Maturity thereof pursuant to Section&nbsp;6.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.10.
</FONT><U>Treasury Securities</U>. In determining whether the Holders of the required principal amount of Securities of a Series&nbsp;have
concurred in any request, demand, authorization, notice, direction, waiver or consent, Securities of a Series&nbsp;owned by the Company
or an Affiliate shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on
any such request, demand, authorization, notice, direction, waiver or consent, only Securities of a Series&nbsp;that the Trustee knows
are so owned shall be disregarded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.11.
</FONT><U>Temporary Securities</U>. Until Definitive Securities are ready for delivery, the Company may prepare and the Trustee shall,
upon receipt of a Company Order, authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially in
the form of Definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable
delay, the Company shall prepare and the Trustee shall, upon receipt of a Company Order, authenticate Definitive Securities of the same
Series&nbsp;and date of maturity in exchange for temporary Securities. Until so exchanged, temporary Securities shall be entitled to the
same rights under this Indenture as the Definitive Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.12.
</FONT><U>Cancellation</U>. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and Paying Agent
and any other Person shall forward to the Trustee any Securities surrendered to them for cancellation, registration of transfer, exchange
or payment. The Trustee will dispose of canceled Securities in accordance with its customary practice (subject to the record retention
requirement of the Exchange Act). Evidence of cancellation of all canceled Securities, or confirmation of the reduction in the aggregate
principal amount outstanding represented by a Global Security, as applicable, will be delivered to the Company upon written request. The
Company may not issue new Securities to replace Securities that it has paid or that have been delivered to the Trustee for cancellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.13.
</FONT><U>Defaulted Interest</U>. If the Company defaults in a payment of interest on a Series&nbsp;of Securities, it shall pay the defaulted
interest in any lawful manner plus, to the extent lawful, any interest payable on the defaulted interest, to the Persons who are Holders
of the Series&nbsp;on a subsequent special record date. The Company will notify the Trustee in writing of the amount of defaulted interest
proposed to be paid on each Security and the date of the proposed payment. The Company shall fix each such special record date and payment
date. At least 15 days before the special record date, the Company (or upon the written request of the Company, the Trustee, in the name
and at the expense of the Company) shall mail or cause to be mailed (or send or cause to be sent by electronic transmission in the case
of Global Securities) to Holders of the Series&nbsp;a notice that states the special record date, the related payment date and the amount
of such interest to be paid. The Company may pay defaulted interest in any other lawful manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.14.
</FONT><U>Global Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Terms
of Securities</U>. A Board Resolution, a supplemental indenture hereto or an Officers&rsquo; Certificate shall establish whether the Securities
of a Series&nbsp;shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security
or Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Transfer
and Exchange</U>. Notwithstanding any provisions to the contrary contained in Section&nbsp;2.07 and in addition thereto, any Global Security
shall be exchangeable pursuant to Section&nbsp;2.07 for Securities registered in the names of Holders other than the Depositary for such
Security or its nominee only if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such
Depositary ceases to be a clearing agency registered under the Exchange Act, and in either case, the Company fails to appoint a successor
Depositary within 90 days of such event;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company executes and delivers to the Trustee an Officers&rsquo; Certificate to the effect that such Global Security shall be so exchangeable;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing. Any Global
Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the
Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor
and terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as provided in this
Section&nbsp;2.14(b), a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security
to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such a successor Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Legend</U>.
Any Global Security issued hereunder shall bear a legend in substantially the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;THIS GLOBAL SECURITY
IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I)&nbsp;THIS GLOBAL SECURITY MAY&nbsp;BE EXCHANGED
IN WHOLE BUT NOT IN PART&nbsp;PURSUANT TO SECTION&nbsp;2.07 OF THE INDENTURE, (II)&nbsp;THIS GLOBAL SECURITY MAY&nbsp;BE DELIVERED TO
THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION&nbsp;2.12 OF THE INDENTURE AND (III)&nbsp;THIS GLOBAL SECURITY MAY&nbsp;BE TRANSFERRED
TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF ICAHN ENTERPRISES L.P.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Acts
of Holders</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or
by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such
instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the &ldquo;Act&rdquo; of Holders
signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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 such officer the execution thereof. Where such execution is by a signer acting in a
capacity other than such signer&rsquo;s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such
signer&rsquo;s 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 which the Trustee deems sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
ownership of registered securities shall be proved by the register maintained by the Registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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 or the Company in reliance thereon, whether
or not notation of such action is made upon such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company
may, at its option, by 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
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Payments</U>.
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section&nbsp;2.02, payment of the
principal of and interest, if any, on any Global Security shall be made to the Holder thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Consents,
Declaration and Directions</U>. Except as provided in Section&nbsp;2.14(e), the Company, the Trustee and any Agent shall treat a person
as the Holder of such principal amount of outstanding Securities of such Series&nbsp;represented by a Global Security as shall be specified
in a written statement of the Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers
or directions required to be given by the Holders pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.15.
</FONT><U>CUSIP Numbers</U>. The Company in issuing the Securities may use &ldquo;CUSIP&rdquo; numbers (if then generally in use), and,
if so, the Trustee shall use &ldquo;CUSIP&rdquo; numbers in notices of redemption as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained
in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities,
and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee
of any change in CUSIP Numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;3<BR>
REDEMPTION AND PREPAYMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.01.
</FONT><U>Notices to Trustee</U>. The Company may, with respect to any Series&nbsp;of Securities, reserve the right to redeem and pay
the Series&nbsp;of Securities or may covenant to redeem and pay the Series&nbsp;of Securities or any part thereof prior to the Stated
Maturity thereof at such time and on such terms as provided for in such Series&nbsp;of Securities. If a Series&nbsp;of Securities is redeemable
and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series&nbsp;of Securities pursuant
to the terms of such Securities, it shall notify the Trustee of the redemption date and the principal amount of Securities of the Series&nbsp;to
be redeemed and the redemption price. The Company shall give such notice to the Trustee at least 45 but no more than 60 days before the
redemption date (or such shorter notice as may be acceptable to the Trustee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.02.
</FONT><U>Selection of Securities to be Redeemed</U>. Unless otherwise indicated for a particular Series&nbsp;by a Board Resolution, supplemental
indenture or an Officers&rsquo; Certificate, if less than all of the Securities are to be redeemed or purchased in an offer to purchase
at any time, the Securities to be redeemed or purchased will be selected as follows: (a)&nbsp;if the Securities are in the form of Global
Securities, in accordance with the procedures of the Depositary, and (b)&nbsp;if the Securities are listed on any national securities
exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed.
No Securities of $1,000 principal amount or less will be redeemed in part. Except as provided in the preceding sentence, provisions of
this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any Security is to be redeemed
in part only, the notice of redemption that relates to such Security shall state the portion of the principal amount of that Security
to be redeemed. A new Security in principal amount equal to the unredeemed portion of the original Security presented for redemption will
be issued in the name of the Holder thereof upon cancellation of the original Security. Securities called for redemption become due on
the date fixed for redemption. On and after the redemption date, interest ceases to accrue or accrete on Securities or portions of them
called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.03.
</FONT><U>Notice of Redemption</U>. Unless otherwise provided for a particular Series&nbsp;of Securities by a Board Resolution, a supplemental
indenture or an Officers&rsquo; Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall send,
by first class mail, or electronically in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose
Securities are to be redeemed at its registered address, except that a notice of redemption may be given more than 60 days prior to a
redemption date if the notice is used in connection with Article&nbsp;8 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The notice shall identify the Securities to be
redeemed and shall state:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
redemption date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Redemption Price (as defined in the Indenture for the Series&nbsp;of Securities);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
any Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed and that, after the redemption
date upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion shall be issued
upon cancellation of the original Security;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
name and address of the Paying Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that
Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that,
unless the Company defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to the
terms of this Indenture, interest on the Securities called for redemption ceases to accrue on and after the redemption date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
paragraph of the Securities and/or provision of this Indenture or any supplemental indenture or Board Resolution pursuant to which the
Securities called for redemption are being redeemed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
CUSIP number, if any, printed on the Securities being redeemed; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that
no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the Company&rsquo;s written
request, the Trustee shall give the notice of redemption in the Company&rsquo;s name and at its expense; provided, however, that the Company
shall have delivered to the Trustee, at least 45 days prior to the redemption date (or such shorter period as shall be acceptable to the
Trustee), an Officers&rsquo; Certificate requesting that the Trustee give such notice and setting forth the information to be stated in
such notice as provided in the preceding paragraph. If any of the Securities to be redeemed is in the form of a Global Security, then
the Company shall modify such notice to the extent necessary to conform with the procedures of the Depositary applicable to such redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.04.
</FONT><U>Effect of Notice of Redemption</U>. Once notice of redemption is sent in accordance with Section&nbsp;3.03, Securities called
for redemption become irrevocably due and payable on the redemption date at the redemption price, plus accrued and unpaid interest to
such date. A notice of redemption may not be conditional. Failure to give notice or any defect in the notice to the Holder of any Security
shall not affect the validity of the notice to any other Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.05.
</FONT><U>Deposit of Redemption Price</U>. On or before 11:00 a.m.&nbsp;(New York City time) on the redemption date, the Company shall
deposit with the Trustee or with the Paying Agent (or if the Company or any Subsidiary is the Paying Agent, shall segregate and hold in
trust) money sufficient to pay the redemption price, of and accrued interest on, all Securities to be redeemed on that date, other than
Securities or portions of Securities called for redemption that have been delivered to the Trustee for cancellation. The Trustee or the
Paying Agent shall as promptly as practicable return to the Company any money deposited with the Trustee or the Paying Agent by the Company
in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Securities to be redeemed. If such money
is then held by the Company or a Subsidiary in trust and is not required for such purpose, it shall be discharged from such trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company complies with
the provisions of the preceding paragraph, on and after the redemption, interest shall cease to accrue on the Securities called for redemption.
If a Security is redeemed on or after an interest record date but on or prior to the related Interest Payment Date, then any accrued and
unpaid interest shall be paid to the Person in whose name such Security was registered at the close of business on such record date. If
any Security called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply
with the preceding paragraph, interest shall be paid on the unpaid principal from the redemption date until such principal is paid, and
to the extent lawful, on any interest not paid on such unpaid principal, in each case at the rate provided in the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.06.
</FONT><U>Securities Redeemed in Part</U>. Upon surrender of a Security that is redeemed in part, the Company shall execute and, upon
receipt of a Company Order, the Trustee shall authenticate for the Holder at the expense of the Company a new Security equal in principal
amount to the unredeemed portion of the Security surrendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;4<BR>
COVENANTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.01.
</FONT><U>Payment of Securities</U>. The Company covenants and agrees for the benefit of the Holders of each Series&nbsp;of Securities
that it will duly and punctually make all payments in respect of each Series&nbsp;of Securities on the dates and in the manner provided
in such Series&nbsp;of Securities and this Indenture. Such payments shall be considered made on the date the Trustee or the Paying Agent,
if other than the Company or a Subsidiary thereof, holds, as of 10:00 a.m.&nbsp;New York City time, in accordance with this Indenture,
funds sufficient to make all payments with respect to such Securities then due and the Trustee or the Paying Agent, as the case may be,
is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.02.
</FONT><U>Reports</U>. Unless otherwise indicated in a Board Resolution, a supplemental indenture or an Officers&rsquo; Certificate, whether
or not required by the rules&nbsp;and regulations of the Commission so long as any Securities are outstanding, the Company shall furnish
to the Trustee and the Holders of the Securities the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
quarterly and annual financial information that would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K
if the Company were required to file such Forms, including a &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations&rdquo; and, with respect to the annual information only, a report thereon by the Company&rsquo;s certified independent
accountants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
current reports that would be required to be filed with the Commission on Form&nbsp;8-K if the Company were required to file such reports;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
other information, reports and documents that the Company is required to file with the Commission pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of
the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in each case, within the time periods specified
in the Commission&rsquo;s rules&nbsp;and regulations; provided that such information and reports need not be furnished to the Holders
if they are generally available on the Internet free of charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, whether or not
required by the rules&nbsp;and regulations of the Commission, the Company shall file a copy of all such information and reports with the
Commission for public availability within the time periods specified in the Commission&rsquo;s rules&nbsp;and regulations (unless the
Commission shall not accept such a filing) and make such information available to securities analysts and prospective investors upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reports by the Company delivered
to the Trustee should be considered for informational purposes only and the Trustee&rsquo;s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Company&rsquo;s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers&rsquo; Certificates). The Trustee
shall have no duty to determine whether any reports have been posted or filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
if the Company files with the Commission the reports required by the preceding paragraphs electronically via the EDGAR filing system (or
any successor filing system) within such specified time periods and such reports are publicly available, the Company shall not be required
under this Indenture to furnish such reports to the Trustee or the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.03.
</FONT><U>Compliance Certificate</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within 90 days
after the end of each fiscal year of the Company, an Officers&rsquo; Certificate stating that a review of the activities of the Company
and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining
whether each of the Company and any other obligors has kept, observed, performed and fulfilled its obligations under this Indenture, and
further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge each entity has fulfilled
all of its obligations under this Indenture throughout such year and is not in default in the performance or observance of any of the
terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults
or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto)
and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of
the principal of, premium on, if any, or interest on, the Securities is prohibited or if such event has occurred, a description of the
event and what action the Company is taking or proposes to take with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>So
long as not contrary to the then current recommendations of the American Institute of Certified Public Accountants, the year-end financial
statements delivered pursuant to Section&nbsp;4.02(a)&nbsp;above shall be accompanied by a written statement of the Company&rsquo;s independent
public accountants (who shall be a firm of established national reputation, reasonably satisfactory to the Trustee) that in making the
examination necessary for certification of such financial statements, nothing has come to their attention that would lead them to believe
that a Default or an Event of Default has occurred and is continuing or, if any such Default or Event of Default has occurred and is continuing,
specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly
to any Person for any failure to obtain knowledge of any such Default or Event of Default. In the event that such written statement of
the Company&rsquo;s independent public accountants cannot be obtained, the Company shall deliver an Officers&rsquo; Certificate certifying
that it has used its best efforts to obtain such statements and was unable to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company shall, so long as any Securities are outstanding, deliver to the Trustee, forthwith upon any Officer becoming aware of any Default
or Event of Default that is then continuing, an Officers&rsquo; Certificate specifying such Default or Event of Default and what action
the Company is taking or proposes to take with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.04.
</FONT><U>Corporate Existence</U>. Subject to Article&nbsp;5, the Company shall do or cause to be done all things necessary to preserve
and keep in full force and effect:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>its
corporate, partnership or other existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance
with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the Company shall
not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries,
if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company
and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.05.
</FONT><U>Calculation of Original Issue Discount</U>. The Company shall file with the Trustee promptly at the end of each calendar year
(i)&nbsp;a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on outstanding
Securities as of the end of such year and (ii)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;5<BR>
SUCCESSORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;5.01.
</FONT><U>Merger, Consolidation or Sale of Assets</U>. Unless otherwise provided for in a particular Series&nbsp;by a Board Resolution,
a supplemental indenture or an Officers&rsquo; Certificate, the Company shall not consolidate with or merge into (whether or not the Company
is the surviving entity), or sell, assign, transfer, lease, convey or otherwise dispose of (collectively, &ldquo;<B>Transfer</B>&rdquo;)
all or substantially all of its properties or assets to, another Person unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
resulting, surviving or transferee Person (the &ldquo;<B>Successor Company</B>&rdquo;) shall be a corporation, limited liability company
or limited partnership organized or existing under the laws of the United States, any state thereof or the District of Columbia;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such Transfer has been
made assumes all the obligations of the Company under the Securities and this Indenture pursuant to a supplemental indenture or amendment,
in a form reasonably satisfactory to the Trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>immediately
after such transaction, no Default exists; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company shall have delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or Transfer and such supplemental indenture or amendment complies with this Indenture, and such Opinion of Counsel shall also state
that such supplemental indenture or amendment has been duly authorized, executed and delivered by such Person and that it is valid and
binding upon such Person in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Successor Company shall
succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture (as modified by a Board
Resolution, supplemental indenture or Officers&rsquo; Certificate), and the predecessor Company, except in the case of a lease of all
or substantially all of its assets, shall be released from the obligation to pay the principal of and interest on the Securities. The
foregoing will not prohibit a consolidation or merger between the Company and a Wholly Owned Subsidiary, the transfer of all or substantially
all of the properties or assets of the Company to a Wholly Owned Subsidiary or the transfer of all or substantially all of the properties
or assets of a Wholly Owned Subsidiary to the Company; provided, that if the Company is not the surviving entity of such transaction or
the Person to which such transfer is made, the surviving entity or the Person to which such transfer is made shall comply with clauses
(b)&nbsp;and (d)&nbsp;of this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;6<BR>
DEFAULTS AND REMEDIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.01.
</FONT><U>Events of Default</U>. Unless otherwise indicated for a particular Series&nbsp;of Securities by a Board Resolution, a supplemental
indenture or an Officers&rsquo; Certificate, each of the following constitutes an &ldquo;Event of Default&rdquo; with respect to each
Series&nbsp;of Securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>default
for 30 days in the payment of interest when due with respect to the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>default
in payment when due of principal or premium, if any, on the Securities at maturity, upon redemption or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>failure
by the Company for 30 days after receipt of notice (as specified below) to comply with the provisions described under Section&nbsp;2.04,
4.02, 4.03 or 5.01;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>failure
by the Company for 60 days after notice (as specified below) to comply with its other agreements in this Indenture or the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>commences
a voluntary case;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>consents
to the entry of an order for relief against it in an involuntary case in which it is the debtor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>consents
to the appointment of a custodian of it or for all or substantially all of its property; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>makes
a general assignment for the benefit of its creditors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>is
for relief against the Company or any Significant Subsidiary in an involuntary case in which it is the debtor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>appoints
a custodian of the Company or any Significant Subsidiary or for all or substantially all of its property; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>orders
the liquidation of the Company or any Significant Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and the order or decree contemplated in clause
(i), (ii)&nbsp;or (iii), remains unstayed and in effect for 60 consecutive days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Default under paragraph
(c)&nbsp;or (d)&nbsp;is not an Event of Default until the Trustee or the Holders of at least 25% in principal amount of the outstanding
Securities notify the Company of the Default and the Company does not cure such Default within the time specified after receipt of such
notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a &ldquo;Notice of Default&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that the last
day of the period referred to in paragraph (a), (c), (d), (e)&nbsp;or (f)&nbsp;of this Section&nbsp;6.01 is not a Business Day, then the
first Business Day following such day shall be deemed to be the last day of the period referred to in such clauses. Any &ldquo;day&rdquo;
will be deemed to end as of 11:59 p.m., New York City time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.02.
</FONT><U>Acceleration</U>. If an Event of Default with respect to any Series&nbsp;of Securities at the time outstanding (other than an
Event of Default with respect to the Company specified in paragraph (e)&nbsp;and (f)&nbsp;of Section&nbsp;6.01) occurs and is continuing,
the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities of that Series&nbsp;may declare the
unpaid principal of, (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms
of such Security) premium, if any, and accrued and unpaid interest on all the Securities of that Series&nbsp;to be due and payable by
notice in writing to the Company (and the Trustee, if given by the Holders) specifying the respective Event of Default and that it is
a &ldquo;notice of acceleration.&rdquo; Upon such a declaration, such amounts shall be due and payable immediately. If an Event of Default
with respect to the Company specified in paragraph (e)&nbsp;or (f)&nbsp;of Section&nbsp;6.01 occurs, the principal amount of (or, in the
case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any,
and accrued and unpaid interest on all the Securities of each Series&nbsp;of Security shall ipso facto become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any Holder. The Holders of a majority in principal amount of
the then outstanding Securities of any Series&nbsp;of Securities by written notice to the Trustee may rescind an acceleration and its
consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or
waived with respect to such Series&nbsp;of Securities (except nonpayment of the principal amount of (or, in the case of Original Issue
Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid
interest on all the Securities of that Series&nbsp;that has become due solely because of the acceleration).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.03.
</FONT><U>Other Remedies</U>. If an Event of Default with respect to any Series&nbsp;of Securities occurs and is continuing, the Trustee
may pursue any available remedy to collect the payment of the principal amount of (or, in the case of Original Issue Discount Securities
of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on all
the Securities of that Series&nbsp;or to enforce the performance of any provision of the Securities of that Series&nbsp;or this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee may maintain a
proceeding even if it does not possess any of the Securities of a Series&nbsp;or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default with respect to any Series&nbsp;of
Securities shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative
to the extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.04.
</FONT><U>Waiver of Past Defaults</U>. Holders of at least a majority in principal amount of the Securities of any Series&nbsp;(including
consents obtained in connection with a tender offer or exchange for Securities) by notice to the Trustee may on behalf of the Holders
of all of Securities of that Series&nbsp;waive an existing Default or Event of Default and its consequences hereunder, except a continuing
Default or Event of Default (i)&nbsp;in the payment of the principal amount of (or, in the case of Original Issue Discount Securities
of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on all
the Securities of that Series, or (ii)&nbsp;in respect of a covenant or provision which under this Indenture cannot be modified or amended
without the consent of each Holder affected by such modification or amendment. Upon any such waiver, such Default shall cease to exist,
and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver
shall extend to any subsequent or other Default or impair any right consequent thereon. The Company shall deliver to the Trustee an Officers&rsquo;
Certificate stating that the requisite percentage of Holders has consents to such waiver and shall attach copies of such consents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.05.
</FONT><U>Control By Majority</U>. Holders of a majority in principal amount of the then outstanding Securities of any Series&nbsp;may
direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust
or power conferred on it with respect to that Series. However, the Trustee may refuse to follow any direction that conflicts with law
or this Indenture or, that the Trustee determines may be prejudicial to the rights of any other Holder of Securities of that Series&nbsp;(<I>provided,
</I>that the Trustee shall not have an affirmative duty to determine whether any such direction is prejudicial to the rights of any Holder)
or that may involve the Trustee in personal liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.06.
</FONT><U>Limitation on Suits</U>. Except to enforce the right to receive payment of the principal amount of (or, in the case of Original
Issue Discount Securities, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest
on a Security of Series&nbsp;when due, no Holder of a Security of that Series&nbsp;may pursue any remedy with respect to this Indenture
or the Securities of that Series&nbsp;unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Holder previously gave to the Trustee written notice of a continuing Event of Default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Holders of at least 25% in aggregate principal amount of the then outstanding Securities of that Series&nbsp;have made a written request
to the Trustee to pursue the remedy;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
Holder or Holders of that Series&nbsp;has offered and provided to the Trustee indemnity satisfactory to the Trustee against any loss,
liability or expense;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee has not complied with the request within 60 days after receipt of the request and the offer and, if requested, the provision of
indemnity; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>during
such 60-day period the Holders of a majority in aggregate principal amount of the outstanding Securities of that Series&nbsp;have not
given the Trustee a direction inconsistent with the request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Holder of Securities of
any Series&nbsp;may not use this Indenture to prejudice the rights of another Holder of that Series&nbsp;or to obtain a preference or
priority over another Holder of that Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.07.
</FONT><U>Rights of Holders to Receive Payment</U>. Notwithstanding any other provision of this Indenture, the right of any Holder to
receive payment of the principal amount of (or, in the case of Original Issue Discount Securities, the portion thereby specified in the
terms of such Security), premium, if any, and accrued and unpaid interest on the Securities held by such Holder, on or after their Maturity,
or to bring suit for the enforcement of any such payment on or after their Maturity, shall not be impaired or affected without the consent
of such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.08.
</FONT><U>Collection Suit by Trustee</U>. If an Event of Default specified in Section&nbsp;6.01(a)&nbsp;or (b)&nbsp;occurs and is continuing,
the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company or any other obligor
under the Securities for the whole amount then due and, to the extent lawful, interest and such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.09.
</FONT><U>Trustee May&nbsp;File Proofs of Claim</U>. The Trustee is authorized to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee (including without limitation any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings
relative to the Company (or any other obligor under the Securities), its creditors or its property and shall be entitled and empowered
to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such
judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section&nbsp;7.07.
To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section&nbsp;7.07 hereof out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities
and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization
or arrangement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.10.
</FONT><U>Priorities</U>. If the Trustee or any Agent collects any money or property pursuant to this Article&nbsp;6 with respect to any
Series&nbsp;of Securities, it shall pay out the money or property in the following order:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">First: to the Trustee,
such Agent, their agents and attorneys for amounts due under Section&nbsp;7.07; Second: to the payment of all Senior Indebtedness if and
to the extent required by Article&nbsp;10 of this Indenture or other subordination provisions applicable with respect to a Series&nbsp;of
Securities; Third: to Holders for amounts due and unpaid on the Securities of that Series&nbsp;for the principal amount of (or, in the
case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any,
and accrued and unpaid interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the
Securities of that Series&nbsp;for the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the
portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest, respectively; and Fourth:
to the Company or to such party as a court of competent jurisdiction shall direct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee may fix a record
date and payment date for any payment to Holders pursuant to this Section&nbsp;6.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.11.
</FONT><U>Undertaking For Costs</U>. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys&rsquo; fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims
or defenses made by the party litigant. This Section&nbsp;6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to
Section&nbsp;6.07, or a suit by Holders of more than 10% in principal amount of the then outstanding Securities of any Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;7<BR>
TRUSTEE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.01.
</FONT><U>Duties of Trustee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
an Event of Default of which a Responsible Officer of the Trustee has actual knowledge has occurred and is continuing with respect to
any Series&nbsp;of Securities, 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 as a prudent person would exercise or use under the circumstances in the conduct of his or her
own affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
during the continuance of an Event of Default with respect to any Series&nbsp;of Securities of which a Responsible Officer of the Trustee
has actual knowledge or of which written notice shall have been given to the Trustee in accordance with the terms of this Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
duties of the Trustee shall be determined solely by the express provisions of this Indenture, with respect to the Securities of that Series,
as modified or supplemented by a Board Resolution, a supplemental indenture or an Officers&rsquo; Certificate, and the Trustee need perform
only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the absence of bad faith on its part, the Trustee may with respect to Securities of that Series, 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, with respect to certificates or opinions specifically required by any provision hereof
to be furnished to it, the Trustee shall examine the certificates and opinions to determine whether or not they conform on their face
to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct,
except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>this
paragraph does not limit the effect of paragraph (b)&nbsp;of this Section&nbsp;7.01;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section&nbsp;6.05 and the Trustee shall be entitled from time to time to request such direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b)&nbsp;and (c)&nbsp;of this Section&nbsp;7.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
anything to the contrary in this Indenture, no provision of this Indenture shall require the Trustee to expend or risk its own funds or
incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request
of any Holders, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability
or expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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 or other paper or documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.02.
</FONT><U>Rights of Trustee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee may conclusively rely on the truth of the statements and correctness of the opinions contained in, and shall be protected from
acting or refraining from acting upon, any document. The Trustee need not investigate any fact or matter stated in the 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 to examine the books, records and premises of the
Company, personally or by agent or attorney, to the extent reasonably required by such inquiry or investigation at the sole cost of the
Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Before
the Trustee acts or refrains from acting, it may require an Officers&rsquo; Certificate or an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers&rsquo; Certificate or Opinion
of Counsel. Prior to taking, suffering or admitting any action, the Trustee may consult with counsel of the Trustee&rsquo;s own choosing
and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect
of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee may act through its attorneys and agents and shall not be responsible for the misconduct, negligence or failure to act of any
attorney or agent appointed with due care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights
or powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed
by an Officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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 unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against
the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. In no event shall the Trustee
be liable or responsible for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including
but not limited to lost profits) for any action it takes or omits to take, even if the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall not be deemed to have notice of any Default or Event of Default with respect to Securities of any Series&nbsp;unless a Responsible
Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default or Event of
Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee from the Issuer or the Holders
of 25% in aggregate principal amount of the outstanding Securities of all series affected thereby, and such notice references the specific
Default or Event of Default, the Notes of such series and this Indenture</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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 as Registrar and Paying Agent, and each
Agent and other Person employed to act hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee may request that the Company deliver an Officers&rsquo; 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 Officer&rsquo;s Certificate may be signed by any Person
authorized to sign an Officers&rsquo; Certificate, including any Person specified as so authorized in any such certificate previously
delivered and not superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
any provision herein to the contrary, in no event shall the Trustee be liable for any failure or delay in the performance of its obligations
under this Indenture because of circumstances beyond its control, including, but not limited to, nuclear or natural catastrophes or acts
of God, flood, war (whether declared or undeclared), terrorism, fire, riot, strikes or work stoppages&nbsp;for any reason, embargo, government
action, including any laws, ordinances, regulations or the like which restrict or prohibit the providing of the services contemplated
by this Indenture, inability to obtain material, equipment, or communications or computer (software and hardware) facilities, or the failure
of equipment or interruption of utilities, communications or computer (software and hardware) facilities, and other causes beyond its
control whether or not of the same class or kind as specifically named above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
at any time Trustee is served with any judicial or administrative order, judgment, decree, writ or other form of judicial or administrative
process which in any way affects any property held by it hereunder (including, but not limited to, orders of attachment or garnishment
or other forms of levies or injunctions or stays relating to the transfer of any property), Trustee is authorized to comply therewith
in any manner as it or its legal counsel of its own choosing deems appropriate in good faith; and if Trustee complies with any such judicial
or administrative order, judgment, decree, writ or other form of judicial or administrative process, Trustee shall not be liable to any
of the parties hereto or to any other person or entity even though such order, judgment, decree, writ or process may be subsequently modified
or vacated or otherwise determined to have been without legal force or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
permissive rights of the Trustee shall not be construed as duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.03.
</FONT><U>Individual Rights of Trustee</U>. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities
and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However,
in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the Commission
for permission to continue as Trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to
Sections 7.10 and 7.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.04.
</FONT><U>Trustee&rsquo;s Disclaimer</U>. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy
of this Indenture or the Securities, it shall not be accountable for the Company&rsquo;s use of the proceeds from the Securities or any
money paid to the Company or upon the Company&rsquo;s direction under any provision of this Indenture, it shall not be responsible for
the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement
or recital herein or any statement in the Securities or any other document in connection with the sale of the Securities or pursuant to
this Indenture other than its certificate of authentication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.05.
</FONT><U>Notice of Defaults</U>. If a Default or Event of Default with respect to Securities of any Series&nbsp;occurs and is continuing
and if it is known to the Trustee, the Trustee shall send to Holders of that Series&nbsp;a notice of the Default or Event of Default within
the later of 90 days after it occurs or a Responsible Officer of the Trustee obtains actual knowledge of such Default or Event of Default.
Except in the case of a Default or Event of Default in payment on any Security pursuant to Section&nbsp;6.01(a)&nbsp;or (b), the Trustee
may withhold the notice if and so long as a Responsible Officer in good faith determines that withholding the notice is in the interests
of the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.06.
</FONT><U>Reports By Trustee to Holders</U>. Unless otherwise specified in the applicable Board Resolution, supplemental indenture or
Officers&rsquo; Certificate, within 60 days after each [ ] beginning with the [ ] following the date of this Indenture, and for so long
as Securities remain outstanding, the Trustee shall send to the Holders of the Securities a brief report dated as of such reporting date
that complies with TIA Section&nbsp;313(a)&nbsp;(but if no event described in TIA Section&nbsp;313(a)&nbsp;has occurred within the twelve
months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA Section&nbsp;313(b)(2). The
Trustee shall also send all reports as required by TIA Section&nbsp;313(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A copy of each report at the
time it is sent to the Holders shall be sent to the Company and filed with the Commission and each stock exchange on which the Company
has informed the Trustee in writing the Securities are listed in accordance with TIA Section&nbsp;313(d). The Company shall promptly notify
the Trustee in writing when the Securities are listed on any stock exchange and of any delisting thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.07.
</FONT><U>Compensation and Indemnity</U>. The Company shall pay to the Trustee from time to time reasonable compensation, as may be agreed
by the Company and the Trustee in writing, for its acceptance of this Indenture and services hereunder. To the extent lawful, the Trustee&rsquo;s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee
promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for
its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee&rsquo;s agents and counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall indemnify
the Trustee and hold it harmless against any and all losses, liabilities or expenses incurred by it arising out of or in connection with
the acceptance or administration of its duties under this Indenture, including the reasonable costs and expenses of enforcing this Indenture
against the Company or any other obligors under the Securities (including this Section&nbsp;7.07) and defending itself against any claim
(whether asserted by the Company or any Holder or any other person) or liability in connection with the exercise or performance of any
of its powers or duties hereunder except to the extent any such loss, liability or expense may be attributable to its gross negligence
or willful misconduct. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee
to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee
shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such
counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligations of the Company
under this Section&nbsp;7.07 constitute additional Indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture,
including without limitation any termination or rejection hereof under any Bankruptcy Law. The obligations of the Company under this Section&nbsp;7.07
shall not be subordinated to the payment of Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To secure the Company&rsquo;s
payment obligations in this Section&nbsp;7.07, the Trustee shall have a lien prior to the Securities on all money or property held or
collected by the Trustee, except that held in trust to pay principal, premium, if any, and interest on particular Securities. Such lien
shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. The Trustee&rsquo;s right
to receive payment of any amounts due under this Section&nbsp;7.07 shall not be subordinate to any other Company Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When the Trustee incurs expenses
or renders services after an Event of Default specified in Section&nbsp;6.01(e)&nbsp;or (f)&nbsp;occurs, the expenses and the compensation
for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under
any Bankruptcy Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall comply with
the provisions of TIA Section&nbsp;313(b)(2)&nbsp;to the extent applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.08.
</FONT><U>Replacement of Trustee</U>. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective
only upon the successor Trustee&rsquo;s acceptance of appointment as provided in this Section&nbsp;7.08.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee may resign in
writing at any time and be discharged from the trust hereby created with respect to the Securities of any Series&nbsp;by so notifying
the Company. The Holders of a majority in principal amount of the then outstanding Securities of any Series&nbsp;may remove the Trustee
with respect to such Series&nbsp;of Securities by so notifying the Trustee and the Company in writing. The Company may remove the Trustee
if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee fails to comply with Section&nbsp;7.10;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
Custodian or public officer takes charge of the Trustee or its property; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee becomes incapable of acting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Trustee resigns, is
removed by the Company or by the Holders of a majority in principal amount of the Securities of any Series&nbsp;and such Holders do not
reasonably promptly appoint a successor Trustee or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event
being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee with respect to the Securities
of such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a successor Trustee does
not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of
at least 10% in principal amount of Securities of that Series&nbsp;may petition any court of competent jurisdiction at the expense of
the Company for the appointment of a successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Trustee, after written
request by any Holder of a Security who has been a Holder of a Security for at least six months, fails to comply with Section&nbsp;7.10,
such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The successor Trustee shall
deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The successor Trustee shall send a notice of its succession to the Holders. The retiring Trustee shall promptly transfer all
property held by it as Trustee to the successor Trustee, provided that all sums owing to the Trustee hereunder have been paid and subject
to the lien provided for in Section&nbsp;7.07. Notwithstanding replacement of the Trustee pursuant to this Section&nbsp;7.08, the Company&rsquo;s
obligations under Section&nbsp;7.07 shall continue for the benefit of the retiring Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.09.
</FONT><U>Successor Trustee by Merger, Etc</U>. If the Trustee consolidates, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor
Trustee; provided, such corporation or association shall be otherwise eligible and qualified under this Article&nbsp;7 and shall notify
the Company of its successor hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.10.
</FONT><U>Eligibility; Disqualification</U>. There shall at all times be a Trustee hereunder that is a corporation organized and doing
business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate
trustee power, that is subject to supervision or examination by federal or state authorities and has a combined capital and surplus of
at least $50.0 million as set forth in its most recent published annual report of condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Indenture shall always
have a Trustee who satisfies the requirements of TIA Section&nbsp;310(a)(1), (2)&nbsp;and (5). The Trustee is subject to TIA Section&nbsp;310(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.11.
</FONT><U>Preferential Collection of Claims Against the Company</U>. The Trustee is subject to TIA Section&nbsp;311(a), excluding any
creditor relationship listed in TIA Section&nbsp;311(b). A Trustee who has resigned or been removed shall be subject to TIA Section&nbsp;311(a)&nbsp;to
the extent indicated therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;8<BR>
DISCHARGE; LEGAL DEFEASANCE AND COVENANT DEFEASANCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.01.
</FONT><U>Discharge; Option to Effect Legal Defeasance or Covenant Defeasance</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>When
(i)&nbsp;the Company has delivered to the Trustee all outstanding Securities of a Series&nbsp;(other than Securities replaced pursuant
to Section&nbsp;2.08) for cancellation or (ii)&nbsp;all Securities of a Series&nbsp;that have not been delivered to the Trustee for cancellation
(1)&nbsp;have become due and payable by reason of the sending of a notice of redemption or otherwise, (2)&nbsp;will become due and payable
at their Stated Maturity within one year or (3)&nbsp;are to be called for redemption within 12 months under arrangements reasonably satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the reasonable expense of the Company, and, in
case of (1), (2)&nbsp;and (3)&nbsp;above, the Company has irrevocably deposited with the Trustee in cash in United States dollars in trust
for such purpose funds sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee
for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the case of Securities which have become
due and payalbe0 or to the Stated Maturity or Redemption Date, as the case may be, together with instructions from the Issuer irrevocably
directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; and if in either the case
of (i)&nbsp;or (ii), (A)&nbsp;the Company pays all other sums payable hereunder by the Company, and (B)&nbsp;the Company has delivered
an Officers&rsquo; Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture with respect to such Securities have been complied with, then this Indenture shall
cease to be of further effect with respect to the Securities of such Series&nbsp;except as set out in Section&nbsp;8.01(b). The Trustee
shall acknowledge satisfaction and discharge of this Indenture with respect to such Securities upon the written request and at the cost
and expense of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
Section&nbsp;8.01(a), the Company&rsquo;s obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08 and 2.11 and the rights, powers,
trusts, duties and immunities of the Trustee, including without limitation, under Sections 7.07, 8.05 and 8.07, and the Company&rsquo;s
obligations in connection therewith, shall survive until the Securities of a Series&nbsp;have been paid in full. The rights of outstanding
Securities to receive solely from the trust funds described in Section&nbsp;8.05 payments in respect of principal of, premium, if any,
and interest on such Securities when such payments are due shall also survive until the Securities have been paid in full. Thereafter,
the Company&rsquo;s obligations in Sections 7.07 and 8.06 shall survive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company may, at the option of its Board of Directors evidenced by a Board Resolution set forth in an Officers&rsquo; Certificate, at any
time, elect to have all of its obligations discharged with respect to all outstanding Securities of any Series&nbsp;pursuant to Section&nbsp;8.02
or 8.03 and upon compliance with the conditions set forth below in this Article&nbsp;8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.02.
</FONT><U>Legal Defeasance and Discharge</U>. Upon the Company&rsquo;s exercise under Section&nbsp;8.01(c)&nbsp;of the option applicable
to this Section&nbsp;8.02, the Company shall, subject to the satisfaction of the conditions set forth in Section&nbsp;8.04, be deemed
to have been discharged from its obligations with respect to all outstanding Securities of that Series&nbsp;on the date the conditions
set forth below are satisfied (hereinafter, &ldquo;<B>Legal Defeasance</B>&rdquo;). For this purpose, Legal Defeasance means that the
Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Securities of that Series,
which shall thereafter be deemed to be &ldquo;outstanding&rdquo; only for the purposes of Section&nbsp;8.05 and the other Sections of
this Indenture referred to in (a)&nbsp;and (b)&nbsp;below, and to have satisfied all its other obligations under such Securities and this
Indenture (and the Trustee, upon the written request and at the expense of the Company, shall execute proper instruments acknowledging
the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
rights of Holders of outstanding Securities of that Series&nbsp;to receive solely from the trust fund described in Section&nbsp;8.04(a),
payments in respect of the principal of, premium, if any, and interest on such Securities of that Series&nbsp;when such payments are due;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company&rsquo;s obligations with respect to such Securities of that Series&nbsp;under Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08 and
2.11;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
rights, powers, trusts, duties and immunities of the Trustee, including without limitation, under Sections 7.07, 8.05 and 8.07, and the
Company&rsquo;s obligations in connection therewith; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
provisions of this Article&nbsp;8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to compliance with
this Article&nbsp;8, the Company may exercise its option under this Section&nbsp;8.02 notwithstanding the prior exercise of its option
under Section&nbsp;8.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.03.
</FONT><U>Covenant Defeasance</U>. Upon the Company&rsquo;s exercise under Section&nbsp;8.01(c)&nbsp;of the option applicable to this
Section&nbsp;8.03 with respect to the Securities of a Series, the Company shall, subject to the satisfaction of the conditions set forth
in Section&nbsp;8.04, be released from its obligations under the covenants contained in a Board Resolution, a supplemental indenture or
an Officers&rsquo; Certificate and Section&nbsp;5.01 with respect to the outstanding Securities of that Series&nbsp;on and after the date
the conditions set forth below are satisfied (hereinafter, &ldquo;<B>Covenant Defeasance</B>&rdquo;), and the Securities of that Series&nbsp;shall
thereafter be deemed not &ldquo;outstanding&rdquo; for the purposes of any direction, waiver, consent or declaration or act of Holders
(and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed &ldquo;outstanding&rdquo; for
all other purposes hereunder (it being understood that such Securities shall not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to the outstanding Securities of that Series, the Company and its Subsidiaries may
omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant
to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default
under Section&nbsp;6.01, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby.
In addition, upon the Company&rsquo;s exercise under Section&nbsp;8.01(c)&nbsp;of the option applicable to this Section&nbsp;8.03, subject
to the satisfaction of the conditions set forth in Section&nbsp;8.04, any event specified in Section&nbsp;6.01 (other than Section&nbsp;6.01(e)&nbsp;and
(f)) shall not constitute an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.04.
</FONT><U>Conditions to Legal or Covenant Defeasance</U>. The following shall be the conditions to the application of either Section&nbsp;8.02
or 8.03 to the outstanding Securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to exercise either
Legal Defeasance or Covenant Defeasance with respect to any Series&nbsp;of Securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of that Series&nbsp;of Securities, (i)&nbsp;cash
in United States dollars, (ii)&nbsp;non-callable Government Securities or (iii)&nbsp;a combination thereof, in such amounts as shall be
sufficient, in the opinion of a nationally recognized firm of independent public accountants to pay the principal of, premium, if any,
and interest on the outstanding Securities of such Series&nbsp;on the stated maturity or on the applicable redemption date, as the case
may be, and the Company must specify whether the Securities of such Series&nbsp;are being defeased to maturity or to a particular redemption
date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the case of an election under Section&nbsp;8.02, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States
reasonably acceptable to the Trustee confirming that (i)&nbsp;the Company has received from, or there has been published by, the Internal
Revenue Service a ruling or (ii)&nbsp;since the date hereof, there has been a change in the applicable federal income tax law, in either
case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Securities of such
Series&nbsp;shall not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and shall be
subject to federal income tax on the same amounts, in the same manner and at the same time as would have been the case if such Legal Defeasance
had not occurred;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the case of an election under Section&nbsp;8.03, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States
reasonably acceptable to the Trustee confirming that the Holders of the outstanding Securities of such Series&nbsp;shall not recognize
income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and shall 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>no
Default or Event of Default with respect to that Series&nbsp;of Securities shall have occurred and be continuing on the date of such deposit
(other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) or insofar as Sections
6.01(e)&nbsp;and (f)&nbsp;are concerned, at any time in the period ending on the 91st day after the date of deposit (it being understood
that this condition shall not be deemed satisfied until the expiration of such period);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any material agreement
or instrument (other than this Indenture) to which the Company is a party or by which the Company is bound;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that after the 91st day following the deposit, the trust
funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo;
rights generally;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company shall have delivered to the Trustee an Officers&rsquo; Certificate stating that the deposit was not made by the Company with the
intent of preferring the Holders over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding
any other creditors of the Company or others; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company shall have delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the Legal Defeasance or the Covenant Defeasance have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.05.
</FONT><U>Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions</U>. Subject to Section&nbsp;8.06,
all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section&nbsp;8.05, the &ldquo;<B>Trustee</B>&rdquo;) pursuant to Section&nbsp;8.04 in respect of the
outstanding Securities of that Series&nbsp;shall be held in trust and applied by the Trustee, in accordance with the provisions of such
Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent)
as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal, premium,
if any, and interest but such money need not be segregated from other funds except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities
deposited pursuant to Section&nbsp;8.04 or the principal and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Securities of that Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Anything in this Article&nbsp;8
to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the written request of the Company,
and be relieved of all liability with respect to, any money or non-callable Government Securities held by it as provided in Section&nbsp;8.04
which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee (which may be the opinion delivered under Section&nbsp;8.04(a)), are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.06.
</FONT><U>Repayment to the Company</U>. Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust
for the payment of the principal of, premium, if any, and interest on any Security and remaining unclaimed for one year after such principal,
and premium, if any, or interest, has become due and payable shall be paid to the Company on its written request or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Security 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 trust money, 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 the New York Times and The Wall
Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not
be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid
to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.07.
</FONT><U>Reinstatement</U>. If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable Government Securities
in accordance with Section&nbsp;8.02 or 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the obligations of the Company under this Indenture, and the Securities
shall be revived and reinstated as though no deposit had occurred pursuant to Section&nbsp;8.02 or 8.03 until such time as the Trustee
or Paying Agent is permitted to apply all such money in accordance with Section&nbsp;8.02 or 8.03, as the case may be; provided, however,
that, if the Company makes any payment of principal of, premium, if any, or interest on any Security following the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money held
by the Trustee or Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;9<BR>
AMENDMENT, SUPPLEMENT AND WAIVER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.01.
</FONT><U>Without Consent of Holders</U>. Without the consent of any Holder, the Company and the Trustee may amend or supplement this
Indenture or the Securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
evidence the succession of another Person to the Company pursuant to Article&nbsp;5 and the assumption by such successor of the Company&rsquo;s
covenants, agreements and obligations in this Indenture and in the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
surrender any right or power conferred upon the Company by this Indenture, to add to the covenants of the Company such further covenants,
restrictions, conditions or provisions for the protection of the Holders of all or any Series&nbsp;of Securities as the Board of Directors
of the Company shall consider to be for the protection of the Holders of such Securities, and to make the occurrence, or the occurrence
and continuance, of a default in respect of any such additional covenants, restrictions, conditions or provisions a Default or an Event
of Default under this Indenture; provided, however, that with respect to any such additional covenant, restriction, condition or provision,
such amendment may provide for a period of grace after default, which may be shorter or longer than that allowed in the case of other
Defaults, may provide for an immediate enforcement upon such Default, may limit the remedies available to the Trustee upon such Default
or may limit the right of Holders of a majority in aggregate principal amount of the Securities of any Series&nbsp;to waive such default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
cure any ambiguity or correct or supplement any provision contained in this Indenture, in any supplemental indenture or in any Securities
that may be defective or inconsistent with any other provision contained therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
convey, transfer, assign, mortgage or pledge any property to or with the Trustee, or to make such other provisions in regard to matters
or questions arising under this Indenture as shall not adversely affect the interests of any Holders of Securities of any Series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
modify or amend this Indenture in such a manner as to permit the qualification of this Indenture or any supplemental indenture hereto
under the TIA as then in effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
change or eliminate any restrictions on the payment of principal or premium with respect to Securities in registered form, so as to not
adversely affect the interests of the Holders or any coupons of any Series&nbsp;in any material respect or permit or facilitate the issuance
of Securities of any Series&nbsp;in uncertificated form;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the case of subordinated Securities, to make any change in the provisions of this Indenture or any supplemental indenture relating to
subordination that would limit or terminate the benefits available to any holder of Senior Indebtedness (as defined in the applicable
Board Resolution, supplemental indenture hereto or Officers&rsquo; Certificate related to such Series&nbsp;of Subordinated Securities)
under such provisions (but only if each such holder of Senior Indebtedness under such provisions consents to such change);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
add guarantees with respect to the Securities or to secure the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
make any change that does not adversely affect the rights of any Holder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
add to, change or eliminate any of the provisions of this Indenture with respect to one or more Series&nbsp;of Securities, so long as
any such addition, change or elimination not otherwise permitted under this Indenture shall (x)&nbsp;neither apply to any Security of
any Series&nbsp;created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor modify
the rights of the Holders of any such Security with respect to the benefit of such provision or (y)&nbsp;become effective only when there
is no such Security outstanding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
conform the text of this Indenture to any provision of this description of debt securities or any description of debt securities contained
in the prospectus supplement to the extent that such provision was intended to be a verbatim recitation of the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
evidence and provide for the acceptance of appointment by a successor or separate Trustee with respect to the Securities of one or more
Series&nbsp;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 this Indenture by more than one Trustee; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
establish the form or terms of Securities and coupons of any Series&nbsp;pursuant to Article&nbsp;2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the request of the Company
accompanied by Board Resolution authorizing the execution of any such amended or supplemental Indenture, and upon receipt by the Trustee
of the documents described in Section&nbsp;9.06, the Trustee shall join with the Company in the execution of any amended or supplemental
Indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that
may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental Indenture that affects its
own rights, duties or immunities under this Indenture or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.02.
</FONT><U>With Consent of Holders of Securities</U>. The Company and the Trustee may amend or supplement this Indenture or the Securities
of any Series&nbsp;with the consent of the Holders of at least a majority in principal amount of the Securities of such Series&nbsp;then
outstanding voting as a single class (including consents obtained in connection with a tender offer or exchange offer for Securities),
and, subject to Sections 6.02, 6.04 and 6.07, any existing Default or Event of Default (other than a Default or Event of Default in the
payment of the principal of, premium, if any, or interest on the Securities (except a payment default resulting from an acceleration that
has been rescinded)) or compliance with any provision of this Indenture or the Securities of any Series&nbsp;may be waived with the consent
of the Holders of a majority in principal amount of the then outstanding Securities of such Series&nbsp;voting as a single class (including
consents obtained in connection with or a tender offer or exchange offer for the Securities).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the request of the Company
accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon the filing with the
Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Securities as aforesaid, and upon receipt by the Trustee
of the documents described in Section&nbsp;9.06, the Trustee shall join with the Company in the execution of such amended or supplemental
Indenture unless such amended or supplemental indenture affects the Trustee&rsquo;s own rights, duties or immunities under this Indenture
or otherwise, in which case the Trustee may, but shall not be obligated to, enter into such amended or supplemental indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It shall not be necessary
for the consent of the Holders of Securities under this Section&nbsp;9.02 to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After an amendment, supplement
or waiver under this Section&nbsp;9.02 becomes effective, the Company shall mail to the Holders of Securities affected thereby a notice
briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such amended or supplemental Indenture or waiver. However, without the consent
of the Holders of all of the affected Securities, an amendment, supplement or waiver may not (with respect to any Security of any Series&nbsp;held
by a non-consenting Holder):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>reduce
the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>reduce
the principal amount of or extend the Stated Maturity of any Security, or alter the provisions with respect to the redemption of the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>reduce
the rate of or extend the time for payment of interest on any Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>waive
a Default or Event of Default in the payment of principal of or premium, if any, or interest on the Securities (except a rescission of
acceleration of the Securities by the Holders of at least a majority in aggregate principal amount of the Securities then outstanding
and a waiver of the payment default that resulted from such acceleration);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>make
any Security payable in money other than that stated in the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>make
any change in Section&nbsp;6.04 or 6.07;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>waive
a redemption payment with respect to any Security; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>make
any change in the foregoing amendment and waiver provisions of this Article&nbsp;9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, any amendment to
the provisions of Article&nbsp;10 of this Indenture with respect to any Series&nbsp;of Securities shall require the consent of the Holders
of at least 75% in aggregate amount of Securities of such Series&nbsp;then outstanding (including consents obtained in connection with
a tender offer or exchange for such Securities, if such amendment would adversely affect the rights of the Holders of the Securities of
such Series).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.03.
</FONT><U>Compliance with Trust Indenture Act</U>. Every amendment or supplement to this Indenture or the Securities shall comply with
the TIA as then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.04.
</FONT><U>Revocation and Effect of Consents and Waivers</U>. A consent to an amendment or a waiver by a Holder of a Security shall bind
the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same debt as the consenting Holder&rsquo;s
Security, even if notation of the consent or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke
the consent or waiver as to such Holder&rsquo;s Security or portion of the Security if the Trustee receives the notice of revocation before
the date the amendment or waiver becomes effective. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment
or waiver becomes effective once both (i)&nbsp;the requisite number of consents have been received by the Company or the Trustee and (ii)&nbsp;such
amendment or waiver has been executed by the Company and the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may, but shall
not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action
described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately
preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall
be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue
to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.05.
</FONT><U>Notation on or Exchange of Securities</U>. The Trustee may place an appropriate notation about an amendment, supplement or waiver
on any Security thereafter authenticated. The Company in exchange for all Securities may issue and the Trustee <U>upon receipt of a Company
Order</U> shall authenticate new Securities that reflect the amendment, supplement or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Failure to make the appropriate
notation or issue a new Security shall not affect the validity and effect of such amendment, supplement or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.06.
</FONT><U>Trustee to Sign Amendments, Etc</U>. The Trustee shall sign any amended or supplemental Indenture authorized pursuant to this
Article&nbsp;9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee.
The Company may not sign an amendment or supplemental Indenture until the Board of Directors approves it. In executing any amended or
supplemental indenture the Trustee shall be entitled to receive and (subject to Section&nbsp;7.01) shall be fully protected in relying
upon, in addition to the documents required by Section&nbsp;10.04, an Officers&rsquo; Certificate and an Opinion of Counsel stating that
the execution of such amended or supplemental indenture is authorized or permitted by this Indenture, that it is not inconsistent herewith,
that it has been duly authorized, executed and delivered by the Company and any Guarantor and that it will be valid and binding upon the
Company and any Guarantor in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;10<BR>
SUBORDINATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.01.
</FONT><U>Securities Subordinated to Senior Indebtedness</U>. The Company covenants and agrees, and each Holder of Securities by such
Holder&rsquo;s acceptance thereof, likewise covenants and agrees, that the indebtedness evidenced by the Securities and the payment of
the principal of, premium, if any and interest on each and all of the 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 Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Anything in this Indenture or in the Securities
to the contrary notwithstanding, the indebtedness evidenced by the Securities shall be subordinate and junior in right of payment, to
the extent and in the manner hereinafter set forth, to all Senior Indebtedness. Senior Indebtedness shall continue to be Senior Indebtedness
and entitled to the benefits of these subordination provisions irrespective of any amendment, modification or waiver of any term of Senior
Indebtedness or extension or renewal of Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event the Company shall default in the payment of any Senior Indebtedness when the same becomes due and payable, whether at maturity
or on a date fixed for prepayment or by declaration or otherwise, then, unless and until such default shall have been cured or waived
or shall have ceased to exist, no direct or indirect payment (in cash, property or securities or by set-off or otherwise), except payments
or distributions made by the Trustee as permitted by Section&nbsp;10.03, shall be made or agreed to be made on account of the principal
of, premium, if any, or interest on the Securities, or as a sinking fund for the Securities, or in respect of any redemption, retirement,
purchase or other acquisition of any of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
the happening of an event of default with respect to any Senior Indebtedness, permitting the holders thereof to accelerate the maturity
thereof (other than under circumstances when the terms of Section&nbsp;10.01(a)&nbsp;are applicable), then, unless and until such event
of default shall have been cured or waived or shall have ceased to exist, no direct or indirect payment (in cash, property or securities
or by set-off or otherwise), except payments or distributions made by the Trustee as permitted by Section&nbsp;10.03, shall be made or
agreed to be made on account of the principal of, or premium, if any, or interest on the Securities, or as a sinking fund for the Securities,
or in respect of any redemption, retirement, purchase or other acquisition of any of the Securities, during any period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>of
90 days after written notice of such default shall have been given to the Company by any holder of Senior Indebtedness; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
which any judicial proceeding shall be pending in respect of such event of default and a notice of acceleration of the maturity of such
Senior Indebtedness shall have been transmitted to the Company in respect of such event of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment, composition or other similar proceeding relating to the
Company, its creditors or its property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
proceeding for the liquidation, dissolution or other winding-up of the Company, voluntary or involuntary, whether or not involving insolvency
or bankruptcy proceedings;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
assignment by the Company for the benefit of creditors; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
other marshalling of the assets of the Company,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">all Senior Indebtedness (including any interest
accruing after the commencement of such proceedings) shall first be paid in full before any payment or distribution, whether in cash,
securities or other property, shall be made to any Holder of Securities on account of the Securities. Any payment or distribution, whether
in cash, securities or other property (other than securities of the Company or any other corporation provided for by a plan of reorganization
or readjustment the payment of which is subordinate, at least to the extent provided in this Article&nbsp;10 with respect to the Securities,
to the payment of all Senior Indebtedness at the time outstanding and to any securities issued in respect thereof under any such plan
of reorganization or readjustment), which would otherwise (but for the provisions of this Article&nbsp;10) be payable or deliverable in
respect of the Securities shall be paid or delivered directly to the holders of Senior Indebtedness in accordance with the priorities
then existing among such holders until all Senior Indebtedness (including any interest thereon accruing after the commencement of any
such proceedings) shall have been paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event that any Security shall be declared due and payable pursuant to Section&nbsp;6.01 as the result of the occurrence of any one
or more Events of Default in respect thereof, under circumstances when the terms of Section&nbsp;10.01(c)&nbsp;are not applicable, no
payment shall be made in respect of any Securities unless and until all Senior Indebtedness shall have been paid in full or such declaration
and its consequences shall have been rescinded in accordance with this Indenture and all such Events of Default shall have been cured
or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
any payment or distribution of any character or any security, whether in cash, securities or other property (other than securities of
the Company or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate, at
least to the extent provided in the provisions of this Article&nbsp;10 with respect to the Securities, to the payment of all Senior Indebtedness
at the time outstanding and to any securities issued in respect thereof under any such plan or reorganization or readjustment), shall
be received by any Holder of Securities in contravention of any terms hereof and before all the Senior Indebtedness shall have been paid
in full, such payment or distribution or security shall be received in trust for the benefit of, and shall be paid over or delivered and
transferred to, the holders of the Senior Indebtedness at the time outstanding, in accordance with the priorities then existing among
such holders for application to the payment of all Senior Indebtedness remaining unpaid, or, if applicable, to any trustee in bankruptcy,
receiver, liquidating trustee, custodian, assignee, agent or other Person making payment or distribution of assets of the Company, to
the extent necessary to pay all such Senior Indebtedness in full. In the event of the failure of any Holder of Securities to endorse or
assign any such payment, distribution or security, each holder of Senior Indebtedness is hereby irrevocably authorized to endorse or assign
the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Nothing
contained herein shall impair, as between the Company and the Holder of any Securities, the obligation of the Company to pay to the Holder
thereof the principal thereof and interest thereon as and when the same shall become due and payable in accordance with the terms of such
Security, or prevent the Holder of any Securities or the Trustee from exercising all rights, powers and remedies otherwise permitted by
applicable law or pursuant to the terms of this Indenture and the Security, upon a default or Event of Default under this Indenture, all
subject to the rights of the holders of the Senior Indebtedness to receive cash, securities or other property otherwise payable or deliverable
to the Holders of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Senior
Indebtedness shall not be deemed to have been paid in full unless the holders thereof shall have received cash equal to the amount of
such Senior Indebtedness then outstanding. Upon the payment in full of all Senior Indebtedness, the Holders of Securities shall be subrogated
to all rights of any holders of Senior Indebtedness to receive any further payments or distributions applicable to the Senior Indebtedness
until all amounts owing on the Securities shall have been paid in full, and such payments or distributions received by the holders of
the Securities by reason of such subrogation, of cash, securities or other property which otherwise would be paid or distributed to the
holders of Senior Indebtedness, shall, as between the Company and its creditors other than the holders of Senior Indebtedness, on the
one hand, and the Holders of Securities, on the other hand, be deemed to be a payment by the Company on account of Senior Indebtedness
and not on account of Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall give prompt written notice to
the Trustee of any insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment, composition or other similar proceeding
relating to the Company within the meaning of this Section&nbsp;10.01. Upon any payment or distribution of assets of the Company referred
to in this Article&nbsp;10, the Trustee, subject to the provisions of Section&nbsp;7.01, and the Holders of Securities shall be entitled
to conclusively rely upon a certificate of the trustee in bankruptcy, receiver, assignee for the benefit of creditors or other liquidating
agent making such payment or distribution, delivered to the Trustee or to the Holders of Securities, or upon an order or decree made by
any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment, composition
or other similar proceedings are pending, for the purpose of ascertaining the person entitled to participate in such distribution, the
holders of the 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&nbsp;10. In the absence of any such bankruptcy trustee,
receiver, assignee, or other Person, the Trustee shall be entitled to conclusively rely upon a written notice by a Person representing
itself, himself or herself to be a holder of Senior Indebtedness (or a trustee or representative on behalf of such holder) as evidence
that such Person is a holder of such Senior Indebtedness (or is such a trustee or representative), the amount of or payable on and the
amount or amounts paid or distributed on such Senior Indebtedness or other indebtedness, and all other facts pertinent to such Senior
Indebtedness or other indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Section&nbsp;10.01, 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, as to the extent to which such person is entitled
to participate in such payment or distribution, and as to other facts pertinent to the rights of such person under this Section&nbsp;10.01,
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rights of holders of Senior Indebtedness hereunder
shall not extend or apply to any payment or distribution, whether in cash, securities or other property, to the extent applied to the
Trustee&rsquo;s rights to or claims for compensation, reimbursement of expenses, liabilities or indemnification under Section&nbsp;7.07
of the Indenture or otherwise. This Section&nbsp;10.01 shall be subject to the further provisions of Section&nbsp;10.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.02.
</FONT><U>Effectuation of Subordination by Trustee</U>. Each Holder of Securities, by such Holder&rsquo;s acceptance thereof, authorizes
and directs the Trustee in his behalf to take such action as may be necessary or appropriate to effectuate, as between the Holders of
the Securities and the holders of Senior Indebtedness, the subordination provided in this Article&nbsp;10 and appoints the Trustee his
attorney-in-fact for any and all such purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.03.
</FONT><U>Knowledge of Trustee</U>. Nothing contained in this Article&nbsp;10 or elsewhere in this Indenture, shall (a)&nbsp;prevent the
Company from setting aside in trust or depositing with the Trustee or any Paying Agent, at any time, except during the pendency of any
of the proceedings or upon the happening or continuance of any of the events referred to in Section&nbsp;10.01, moneys for the payment
of principal of, or premium, if any, or interest on, the Securities, or (b)&nbsp;prevent the application by the Trustee or Paying Agent
of any moneys deposited with it hereunder at any time by or on behalf of the Company to the payment of or on account of the principal
of, or the premium, if any, or interest on the Securities, if a Responsible Officer of the Trustee or the Paying Agent, as the case may
be, did not receive the written notice provided for in this Section&nbsp;of any event prohibiting such application at least three (3)&nbsp;Business
Days prior to the date of such application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall give prompt written notice to
the Trustee in the form of an Officers&rsquo; Certificate of any fact known to the Company that would prohibit the making of any payment
to or by the Trustee in respect of the Securities pursuant to this Article&nbsp;10. Notwithstanding the provisions of this Article&nbsp;or
any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any Senior Indebtedness or
of any default or event of default with respect to any Senior Indebtedness or any fact or facts which would prohibit the making of any
payment of moneys to or by the Trustee, or the taking of any other action by the Trustee, and shall be entitled conclusively to assume
that no such facts exist, unless and until a Responsible Officer of the Trustee shall have received written notice thereof in the form
of an Officers&rsquo; Certificate from the Company, from the Holder of such Securities, or from the holder or representative of any class
of Senior Indebtedness who shall have been certified by the Company or otherwise established to the reasonable satisfaction of the Trustee
to be such holder or representative or from the trustee under any indenture pursuant to which Senior Indebtedness shall be outstanding;
provided, however, that if the Trustee shall not have received the written notice provided for in this Section&nbsp;at least three (3)&nbsp;Business
Days prior to the date upon which by the terms hereof any money may become payable for any purpose (including, without limitation, the
payment of the principal of or interest on any Security) then, anything herein contained to the contrary notwithstanding, the Trustee
shall have all power and authority to receive such money and to apply the same to the purpose for which such money was received and shall
not be affected by any notice to the contrary which may be received by it during or after such three (3)&nbsp;Business Day period. Notwithstanding
anything in this Article&nbsp;10 to the contrary, nothing shall prevent any payment by the Trustee to the Holders of monies deposited
with it pursuant to Section&nbsp;8.01(a), and any such payment shall not be subject to the provisions of Section&nbsp;10.01 or 10.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.04.
</FONT><U>Trustee&rsquo;s Relation to Senior Indebtedness</U>. The Trustee shall be entitled to all rights set forth in this Article&nbsp;10
with respect to any Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing
in Section&nbsp;7.11 or elsewhere in this Indenture shall deprive the Trustee of any of its rights as such holder. Nothing in this Article&nbsp;10
shall subordinate to Senior Indebtedness the claims of, or payments to, the Trustee under or pursuant to Section&nbsp;7.07, or otherwise
in connection with any compensation, reimbursement or indemnification afforded the Trustee in connection with this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to the holders of Senior Indebtedness,
the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Article&nbsp;10
and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into this Indenture against the
Trustee and the Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and shall not be liable to
any holder of Senior Indebtedness if it shall pay over or deliver to Holders, the Company or any other Person monies or assets to which
any holder of Senior Indebtedness shall be entitled by virtue of this Article&nbsp;or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.05.
</FONT><U>Rights of Holders of Senior Indebtedness Not Impaired</U>. No right of any present or future holder of any Senior Indebtedness
to enforce the subordination herein shall at any time or in any way be prejudiced or impaired by any act or failure to act on the part
of the Company or by any non-compliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge
thereof any such holder may have or be otherwise charged with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;11<BR>
NOTE GUARANTEES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.01.
</FONT><U>Guarantee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Subject
to this Article&nbsp;11, the Guarantor hereby unconditionally guarantees to each Holder of Securities issued by Icahn Enterprises Finance,
authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability
of this Indenture, the Securities or the obligations of the Company hereunder or thereunder, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
principal of, premium and liquidated damages, if any, and interest on, the Notes will be promptly paid in full when due, whether at maturity,
by acceleration, redemption or otherwise, and interest on the overdue principal of premium on, if any and interest on the Notes, if any,
if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full
or performed, all in accordance with the terms hereof and thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
case of any extension of time of payment or renewal of any Securities or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Failing payment when due of
any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantor will pay the same immediately. The Guarantor
agrees that this is a guarantee of payment and not a guarantee of collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Guarantor hereby agrees that its obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of
the Securities or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Securities
with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or
any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. The Guarantor hereby
waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company,
any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Guarantee
will not be discharged except by complete performance of the obligations contained in the Securities and this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantor or any custodian, trustee, liquidator
or other similar official acting in relation to either the Company or the Guarantor, any amount paid by either to the Trustee or such
Holder, this Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed
hereby until payment in full of all obligations guaranteed hereby. The Guarantor further agrees that, as between the Guarantor, on the
one hand, and the Holders and the Trustee, on the other hand, (1)&nbsp;the maturity of the obligations guaranteed hereby may be accelerated
as provided in Article&nbsp;6 hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby, and (2)&nbsp;in the event of any declaration of acceleration of such
obligations as provided in Article&nbsp;6 hereof, such obligations (whether or not due and payable) will forthwith become due and payable
by the Guarantor for the purpose of this Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.02.
</FONT><U>Limitation on Guarantor Liability</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Guarantor, and by its acceptance of Securities,
each Holder, hereby confirms that it is the intention of all such parties that the Guarantee not constitute a fraudulent transfer or conveyance
for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state
law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantor hereby
irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such
maximum amount and all other contingent and fixed liabilities of the Guarantor that are relevant under such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.03.
</FONT><U>Execution and Delivery of Guarantee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To evidence its Guarantee set forth in Section&nbsp;11.01
hereof, the Guarantor hereby agrees that a notation of such Note Guarantee will be endorsed by an Officer of the Guarantor on each Security
authenticated and delivered by the Trustee and that this Indenture will be executed on behalf of the Guarantor by one of its Officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Guarantor hereby agrees that its Guarantee
set forth in Section&nbsp;11.01 hereof will remain in full force and effect notwithstanding any failure to endorse on the Securities a
notation of such Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an Officer whose signature
is on this Indenture or on the Guarantee no longer holds that office at the time the Trustee authenticates the Securities on which a Guarantee
is endorsed, the Guarantee will be valid nevertheless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The delivery of any Securities
by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Guarantee set forth in this Indenture
on behalf of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;12<BR>
MISCELLANEOUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.01.
</FONT><U>Trust Indenture Act Controls</U>. If any provision of this Indenture limits, qualifies or conflicts with the duties imposed
by TIA Section&nbsp;318(c), the imposed duties shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.02.
</FONT><U>Notices</U>. Any notice or communication by the Company, any Guarantor or the Trustee to others is duly given if in writing
and delivered in person or mailed by first class mail (registered or certified, return receipt requested), facsimile transmission, electronic
mail in .pdf format, or by overnight air courier guaranteeing next day delivery, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 80%; padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to the Company or the Guarantor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Icahn Enterprises L.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Icahn Enterprises Finance Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16690 Collins Avenue, PH-1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sunny Isles Beach, Florida 33160</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: Jesse Lynn, General Counsel</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With a copy to:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proskauer Rose LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD>1001 Pennsylvania Avenue, NW, Suite&nbsp;600 South </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD>Washington DC 20004-2533</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: Louis Rambo,&nbsp;Esq.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">If to the Trustee:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD>Wilmington Trust, National Association</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50 South Sixth Street, Suite&nbsp;1290</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minneapolis, MN 55402</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD>Telecopier No.: (612) 217-5651 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD>Attention: Corporate Trust Administration</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD>With a copy to: </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD> Alston&nbsp;&amp; Bird LLP</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD>1120 South Tryon Street, Suite&nbsp;300</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD>Charlotte, North Carolina 28203-6818</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD> Facsimile No.: ****</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD>Attention: ****</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, the Guarantor
or the Trustee, by notice to the other may designate additional or different addresses for subsequent notices or communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile or
electronic mail in .pdf format; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing
next day delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any notice or communication
to a Holder shall be sent electronically or mailed by first class mail, certified or registered, return receipt requested, or by overnight
air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar or in accordance with the applicable
procedures of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any notice or communication
will also be mailed by the Trustee to any Person described in TIA &sect;313(c), to the extent required by the TIA. Failure to mail or
deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a
notice or communication is mailed or delivered in the manner provided above within the time prescribed, it is duly given, whether or not
the addressee receives it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company mails or delivers
a notice or communication to Holders, it shall mail or send electronically a copy to the Trustee and each Agent at the same time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.03.
</FONT><U>Communication by Holders of Securities with Other Holders of Securities</U>. Holders may communicate pursuant to TIA Section&nbsp;312(b)&nbsp;with
other Holders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and anyone
else shall have the protection of TIA Section&nbsp;312(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.04.
</FONT><U>Certificate and Opinion as to Conditions Precedent</U>. Upon any request or application by the Company to the Trustee to take
any action under this Indenture, the Company shall furnish to the Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
Officers&rsquo; Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers,
all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such
conditions precedent and covenants have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.05.
</FONT><U>Statements Required in Certificate or Opinion</U>. Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
statement that the Person making such certificate or opinion has read such covenant or condition;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him to express
an informed opinion as to whether or not such covenant or condition has been satisfied; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
statement as to whether or not, in the opinion of such person, such condition or covenant has been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.06.
</FONT><U>Rules&nbsp;by Trustee, Paying Agent and Registrar</U>. The Trustee may make reasonable rules&nbsp;for action by or at a meeting
of Holders. The Registrar or Paying Agent may make reasonable rules&nbsp;and set reasonable requirements for its functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.07.
</FONT><U>No Personal Liability of Directors, Officers, Employees and Stockholders</U>. 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 this Indenture
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting
a Security waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.08.
</FONT><U>GOVERNING LAW; JURISDICTION; WAIVER OF TRIAL BY JURY</U>. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED
TO CONSTRUE THIS INDENTURE, THE SECURITIES AND THE GUARANTEE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. THE PARTIES HERETO HEREBY IRREVOCABLY (I)&nbsp;SUBMIT
TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, (II)&nbsp;WAIVE
ANY OBLIGATION TO LAYING OF VENUE IN SUCH ACTION OR PROCEEDING IN SUCH COURTS, AND (III)&nbsp;WAIVE ANY OBJECTION THAT SUCH COURTS ARE
AN INCONVENIENT FORUM OR DO NOT HAVE JURISDICTION OVER ANY OTHER PARTY. EACH OF THE PARTIES HERETO HEREBY (AND THE HOLDERS BY THEIR ACCEPTANCE
OF THE NOTES THEREBY) WAIVES THE RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR
IN CONNECTION WITH THIS INDENTURE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.09.
</FONT><U>No Adverse Interpretation of Other Agreements</U>. This Indenture may not be used to interpret any other indenture, loan or
debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.10.
</FONT><U>Successors</U>. All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements
of the Trustee in this Indenture shall bind its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.11.
</FONT><U>Severability</U>. In case any provision in this Indenture or in the Securities or the Guarantee 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.12.
</FONT><U>Counterpart Originals</U>. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.13.
</FONT><U>Table of Contents, Headings, Etc</U>. The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections
of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in
no way modify or restrict any of the terms or provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signatures on following page]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SIGNATURES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated as of _______</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICAHN ENTERPRISES L.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 47%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Icahn Enterprises G.P.,&nbsp;Inc.,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">its general partner</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICAHN ENTERPRISES FINANCE CORP.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WILMINGTON TRUST, NATIONAL ASSOCIATION, as TRUSTEE</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>tm2521625d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 25%; padding: 0.5pt; font-size: 10pt"><IMG SRC="tm2521625d2_ex5-1img001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 75%; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proskauer Rose LLP Eleven Times Square New York, NY 10036-8299</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;4, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Icahn Enterprises L.P.<BR>
Icahn Enterprises Finance Corp.<BR>
16690 Collins Avenue, PH-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sunny Isles Beach, FL 33160</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as counsel to
Icahn Enterprises L.P., a Delaware limited partnership (&ldquo;Icahn Enterprises,&rdquo; or the &ldquo;Partnership&rdquo;) and Icahn Enterprises
Finance Corp., a Delaware corporation (&ldquo;Icahn Enterprises Finance&rdquo;), with respect to the preparation and filing of a Registration
Statement on Form&nbsp;S-3 filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on August&nbsp;4, 2025 (the
 &ldquo;Registration Statement&rdquo;), in connection with the offer and sale from time to time by Icahn Enterprises of (i)&nbsp;depositary
units representing limited partner interests in the Partnership (&ldquo;Depositary Units&rdquo;) having an aggregate offering amount of
up to $412,611,563 (the &ldquo;Sales Agreement Depositary Units&rdquo;) pursuant to the Open Market Sale Agreements (as defined below)
in one or more transactions deemed to be &ldquo;at the market&rdquo; offerings under Rule&nbsp;415 of the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;), and (ii)&nbsp;pursuant to Rule&nbsp;415, of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Depositary
Units;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;preferred
units of Icahn Enterprises having rights senior to the Depositary Units (the &ldquo;Preferred Units&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;debt
securities, which may be co-issued by Icahn Enterprises Finance, and which may be either senior debt securities or subordinated debt securities
(the &ldquo;Debt Securities&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
guarantee by Icahn Enterprises (the &ldquo;IEP Guarantee&rdquo;) with respect to any Debt Securities issued by Icahn Enterprises Finance;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;warrants
to purchase Depositary Units, Preferred Units or Debt Securities evidenced by warrant certificates independently or together with any
securities offered by a prospectus supplement (the &ldquo;Warrants&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;rights
to purchase Depositary Units, Preferred Units or Debt Securities (the &ldquo;Rights&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;units
of a combination of two or more of the securities described in clauses (a)&nbsp;through (g)&nbsp;above (the &ldquo;Units&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary Units, the
Preferred Units, the Debt Securities, the Guarantees, the Warrants, the Rights and the Units are collectively referred to herein as the
 &ldquo;Securities&rdquo; and each, a &ldquo;Security.&rdquo; The Securities, other than the Sales Agreement Depositary Units, may be sold
from time to time by Icahn Enterprises as set forth in the Registration Statement, the base prospectus contained in the Registration Statement
(the &ldquo;Base Prospectus&rdquo;), and supplements to the Base Prospectus, and, with respect to the Sales Agreement Depositary Units,
the sales agreement prospectus contained in the Registration Statement (the &ldquo;Sales Agreement Prospectus&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In rendering this opinion,
we have examined originals or copies, certified or otherwise identified to our satisfaction, of such corporate or comparable documents,
certificates of public officials and officers and representatives of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises
(the &ldquo;General Partner&rdquo;), and the officers and representatives of Icahn Enterprises Finance, and such other documents, records
and instruments, and we have made such inquiries of such officers and representatives of the General Partner and Icahn Enterprises Finance
as we have deemed necessary or appropriate as a basis for our opinion. In our examination, we have assumed the legal capacity of all natural
persons, the genuineness of all signatures, the authenticity and completeness of all documents submitted to us as originals and the conformity
to authentic originals and completeness of all documents submitted to us as photostatic, conformed, notarized or certified copies as we
considered necessary or appropriate for enabling us to express the opinions set forth below. References to the &ldquo;Open Market Sale
Agreements&rdquo; are to (i)&nbsp;the Open Market Sale Agreement, dated August&nbsp;26, 2024, by and between the Partnership and Jefferies
LLC (&ldquo;Jefferies&rdquo;), as sales agent and/or principal, and (ii)&nbsp;the Open Market Sale Agreement, dated November&nbsp;21,
2022, by and between the Partnership and Jefferies, as sales agent and/or principal, as described in the Sales Agreement Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As to facts material to the
opinions, statements and assumptions expressed herein, we have, with your consent, relied upon oral or written statements and representations
of officers and other representatives of Icahn Enterprises. We have not independently verified such factual matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon, and subject to,
the foregoing, assuming no change in the applicable law or pertinent facts, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Sales Agreement Depositary Units have been duly authorized by all necessary limited partnership action of the Partnership and, when
issued in accordance with the provisions of the Partnership Agreement and distributed in accordance with the terms of the Open Market
Sale Agreements and upon payment of the consideration provided for therein, the Sales Agreement Depositary Units will be validly issued,
fully paid and purchasers of the Depositary Units will not have any obligation to make payments to Icahn Enterprises or its creditors
(other than the purchase price for the Depositary Units) or contributions to Icahn Enterprises or its creditors solely by reason of the
purchasers&rsquo; ownership of Depositary Units and (ii)&nbsp;will entitle the holder thereof to the rights specified in the amended and
restated depositary agreement among Icahn Enterprises, the General Partner and Computershare Inc., dated as of August&nbsp;2, 2016 (the
 &ldquo;Depositary Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Depositary Units (other than the Sales Agreement Depositary Units), upon receipt by Icahn Enterprises of such lawful consideration
therefor as the Board of Directors of the General Partner (or a duly authorized committee thereof) may determine, (i)&nbsp;will be
validly issued, fully paid and purchasers of the Depositary Units will not have any obligation to make payments to Icahn Enterprises
or its creditors (other than the purchase price for the Depositary Units) or contributions to Icahn Enterprises or its creditors
solely by reason of the purchasers&rsquo; ownership of Depositary Units and (ii)&nbsp;will entitle the holder thereof to the rights
specified in the Depositary Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Preferred Units, upon receipt by Icahn Enterprises of such lawful consideration therefor as the Board of Directors of the General Partner
(or a duly authorized committee thereof) may determine, will be validly issued, fully paid and purchasers of the Preferred Units will
not have any obligation to make payments to Icahn Enterprises or its creditors (other than the purchase price for the Preferred Units)
or contributions to Icahn Enterprises or its creditors solely by reason of the purchasers&rsquo; ownership of Preferred Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Debt Securities and the Guarantees, upon receipt by Icahn Enterprises and Icahn Enterprises Finance, as applicable, of such lawful consideration
therefor as the Board of Directors of the General Partner (or a duly authorized committee thereof) and the Board of Directors of Icahn
Enterprises Finance (or a duly authorized committee thereof) may determine, will constitute valid and binding obligations of Icahn Enterprises
and Icahn Enterprises Finance, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Warrants, upon receipt by Icahn Enterprises of such lawful consideration therefor as the Board of Directors of the General Partner (or
a duly authorized committee thereof) may determine, will constitute valid and binding obligations of Icahn Enterprises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights, upon receipt by Icahn Enterprises of such lawful consideration therefor as the Board of Directors of the General Partner (or a
duly authorized committee thereof) may determine, will constitute valid and binding obligations of Icahn Enterprises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Units, upon receipt by Icahn Enterprises of such lawful consideration therefor as the Board of Directors of the General Partner (or a
duly authorized committee thereof) may determine, will constitute valid and binding obligations of Icahn Enterprises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In rendering the foregoing
opinions, we have assumed that: (i)&nbsp;the Registration Statement, and any amendments thereto, will have become effective (and will
remain effective at the time of issuance of any Securities thereunder); (ii)&nbsp;a prospectus supplement (excluding the Sales Agreement
Prospectus) describing each class and/or series of Securities offered pursuant to the Registration Statement, to the extent required by
applicable law and relevant rules&nbsp;and regulations of the Commission, will be timely filed with the Commission; (iii)&nbsp;the definitive
terms of each class and/or series of Securities will have been established in accordance with the authorizing resolutions of the Board
of Directors of the General Partner and the Board of Directors of Icahn Enterprises Finance, respectively (or a duly authorized committee
thereof) (with respect to Icahn Enterprises Finance), each in accordance with their respective organizational and governing documents
and applicable law; (iv)&nbsp;Icahn Enterprises and Icahn Enterprises Finance will issue and deliver the Securities in the manner contemplated
by the Registration Statement, and any Securities will have been duly authorized and reserved for issuance; (v)&nbsp;the resolutions authorizing
the issuance, offering and sale of the Securities will have been adopted by the Board of Directors of the General Partner and, if applicable,
the Board of Directors of Icahn Enterprises Finance and will be in full force and effect at all times at which the Securities are offered
or sold by Icahn Enterprises and, if applicable,&nbsp;Icahn Enterprises Finance; (vi)&nbsp;a definitive purchase, underwriting or similar
agreement with respect to any Securities (excluding the Open Market Sales Agreements with respect to the Sales Agreement Units with respect
to the Partnership) will have been duly authorized and validly executed and delivered by the Board of Directors of the General Partner
and the other parties thereto; and (vii)&nbsp;all Securities will be issued in compliance with applicable federal and state securities
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We express no opinion concerning
that, to the extent that Ichan Enterprises or Ichan Enterprises Finance constitutes a &ldquo;guarantor,&rdquo; the effect of (i)&nbsp;a
guarantor&rsquo;s right to require that a creditor exhaust its remedies against the principal before proceeding against the guarantor,
(ii)&nbsp;the unenforceability of a guaranty if the obligations guaranteed themselves are not enforceable, (iii)&nbsp;the adequacy of
the consideration that supports the agreements of any guarantor or (iv)&nbsp;statutory provisions or case law to the effect that a guarantor
may be discharged if the guaranteed obligation is illegal or the beneficiary of the guaranty alters the original obligation of the principal,
fails to inform the guarantor of material information pertinent to the principal or any collateral, elects remedies that may impair the
subrogation or reimbursement rights of the guarantor against the principal or that may impair the value of any collateral, or otherwise
takes or fails to take any action that prejudices the guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to any Securities
consisting of Depositary Units, we have further assumed that the Depositary Units will be duly authorized, executed and delivered by the
General Partner in accordance with the provisions of the Depositary Agreement and any applicable conditions in the Depositary Agreement
have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to any Securities
consisting of any series of Debt Securities and with respect to the Guarantees, we have further assumed that: (i)&nbsp;such Debt Securities
and Guarantees will have been issued pursuant to an applicable indenture that has been duly authorized, executed and delivered by Icahn
Enterprises and Icahn Enterprises Finance, as applicable, and the applicable trustee in a form approved by us, and such indenture will
have been qualified under the Trust Indenture Act of 1939, and will be governed by and construed in accordance with New York law; (ii)&nbsp;such
Debt Securities and Guarantees will be duly executed, authenticated, issued and delivered in accordance with the provisions of the applicable
indenture; and (iii)&nbsp;the adequacy of the consideration that supports each guarantor&rsquo;s agreement and the solvency and adequacy
of capital of each guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to any Securities
consisting of Preferred Units, we have further assumed that (i)&nbsp;Icahn Enterprises issues and delivers the Preferred Units after an
amendment to its partnership agreement establishing the designations, preferences and rights of the class or series of the Preferred Units
being issued, and (ii)&nbsp;the Preferred Units will be duly authorized, executed and delivered by the General Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to any Securities
consisting of Warrants, we have further assumed that (i)&nbsp;a Warrant agreement relating to the Warrants (the &ldquo;Warrant Agreement&rdquo;)
to be entered into between Icahn Enterprises and an entity selected by Icahn Enterprises to act as the Warrant agent (the &ldquo;Warrant
Agent&rdquo;) will have been duly authorized, executed and delivered by the General Partner, and (ii)&nbsp;the Warrants will be duly authorized,
executed and delivered by the General Partner and the Warrant Agent in accordance with the provisions of the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to any Securities
consisting of Units, we have further assumed that (i)&nbsp;a Unit agreement relating to the Unit (the &ldquo;Unit Agreement&rdquo;) to
be entered into between Icahn Enterprises and an entity selected by Icahn Enterprises to act as the Unit agent (the &ldquo;Unit Agent&rdquo;)
will have been duly authorized, executed and delivered by the General Partner, and (ii)&nbsp;the Unit certificates will be duly authorized,
executed and delivered by the General Partner and Unit Agent in accordance with the provisions of the Unit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The opinions expressed above
are limited by, subject to and based on the assumptions, limitations and qualifications set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
validity and binding effect of the Securities may be limited or affected by bankruptcy, reorganization, insolvency, fraudulent conveyance,
moratorium or other similar laws relating to or affecting creditors&rsquo; rights generally and by general equitable principles (regardless
of whether such validity and binding effect are considered in a proceeding in equity or at law), and may be limited by applicable laws
or policies underlying such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
foregoing opinions are limited to the laws of the State of New York and the Delaware General Corporation Law and the Delaware Revised
Uniform Limited Partnership Act. We do not express any opinion herein concerning the laws of any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Our
opinion is expressly limited to the matters set forth above, and we render no opinion, whether by implication or otherwise, as to
any other matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Our
opinion expressed herein is as of the date hereof, and we undertake no obligation to advise you of any changes in applicable law or
any other matters that may come to our attention after the date hereof that may affect our opinion expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to the filing
of this opinion with the Commission as an exhibit to the Registration Statement and to the reference to our firm under the caption &ldquo;Legal
Matters&rdquo; in the prospectuses included in the Registration Statement. In giving this consent, we do not admit that we are included
in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act or the rules&nbsp;and regulations of the
Commission. The foregoing opinions are expressed as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking
to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very truly yours, &nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>/s/ Proskauer Rose LLP</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>tm2521625d2_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;8.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 23%"><IMG SRC="tm2521625d2_ex8-1img001.jpg" ALT=""></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 77%">Proskauer Rose LLP Eleven Times Square New York, NY 10036-8299</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;4, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Icahn Enterprises L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">16690 Collins Avenue, PH-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sunny Isles Beach, FL 33160</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Re: <U>Tax Opinion</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as U.S. federal
tax counsel to Icahn Enterprises L.P., a Delaware limited partnership (the &ldquo;<U>Partnership</U>&rdquo;), with respect to certain
legal matters in connection with the offer, issuance and sale from time to time of depositary units representing limited partner interests
in the Partnership pursuant to the terms of the Open Market Sale Agreement dated November&nbsp;21, 2022, between the Partnership and Jeffries
LLC (the &ldquo;<U>Agent</U>&rdquo;), and the Open Market Sale Agreement dated August&nbsp;26, 2024, between the Partnership and the Agent.
We have also participated in the preparation of a Registration Statement filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
on August&nbsp;4, 2025 (the &ldquo;<U>Registration Statement</U>&rdquo;), and the prospectus contained in the Registration Statement with
respect to the offer, issuance and sale of depositary units pursuant to the Open Marke Sale Agreements (the &ldquo;<U>Prospectus</U>&rdquo;).
All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Registration Statement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection therewith, we
prepared the discussion set forth under the caption &ldquo;Material U.S. Federal Income Tax Considerations&rdquo; in the Prospectus contained
in the in the Registration Statement (the &ldquo;<U>Discussion</U>&rdquo;). All statements of legal conclusions contained in the Discussion,
unless otherwise noted, are our opinion with respect to the matters set forth therein as of the date of the Prospectus in respect of the
discussion set forth under the caption &ldquo;Material U.S. Federal Income Tax Considerations,&rdquo; qualified by the limitations contained
in the Discussion. In addition, we are of the opinion that the Discussion with respect to those matters to which no legal conclusions
are provided are accurate discussions of such U.S. federal income tax matters (except for the representations and statements of fact by
the Partnership and its general partner, included in the Discussion, as to which we express no opinion).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinion is based on the
Internal Revenue Code of 1986, as amended, Treasury regulations promulgated thereunder, judicial decisions, published positions of the
Internal Revenue Service (the &ldquo;Service&rdquo;), the representations made by the Partnership in the Icahn Enterprises, L.P. Section&nbsp;7704
Certificate dated as of the date hereof, and such other authorities as we have considered relevant, all as in effect on the date of this
opinion and all of which are subject to change or differing interpretations, possibly with retroactive effect. A change in the authorities
upon which our opinion is based could affect the conclusions expressed herein, and we do not undertake to advise you of any changes in
applicable tax laws or authorities upon which our opinion is based. Moreover, there can be no assurance that positions contrary to our
opinion will not be taken by the Service or, if challenged, by a court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We consent to the filing of
this opinion as Exhibit&nbsp;8.1 of the Registration Statement and to the reference to our firm under the headings &ldquo;Material U.S.
Federal Income Tax Considerations&rdquo; and &ldquo;Legal Matters&rdquo; in the Registration Statement. By giving these consents, we do
not admit that we are experts within the meaning of Section&nbsp;7 or Section&nbsp;11 of the Securities Act of 1933, as amended, or the
rules&nbsp;and regulations of the Commission issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Proskauer Rose LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Boca Raton | Boston | Chicago | Hong Kong | London | Los Angeles | New Orleans | New York | Paris | S&atilde;o Paulo | Washington, D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>tm2521625d2_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have issued our reports dated February&nbsp;26,
2025 with respect to the consolidated financial statements and internal control over financial reporting of Icahn Enterprises L.P. included
in the Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2024, which are incorporated by reference in this Registration
Statement. We consent to the incorporation by reference of the aforementioned reports in this Registration Statement, and to the use of
our name as it appears under the caption &ldquo;Experts.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Grant Thornton LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fort Lauderdale, Florida</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;4, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>7
<FILENAME>tm2521625d2_ex25-1.htm
<DESCRIPTION>EXHIBIT 25.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 25.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;T-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Check if an Application to Determine Eligibility of a Trustee Pursuant to Section&nbsp;305(b)(2)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of trustee as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>16-1486454</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. employer identification no.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1100 North Market Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wilmington, DE 19890-0001</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Kyle Barry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Senior Vice President</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wilmington Trust Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>285 Delaware Ave.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Buffalo, NY 14202</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(716) 839-6909</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number of agent for
service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ICAHN ENTERPRISES L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ICAHN ENTERPRISES FINANCE CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Exact name of obligor as
specified in its charter) <B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 50%">Delaware</TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 50%"><B>13-3398766</B></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><B>20-1059842</B></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(State or other jurisdiction of incorporation or organization)</TD>
    <TD STYLE="text-align: center; font-size: 10pt">(I.R.S. Employer Identification No.)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">16690 Collins Avenue,
PH-1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Sunny Isles Beach,
FL 33160</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices, including
zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Senior Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Title of the indenture securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in; text-align: left"><B>ITEM 1.&#8239;</B></TD><TD STYLE="text-align: justify"><B>GENERAL
                                            INFORMATION.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in">Furnish the following information as to
the trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 54pt"></TD><TD STYLE="text-align: left; width: 24pt">(a)</TD><TD STYLE="text-align: left">Name and
                                            address of each examining or supervising authority to which it is subject.</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">Comptroller of Currency, Washington,
D.C.</TD></TR>
                                                                                                                                <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">Federal Deposit Insurance Corporation,
Washington, D.C.</TD></TR>
                                                                                                                                </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 54pt"></TD><TD STYLE="text-align: left; width: 24pt">(b)</TD><TD STYLE="text-align: left">Whether
                                            it is authorized to exercise corporate trust powers.</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">The trustee is
authorized to exercise corporate trust powers.</TD></TR>
                                                                                                          </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.75in"><B>ITEM 2.</B></TD><TD STYLE="text-align: left"><B>AFFILIATIONS
                                            WITH THE OBLIGOR.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.75in">If the obligor is an affiliate
of the trustee, describe each affiliation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left">Based upon an examination of the books
and records of the trustee and information available to the trustee, the obligor is not an affiliate of the trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0%"></TD><TD STYLE="white-space: nowrap; width: 1in; text-align: left"><B>ITEM 3 &ndash; 15.</B></TD><TD STYLE="text-align: left"><B>Not
                                            Applicable.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.75in"><B>ITEM 16.</B></TD><TD STYLE="text-align: left"><B>LIST
                                            OF EXHIBITS.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1.25in; text-indent: -0.75in">Listed below are
all exhibits filed as part of this Statement of Eligibility and Qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 36pt"></TD><TD STYLE="text-align: left; width: 12pt">1.</TD><TD STYLE="text-align: left">A copy of
                                            the Charter for Wilmington Trust, National Association.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 36pt"></TD><TD STYLE="text-align: left; width: 12pt">2.</TD><TD STYLE="text-align: left">The authority
                                            of Wilmington Trust, National Association to commence business was granted under the Charter
                                            for Wilmington Trust, National Association, incorporated herein by reference to Exhibit&nbsp;1
                                            above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 36pt"></TD><TD STYLE="text-align: left; width: 12pt">3.</TD><TD STYLE="text-align: left">The authorization
                                            to exercise corporate trust powers was granted under the Charter for Wilmington Trust, National
                                            Association, incorporated herein by reference to Exhibit&nbsp;1 above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 36pt"></TD><TD STYLE="text-align: left; width: 12pt">4.</TD><TD STYLE="text-align: left">A copy of
                                            the existing By-Laws of Trustee, as now in effect, incorporated herein by reference to Exhibit&nbsp;4of
                                            this Form&nbsp;T-1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 36pt"></TD><TD STYLE="text-align: left; width: 12pt">5.</TD><TD STYLE="text-align: left">Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 36pt"></TD><TD STYLE="text-align: left; width: 12pt">6.</TD><TD STYLE="text-align: left">The consent
                                            of Wilmington Trust, National Association as required by Section&nbsp;321(b)&nbsp;of the
                                            Trust Indenture Act of 1939, attached hereto as Exhibit&nbsp;6 of this Form&nbsp;T-1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 36pt"></TD><TD STYLE="text-align: left; width: 12pt">7.</TD><TD STYLE="text-align: left">Current
                                            Report of the Condition of Wilmington Trust, National Association, published pursuant to
                                            law or the requirements of its supervising or examining authority, attached hereto as Exhibit&nbsp;7
                                            of this Form&nbsp;T-1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 36pt"></TD><TD STYLE="text-align: left; width: 12pt">8.</TD><TD STYLE="text-align: left">Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 12pt">9.</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the trustee, Wilmington Trust, National Association, a national banking association organized and existing under the laws of
the United States of America, has duly caused this Statement of Eligibility to be signed on its behalf by the undersigned, thereunto
duly authorized, all in the City of Minneapolis and State of Minnesota on the 4th day of August, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">WILMINGTON TRUST, NATIONAL ASSOCIATION</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Karleen R. Bratland</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Karleen R. Bratland</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Assistant Vice President</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CHARTER OF WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the purpose of organizing an association to
perform any lawful activities of national banks, the undersigned do enter into the following articles of association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FIRST. The title of this association shall be Wilmington Trust, National
Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECOND. The main office of the association shall be in the City of
Wilmington, County of New Castle, State of Delaware. The general business of the association shall be conducted at its main office and
its branches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIRD. The board of directors of this association shall consist of
not less than five nor more than twenty-five persons, unless the OCC has exempted the bank from the 25-member limit. The exact number
is to be fixed and determined from time to time by resolution of a majority of the full board of directors or by resolution of a majority
of the shareholders at any annual or special meeting thereof. Each director shall own common or preferred stock of the association or
of a holding company owning the association, with an aggregate par, fair market or equity value $1,000. Determination of these values
may be based as of either (i)&nbsp;the date of purchase or (ii)&nbsp;the date the person became a director, whichever value is greater.
Any combination of common or preferred stock of the association or holding company may be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any vacancy in the board of directors may be
filled by action of a majority of the remaining directors between meetings of shareholders. The board of directors may not increase the
number of directors between meetings of shareholders to a number which:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>exceeds by more than two the number of directors last elected by
                                            shareholders where the number was 15 or less; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>exceeds by more than four the number of directors last elected by
                                            shareholders where the number was 16 or more, but in no event shall the number of directors
                                            exceed 25, unless the OCC has exempted the bank from the 25-member limit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Directors shall be elected for terms of one year
and until their successors are elected and qualified. Terms of directors, including directors selected to fill vacancies, shall expire
at the next regular meeting of shareholders at which directors are elected, unless the directors resign or are removed from office. Despite
the expiration of a director's term, the director shall continue to serve until his or her successor is elected and qualifies or until
there is a decrease in the number of directors and his or her position is eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Honorary or advisory members of the board of
directors, without voting power or power of final decision in matters concerning the business of the association, may be appointed by
resolution of a majority of the full board of directors, or by resolution of shareholders at any annual or special meeting. Honorary
or advisory directors shall not be counted to determine the number of directors of the association or the presence of a quorum in connection
with any board action, and shall not be required to own qualifying shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FOURTH. There shall be an annual meeting of the shareholders to elect
directors and transact whatever other business may be brought before the meeting. It shall be held at the main office or any other convenient
place the board of directors may designate, on the day of each year specified therefor in the bylaws, or, if that day falls on a legal
holiday in the state in which the association is located, on the next following banking day. If no election is held on the day fixed,
or in the event of a legal holiday on the following banking day, an election may be held on any subsequent day within 60 days of the
day fixed, to be designated by the board of directors, or, if the directors fail to fix the day, by shareholders representing two-thirds
of the shares issued and outstanding. In all cases at least 10 days advance notice of the time, place and purpose of a shareholders&rsquo;
meeting shall be given to the shareholders by first class mail, unless the OCC determines that an emergency circumstance exists. The
sole shareholder of the bank is permitted to waive notice of the shareholders&rsquo; meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In all elections of directors, the number of
votes each common shareholder may cast will be determined by multiplying the number of shares such shareholder owns by the number of
directors to be elected. Those votes may be cumulated and cast for a single candidate or may be distributed among two or more candidates
in the manner selected by the shareholder. If, after the first ballot, subsequent ballots are necessary to elect directors, a shareholder
may not vote shares that he or she has already fully cumulated and voted in favor of a successful candidate. On all other questions,
each common shareholder shall be entitled to one vote for each share of stock held by him or her.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nominations for election to the board of directors
may be made by the board of directors or by any stockholder of any outstanding class of capital stock of the association entitled to
vote for election of directors. Nominations other than those made by or on behalf of the existing management shall be made in writing
and be delivered or mailed to the president of the association not less than 14 days nor more than 50 days prior to any meeting of shareholders
called for the election of directors; provided, however, that if less than 21 days notice of the meeting is given to shareholders, such
nominations shall be mailed or delivered to the president of the association not later than the close of business on the seventh day
following the day on which the notice of meeting was mailed. Such notification shall contain the following information to the extent
known to the notifying shareholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>The name and address of each proposed nominee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>The principal occupation of each proposed nominee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD>The total number of shares of capital stock of the association that
                                            will be voted for each proposed nominee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4)</TD><TD>The name and residence address of the notifying shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5)</TD><TD>The number of shares of capital stock of the association owned by
                                            the notifying shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Nominations not made in accordance
herewith may, in his/her discretion, be disregarded by the chairperson of the meeting, and the vote tellers may disregard all votes cast
for each such nominee. No bylaw may unreasonably restrict the nomination of directors by shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">A director may resign at any time
by delivering written notice to the board of directors, its chairperson, or to the association, which resignation shall be effective
when the notice is delivered unless the notice specifies a later effective date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">A director may be removed by shareholders
at a meeting called to remove the director, when notice of the meeting stating that the purpose or one of the purposes is to remove the
director is provided, if there is a failure to fulfill one of the affirmative requirements for qualification, or for cause; provided,
however, that a director may not be removed if the number of votes sufficient to elect the director under cumulative voting is voted
against the director's removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FIFTH. The authorized amount of capital stock of this association
shall be ten thousand shares of common stock of the par value of one hundred dollars ($100) each; but said capital stock may be increased
or decreased from time to time, according to the provisions of the laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No holder of shares of the capital stock of any
class of the association shall have any preemptive or preferential right of subscription to any shares of any class of stock of the association,
whether now or hereafter authorized, or to any obligations convertible into stock of the association, issued, or sold, nor any right
of subscription to any thereof other than such, if any, as the board of directors, in its discretion, may from time to time determine
and at such price as the board of directors may from time to time fix. Preemptive rights also must be approved by a vote of holders of
two-thirds of the bank&rsquo;s outstanding voting shares. Unless otherwise specified in these articles of association or required by
law, (1)&nbsp;all matters requiring shareholder action, including amendments to the articles of association, must be approved by shareholders
owning a majority voting interest in the outstanding voting stock, and (2)&nbsp;each shareholder shall be entitled to one vote per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified in these articles of
association or required by law, all shares of voting stock shall be voted together as a class, on any matters requiring shareholder approval.
If a proposed amendment would affect two or more classes or series in the same or a substantially similar way, all the classes or series
so affected must vote together as a single voting group on the proposed amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shares of one class or series may be issued as
a dividend for shares of the same class or series on a pro rata basis and without consideration. Shares of one class or series may be
issued as share dividends for a different class or series of stock if approved by a majority of the votes entitled to be cast by the
class or series to be issued, unless there are no outstanding shares of the class or series to be issued. Unless otherwise provided by
the board of directors, the record date for determining shareholders entitled to a share dividend shall be the date authorized by the
board of directors for the share dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise provided in the bylaws, the record
date for determining shareholders entitled to notice of and to vote at any meeting is the close of business on the day before the first
notice is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 70 days before the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a shareholder is entitled to fractional shares
pursuant to a stock dividend, consolidation or merger, reverse stock split or otherwise, the association may: (a)&nbsp;issue fractional
shares; (b)&nbsp;in lieu of the issuance of fractional shares, issue script or warrants entitling the holder to receive a full share
upon surrendering enough script or warrants to equal a full share; (c)&nbsp;if there is an established and active market in the association's
stock, make reasonable arrangements to provide the shareholder with an opportunity to realize a fair price through sale of the fraction,
or purchase of the additional fraction required for a full share; (d)&nbsp;remit the cash equivalent of the fraction to the shareholder;
or (e)&nbsp;sell full shares representing all the fractions at public auction or to the highest bidder after having solicited and received
sealed bids from at least three licensed stock brokers; and distribute the proceeds pro rata to shareholders who otherwise would be entitled
to the fractional shares. The holder of a fractional share is entitled to exercise the rights for shareholder, including the right to
vote, to receive dividends, and to participate in the assets of the association upon liquidation, in proportion to the fractional interest.
The holder of script or warrants is not entitled to any of these rights unless the script or warrants explicitly provide for such rights.
The script or warrants may be subject to such additional conditions as: (1)&nbsp;that the script or warrants will become void if not
exchanged for full shares before a specified date; and (2)&nbsp;that the shares for which the script or warrants are exchangeable may
be sold at the option of the association and the proceeds paid to scriptholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The association, at any time and from time to
time, may authorize and issue debt obligations, whether or not subordinated, without the approval of the shareholders. Obligations classified
as debt, whether or not subordinated, which may be issued by the association without the approval of shareholders, do not carry voting
rights on any issue, including an increase or decrease in the aggregate number of the securities, or the exchange or reclassification
of all or part of securities into securities of another class or series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SIXTH. The board of directors shall appoint one of its members president
of this association, and one of its members chairperson of the board and shall have the power to appoint one or more vice presidents,
a secretary who shall keep minutes of the directors' and shareholders' meetings and be responsible for authenticating the records of
the association, and such other officers and employees as may be required to transact the business of this association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A duly appointed officer may appoint one or more
officers or assistant officers if authorized by the board of directors in accordance with the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The board of directors shall have the power to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>Define the duties of the officers, employees, and agents of the association.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>Delegate the performance of its duties, but not the responsibility
                                            for its duties, to the officers, employees, and agents of the association.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD>Fix the compensation and enter into employment contracts with its
                                            officers and employees upon reasonable terms and conditions consistent with applicable law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4)</TD><TD>Dismiss officers and employees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5)</TD><TD>Require bonds from officers and employees and to fix the penalty
                                            thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6)</TD><TD>Ratify written policies authorized by the association's management
                                            or committees of the board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7)</TD><TD>Regulate the manner in which any increase or decrease of the capital
                                            of the association shall be made, provided that nothing herein shall restrict the power of
                                            shareholders to increase or decrease the capital of the association in accordance with law,
                                            and nothing shall raise or lower from two-thirds the percentage required for shareholder
                                            approval to increase or reduce the capital.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8)</TD><TD>Manage and administer the business and affairs of the association.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">9)</TD><TD>Adopt initial bylaws, not inconsistent with law or the articles of
                                            association, for managing the business and regulating the affairs of the association.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">10)</TD><TD>Amend or repeal bylaws, except to the extent that the articles of
                                            association reserve this power in whole or in part to shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">11)</TD><TD>Make contracts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">12)</TD><TD>Generally perform all acts that are legal for a board of directors
                                            to perform.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEVENTH. The board of directors shall have the power to change the
location of the main office to any other place within the limits of Wilmington, Delaware, without the approval of the shareholders, or
with a vote of shareholders owning two-thirds of the stock of such association for a relocation outside such limits and upon receipt
of a certificate of approval from the Comptroller of the Currency, to any other location within or outside the limits of Wilmington Delaware,
but not more than 30 miles beyond such limits. The board of directors shall have the power to establish or change the location of any
branch or branches of the association to any other location permitted under applicable law, without approval of shareholders, subject
to approval by the Comptroller of the Currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EIGHTH. The corporate existence of this association shall continue
until termination according to the laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NINTH. The board of directors of this association, or any one or more
shareholders owning, in the aggregate, not less than 50 percent of the stock of this association, may call a special meeting of shareholders
at any time. Unless otherwise provided by the bylaws or the laws of the United States, a notice of the time, place, and purpose of every
annual and special meeting of the shareholders shall be given at least 10 days prior to the meeting by first-class mail, unless the OCC
determines that an emergency circumstance exists. If the association is a wholly-owned subsidiary, the sole shareholder may waive notice
of the shareholders&rsquo; meeting. Unless otherwise provided by the bylaws or these articles, any action requiring approval of shareholders
must be effected at a duly called annual or special meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TENTH. For purposes of this Article&nbsp;Tenth, the term &ldquo;institution-affiliated
party&rdquo; shall mean any institution-affiliated party of the association as such term is defined in 12 U.S.C. 1813(u).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any institution-affiliated party (or his or her
heirs, executors or administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in
connection with any threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental,
administrative or investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists;
provided, however, that when an administrative proceeding or action instituted by a federal banking agency results in a final order or
settlement pursuant to which such person: (i)&nbsp;is assessed a civil money penalty, (ii)&nbsp;is removed from office or prohibited
from participating in the conduct of the affairs of the association, or (iii)&nbsp;is required to cease and desist from or to take any
affirmative action described in 12 U.S.C. 1818(b)&nbsp;with respect to the association, then the association shall require the repayment
of all legal fees and expenses advanced pursuant to the next succeeding paragraph and may not indemnify such institution-affiliated parties
(or their heirs, executors or administrators) for expenses, including expenses for legal fees, penalties or other payments incurred.
The association shall provide indemnification in connection with an action or proceeding (or part thereof) initiated by an institution-affiliated
party (or by his or her heirs, executors or administrators) only if such action or proceeding (or part thereof) was authorized by the
board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Expenses incurred by an institution-affiliated
party (or by his or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may
be paid by the association in advance of the final disposition of such action or proceeding upon (a)&nbsp;a determination by the board
of directors acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated
party (or his or her heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b)&nbsp;a determination
that the indemnified individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the
bank in the event he or she does not prevail, (c)&nbsp;a determination that the payment of expenses and fees by the association will
not adversely affect the safety and soundness of the association, and (d)&nbsp;receipt of an undertaking by or on behalf of such institution-affiliated
party (or by his or her heirs, executors or administrators) to repay such advancement in the event of a final order or settlement pursuant
to which such person: (i)&nbsp;is assessed a civil money penalty, (ii)&nbsp;is removed from office or prohibited from participating in
the conduct of the affairs of the association, or (iii)&nbsp;is required to cease and desist from or to take any affirmative action described
in 12 U.S.C. 1818(b)&nbsp;with respect to the association. In all other instances, expenses incurred by an institution-affiliated party
(or by his or her heirs, executors or administrators) in connection with any action or proceeding as to which indemnification may be
given under these articles of association may be paid by the association in advance of the final disposition of such action or proceeding
upon (a)&nbsp;receipt of an undertaking by or on behalf of such institution-affiliated party (or by or on behalf of his or her heirs,
executors or administrators) to repay such advancement in the event that such institution-affiliated party (or his or her heirs, executors
or administrators) is ultimately found not to be entitled to indemnification as authorized by these articles of association and (b)&nbsp;approval
by the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding or, if such a quorum
is not obtainable, then approval by stockholders. To the extent permitted by law, the board of directors or, if applicable, the stockholders,
shall not be required to find that the institution-affiliated party has met the applicable standard of conduct provided by law for indemnification
in connection with such action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that a majority of the members of
the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining
members of the board may authorize independent legal counsel to review the indemnification request and provide the remaining members
of the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Article&nbsp;Tenth
have been met. If independent legal counsel opines that said conditions have been met, the remaining members of the board of directors
may rely on such opinion in authorizing the requested indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that all of the members of the board
of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the board shall authorize
independent legal counsel to review the indemnification request and provide the board with a written opinion of counsel as to whether
the conditions delineated in the first four paragraphs of this Article&nbsp;Tenth have been met. If legal counsel opines that said conditions
have been met, the board of directors may rely on such opinion in authorizing the requested indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent permitted under applicable law,
the rights of indemnification and to the advancement of expenses provided in these articles of association (a)&nbsp;shall be available
with respect to events occurring prior to the adoption of these articles of association, (b)&nbsp;shall continue to exist after any restrictive
amendment of these articles of association with respect to events occurring prior to such amendment, (c)&nbsp;may be interpreted on the
basis of applicable law in effect at the time of the occurrence of the event or events giving rise to the action or proceeding, or on
the basis of applicable law in effect at the time such rights are claimed, and (d)&nbsp;are in the nature of contract rights which may
be enforced in any court of competent jurisdiction as if the association and the institution-affiliated party (or his or her heirs, executors
or administrators) for whom such rights are sought were parties to a separate written agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rights of indemnification and to the advancement
of expenses provided in these articles of association shall not, to the extent permitted under applicable law, be deemed exclusive of
any other rights to which any such institution affiliated party (or his or her heirs, executors or administrators) may now or hereafter
be otherwise entitled whether contained in these articles of association, the bylaws, a resolution of stockholders, a resolution of the
board of directors, or an agreement providing such indemnification, the creation of such other rights being hereby expressly authorized.
Without limiting the generality of the foregoing, the rights of indemnification and to the advancement of expenses provided in these
articles of association shall not be deemed exclusive of any rights, pursuant to statute or otherwise, of any such institution-affiliated
party (or of his or her heirs, executors or administrators) in any such action or proceeding to have assessed or allowed in his or her
favor, against the association or otherwise, his or her costs and expenses incurred therein or in connection therewith or any part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Article&nbsp;Tenth or any part hereof
shall be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary
to make it enforceable, and the remainder of this Article&nbsp;Tenth shall remain fully enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The association may, upon affirmative vote of
a majority of its board of directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification
is allowed in these articles of association; provided, however, that no such insurance shall include coverage to pay or reimburse any
institution-affiliated party for the cost of any judgment or civil money penalty assessed against such person in an administrative proceeding
or civil action commenced by any federal banking agency. Such insurance may, but need not, be for the benefit of all institution-affiliated
parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ELEVENTH. These articles of association may be amended at any regular
or special meeting of the shareholders by the affirmative vote of the holders of a majority of the stock of this association, unless
the vote of the holders of a greater amount of stock is required by law, and in that case by the vote of the holders of such greater
amount. The association's board of directors may propose one or more amendments to the articles of association for submission to the
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BY-LAWS OF WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED BYLAWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Effective as of March&nbsp;7, 2024)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED BYLAWS OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Meetings of Shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1. Annual Meeting</B>. The annual meeting of shareholders
shall be held on such date and at such time as may be designated by the chair of the Board of Directors, the chief executive officer,
the president, the chief operating officer, the secretary, or the Board of Directors for the purpose of the election of directors and
for the transaction of such other business as may properly come before the meeting, except such date shall not be a legal holiday in
Delaware. Notice of the meeting shall be mailed by first class mail, postage prepaid, at least 10 days and no more than 60 days prior
to the date thereof, addressed to each shareholder at his or her address appearing on the books of the association. If, for any cause,
an election of directors is not made on that date, an election may be held on any subsequent day within 60 days of the date fixed, to
be designated by the Board of Directors, or, if the directors fail to fix the date, by shareholders representing two-thirds of the shares.
In these circumstances, at least 10 days&rsquo; notice must be given by first class mail to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2. Special Meetings</B>. The chair of the Board of
Directors, the president, the chief executive officer, the secretary, or the Board of Directors may call a special meeting of the shareholders.
A special meeting shall be called to act on any matter that may properly be considered at a meeting of shareholders upon the written
request of shareholders entitled to cast not less than a majority of all the votes entitled to be cast on such matter at the meeting.
Every such special meeting, unless otherwise provided by law, shall be called by mailing, postage prepaid, not less than 10 days nor
more than 60 days prior to the date fixed for the meeting, to each shareholder at the address appearing on the books of the association
a notice stating the purpose of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors may fix a record date for determining shareholders
entitled to notice and to vote at any meeting, in reasonable proximity to the date of giving notice to the shareholders of such meeting.
The record date for determining shareholders entitled to demand a special meeting is the date the first shareholder signs a demand for
the meeting describing the purpose or purposes for which it is to be held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3. Adjournment</B>. If an annual or special shareholders'
meeting is adjourned to a different date, time, or place, notice need not be given of the new date, time or place, if the new date, time
or place is announced at the meeting before adjournment, unless any additional items of business are to be considered, or the association
becomes aware of an intervening event materially affecting any matter to be voted on more than 10 days prior to the date to which the
meeting is adjourned. If a new record date for the adjourned meeting is fixed, however, notice of the adjourned meeting must be given
to persons who are shareholders as of the new record date. If, however, the meeting to elect the directors is adjourned before the election
takes place, at least ten days&rsquo; notice of the new election must be given to the shareholders by first-class mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;4. Nominations of Directors</B>. Nominations for election
to the Board of Directors may be made by the Board of Directors or by any shareholder of any outstanding class of capital stock of the
association entitled to vote for the election of directors. Nominations, other than those made by or on behalf of the existing management
of the association, shall be made in writing and shall be delivered or mailed to the president of the association, not less than 14 days
nor more than 50 days prior to any meeting of shareholders called for the election of directors; <I>provided, however, </I>that if less
than 21 days' notice of the meeting is given to shareholders, such nomination shall be mailed or delivered to the president of the association
not later than the close of business on the seventh day following the day on which the notice of meeting was mailed. Such notification
shall contain the following information to the extent known to the notifying shareholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The name and address of each proposed nominee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The principal occupation of each proposed nominee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>The total number of shares of capital stock of the association that
                                            will be voted for each proposed nominee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>The name and residence of the notifying shareholder; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>The number of shares of capital stock of the association owned by
                                            the notifying shareholder</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nominations not made in accordance herewith may, in his/her discretion,
be disregarded by the chair of the meeting, and upon his/her instructions, all votes cast for each such nominee may be disregarded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;5. Proxies</B>. Shareholders may vote at any meeting
of the shareholders by proxies duly authorized in writing, but no officer or employee of this association shall act as proxy. A director
or an attorney of the association may act as proxy for shareholders voting if they are not also employed as an officer of the association.
Proxies shall be valid only for one meeting, to be specified therein, and any adjournments of such meeting. Proxies shall be dated and
filed with the records of the meeting. Proxies with facsimile signatures may be used and unexecuted proxies may be counted upon receipt
of a written confirmation from the shareholder. Proxies meeting the above requirements submitted at any time during a meeting shall be
accepted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;6. Quorum</B>. A majority of the outstanding capital
stock, represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, unless otherwise provided by law,
but less than a quorum may adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without further notice.
A majority of the votes cast shall decide every question or matter submitted to the shareholders at any meeting, unless otherwise provided
by law or by the articles of association. If a meeting for the election of directors is not held on the fixed date, at least 10 days&rsquo;
notice must be given by first-class mail to the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1. Board of Directors</B>. The Board of Directors
shall have the power to manage and administer the business and affairs of the association. Except as expressly limited by law, all corporate
powers of the association shall be vested in and may be exercised by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2. Number</B>. The Board of Directors shall consist
of not less than five nor more than twenty-five members, unless the OCC has exempted the association from the 25-member limit. The exact
number within such minimum and maximum limits is to be fixed and determined from time to time by resolution of a majority of the full
Board of Directors or by resolution of a majority of the shareholders at any meeting thereof. The Board of Directors may not increase
the number of directors between meetings of shareholders to a number which: (a)&nbsp;exceeds by more than 2 the number of directors last
elected by shareholders where the number was 15 or less; or (b)&nbsp;exceeds by more than 4 the number of directors last elected by shareholders
where the number was 16 or more, but in no event shall the number of directors exceed 25, unless the OCC has exempted the association
from the 25-member limit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3. Qualifications. </B>Each director must be a citizen
of the United States and must own in his or her own right either shares of the capital stock of the association or a company that controls
the association that has not less than an aggregate par value of $1,000, an aggregate shareholders&rsquo; equity of $1,000, or an aggregate
fair market value of $1,000. The value of the common or preferred stock held by a director is valued as of the date purchased or the
date on which the individual became a director, whichever is greater.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;4. Organization Meeting</B>. After each annual meeting
of shareholders at which directors shall have been elected, the Board of Directors shall meet as soon as practicable for the purpose
of organization and the transaction of other business. Such first regular meeting shall be held at any place as may be designated by
the chair, the president or the Board of Directors for such first regular meeting or, in default of such designation, where the immediately
preceding meeting of shareholders was held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Section&nbsp;5. Regular Meetings</B>. Regular
meetings of the Board of Directors shall be held on such dates and at such places as may be designated from time to time by the chair.
No notice of regular meetings shall be necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;6. Special Meetings</B>. Special meetings of the Board
of Directors may be called at any time by the chair, the chief executive officer, the president or by a majority of the then- acting
directors by vote at a meeting or in writing, or by a majority of the members of the executive committee, if one is constituted, by vote
at a meeting or in writing. A special meeting of the Board of Directors shall be held on such date and at any place as may be designated
from time to time by the Board of Directors. In the absence of such designation, such meeting shall be held at such place as may be designated
in the call. Each member of the Board of Directors shall be given notice stating the date, time and place, by letter, electronic delivery
or in person, of each special meeting not less than one day before the meeting. Such notice need not specify the purpose for which the
meeting is called, unless required by the Articles of Association or the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;7. Quorum</B>. A majority of the entire Board then
in office shall constitute a quorum at any meeting, except when otherwise provided by law or these Bylaws, but a lesser number may adjourn
any meeting, from time to time, and the meeting may be held, as adjourned, without further notice. If the number of directors present
at the meeting is reduced below the number that would constitute a quorum, no business may be transacted, except selecting directors
to fill vacancies in conformance with Article&nbsp;II, Section&nbsp;11. If a quorum is present, the board of directors may take action
through the vote of a majority of the directors who are in attendance. No director may vote by proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;8. Attendance by Electronic, Telephonic or Similar
Means. </B>Any one or more members of the Board of Directors or any committee thereof may participate in a regular or special meeting
of such board or committee by, or conduct the meeting through the use of, <FONT STYLE="color: #333333">conference telephone or other
communications equipment </FONT>by which all directors or committee members participating may simultaneously hear each other during the
meeting. Participation in a meeting by these means constitutes presence in person at a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;9. Procedures</B>. The order of business and all other
matters of procedure at every meeting of the Board of Directors may be determined by the person presiding at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;10. Removal of Directors</B>. Any director may be
removed for cause at any meeting of shareholders, notice of which shall have referred to the proposed action, by vote of the shareholders.
Any director may be removed without cause at any meeting of shareholders, notice of which shall have referred to the proposed action,
by the vote of the holders of a majority of the shares of the association entitled to vote. Any director may be removed for cause at
any meeting of the directors, notice of which shall have referred to the proposed action, by vote of a majority of the entire Board of
Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;11. Vacancies</B>. When any vacancy occurs among the
directors, a majority of the remaining members of the Board of Directors may appoint a director to fill such vacancy until the next election
at any regular meeting of the Board of Directors, or at a special meeting called for that purpose at which a quorum is present, or if
the directors remaining in office constitute fewer than a quorum of the Board of Directors, by the affirmative vote of a majority of
all the directors remaining in office, or by shareholders at a special meeting called for that purpose in conformance with Section&nbsp;2
of Article&nbsp;I. A vacancy that will occur at a specific later date (by reason of a resignation effective at a later date) may be filled
before the vacancy occurs but the new director may not take office until the vacancy occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;12. Consent of Directors without a Meeting</B>. Any
action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting if the action is taken
by all members of the Board. The action may be evidenced by one or more written consents signed by each director before or after such
action, describing the action taken, and included in the minutes or filed with the corporate records. A director&rsquo;s consent to action
taken without a meeting may be in electronic form and delivered by electronic means.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;13. Ratification</B>. The board of directors may ratify
and make binding on the association any action or inaction by the association or its officers to the extent that the Board of Directors
or the shareholders could have originally authorized the matter and as permitted by law. Moreover, any action or inaction questioned
in any shareholders&rsquo; derivative proceeding or any other proceeding on the ground of lack of authority, defective or irregular execution,
adverse interest of a director, officer or shareholder, non-disclosure, miscomputation, the application of improper principles or practices
of accounting or otherwise, may be ratified, before or after judgment, by the Board of Directors or by the shareholders, and if so ratified,
shall have the same force and effect as if the questioned action or inaction had been originally duly authorized, and such ratification
shall be binding upon the shareholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned
action or inaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;III</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Committees</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1. Executive Committee</B>. The Board of Directors
may appoint an Executive Committee, which shall have and may exercise, during the intervals between meetings of the Board of Directors,
all the powers of the Board of Directors in the management of the business, properties and affairs of the association except as prohibited
by law, the Articles of Association or these Bylaws. All acts done and powers conferred by the Executive Committee shall be deemed to
be and may be certified as being, done or conferred under authority of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2. Trust Audit Committee. </B>Unless delegated pursuant
to Section&nbsp;5 of this Article&nbsp;III, there shall be a Trust Audit Committee composed of not less than 2 directors, appointed by
the Board of Directors, which shall, at least once during each calendar year make suitable audits of the association&rsquo;s fiduciary
activities or cause suitable audits to be made by auditors responsible only to the Board, and at such time shall ascertain whether fiduciary
powers have been administered according to law, Part&nbsp;9 of the Regulations of the Comptroller of the Currency, and sound fiduciary
principles. Such committee: (1)&nbsp;must not include any officers of the association or an affiliate who participate significantly in
the administration of the association&rsquo;s fiduciary activities; and (2)&nbsp;must consist of a majority of members who are not also
members of any committee to which the Board of Directors has delegated power to manage and control the fiduciary activities of the bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3. Examining Committee</B>. Unless delegated pursuant
to Section&nbsp;5 of this Article&nbsp;III, there shall be an examining committee composed of not less than 2 directors, exclusive of
any active officers, appointed by the board of directors annually or more often. The duty of that committee shall be to examine at least
once during each calendar year and within 15 months of the last examination the affairs of the association or cause suitable examinations
to be made by auditors responsible only to the board of directors and to report the result of such examination in writing to the board
of directors at the next regular meeting thereafter. Such report shall state whether the association is in a sound condition, and whether
adequate internal controls and procedures are being maintained and shall recommend to the board of directors such changes in the manner
of conducting the affairs of the association as shall be deemed advisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;4. Other Committees</B>. The Board of Directors may
from time to time by resolution adopted by affirmative vote of a majority of the Board of Directors, appoint other committees of the
Board of Directors which shall have such powers and duties as the Board of Directors may properly determine. No such other committee
of the Board of Directors shall be composed of fewer than three (3)&nbsp;directors. The Board of Directors may also appoint one or more
directors as alternative members of a committee. All acts done and powers conferred by the Board of Directors on committees of the Board
of Directors shall be deemed to be and may be certified as being, done or conferred under that authority of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;5. Delegation of Responsibility and Authority</B>.
The responsibility, authority and constitution of any committee under this Article&nbsp;III may, if authorized by law, be given over
to a duly constituted committee of the association&rsquo;s parent corporation by resolution adopted by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;IV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Officers and Employees</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1 Officers. </B>The Board of Directors shall annually,
at the Annual Reorganization Meeting of the Board of Directors following the annual meeting of shareholders, appoint or elect a chair
of the Board, a chief executive officer, a president, one (1)&nbsp;or more senior executive vice presidents, a corporate secretary, a
treasurer, a chief auditor, and such other officers as it may determine, each to hold office until the next Annual Reorganization meeting.
The officers below the level of senior executive vice president may be elected as follows: the head of the Human Resources Department
of M&amp;T Bank, or his or her designee, may appoint officers up to and including (without limitation as to title or number) one (1)&nbsp;or
more executive vice presidents, senior vice presidents, vice presidents, assistant vice presidents, assistant secretaries, assistant
treasurers, and assistant auditors, and any other officer positions as they deem necessary and appropriate, except the chair of the board,
chief executive officer, president, any &ldquo;Executive Officer&rdquo; of the association for the purposes of Regulation O (codified
at 12 C.F.R. &sect;215.2(e)(1)), and any &ldquo;Senior Executive Officer&rdquo; within the meaning of 12 C.F.R. &sect;5.51(c)(4)&nbsp;may
only be appointed by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2. Chair of the Board</B>. The Board of Directors
shall appoint one of its members to be the chair of the Board to serve at its pleasure. Such person shall preside at all meetings of
the Board of Directors. The chair of the Board shall supervise the carrying out of the policies adopted or approved by the Board of Directors;
shall have general executive powers, as well as the specific powers conferred by these Bylaws; and shall also have and may exercise such
further powers and duties as from time to time may be conferred upon or assigned by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3. President</B>. The Board of Directors shall appoint
one of its members to be the president of the association. The president shall be a member of the Board of Directors. In the absence
of the chair, the president shall preside at any meeting of the Board of Directors. The president shall have general executive powers
and shall have and may exercise any and all other powers and duties pertaining by law, regulation, or practice to the office of president,
or imposed by these Bylaws. The president shall also have and may exercise such further powers and duties as from time to time may be
conferred or assigned by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;4. Vice President</B>. The Board of Directors may
appoint one or more vice presidents. Each vice president shall have such powers and duties as may be assigned by the Board of Directors.
One vice president shall be designated by the Board of Directors, in the absence of the president, to perform all the duties of the president.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;5. Secretary</B>. The Board of Directors shall appoint
a secretary or other designated officer who shall be secretary of the Board of Directors and of the association and who shall keep accurate
minutes of all meetings. The secretary shall attend to the giving of all notices required by these Bylaws; shall be custodian of the
corporate seal, records, documents and papers of the association; shall provide for the keeping of proper records of all transactions
of the association; shall have and may exercise any and all other powers and duties pertaining by law, regulation or practice, or imposed
by these bylaws; and shall also perform such other duties as may be assigned from time to time, by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;6. Other Officers</B>. The Board of Directors may
appoint one or more assistant vice presidents, one or more trust officers, one or more officers, one or more assistant secretaries, one
or more assistant treasurers, one or more managers and assistant managers of branches and such other officers and attorneys in fact as
from time to time may appear to the Board of Directors to be required or desirable to transact the business of the association. Such
officers shall respectively exercise such powers and perform such duties as pertain to their several offices, or as may be conferred
upon or assigned to them by the Board of Directors, the chair of the Board, or the president. The Board of Directors may authorize an
officer to appoint one or more officers or assistant officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;7. Resignation</B>. An officer may resign at any time
by delivering notice to the association. A resignation is effective when the notice is given unless the notice specifies a later effective
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;V</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Stock and Stock Certificates</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1. Transfers</B>. Shares of stock shall be transferable
on the books of the association, and a transfer book shall be kept in which all transfers of stock shall be recorded. Every person becoming
a shareholder by such transfer shall in proportion to such shareholder's shares, succeed to all rights of the prior holder of such shares.
The Board of Directors may impose conditions upon the transfer of the stock reasonably calculated to simplify the work of the association
with respect to stock transfers, voting at shareholder meetings and related matters and to protect it against fraudulent transfers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2. Stock Certificates</B>. Certificates of stock shall
bear the signature of the president (which may be engraved, printed or impressed) and shall be signed manually, by facsimile process,
or electronic means by the secretary, assistant secretary, treasurer, assistant treasurer, or any other officer appointed by the Board
of Directors for that purpose, to be known as an authorized officer, and the seal of the association shall be engraved thereon. Each
certificate shall recite on its face that the stock represented thereby is transferable only upon the books of the association properly
endorsed and otherwise comply with the requirements of 12 <FONT STYLE="font-family: Times New Roman, Times, Serif">U.S.C. 52 and 12 C.F.R.
</FONT>&sect;<FONT STYLE="font-family: Times New Roman, Times, Serif">7.2016(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3. Lost, Stolen or Destroyed Certificates</B>. In
case any certificate representing shares shall be lost, stolen or destroyed, the Board of Directors, in its discretion, or any officer
or officers thereunder duly authorized by the Board of Directors, may authorize the issue of a substitute certificate or substitute shares
in uncertificated form in the place of the certificate so lost, stolen or destroyed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;4. Fixing of Record Date</B>. The Board of Directors
may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders
or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, in order to make a determination
of shareholders for any other proper purpose. Such date, in any case, shall be the close of business on the day before the first notice
is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 10 days before the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;VII</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Corporate Seal</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1. Seal</B>. The seal of the association shall be
in such form as may be determined from time to time by the Board of Directors. The president, the treasurer, the secretary or any assistant
treasurer or assistant secretary, or other officer thereunto designated by the Board of Directors shall have authority to affix the corporate
seal to any document requiring such seal and to attest the same. The seal on any corporate obligation for the payment of money may be
facsimile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;VIII</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Miscellaneous Provisions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1. Fiscal Year</B>. The fiscal year of the association
shall be the calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2. Execution of Instruments</B>. All agreements, indentures,
mortgages, deeds, conveyances, transfers, certificates, declarations, receipts, discharges, releases, satisfactions, settlements, petitions,
schedules, accounts, affidavits, bonds, undertakings, proxies and other instruments or documents may be signed, executed, acknowledged,
verified, delivered or accepted on behalf of the association by any officer elected or appointed pursuant to Article&nbsp;IV of these
Bylaws. Any such instruments may also be executed, acknowledged, verified, delivered or accepted on behalf of the association in such
other manner and by such other officers as the Board of Directors may from time to time direct. The provisions of this Section&nbsp;2
are supplementary to any other provision of these Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3. Records</B>. The Articles of Association, the Bylaws
and the proceedings of all meetings of the shareholders, the Board of Directors, and standing committees of the Board of Directors shall
be recorded in appropriate minute books provided for that purpose. The minutes of each meeting shall be signed by the secretary, treasurer
or other officer appointed to act as secretary of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Section&nbsp;4. Corporate Governance Procedures.
</B>To the extent not inconsistent with federal banking statutes and regulations, or safe and sound banking practices, the association
may follow the Delaware General Corporation Law, Del. Code Ann. tit. 8 (1991, as amended 1994, and as amended thereafter) with respect
to matters of corporate governance procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;5. Indemnification. </B>For purposes of this Section&nbsp;5
of Article&nbsp;VIII, the term &ldquo;institution-affiliated party&rdquo; shall mean any institution-affiliated party of the association
as such term is defined in 12 U.S.C. 1813(u).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any institution-affiliated party (or his or her heirs, executors or
administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in connection with any
threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental, administrative or
investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists; provided, however,
that when an administrative proceeding or action instituted by a federal banking agency results in a final order or settlement pursuant
to which such person: (i)&nbsp;is assessed a civil money penalty, (ii)&nbsp;is removed from office or prohibited from participating in
the conduct of the affairs of the association, or (iii)&nbsp;is required to cease and desist from or to take any affirmative action described
in 12 U.S.C. 1818(b)&nbsp;with respect to the association, then the association shall require the repayment of all legal fees and expenses
advanced pursuant to the next succeeding paragraph and may not indemnify such institution-affiliated parties (or their heirs, executors
or administrators) for expenses, including expenses for legal fees, penalties or other payments incurred. The association shall provide
indemnification in connection with an action or proceeding (or part thereof) initiated by an institution-affiliated party (or by his
or her heirs, executors or administrators) only if such action or proceeding (or part thereof) was authorized by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Expenses incurred by an institution-affiliated party (or by his or
her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may be paid by the association
in advance of the final disposition of such action or proceeding upon (a)&nbsp;a determination by the Board of Directors acting by a
quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated party (or his or her
heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b)&nbsp;a determination that the indemnified
individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the association in the event
he or she does not prevail, (c)&nbsp;a determination that the payment of expenses and fees by the association will not adversely affect
the safety and soundness of the association, and (d)&nbsp;receipt of an undertaking by or on behalf of such institution-affiliated party
(or by his or her heirs, executors or administrators) to repay such advancement in the event of a final order or settlement pursuant
to which such person: (i)&nbsp;is assessed a civil money penalty, (ii)&nbsp;is removed from office or prohibited from participating in
the conduct of the affairs of the association, or (iii)&nbsp;is required to cease and desist from or to take any affirmative action described
in 12 U.S.C. 1818(b)&nbsp;with respect to the association. In all other instances, expenses incurred by an institution-affiliated party
(or by his or her heirs, executors or administrators) in connection with any action or proceeding as to which indemnification may be
given under the Articles of Association may be paid by the association in advance of the final disposition of such action or proceeding
upon (a)&nbsp;receipt of an undertaking by or on behalf of such institution-affiliated party (or by or on behalf of his or her heirs,
executors or administrators) to repay such advancement in the event that such institution- affiliated party (or his or her heirs, executors
or administrators) is ultimately found not to be entitled to indemnification as authorized by these Bylaws and (b)&nbsp;approval by the
Board of Directors acting by a quorum consisting of directors who are not parties to such action or proceeding or, if such a quorum is
not obtainable, then approval by shareholders. To the extent permitted by law, the Board of Directors or, if applicable, the shareholders,
shall not be required to find that the institution-affiliated party has met the applicable standard of conduct provided by law for indemnification
in connection with such action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that a majority of the members of the Board of Directors
are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining members of the Board
may authorize independent legal counsel to review the indemnification request and provide the remaining members of the Board with a written
opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Section&nbsp;5 of Article&nbsp;VIII have
been met. If independent legal counsel opines that said conditions have been met, the remaining members of the Board of Directors may
rely on such opinion in authorizing the requested indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that all of the members of the Board of Directors are
named as respondents in an administrative proceeding or civil action and request indemnification, the Board shall authorize independent
legal counsel to review the indemnification request and provide the Board with a written opinion of counsel as to whether the conditions
delineated in the first four paragraphs of this Section&nbsp;5 of Article&nbsp;VIII have been met. If legal counsel opines that said
conditions have been met, the Board of Directors may rely on such opinion in authorizing the requested indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent permitted under applicable law, the rights of indemnification
and to the advancement of expenses provided in the Articles of Association (a)&nbsp;shall be available with respect to events occurring
prior to the adoption of these Bylaws, (b)&nbsp;shall continue to exist after any restrictive amendment of these Bylaws with respect
to events occurring prior to such amendment, (c)&nbsp;may be interpreted on the basis of applicable law in effect at the time of the
occurrence of the event or events giving rise to the action or proceeding, or on the basis of applicable law in effect at the time such
rights are claimed, and (d)&nbsp;are in the nature of contract rights which may be enforced in any court of competent jurisdiction as
if the association and the institution-affiliated party (or his or her heirs, executors or administrators) for whom such rights are sought
were parties to a separate written agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The rights of indemnification and to the advancement of expenses provided
in these Bylaws shall not, to the extent permitted under applicable law, be deemed exclusive of any other rights to which any such institution-affiliated
party (or his or her heirs, executors or administrators) may now or hereafter be otherwise entitled whether contained in the association&rsquo;s
Articles of Association, these Bylaws, a resolution of shareholders, a resolution of the Board of Directors, or an agreement providing
such indemnification, the creation of such other rights being hereby expressly authorized. Without limiting the generality of the foregoing,
the rights of indemnification and to the advancement of expenses provided in these Bylaws shall not be deemed exclusive of any rights,
pursuant to statute or otherwise, of any such institution-affiliated party (or of his or her heirs, executors or administrators) in any
such action or proceeding to have assessed or allowed in his or her favor, against the association or otherwise, his or her costs and
expenses incurred therein or in connection therewith or any part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Section&nbsp;5 of Article&nbsp;VIII or any part hereof shall
be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary
to make it enforceable, and the remainder of this Section&nbsp;5 of Article&nbsp;VIII shall remain fully enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The association may, upon affirmative vote of a majority of its Board
of Directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification is allowed in
these Bylaws; provided, however, that no such insurance shall include coverage for a final order assessing civil money penalties against
such persons by a bank regulatory agency. Such insurance may, but need not, be for the benefit of all institution- affiliated parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;IX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Inspection and Amendments</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1. Inspection</B>. A copy of the bylaws of the association,
with all amendments, shall at all times be kept in a convenient place at the main office of the association, and shall be open for inspection
to all shareholders during banking hours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2. Amendments</B>. The Board of Directors shall have
the power, at any regular or special meeting thereof, to amend, alter or repeal the bylaws of the association, or to make and adopt new
bylaws. These Bylaws may be amended, altered or repealed and new bylaws may be adopted by the shareholders of the association to the
extent and as permitted in the Articles of Association or applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Section&nbsp;321(b)&nbsp;Consent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Section&nbsp;321(b)&nbsp;of the Trust Indenture Act of
1939, as amended, Wilmington Trust, National Association hereby consents that reports of examinations by Federal, State, Territorial
or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon requests therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">WILMINGTON TRUST, NATIONAL ASSOCIATION</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">Dated: August&nbsp;4, 2025</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Karleen R. Bratland</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Karleen R. Bratland</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Assistant Vice President</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><B>EXHIBIT&nbsp;7</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>REPORT OF CONDITION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WILMINGTON TRUST, NATIONAL
ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As of the close of business on March&nbsp;31,
2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">Thousands of Dollars</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">ASSETS</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; text-align: left">Cash and balances due from depository institutions:</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 27%; font: 10pt Times New Roman, Times, Serif; text-align: right">581,398</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Securities:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Federal funds sold and securities purchased under agreement to resell:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Loans and leases held for sale:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Loans and leases net of unearned income, allowance:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31,590</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Premises and fixed asset</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31,309</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Other real estate owned:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Investments in unconsolidated subsidiaries and associated companies:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Direct and indirect investments in real estate ventures:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Intangible assets:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Other assets:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">64,330</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><B>Total Assets:</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">709,727</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">Thousands of Dollars</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">LIABILITIES</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif">Deposits</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 27%; font: 10pt Times New Roman, Times, Serif; text-align: right">5,688</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Federal funds purchased and securities sold under agreements to repurchase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Other borrowed money:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Other Liabilities:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">88,648</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total Liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">94,336</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">Thousands of Dollars</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">EQUITY CAPITAL</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; text-align: left">Common Stock</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 27%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Surplus</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">355,412</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Retained Earnings</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">258,980</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Accumulated other comprehensive income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><B>Total Equity Capital</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">615,391</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><B>Total Liabilities and Equity Capital</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">709,727</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>



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<TYPE>EX-25.2
<SEQUENCE>8
<FILENAME>tm2521625d2_ex25-2.htm
<DESCRIPTION>EXHIBIT 25.2
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 25.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;T-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Check if an Application to Determine Eligibility of a Trustee Pursuant to Section&nbsp;305(b)(2)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of trustee as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>16-1486454</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. employer identification no.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1100 North Market Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wilmington, DE 19890-0001</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Kyle Barry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Senior Vice President</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wilmington Trust Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>285 Delaware Ave.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Buffalo, NY 14202</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(716) 839-6909</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number of agent for
service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ICAHN ENTERPRISES L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ICAHN ENTERPRISES FINANCE CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Exact name of obligor as
specified in its charter) <B>&nbsp;</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Delaware</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Delaware</B></P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>13-3398766</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>20-1059842</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
    or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.
    Employer Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>16690 Collins Avenue, PH-1<BR>
Sunny Isles Beach, FL 33160</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices, including
zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subordinated Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Title of the indenture securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in; text-align: left"><B>ITEM 1. </B></TD><TD STYLE="text-align: justify"><B>GENERAL
                                            INFORMATION.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Furnish the following information as to the trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 24pt">(a)</TD><TD>Name and address of each examining or supervising authority to which
                                            it is subject.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Comptroller of Currency, Washington, D.C.</TD></TR>
                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Federal Deposit Insurance Corporation, Washington, D.C.</TD></TR>
                                                                    </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 24pt">(b)</TD><TD>Whether it is authorized to exercise corporate trust powers.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>The trustee is authorized to exercise
corporate trust powers.</TD></TR>
                                                                                                                                       </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>ITEM 2.</B></TD><TD><B>AFFILIATIONS WITH THE OBLIGOR.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">If the obligor is an affiliate of the trustee,
describe each affiliation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Based upon an examination of the books and records of the
trustee and information available to the trustee, the obligor is not an affiliate of the trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="white-space: nowrap; width: 1in; text-align: left"><B>ITEM 3 &ndash; 15.</B></TD><TD STYLE="text-align: justify">Not
                                            applicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>ITEM 16.</B></TD><TD><B>LIST OF EXHIBITS.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.75in">Listed below are all exhibits filed
as part of this Statement of Eligibility and Qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 12pt">1.</TD><TD>A copy of the Charter for Wilmington Trust, National Association.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 12pt">2.</TD><TD>The authority of Wilmington Trust, National Association to commence business
                                            was granted under the Charter for Wilmington Trust, National Association, incorporated herein
                                            by reference to Exhibit&nbsp;1 above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 12pt">3.</TD><TD>The authorization to exercise corporate trust powers was granted under
                                            the Charter for Wilmington Trust, National Association, incorporated herein by reference
                                            to Exhibit&nbsp;1 above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 12pt">4.</TD><TD>A copy of the existing By-Laws of Trustee, as now in effect, incorporated
                                            herein by reference to Exhibit&nbsp;4of this Form&nbsp;T-1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 12pt">5.</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 12pt">6.</TD><TD>The consent of Wilmington Trust, National Association as required by
                                            Section&nbsp;321(b)&nbsp;of the Trust Indenture Act of 1939, attached hereto as Exhibit&nbsp;6
                                            of this Form&nbsp;T-1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 12pt">7.</TD><TD>Current Report of the Condition of Wilmington Trust, National Association,
                                            published pursuant to law or the requirements of its supervising or examining authority,
                                            attached hereto as Exhibit&nbsp;7 of this Form&nbsp;T-1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 12pt">8.</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 12pt">9.</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the trustee, Wilmington Trust, National Association, a national banking association organized and existing under the laws of
the United States of America, has duly caused this Statement of Eligibility to be signed on its behalf by the undersigned, thereunto
duly authorized, all in the City of Minneapolis and State of Minnesota on the 4th day of August, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">WILMINGTON TRUST, NATIONAL ASSOCIATION</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Karleen R. Bratland</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Karleen R. Bratland</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Assistant Vice President</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CHARTER OF WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the purpose of organizing an association to
perform any lawful activities of national banks, the undersigned do enter into the following articles of association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FIRST. The title of this association shall be Wilmington Trust, National
Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECOND. The main office of the association shall be in the City of
Wilmington, County of New Castle, State of Delaware. The general business of the association shall be conducted at its main office and
its branches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIRD. The board of directors of this association shall consist of
not less than five nor more than twenty-five persons, unless the OCC has exempted the bank from the 25-member limit. The exact number
is to be fixed and determined from time to time by resolution of a majority of the full board of directors or by resolution of a majority
of the shareholders at any annual or special meeting thereof. Each director shall own common or preferred stock of the association or
of a holding company owning the association, with an aggregate par, fair market or equity value $1,000. Determination of these values
may be based as of either (i)&nbsp;the date of purchase or (ii)&nbsp;the date the person became a director, whichever value is greater.
Any combination of common or preferred stock of the association or holding company may be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any vacancy in the board of directors may be
filled by action of a majority of the remaining directors between meetings of shareholders. The board of directors may not increase the
number of directors between meetings of shareholders to a number which:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>exceeds by more than two the number of directors last elected by
                                            shareholders where the number was 15 or less; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>exceeds by more than four the number of directors last elected by
                                            shareholders where the number was 16 or more, but in no event shall the number of directors
                                            exceed 25, unless the OCC has exempted the bank from the 25-member limit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Directors shall be elected for terms of one year
and until their successors are elected and qualified. Terms of directors, including directors selected to fill vacancies, shall expire
at the next regular meeting of shareholders at which directors are elected, unless the directors resign or are removed from office. Despite
the expiration of a director's term, the director shall continue to serve until his or her successor is elected and qualifies or until
there is a decrease in the number of directors and his or her position is eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Honorary or advisory members of the board of
directors, without voting power or power of final decision in matters concerning the business of the association, may be appointed by
resolution of a majority of the full board of directors, or by resolution of shareholders at any annual or special meeting. Honorary
or advisory directors shall not be counted to determine the number of directors of the association or the presence of a quorum in connection
with any board action, and shall not be required to own qualifying shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FOURTH. There shall be an annual meeting of the shareholders to elect
directors and transact whatever other business may be brought before the meeting. It shall be held at the main office or any other convenient
place the board of directors may designate, on the day of each year specified therefor in the bylaws, or, if that day falls on a legal
holiday in the state in which the association is located, on the next following banking day. If no election is held on the day fixed,
or in the event of a legal holiday on the following banking day, an election may be held on any subsequent day within 60 days of the
day fixed, to be designated by the board of directors, or, if the directors fail to fix the day, by shareholders representing two-thirds
of the shares issued and outstanding. In all cases at least 10 days advance notice of the time, place and purpose of a shareholders&rsquo;
meeting shall be given to the shareholders by first class mail, unless the OCC determines that an emergency circumstance exists. The
sole shareholder of the bank is permitted to waive notice of the shareholders&rsquo; meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In all elections of directors, the number of
votes each common shareholder may cast will be determined by multiplying the number of shares such shareholder owns by the number of
directors to be elected. Those votes may be cumulated and cast for a single candidate or may be distributed among two or more candidates
in the manner selected by the shareholder. If, after the first ballot, subsequent ballots are necessary to elect directors, a shareholder
may not vote shares that he or she has already fully cumulated and voted in favor of a successful candidate. On all other questions,
each common shareholder shall be entitled to one vote for each share of stock held by him or her.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nominations for election to the board of directors
may be made by the board of directors or by any stockholder of any outstanding class of capital stock of the association entitled to
vote for election of directors. Nominations other than those made by or on behalf of the existing management shall be made in writing
and be delivered or mailed to the president of the association not less than 14 days nor more than 50 days prior to any meeting of shareholders
called for the election of directors; provided, however, that if less than 21 days notice of the meeting is given to shareholders, such
nominations shall be mailed or delivered to the president of the association not later than the close of business on the seventh day
following the day on which the notice of meeting was mailed. Such notification shall contain the following information to the extent
known to the notifying shareholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>The name and address of each proposed nominee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>The principal occupation of each proposed nominee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD>The total number of shares of capital stock of the association that
                                            will be voted for each proposed nominee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4)</TD><TD>The name and residence address of the notifying shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5)</TD><TD>The number of shares of capital stock of the association owned by
                                            the notifying shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Nominations not made in accordance
herewith may, in his/her discretion, be disregarded by the chairperson of the meeting, and the vote tellers may disregard all votes cast
for each such nominee. No bylaw may unreasonably restrict the nomination of directors by shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">A director may resign at any time
by delivering written notice to the board of directors, its chairperson, or to the association, which resignation shall be effective
when the notice is delivered unless the notice specifies a later effective date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">A director may be removed by shareholders
at a meeting called to remove the director, when notice of the meeting stating that the purpose or one of the purposes is to remove the
director is provided, if there is a failure to fulfill one of the affirmative requirements for qualification, or for cause; provided,
however, that a director may not be removed if the number of votes sufficient to elect the director under cumulative voting is voted
against the director's removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FIFTH. The authorized amount of capital stock of this association
shall be ten thousand shares of common stock of the par value of one hundred dollars ($100) each; but said capital stock may be increased
or decreased from time to time, according to the provisions of the laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No holder of shares of the capital stock of any
class of the association shall have any preemptive or preferential right of subscription to any shares of any class of stock of the association,
whether now or hereafter authorized, or to any obligations convertible into stock of the association, issued, or sold, nor any right
of subscription to any thereof other than such, if any, as the board of directors, in its discretion, may from time to time determine
and at such price as the board of directors may from time to time fix. Preemptive rights also must be approved by a vote of holders of
two-thirds of the bank&rsquo;s outstanding voting shares. Unless otherwise specified in these articles of association or required by
law, (1)&nbsp;all matters requiring shareholder action, including amendments to the articles of association, must be approved by shareholders
owning a majority voting interest in the outstanding voting stock, and (2)&nbsp;each shareholder shall be entitled to one vote per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified in these articles of
association or required by law, all shares of voting stock shall be voted together as a class, on any matters requiring shareholder approval.
If a proposed amendment would affect two or more classes or series in the same or a substantially similar way, all the classes or series
so affected must vote together as a single voting group on the proposed amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shares of one class or series may be issued as
a dividend for shares of the same class or series on a pro rata basis and without consideration. Shares of one class or series may be
issued as share dividends for a different class or series of stock if approved by a majority of the votes entitled to be cast by the
class or series to be issued, unless there are no outstanding shares of the class or series to be issued. Unless otherwise provided by
the board of directors, the record date for determining shareholders entitled to a share dividend shall be the date authorized by the
board of directors for the share dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise provided in the bylaws, the record
date for determining shareholders entitled to notice of and to vote at any meeting is the close of business on the day before the first
notice is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 70 days before the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a shareholder is entitled to fractional shares
pursuant to a stock dividend, consolidation or merger, reverse stock split or otherwise, the association may: (a)&nbsp;issue fractional
shares; (b)&nbsp;in lieu of the issuance of fractional shares, issue script or warrants entitling the holder to receive a full share
upon surrendering enough script or warrants to equal a full share; (c)&nbsp;if there is an established and active market in the association's
stock, make reasonable arrangements to provide the shareholder with an opportunity to realize a fair price through sale of the fraction,
or purchase of the additional fraction required for a full share; (d)&nbsp;remit the cash equivalent of the fraction to the shareholder;
or (e)&nbsp;sell full shares representing all the fractions at public auction or to the highest bidder after having solicited and received
sealed bids from at least three licensed stock brokers; and distribute the proceeds pro rata to shareholders who otherwise would be entitled
to the fractional shares. The holder of a fractional share is entitled to exercise the rights for shareholder, including the right to
vote, to receive dividends, and to participate in the assets of the association upon liquidation, in proportion to the fractional interest.
The holder of script or warrants is not entitled to any of these rights unless the script or warrants explicitly provide for such rights.
The script or warrants may be subject to such additional conditions as: (1)&nbsp;that the script or warrants will become void if not
exchanged for full shares before a specified date; and (2)&nbsp;that the shares for which the script or warrants are exchangeable may
be sold at the option of the association and the proceeds paid to scriptholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The association, at any time and from time to
time, may authorize and issue debt obligations, whether or not subordinated, without the approval of the shareholders. Obligations classified
as debt, whether or not subordinated, which may be issued by the association without the approval of shareholders, do not carry voting
rights on any issue, including an increase or decrease in the aggregate number of the securities, or the exchange or reclassification
of all or part of securities into securities of another class or series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SIXTH. The board of directors shall appoint one of its members president
of this association, and one of its members chairperson of the board and shall have the power to appoint one or more vice presidents,
a secretary who shall keep minutes of the directors' and shareholders' meetings and be responsible for authenticating the records of
the association, and such other officers and employees as may be required to transact the business of this association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A duly appointed officer may appoint one or more
officers or assistant officers if authorized by the board of directors in accordance with the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The board of directors shall have the power to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>Define the duties of the officers, employees, and agents of the association.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>Delegate the performance of its duties, but not the responsibility
                                            for its duties, to the officers, employees, and agents of the association.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD>Fix the compensation and enter into employment contracts with its
                                            officers and employees upon reasonable terms and conditions consistent with applicable law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4)</TD><TD>Dismiss officers and employees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5)</TD><TD>Require bonds from officers and employees and to fix the penalty
                                            thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6)</TD><TD>Ratify written policies authorized by the association's management
                                            or committees of the board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7)</TD><TD>Regulate the manner in which any increase or decrease of the capital
                                            of the association shall be made, provided that nothing herein shall restrict the power of
                                            shareholders to increase or decrease the capital of the association in accordance with law,
                                            and nothing shall raise or lower from two-thirds the percentage required for shareholder
                                            approval to increase or reduce the capital.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8)</TD><TD>Manage and administer the business and affairs of the association.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">9)</TD><TD>Adopt initial bylaws, not inconsistent with law or the articles of
                                            association, for managing the business and regulating the affairs of the association.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">10)</TD><TD>Amend or repeal bylaws, except to the extent that the articles of
                                            association reserve this power in whole or in part to shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">11)</TD><TD>Make contracts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">12)</TD><TD>Generally perform all acts that are legal for a board of directors
                                            to perform.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEVENTH. The board of directors shall have the power to change the
location of the main office to any other place within the limits of Wilmington, Delaware, without the approval of the shareholders, or
with a vote of shareholders owning two-thirds of the stock of such association for a relocation outside such limits and upon receipt
of a certificate of approval from the Comptroller of the Currency, to any other location within or outside the limits of Wilmington Delaware,
but not more than 30 miles beyond such limits. The board of directors shall have the power to establish or change the location of any
branch or branches of the association to any other location permitted under applicable law, without approval of shareholders, subject
to approval by the Comptroller of the Currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EIGHTH. The corporate existence of this association shall continue
until termination according to the laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NINTH. The board of directors of this association, or any one or more
shareholders owning, in the aggregate, not less than 50 percent of the stock of this association, may call a special meeting of shareholders
at any time. Unless otherwise provided by the bylaws or the laws of the United States, a notice of the time, place, and purpose of every
annual and special meeting of the shareholders shall be given at least 10 days prior to the meeting by first-class mail, unless the OCC
determines that an emergency circumstance exists. If the association is a wholly-owned subsidiary, the sole shareholder may waive notice
of the shareholders&rsquo; meeting. Unless otherwise provided by the bylaws or these articles, any action requiring approval of shareholders
must be effected at a duly called annual or special meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TENTH. For purposes of this Article&nbsp;Tenth, the term &ldquo;institution-affiliated
party&rdquo; shall mean any institution-affiliated party of the association as such term is defined in 12 U.S.C. 1813(u).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any institution-affiliated party (or his or her
heirs, executors or administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in
connection with any threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental,
administrative or investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists;
provided, however, that when an administrative proceeding or action instituted by a federal banking agency results in a final order or
settlement pursuant to which such person: (i)&nbsp;is assessed a civil money penalty, (ii)&nbsp;is removed from office or prohibited
from participating in the conduct of the affairs of the association, or (iii)&nbsp;is required to cease and desist from or to take any
affirmative action described in 12 U.S.C. 1818(b)&nbsp;with respect to the association, then the association shall require the repayment
of all legal fees and expenses advanced pursuant to the next succeeding paragraph and may not indemnify such institution-affiliated parties
(or their heirs, executors or administrators) for expenses, including expenses for legal fees, penalties or other payments incurred.
The association shall provide indemnification in connection with an action or proceeding (or part thereof) initiated by an institution-affiliated
party (or by his or her heirs, executors or administrators) only if such action or proceeding (or part thereof) was authorized by the
board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Expenses incurred by an institution-affiliated
party (or by his or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may
be paid by the association in advance of the final disposition of such action or proceeding upon (a)&nbsp;a determination by the board
of directors acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated
party (or his or her heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b)&nbsp;a determination
that the indemnified individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the
bank in the event he or she does not prevail, (c)&nbsp;a determination that the payment of expenses and fees by the association will
not adversely affect the safety and soundness of the association, and (d)&nbsp;receipt of an undertaking by or on behalf of such institution-affiliated
party (or by his or her heirs, executors or administrators) to repay such advancement in the event of a final order or settlement pursuant
to which such person: (i)&nbsp;is assessed a civil money penalty, (ii)&nbsp;is removed from office or prohibited from participating in
the conduct of the affairs of the association, or (iii)&nbsp;is required to cease and desist from or to take any affirmative action described
in 12 U.S.C. 1818(b)&nbsp;with respect to the association. In all other instances, expenses incurred by an institution-affiliated party
(or by his or her heirs, executors or administrators) in connection with any action or proceeding as to which indemnification may be
given under these articles of association may be paid by the association in advance of the final disposition of such action or proceeding
upon (a)&nbsp;receipt of an undertaking by or on behalf of such institution-affiliated party (or by or on behalf of his or her heirs,
executors or administrators) to repay such advancement in the event that such institution-affiliated party (or his or her heirs, executors
or administrators) is ultimately found not to be entitled to indemnification as authorized by these articles of association and (b)&nbsp;approval
by the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding or, if such a quorum
is not obtainable, then approval by stockholders. To the extent permitted by law, the board of directors or, if applicable, the stockholders,
shall not be required to find that the institution-affiliated party has met the applicable standard of conduct provided by law for indemnification
in connection with such action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that a majority of the members of
the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining
members of the board may authorize independent legal counsel to review the indemnification request and provide the remaining members
of the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Article&nbsp;Tenth
have been met. If independent legal counsel opines that said conditions have been met, the remaining members of the board of directors
may rely on such opinion in authorizing the requested indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that all of the members of the board
of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the board shall authorize
independent legal counsel to review the indemnification request and provide the board with a written opinion of counsel as to whether
the conditions delineated in the first four paragraphs of this Article&nbsp;Tenth have been met. If legal counsel opines that said conditions
have been met, the board of directors may rely on such opinion in authorizing the requested indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent permitted under applicable law,
the rights of indemnification and to the advancement of expenses provided in these articles of association (a)&nbsp;shall be available
with respect to events occurring prior to the adoption of these articles of association, (b)&nbsp;shall continue to exist after any restrictive
amendment of these articles of association with respect to events occurring prior to such amendment, (c)&nbsp;may be interpreted on the
basis of applicable law in effect at the time of the occurrence of the event or events giving rise to the action or proceeding, or on
the basis of applicable law in effect at the time such rights are claimed, and (d)&nbsp;are in the nature of contract rights which may
be enforced in any court of competent jurisdiction as if the association and the institution-affiliated party (or his or her heirs, executors
or administrators) for whom such rights are sought were parties to a separate written agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rights of indemnification and to the advancement
of expenses provided in these articles of association shall not, to the extent permitted under applicable law, be deemed exclusive of
any other rights to which any such institution affiliated party (or his or her heirs, executors or administrators) may now or hereafter
be otherwise entitled whether contained in these articles of association, the bylaws, a resolution of stockholders, a resolution of the
board of directors, or an agreement providing such indemnification, the creation of such other rights being hereby expressly authorized.
Without limiting the generality of the foregoing, the rights of indemnification and to the advancement of expenses provided in these
articles of association shall not be deemed exclusive of any rights, pursuant to statute or otherwise, of any such institution-affiliated
party (or of his or her heirs, executors or administrators) in any such action or proceeding to have assessed or allowed in his or her
favor, against the association or otherwise, his or her costs and expenses incurred therein or in connection therewith or any part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Article&nbsp;Tenth or any part hereof
shall be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary
to make it enforceable, and the remainder of this Article&nbsp;Tenth shall remain fully enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The association may, upon affirmative vote of
a majority of its board of directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification
is allowed in these articles of association; provided, however, that no such insurance shall include coverage to pay or reimburse any
institution-affiliated party for the cost of any judgment or civil money penalty assessed against such person in an administrative proceeding
or civil action commenced by any federal banking agency. Such insurance may, but need not, be for the benefit of all institution-affiliated
parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ELEVENTH. These articles of association may be amended at any regular
or special meeting of the shareholders by the affirmative vote of the holders of a majority of the stock of this association, unless
the vote of the holders of a greater amount of stock is required by law, and in that case by the vote of the holders of such greater
amount. The association's board of directors may propose one or more amendments to the articles of association for submission to the
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BY-LAWS OF WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED BYLAWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Effective as of March&nbsp;7, 2024)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED BYLAWS OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Meetings of Shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1. Annual Meeting</B>. The annual meeting of shareholders
shall be held on such date and at such time as may be designated by the chair of the Board of Directors, the chief executive officer,
the president, the chief operating officer, the secretary, or the Board of Directors for the purpose of the election of directors and
for the transaction of such other business as may properly come before the meeting, except such date shall not be a legal holiday in
Delaware. Notice of the meeting shall be mailed by first class mail, postage prepaid, at least 10 days and no more than 60 days prior
to the date thereof, addressed to each shareholder at his or her address appearing on the books of the association. If, for any cause,
an election of directors is not made on that date, an election may be held on any subsequent day within 60 days of the date fixed, to
be designated by the Board of Directors, or, if the directors fail to fix the date, by shareholders representing two-thirds of the shares.
In these circumstances, at least 10 days&rsquo; notice must be given by first class mail to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2. Special Meetings</B>. The chair of the Board of
Directors, the president, the chief executive officer, the secretary, or the Board of Directors may call a special meeting of the shareholders.
A special meeting shall be called to act on any matter that may properly be considered at a meeting of shareholders upon the written
request of shareholders entitled to cast not less than a majority of all the votes entitled to be cast on such matter at the meeting.
Every such special meeting, unless otherwise provided by law, shall be called by mailing, postage prepaid, not less than 10 days nor
more than 60 days prior to the date fixed for the meeting, to each shareholder at the address appearing on the books of the association
a notice stating the purpose of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors may fix a record date for determining shareholders
entitled to notice and to vote at any meeting, in reasonable proximity to the date of giving notice to the shareholders of such meeting.
The record date for determining shareholders entitled to demand a special meeting is the date the first shareholder signs a demand for
the meeting describing the purpose or purposes for which it is to be held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3. Adjournment</B>. If an annual or special shareholders'
meeting is adjourned to a different date, time, or place, notice need not be given of the new date, time or place, if the new date, time
or place is announced at the meeting before adjournment, unless any additional items of business are to be considered, or the association
becomes aware of an intervening event materially affecting any matter to be voted on more than 10 days prior to the date to which the
meeting is adjourned. If a new record date for the adjourned meeting is fixed, however, notice of the adjourned meeting must be given
to persons who are shareholders as of the new record date. If, however, the meeting to elect the directors is adjourned before the election
takes place, at least ten days&rsquo; notice of the new election must be given to the shareholders by first-class mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;4. Nominations of Directors</B>. Nominations for election
to the Board of Directors may be made by the Board of Directors or by any shareholder of any outstanding class of capital stock of the
association entitled to vote for the election of directors. Nominations, other than those made by or on behalf of the existing management
of the association, shall be made in writing and shall be delivered or mailed to the president of the association, not less than 14 days
nor more than 50 days prior to any meeting of shareholders called for the election of directors; <I>provided, however, </I>that if less
than 21 days' notice of the meeting is given to shareholders, such nomination shall be mailed or delivered to the president of the association
not later than the close of business on the seventh day following the day on which the notice of meeting was mailed. Such notification
shall contain the following information to the extent known to the notifying shareholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The name and address of each proposed nominee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The principal occupation of each proposed nominee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>The total number of shares of capital stock of the association that
                                            will be voted for each proposed nominee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>The name and residence of the notifying shareholder; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>The number of shares of capital stock of the association owned by
                                            the notifying shareholder</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nominations not made in accordance herewith may, in his/her discretion,
be disregarded by the chair of the meeting, and upon his/her instructions, all votes cast for each such nominee may be disregarded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;5. Proxies</B>. Shareholders may vote at any meeting
of the shareholders by proxies duly authorized in writing, but no officer or employee of this association shall act as proxy. A director
or an attorney of the association may act as proxy for shareholders voting if they are not also employed as an officer of the association.
Proxies shall be valid only for one meeting, to be specified therein, and any adjournments of such meeting. Proxies shall be dated and
filed with the records of the meeting. Proxies with facsimile signatures may be used and unexecuted proxies may be counted upon receipt
of a written confirmation from the shareholder. Proxies meeting the above requirements submitted at any time during a meeting shall be
accepted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;6. Quorum</B>. A majority of the outstanding capital
stock, represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, unless otherwise provided by law,
but less than a quorum may adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without further notice.
A majority of the votes cast shall decide every question or matter submitted to the shareholders at any meeting, unless otherwise provided
by law or by the articles of association. If a meeting for the election of directors is not held on the fixed date, at least 10 days&rsquo;
notice must be given by first-class mail to the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1. Board of Directors</B>. The Board of Directors
shall have the power to manage and administer the business and affairs of the association. Except as expressly limited by law, all corporate
powers of the association shall be vested in and may be exercised by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2. Number</B>. The Board of Directors shall consist
of not less than five nor more than twenty-five members, unless the OCC has exempted the association from the 25-member limit. The exact
number within such minimum and maximum limits is to be fixed and determined from time to time by resolution of a majority of the full
Board of Directors or by resolution of a majority of the shareholders at any meeting thereof. The Board of Directors may not increase
the number of directors between meetings of shareholders to a number which: (a)&nbsp;exceeds by more than 2 the number of directors last
elected by shareholders where the number was 15 or less; or (b)&nbsp;exceeds by more than 4 the number of directors last elected by shareholders
where the number was 16 or more, but in no event shall the number of directors exceed 25, unless the OCC has exempted the association
from the 25-member limit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3. Qualifications. </B>Each director must be a citizen
of the United States and must own in his or her own right either shares of the capital stock of the association or a company that controls
the association that has not less than an aggregate par value of $1,000, an aggregate shareholders&rsquo; equity of $1,000, or an aggregate
fair market value of $1,000. The value of the common or preferred stock held by a director is valued as of the date purchased or the
date on which the individual became a director, whichever is greater.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;4. Organization Meeting</B>. After each annual meeting
of shareholders at which directors shall have been elected, the Board of Directors shall meet as soon as practicable for the purpose
of organization and the transaction of other business. Such first regular meeting shall be held at any place as may be designated by
the chair, the president or the Board of Directors for such first regular meeting or, in default of such designation, where the immediately
preceding meeting of shareholders was held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Section&nbsp;5. Regular Meetings</B>. Regular
meetings of the Board of Directors shall be held on such dates and at such places as may be designated from time to time by the chair.
No notice of regular meetings shall be necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;6. Special Meetings</B>. Special meetings of the Board
of Directors may be called at any time by the chair, the chief executive officer, the president or by a majority of the then- acting
directors by vote at a meeting or in writing, or by a majority of the members of the executive committee, if one is constituted, by vote
at a meeting or in writing. A special meeting of the Board of Directors shall be held on such date and at any place as may be designated
from time to time by the Board of Directors. In the absence of such designation, such meeting shall be held at such place as may be designated
in the call. Each member of the Board of Directors shall be given notice stating the date, time and place, by letter, electronic delivery
or in person, of each special meeting not less than one day before the meeting. Such notice need not specify the purpose for which the
meeting is called, unless required by the Articles of Association or the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;7. Quorum</B>. A majority of the entire Board then
in office shall constitute a quorum at any meeting, except when otherwise provided by law or these Bylaws, but a lesser number may adjourn
any meeting, from time to time, and the meeting may be held, as adjourned, without further notice. If the number of directors present
at the meeting is reduced below the number that would constitute a quorum, no business may be transacted, except selecting directors
to fill vacancies in conformance with Article&nbsp;II, Section&nbsp;11. If a quorum is present, the board of directors may take action
through the vote of a majority of the directors who are in attendance. No director may vote by proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;8. Attendance by Electronic, Telephonic or Similar
Means. </B>Any one or more members of the Board of Directors or any committee thereof may participate in a regular or special meeting
of such board or committee by, or conduct the meeting through the use of, <FONT STYLE="color: #333333">conference telephone or other
communications equipment </FONT>by which all directors or committee members participating may simultaneously hear each other during the
meeting. Participation in a meeting by these means constitutes presence in person at a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;9. Procedures</B>. The order of business and all other
matters of procedure at every meeting of the Board of Directors may be determined by the person presiding at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;10. Removal of Directors</B>. Any director may be
removed for cause at any meeting of shareholders, notice of which shall have referred to the proposed action, by vote of the shareholders.
Any director may be removed without cause at any meeting of shareholders, notice of which shall have referred to the proposed action,
by the vote of the holders of a majority of the shares of the association entitled to vote. Any director may be removed for cause at
any meeting of the directors, notice of which shall have referred to the proposed action, by vote of a majority of the entire Board of
Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;11. Vacancies</B>. When any vacancy occurs among the
directors, a majority of the remaining members of the Board of Directors may appoint a director to fill such vacancy until the next election
at any regular meeting of the Board of Directors, or at a special meeting called for that purpose at which a quorum is present, or if
the directors remaining in office constitute fewer than a quorum of the Board of Directors, by the affirmative vote of a majority of
all the directors remaining in office, or by shareholders at a special meeting called for that purpose in conformance with Section&nbsp;2
of Article&nbsp;I. A vacancy that will occur at a specific later date (by reason of a resignation effective at a later date) may be filled
before the vacancy occurs but the new director may not take office until the vacancy occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;12. Consent of Directors without a Meeting</B>. Any
action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting if the action is taken
by all members of the Board. The action may be evidenced by one or more written consents signed by each director before or after such
action, describing the action taken, and included in the minutes or filed with the corporate records. A director&rsquo;s consent to action
taken without a meeting may be in electronic form and delivered by electronic means.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;13. Ratification</B>. The board of directors may ratify
and make binding on the association any action or inaction by the association or its officers to the extent that the Board of Directors
or the shareholders could have originally authorized the matter and as permitted by law. Moreover, any action or inaction questioned
in any shareholders&rsquo; derivative proceeding or any other proceeding on the ground of lack of authority, defective or irregular execution,
adverse interest of a director, officer or shareholder, non-disclosure, miscomputation, the application of improper principles or practices
of accounting or otherwise, may be ratified, before or after judgment, by the Board of Directors or by the shareholders, and if so ratified,
shall have the same force and effect as if the questioned action or inaction had been originally duly authorized, and such ratification
shall be binding upon the shareholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned
action or inaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;III</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Committees</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1. Executive Committee</B>. The Board of Directors
may appoint an Executive Committee, which shall have and may exercise, during the intervals between meetings of the Board of Directors,
all the powers of the Board of Directors in the management of the business, properties and affairs of the association except as prohibited
by law, the Articles of Association or these Bylaws. All acts done and powers conferred by the Executive Committee shall be deemed to
be and may be certified as being, done or conferred under authority of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2. Trust Audit Committee. </B>Unless delegated pursuant
to Section&nbsp;5 of this Article&nbsp;III, there shall be a Trust Audit Committee composed of not less than 2 directors, appointed by
the Board of Directors, which shall, at least once during each calendar year make suitable audits of the association&rsquo;s fiduciary
activities or cause suitable audits to be made by auditors responsible only to the Board, and at such time shall ascertain whether fiduciary
powers have been administered according to law, Part&nbsp;9 of the Regulations of the Comptroller of the Currency, and sound fiduciary
principles. Such committee: (1)&nbsp;must not include any officers of the association or an affiliate who participate significantly in
the administration of the association&rsquo;s fiduciary activities; and (2)&nbsp;must consist of a majority of members who are not also
members of any committee to which the Board of Directors has delegated power to manage and control the fiduciary activities of the bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3. Examining Committee</B>. Unless delegated pursuant
to Section&nbsp;5 of this Article&nbsp;III, there shall be an examining committee composed of not less than 2 directors, exclusive of
any active officers, appointed by the board of directors annually or more often. The duty of that committee shall be to examine at least
once during each calendar year and within 15 months of the last examination the affairs of the association or cause suitable examinations
to be made by auditors responsible only to the board of directors and to report the result of such examination in writing to the board
of directors at the next regular meeting thereafter. Such report shall state whether the association is in a sound condition, and whether
adequate internal controls and procedures are being maintained and shall recommend to the board of directors such changes in the manner
of conducting the affairs of the association as shall be deemed advisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;4. Other Committees</B>. The Board of Directors may
from time to time by resolution adopted by affirmative vote of a majority of the Board of Directors, appoint other committees of the
Board of Directors which shall have such powers and duties as the Board of Directors may properly determine. No such other committee
of the Board of Directors shall be composed of fewer than three (3)&nbsp;directors. The Board of Directors may also appoint one or more
directors as alternative members of a committee. All acts done and powers conferred by the Board of Directors on committees of the Board
of Directors shall be deemed to be and may be certified as being, done or conferred under that authority of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;5. Delegation of Responsibility and Authority</B>.
The responsibility, authority and constitution of any committee under this Article&nbsp;III may, if authorized by law, be given over
to a duly constituted committee of the association&rsquo;s parent corporation by resolution adopted by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;IV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Officers and Employees</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1 Officers. </B>The Board of Directors shall annually,
at the Annual Reorganization Meeting of the Board of Directors following the annual meeting of shareholders, appoint or elect a chair
of the Board, a chief executive officer, a president, one (1)&nbsp;or more senior executive vice presidents, a corporate secretary, a
treasurer, a chief auditor, and such other officers as it may determine, each to hold office until the next Annual Reorganization meeting.
The officers below the level of senior executive vice president may be elected as follows: the head of the Human Resources Department
of M&amp;T Bank, or his or her designee, may appoint officers up to and including (without limitation as to title or number) one (1)&nbsp;or
more executive vice presidents, senior vice presidents, vice presidents, assistant vice presidents, assistant secretaries, assistant
treasurers, and assistant auditors, and any other officer positions as they deem necessary and appropriate, except the chair of the board,
chief executive officer, president, any &ldquo;Executive Officer&rdquo; of the association for the purposes of Regulation O (codified
at 12 C.F.R. &sect;215.2(e)(1)), and any &ldquo;Senior Executive Officer&rdquo; within the meaning of 12 C.F.R. &sect;5.51(c)(4)&nbsp;may
only be appointed by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2. Chair of the Board</B>. The Board of Directors
shall appoint one of its members to be the chair of the Board to serve at its pleasure. Such person shall preside at all meetings of
the Board of Directors. The chair of the Board shall supervise the carrying out of the policies adopted or approved by the Board of Directors;
shall have general executive powers, as well as the specific powers conferred by these Bylaws; and shall also have and may exercise such
further powers and duties as from time to time may be conferred upon or assigned by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3. President</B>. The Board of Directors shall appoint
one of its members to be the president of the association. The president shall be a member of the Board of Directors. In the absence
of the chair, the president shall preside at any meeting of the Board of Directors. The president shall have general executive powers
and shall have and may exercise any and all other powers and duties pertaining by law, regulation, or practice to the office of president,
or imposed by these Bylaws. The president shall also have and may exercise such further powers and duties as from time to time may be
conferred or assigned by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;4. Vice President</B>. The Board of Directors may
appoint one or more vice presidents. Each vice president shall have such powers and duties as may be assigned by the Board of Directors.
One vice president shall be designated by the Board of Directors, in the absence of the president, to perform all the duties of the president.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;5. Secretary</B>. The Board of Directors shall appoint
a secretary or other designated officer who shall be secretary of the Board of Directors and of the association and who shall keep accurate
minutes of all meetings. The secretary shall attend to the giving of all notices required by these Bylaws; shall be custodian of the
corporate seal, records, documents and papers of the association; shall provide for the keeping of proper records of all transactions
of the association; shall have and may exercise any and all other powers and duties pertaining by law, regulation or practice, or imposed
by these bylaws; and shall also perform such other duties as may be assigned from time to time, by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;6. Other Officers</B>. The Board of Directors may
appoint one or more assistant vice presidents, one or more trust officers, one or more officers, one or more assistant secretaries, one
or more assistant treasurers, one or more managers and assistant managers of branches and such other officers and attorneys in fact as
from time to time may appear to the Board of Directors to be required or desirable to transact the business of the association. Such
officers shall respectively exercise such powers and perform such duties as pertain to their several offices, or as may be conferred
upon or assigned to them by the Board of Directors, the chair of the Board, or the president. The Board of Directors may authorize an
officer to appoint one or more officers or assistant officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;7. Resignation</B>. An officer may resign at any time
by delivering notice to the association. A resignation is effective when the notice is given unless the notice specifies a later effective
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;V</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Stock and Stock Certificates</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1. Transfers</B>. Shares of stock shall be transferable
on the books of the association, and a transfer book shall be kept in which all transfers of stock shall be recorded. Every person becoming
a shareholder by such transfer shall in proportion to such shareholder's shares, succeed to all rights of the prior holder of such shares.
The Board of Directors may impose conditions upon the transfer of the stock reasonably calculated to simplify the work of the association
with respect to stock transfers, voting at shareholder meetings and related matters and to protect it against fraudulent transfers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2. Stock Certificates</B>. Certificates of stock shall
bear the signature of the president (which may be engraved, printed or impressed) and shall be signed manually, by facsimile process,
or electronic means by the secretary, assistant secretary, treasurer, assistant treasurer, or any other officer appointed by the Board
of Directors for that purpose, to be known as an authorized officer, and the seal of the association shall be engraved thereon. Each
certificate shall recite on its face that the stock represented thereby is transferable only upon the books of the association properly
endorsed and otherwise comply with the requirements of 12 <FONT STYLE="font-family: Times New Roman, Times, Serif">U.S.C. 52 and 12 C.F.R.
</FONT>&sect;<FONT STYLE="font-family: Times New Roman, Times, Serif">7.2016(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3. Lost, Stolen or Destroyed Certificates</B>. In
case any certificate representing shares shall be lost, stolen or destroyed, the Board of Directors, in its discretion, or any officer
or officers thereunder duly authorized by the Board of Directors, may authorize the issue of a substitute certificate or substitute shares
in uncertificated form in the place of the certificate so lost, stolen or destroyed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;4. Fixing of Record Date</B>. The Board of Directors
may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders
or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, in order to make a determination
of shareholders for any other proper purpose. Such date, in any case, shall be the close of business on the day before the first notice
is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 10 days before the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;VII</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Corporate Seal</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1. Seal</B>. The seal of the association shall be
in such form as may be determined from time to time by the Board of Directors. The president, the treasurer, the secretary or any assistant
treasurer or assistant secretary, or other officer thereunto designated by the Board of Directors shall have authority to affix the corporate
seal to any document requiring such seal and to attest the same. The seal on any corporate obligation for the payment of money may be
facsimile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;VIII</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Miscellaneous Provisions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1. Fiscal Year</B>. The fiscal year of the association
shall be the calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2. Execution of Instruments</B>. All agreements, indentures,
mortgages, deeds, conveyances, transfers, certificates, declarations, receipts, discharges, releases, satisfactions, settlements, petitions,
schedules, accounts, affidavits, bonds, undertakings, proxies and other instruments or documents may be signed, executed, acknowledged,
verified, delivered or accepted on behalf of the association by any officer elected or appointed pursuant to Article&nbsp;IV of these
Bylaws. Any such instruments may also be executed, acknowledged, verified, delivered or accepted on behalf of the association in such
other manner and by such other officers as the Board of Directors may from time to time direct. The provisions of this Section&nbsp;2
are supplementary to any other provision of these Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3. Records</B>. The Articles of Association, the Bylaws
and the proceedings of all meetings of the shareholders, the Board of Directors, and standing committees of the Board of Directors shall
be recorded in appropriate minute books provided for that purpose. The minutes of each meeting shall be signed by the secretary, treasurer
or other officer appointed to act as secretary of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Section&nbsp;4. Corporate Governance Procedures.
</B>To the extent not inconsistent with federal banking statutes and regulations, or safe and sound banking practices, the association
may follow the Delaware General Corporation Law, Del. Code Ann. tit. 8 (1991, as amended 1994, and as amended thereafter) with respect
to matters of corporate governance procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;5. Indemnification. </B>For purposes of this Section&nbsp;5
of Article&nbsp;VIII, the term &ldquo;institution-affiliated party&rdquo; shall mean any institution-affiliated party of the association
as such term is defined in 12 U.S.C. 1813(u).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any institution-affiliated party (or his or her heirs, executors or
administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in connection with any
threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental, administrative or
investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists; provided, however,
that when an administrative proceeding or action instituted by a federal banking agency results in a final order or settlement pursuant
to which such person: (i)&nbsp;is assessed a civil money penalty, (ii)&nbsp;is removed from office or prohibited from participating in
the conduct of the affairs of the association, or (iii)&nbsp;is required to cease and desist from or to take any affirmative action described
in 12 U.S.C. 1818(b)&nbsp;with respect to the association, then the association shall require the repayment of all legal fees and expenses
advanced pursuant to the next succeeding paragraph and may not indemnify such institution-affiliated parties (or their heirs, executors
or administrators) for expenses, including expenses for legal fees, penalties or other payments incurred. The association shall provide
indemnification in connection with an action or proceeding (or part thereof) initiated by an institution-affiliated party (or by his
or her heirs, executors or administrators) only if such action or proceeding (or part thereof) was authorized by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Expenses incurred by an institution-affiliated party (or by his or
her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may be paid by the association
in advance of the final disposition of such action or proceeding upon (a)&nbsp;a determination by the Board of Directors acting by a
quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated party (or his or her
heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b)&nbsp;a determination that the indemnified
individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the association in the event
he or she does not prevail, (c)&nbsp;a determination that the payment of expenses and fees by the association will not adversely affect
the safety and soundness of the association, and (d)&nbsp;receipt of an undertaking by or on behalf of such institution-affiliated party
(or by his or her heirs, executors or administrators) to repay such advancement in the event of a final order or settlement pursuant
to which such person: (i)&nbsp;is assessed a civil money penalty, (ii)&nbsp;is removed from office or prohibited from participating in
the conduct of the affairs of the association, or (iii)&nbsp;is required to cease and desist from or to take any affirmative action described
in 12 U.S.C. 1818(b)&nbsp;with respect to the association. In all other instances, expenses incurred by an institution-affiliated party
(or by his or her heirs, executors or administrators) in connection with any action or proceeding as to which indemnification may be
given under the Articles of Association may be paid by the association in advance of the final disposition of such action or proceeding
upon (a)&nbsp;receipt of an undertaking by or on behalf of such institution-affiliated party (or by or on behalf of his or her heirs,
executors or administrators) to repay such advancement in the event that such institution- affiliated party (or his or her heirs, executors
or administrators) is ultimately found not to be entitled to indemnification as authorized by these Bylaws and (b)&nbsp;approval by the
Board of Directors acting by a quorum consisting of directors who are not parties to such action or proceeding or, if such a quorum is
not obtainable, then approval by shareholders. To the extent permitted by law, the Board of Directors or, if applicable, the shareholders,
shall not be required to find that the institution-affiliated party has met the applicable standard of conduct provided by law for indemnification
in connection with such action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that a majority of the members of the Board of Directors
are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining members of the Board
may authorize independent legal counsel to review the indemnification request and provide the remaining members of the Board with a written
opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Section&nbsp;5 of Article&nbsp;VIII have
been met. If independent legal counsel opines that said conditions have been met, the remaining members of the Board of Directors may
rely on such opinion in authorizing the requested indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that all of the members of the Board of Directors are
named as respondents in an administrative proceeding or civil action and request indemnification, the Board shall authorize independent
legal counsel to review the indemnification request and provide the Board with a written opinion of counsel as to whether the conditions
delineated in the first four paragraphs of this Section&nbsp;5 of Article&nbsp;VIII have been met. If legal counsel opines that said
conditions have been met, the Board of Directors may rely on such opinion in authorizing the requested indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent permitted under applicable law, the rights of indemnification
and to the advancement of expenses provided in the Articles of Association (a)&nbsp;shall be available with respect to events occurring
prior to the adoption of these Bylaws, (b)&nbsp;shall continue to exist after any restrictive amendment of these Bylaws with respect
to events occurring prior to such amendment, (c)&nbsp;may be interpreted on the basis of applicable law in effect at the time of the
occurrence of the event or events giving rise to the action or proceeding, or on the basis of applicable law in effect at the time such
rights are claimed, and (d)&nbsp;are in the nature of contract rights which may be enforced in any court of competent jurisdiction as
if the association and the institution-affiliated party (or his or her heirs, executors or administrators) for whom such rights are sought
were parties to a separate written agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The rights of indemnification and to the advancement of expenses provided
in these Bylaws shall not, to the extent permitted under applicable law, be deemed exclusive of any other rights to which any such institution-affiliated
party (or his or her heirs, executors or administrators) may now or hereafter be otherwise entitled whether contained in the association&rsquo;s
Articles of Association, these Bylaws, a resolution of shareholders, a resolution of the Board of Directors, or an agreement providing
such indemnification, the creation of such other rights being hereby expressly authorized. Without limiting the generality of the foregoing,
the rights of indemnification and to the advancement of expenses provided in these Bylaws shall not be deemed exclusive of any rights,
pursuant to statute or otherwise, of any such institution-affiliated party (or of his or her heirs, executors or administrators) in any
such action or proceeding to have assessed or allowed in his or her favor, against the association or otherwise, his or her costs and
expenses incurred therein or in connection therewith or any part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Section&nbsp;5 of Article&nbsp;VIII or any part hereof shall
be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary
to make it enforceable, and the remainder of this Section&nbsp;5 of Article&nbsp;VIII shall remain fully enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The association may, upon affirmative vote of a majority of its Board
of Directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification is allowed in
these Bylaws; provided, however, that no such insurance shall include coverage for a final order assessing civil money penalties against
such persons by a bank regulatory agency. Such insurance may, but need not, be for the benefit of all institution- affiliated parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;IX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Inspection and Amendments</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1. Inspection</B>. A copy of the bylaws of the association,
with all amendments, shall at all times be kept in a convenient place at the main office of the association, and shall be open for inspection
to all shareholders during banking hours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2. Amendments</B>. The Board of Directors shall have
the power, at any regular or special meeting thereof, to amend, alter or repeal the bylaws of the association, or to make and adopt new
bylaws. These Bylaws may be amended, altered or repealed and new bylaws may be adopted by the shareholders of the association to the
extent and as permitted in the Articles of Association or applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Section&nbsp;321(b)&nbsp;Consent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Section&nbsp;321(b)&nbsp;of the Trust Indenture Act of
1939, as amended, Wilmington Trust, National Association hereby consents that reports of examinations by Federal, State, Territorial
or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon requests therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">WILMINGTON TRUST, NATIONAL ASSOCIATION</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">Dated: August&nbsp;4, 2025</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Karleen R. Bratland</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Karleen R. Bratland</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Assistant Vice President</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 25 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>EXHIBIT&nbsp;7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>REPORT OF CONDITION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WILMINGTON TRUST, NATIONAL
ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">As of the close of business
on March&nbsp;31, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thousands
    of Dollars</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASSETS</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and balances due from depository institutions:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">581,398</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,100</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal
    funds sold and securities purchased under agreement to resell:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans
    and leases held for sale:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans
    and leases net of unearned income, allowance:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,590</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Premises
    and fixed asset</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,309</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    real estate owned:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
    in unconsolidated subsidiaries and associated companies:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
    and indirect investments in real estate ventures:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
    assets:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thousands
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    <TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD></TR>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thousands
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Surplus</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">355,412</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">258,980</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    other comprehensive income</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1</FONT></TD>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">615,391</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">709,727</FONT></TD>
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              <b>Calculation of Filing Fee Tables</b>
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        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: center; width: 90%; word-wrap: break-word">
            <p style="margin: 0pt; text-align: center;">
              <b>Table 1: Newly Registered and Carry Forward Securities</b>
            </p>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; float: center; width: 100%; text-align: center; border: 1px solid black; font-size: 16px;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 12%;">
            <!-- BLANK -->
          </th>
          <th style="width: 2%;">
            <!-- BLANK -->
          </th>
          <th style="width: 12%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Type</b>
            </p>
          </th>
          <th style="width: 14%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Class Title </b>
            </p>
          </th>
          <th style="width: 2%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Fee Calculation or Carry Forward Rule</b>
            </p>
          </th>
          <th style="width: 5%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount Registered</b>
            </p>
          </th>
          <th style="width: 15%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Proposed Maximum Offering Price Per Unit</b>
            </p>
          </th>
          <th style="width: 10%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Maximum Aggregate Offering Price</b>
            </p>
          </th>
          <th style="width: 5%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Fee Rate</b>
            </p>
          </th>
          <th style="width: 6%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount of Registration Fee</b>
            </p>
          </th>
          <th style="width: 1%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Carry Forward Form Type</b>
            </p>
          </th>
          <th style="width: 7%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Carry Forward File Number</b>
            </p>
          </th>
          <th style="width: 6%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Carry Forward Initial Effective Date</b>
            </p>
          </th>
          <th style="width: 7%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward</b>
            </p>
          </th>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Newly Registered Securities</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">
            <span style="text-indent: 0px; display:inline-block; padding-left: 20px;">
              <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_1" id="ixv-537">Equity</ix:nonNumeric>
            </span>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_1" id="ixv-538">Depositary Units</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_1" format="ixt:booleantrue" id="ixv-539">457(o)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">
            <span style="text-indent: 0px; display:inline-block; padding-left: 20px;">
              <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_2" id="ixv-540">Equity</ix:nonNumeric>
            </span>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_2" id="ixv-541">Preferred Units </ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_2" format="ixt:booleantrue" id="ixv-542">457(o)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">
            <span style="text-indent: 0px; display:inline-block; padding-left: 20px;">
              <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_3" id="ixv-543">Debt</ix:nonNumeric>
            </span>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_3" id="ixv-544">Debt Securities</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_3" format="ixt:booleantrue" id="ixv-545">457(o)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">
            <span style="text-indent: 0px; display:inline-block; padding-left: 20px;">
              <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_4" id="ixv-546">Other</ix:nonNumeric>
            </span>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_4" id="ixv-547">Guarantees of Debt Securities</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_4" format="ixt:booleantrue" id="ixv-548">457(o)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">
            <span style="text-indent: 0px; display:inline-block; padding-left: 20px;">
              <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_5" id="ixv-549">Other</ix:nonNumeric>
            </span>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_5" id="ixv-550">Warrants</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_5" format="ixt:booleantrue" id="ixv-551">457(o)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">
            <span style="text-indent: 0px; display:inline-block; padding-left: 20px;">
              <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_6" id="ixv-552">Other</ix:nonNumeric>
            </span>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_6" id="ixv-553">Rights</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_6" format="ixt:booleantrue" id="ixv-554">457(o)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_7" format="ixt:booleanfalse" id="ixv-555">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
		1
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_7" id="ixv-556">Unallocated (Universal) Shelf</ix:nonNumeric>
          </td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457oFlg" contextRef="offrl_7" format="ixt:booleantrue" id="ixv-557">457(o)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_7" id="ixv-558">1,200,000,000.00</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_7" id="ixv-559">0.0001531</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_7" id="ixv-560">183,720.00</ix:nonFraction>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fees Previously Paid
	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Carry Forward Securities</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Carry Forward Securities
	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">Total Offering Amounts:</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; width: 16%;">
            <p id="MaxAggtOfferingPrice" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-561">1,200,000,000.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; border-bottom: 1px black; width: 16%;">
            <p id="TotalFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-562">183,720.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fees Previously Paid:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalPreviouslyPaidAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlPrevslyPdAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-563">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fee Offsets:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalOffsetAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-564">75,329.09</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Net Fee Due:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="NetFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:NetFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-565">108,390.91</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
      </table>
    </div>
    <div>
      <table style="width: 100%; text-indent: 0px;">
        <tbody>
          <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
            <td>
              <p style="margin:0pt;text-align:left; margin-bottom: 5px;">
                <b>Offering Note</b>
              </p>
            </td>
            <td/>
          </tr>
        </tbody>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="width: 100%; text-indent: 0px;">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_7" id="ixv-566">Note 1.a	Estimated solely for the purpose of calculating the registration fee for the primary offering pursuant to Rule 457(o) under the Securities Act of 1933. Pursuant to Rule 457(o) and General Instruction II.D of Form S 3, which permits the registration fee to be calculated on the basis of the maximum offering price of all the securities listed for the offering, the table does not specify by each class information as to the amount to be registered or proposed maximum offering price per unit.

Note 1.b	Any series of debt securities issued by Icahn Enterprises Finance Corp. will be guaranteed by Icahn Enterprises L.P. Pursuant to Rule 457(n), no separate fee is payable with respect to the guarantees of the debt securities being registered.

Note 1.c  The securities registered consist of $1,200,000,000 of an indeterminate number or amount of Depository Units, Preferred Units, Debt Securities, Guarantees of Debt Securities, Warrants and Rights, as may be issued from time to time at indeterminate prices. In no event will the aggregate initial offering price of all securities issued from time to time pursuant to this registration statement exceed $1,200,000,000 or the equivalent thereof in foreign currencies, foreign currency units or composite currencies. This registration statement also covers an indeterminate amount of securities registered hereunder and listed in the "Newly Registered and Carry Forward Securities" table above as may be issued in exchange for, or upon conversion or exercise of, as the case may be, the securities registered hereunder and listed in the "Newly Registered and Carry Forward Securities" table above.</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td style="width:10pt;"/>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: center; width: 90%; word-wrap: break-word">
            <p style="margin: 0pt; text-align: center;">
              <b>Table 2: Fee Offset Claims and Sources</b>
            </p>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; text-align: center;  border: 1px solid black;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 10%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 8%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 16%;">
				Registrant or Filer Name
			</th>
          <th style="width: 6%;">
				Form or Filing Type
			</th>
          <th style="width: 7%;">
				File Number
			</th>
          <th style="width: 6%;">
				Initial Filing Date
			</th>
          <th style="width: 6%;">
				Filing Date
			</th>
          <th style="width: 6%;">
				Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Security Type Associated with Fee Offset Claimed
			</th>
          <th style="width: 8%;">
				Security Title Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Unsold Securities Associated with Fee Offset Claimed
			</th>
          <th style="width: 9%;">
				Unsold Aggregate Offering Amount Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Fee Paid with Fee Offset Source
			</th>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Rules 457(b) and 0-11(a)(2)</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Claims
	</td>
          <td>

	</td>
          <td style="text-align: left;">

	</td>
          <td>

	</td>
          <td>

	</td>
          <td>

	</td>
          <td>

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Sources
	</td>
          <td>

	</td>
          <td style="text-align: left;">

	</td>
          <td>

	</td>
          <td>

	</td>
          <td>

	</td>
          <td>

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Rule 457(p)</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:Rule457pOffsetFlg" contextRef="ofst_1" format="ixt:booleantrue" id="ixv-567">Fee Offset Claims</ix:nonNumeric>
          </td>
          <td>
		1, 2
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OffsetPrrFilerNm" contextRef="ofst_1" id="ixv-568">Icahn Enterprises L.P.</ix:nonNumeric>
          </td>
          <td>
            <ix:nonNumeric name="ffd:OffsetPrrFormTp" contextRef="ofst_1" id="ixv-569">S-3</ix:nonNumeric>
          </td>
          <td>
            <ix:nonNumeric name="ffd:OffsetPrrFileNb" contextRef="ofst_1" id="ixv-570">333-266174</ix:nonNumeric>
          </td>
          <td>
            <ix:nonNumeric name="ffd:OffsetClmInitlFilgDt" format="ixt:datemonthdayyear" contextRef="ofst_1" id="ixv-571">07/15/2022</ix:nonNumeric>
          </td>
          <td>

	</td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:OffsetClmdAmt" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" contextRef="ofst_1" id="ixv-572">75,329.09</ix:nonFraction>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OffsetPrrSctyTp" contextRef="ofst_1" id="ixv-573">Unallocated (Universal) Shelf</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OffsetPrrSctyTitl" contextRef="ofst_1" id="ixv-574">Unallocated (Universal) Shelf</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:OffsetPrrUnsoldOfferingAmt" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" contextRef="ofst_1" id="ixv-575">812,611,563.40</ix:nonFraction>
          </td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:Rule457pOffsetFlg" contextRef="ofst_2" format="ixt:booleantrue" id="ixv-576">Fee Offset Sources</ix:nonNumeric>
          </td>
          <td>

	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OffsetPrrFilerNm" contextRef="ofst_2" id="ixv-577">Icahn Enterprises L.P</ix:nonNumeric>
          </td>
          <td>
            <ix:nonNumeric name="ffd:OffsetPrrFormTp" contextRef="ofst_2" id="ixv-578">S-3</ix:nonNumeric>
          </td>
          <td>
            <ix:nonNumeric name="ffd:OffsetPrrFileNb" contextRef="ofst_2" id="ixv-579">333-266174</ix:nonNumeric>
          </td>
          <td>

	</td>
          <td>
            <ix:nonNumeric name="ffd:OffsetSrcFilgDt" format="ixt:datemonthdayyear" contextRef="ofst_2" id="ixv-580">07/15/2022</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:OffsetPrrFeeAmt" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" contextRef="ofst_2" id="ixv-581">111,240.00</ix:nonFraction>
          </td>
        </tr>
      </table>
    </div>
    <div>
      <table style="width: 100%; text-indent: 0px;">
        <tbody>
          <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
            <td>
              <p style="margin:0pt;text-align:left; margin-bottom: 5px;">
                <b>Rule 457(p) Statement of Withdrawal, Termination, or Completion:</b>
              </p>
            </td>
            <td/>
          </tr>
        </tbody>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="width: 100%; text-indent: 0px;">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:TermntnCmpltnWdrwl" escape="1" contextRef="ofst_1" id="ixv-582">Pursuant to Rule 457(p) under the Securities Act, the registrants hereby apply $75,329.09 of the registration fee previously paid in connection with the Prior Registration Statement in connection with the Unsold Securities to offset the registration fees that are payable in connection with the registration of securities on this registration statement. Pursuant to Rule 457(p) under the Securities Act, the offering of the Unsold Securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this registration statement.</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td style="width:10pt;"/>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
      </table>
    </div>
    <div>
      <table style="width: 100%; text-indent: 0px;">
        <tbody>
          <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
            <td>
              <p style="margin:0pt;text-align:left; margin-bottom: 5px;">
                <b>Offset Note</b>
              </p>
            </td>
            <td/>
          </tr>
        </tbody>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="width: 100%; text-indent: 0px;">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">2</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:OffsetNote" escape="1" contextRef="ofst_1" id="ixv-583">See Offering Note 1.a above.

The registrants previously registered the offer and sale of up to $1,200,000,000 of securities pursuant to the Registration Statement on form S-3 (File No. 333-266174), as filed by the registrants with the Securities and Exchange Commission on July 15, 2022 (the "Prior Registration Statement"), of which $812,611,563.40 remain unsold (the "Unsold Securities"). The registrants paid a registration fee of $111,240 in connection with the Prior Registration Statement.</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td style="width:10pt;"/>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
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<head>
<title></title>
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<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Aug. 01, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0000813762<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">ICAHN ENTERPRISES L.P.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">S-3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">S-3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</div>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings<br></strong></div></th>
<th class="th">
<div>Aug. 01, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=1', window );">Offering: 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="re">
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<td class="text">Depositary Units<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=2', window );">Offering: 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Preferred Units <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=3', window );">Offering: 3</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Debt<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Debt Securities<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=4', window );">Offering: 4</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Guarantees of Debt Securities<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=5', window );">Offering: 5</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Warrants<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=6', window );">Offering: 6</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Rights<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=7', window );">Offering: 7</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Unallocated (Universal) Shelf<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 1,200,000,000.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 183,720.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">Note 1.a	Estimated solely for the purpose of calculating the registration fee for the primary offering pursuant to Rule 457(o) under the Securities Act of 1933. Pursuant to Rule 457(o) and General Instruction II.D of Form S 3, which permits the registration fee to be calculated on the basis of the maximum offering price of all the securities listed for the offering, the table does not specify by each class information as to the amount to be registered or proposed maximum offering price per unit.

Note 1.b	Any series of debt securities issued by Icahn Enterprises Finance Corp. will be guaranteed by Icahn Enterprises L.P. Pursuant to Rule 457(n), no separate fee is payable with respect to the guarantees of the debt securities being registered.

Note 1.c  The securities registered consist of $1,200,000,000 of an indeterminate number or amount of Depository Units, Preferred Units, Debt Securities, Guarantees of Debt Securities, Warrants and Rights, as may be issued from time to time at indeterminate prices. In no event will the aggregate initial offering price of all securities issued from time to time pursuant to this registration statement exceed $1,200,000,000 or the equivalent thereof in foreign currencies, foreign currency units or composite currencies. This registration statement also covers an indeterminate amount of securities registered hereunder and listed in the "Newly Registered and Carry Forward Securities" table above as may be issued in exchange for, or upon conversion or exercise of, as the case may be, the securities registered hereunder and listed in the "Newly Registered and Carry Forward Securities" table above.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457oFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is using Rule 457(o) to calculate the registration fee due.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection o<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457oFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=4">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=4</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=5">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=5</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=6">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=6</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=7">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=7</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offsets<br></strong></div></th>
<th class="th">
<div>Aug. 01, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetAxis=1', window );">Offset: 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTable', window );"><strong>Offset Payment:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmdInd', window );">Offset Claimed</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457pOffsetFlg', window );">Rule 457(p) Offset</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFilerNm', window );">Registrant or Filer Name</a></td>
<td class="text">Icahn Enterprises L.P.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFormTp', window );">Form or Filing Type</a></td>
<td class="text">S-3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFileNb', window );">File Number</a></td>
<td class="text">333-266174<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmInitlFilgDt', window );">Initial Filing Date</a></td>
<td class="text">Jul. 15,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmdAmt', window );">Fee Offset Claimed</a></td>
<td class="nump">$ 75,329.09<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrSctyTp', window );">Security Type Associated with Fee Offset Claimed</a></td>
<td class="text">Unallocated (Universal) Shelf<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrSctyTitl', window );">Security Title Associated with Fee Offset Claimed</a></td>
<td class="text">Unallocated (Universal) Shelf<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrUnsoldOfferingAmt', window );">Unsold Aggregate Offering Amount Associated with Fee Offset Claimed</a></td>
<td class="nump">$ 812,611,563.40<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetNote', window );">Offset Note</a></td>
<td class="text">See Offering Note 1.a above.

The registrants previously registered the offer and sale of up to $1,200,000,000 of securities pursuant to the Registration Statement on form S-3 (File No. 333-266174), as filed by the registrants with the Securities and Exchange Commission on July 15, 2022 (the "Prior Registration Statement"), of which $812,611,563.40 remain unsold (the "Unsold Securities"). The registrants paid a registration fee of $111,240 in connection with the Prior Registration Statement.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TermntnCmpltnWdrwl', window );">Termination / Withdrawal Statement</a></td>
<td class="text">Pursuant to Rule 457(p) under the Securities Act, the registrants hereby apply $75,329.09 of the registration fee previously paid in connection with the Prior Registration Statement in connection with the Unsold Securities to offset the registration fees that are payable in connection with the registration of securities on this registration statement. Pursuant to Rule 457(p) under the Securities Act, the offering of the Unsold Securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this registration statement.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetAxis=2', window );">Offset: 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTable', window );"><strong>Offset Payment:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetClmdInd', window );">Offset Claimed</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457pOffsetFlg', window );">Rule 457(p) Offset</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFilerNm', window );">Registrant or Filer Name</a></td>
<td class="text">Icahn Enterprises L.P<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFormTp', window );">Form or Filing Type</a></td>
<td class="text">S-3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFileNb', window );">File Number</a></td>
<td class="text">333-266174<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetSrcFilgDt', window );">Filing Date</a></td>
<td class="text">Jul. 15,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetPrrFeeAmt', window );">Fee Paid with Fee Offset Source</a></td>
<td class="nump">$ 111,240.00<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetClmInitlFilgDt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The initial filing date of the earlier registration statement with which the earlier (offsetting) fee was paid for a claimed offset. If the offset fee was paid with an amendment, do not provide the amendment date under this element; instead, provide the date of the initial filing (i.e. the "parent" filing) .</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetClmInitlFilgDt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetClmdAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of offsetting fees being claimed.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetClmdAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetClmdInd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetClmdInd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fee previously paid from which an offset is being derived.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFileNb">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The EDGAR File Number of the earlier registration statement with which the earlier (offsetting) fee was paid. If the offset filing for the offset has a Securities Act File Number and an Investment Company Act File Number, the Securities Act File Number should be used.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFileNb</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFilerNm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The name of the registrant that filed the earlier registration statement with which the earlier (offsetting) fee was paid.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFilerNm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:filerNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrFormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Form Type of the offset filing.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrFormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:formTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities from which offset fees were derived.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetPrrUnsoldOfferingAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate offering amount of unsold securities registered on the prior registration statement that are associated with the claimed offset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetPrrUnsoldOfferingAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetSrcFilgDt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The filing date of the earlier registration statement with which the earlier (offsetting) fee was paid in an offset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetSrcFilgDt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457pOffsetFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is claiming an offset under Rule 457(p).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection p<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457pOffsetFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TermntnCmpltnWdrwl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TermntnCmpltnWdrwl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetAxis=2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetAxis=2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Aug. 01, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
<td class="nump">$ 1,200,000,000.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlPrevslyPdAmt', window );">Previously Paid Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
<td class="nump">183,720.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOffsetAmt', window );">Total Offset Amount</a></td>
<td class="nump">75,329.09<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">$ 108,390.91<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesSummaryLineItems">
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end
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>26
<FILENAME>tm2521625d1_ex-filingfees_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2025"
  xmlns:ffd="http://xbrl.sec.gov/ffd/2025"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink">
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        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000813762</identifier>
        </entity>
        <period>
            <startDate>2025-08-01</startDate>
            <endDate>2025-08-01</endDate>
        </period>
    </context>
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        <entity>
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            <segment>
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            <endDate>2025-08-01</endDate>
        </period>
    </context>
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            <endDate>2025-08-01</endDate>
        </period>
    </context>
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            <endDate>2025-08-01</endDate>
        </period>
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        </period>
    </context>
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        </period>
    </context>
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        </entity>
        <period>
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            <endDate>2025-08-01</endDate>
        </period>
    </context>
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    </context>
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        <period>
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            <endDate>2025-08-01</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="pure">
        <measure>pure</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
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    <ffd:SubmissnTp contextRef="rc" id="ixv-427">S-3</ffd:SubmissnTp>
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      contextRef="offrl_1"
      decimals="INF"
      id="ixv-431"
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      decimals="INF"
      id="ixv-436"
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    <ffd:OfferingSctyTp contextRef="offrl_5" id="ixv-549">Other</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="offrl_5" id="ixv-550">Warrants</ffd:OfferingSctyTitl>
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    <ffd:PrevslyPdFlg contextRef="offrl_7" id="ixv-555">false</ffd:PrevslyPdFlg>
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    <ffd:TtlOffsetAmt contextRef="rc" decimals="INF" id="ixv-564" unitRef="USD">75329.09</ffd:TtlOffsetAmt>
    <ffd:NetFeeAmt contextRef="rc" decimals="INF" id="ixv-565" unitRef="USD">108390.91</ffd:NetFeeAmt>
    <ffd:OfferingNote contextRef="offrl_7" id="ixv-566">Note 1.a	Estimated solely for the purpose of calculating the registration fee for the primary offering pursuant to Rule 457(o) under the Securities Act of 1933. Pursuant to Rule 457(o) and General Instruction II.D of Form S 3, which permits the registration fee to be calculated on the basis of the maximum offering price of all the securities listed for the offering, the table does not specify by each class information as to the amount to be registered or proposed maximum offering price per unit.

Note 1.b	Any series of debt securities issued by Icahn Enterprises Finance Corp. will be guaranteed by Icahn Enterprises L.P. Pursuant to Rule 457(n), no separate fee is payable with respect to the guarantees of the debt securities being registered.

Note 1.c  The securities registered consist of $1,200,000,000 of an indeterminate number or amount of Depository Units, Preferred Units, Debt Securities, Guarantees of Debt Securities, Warrants and Rights, as may be issued from time to time at indeterminate prices. In no event will the aggregate initial offering price of all securities issued from time to time pursuant to this registration statement exceed $1,200,000,000 or the equivalent thereof in foreign currencies, foreign currency units or composite currencies. This registration statement also covers an indeterminate amount of securities registered hereunder and listed in the "Newly Registered and Carry Forward Securities" table above as may be issued in exchange for, or upon conversion or exercise of, as the case may be, the securities registered hereunder and listed in the "Newly Registered and Carry Forward Securities" table above.</ffd:OfferingNote>
    <ffd:Rule457pOffsetFlg contextRef="ofst_1" id="ixv-567">true</ffd:Rule457pOffsetFlg>
    <ffd:OffsetPrrFilerNm contextRef="ofst_1" id="ixv-568">Icahn Enterprises L.P.</ffd:OffsetPrrFilerNm>
    <ffd:OffsetPrrFormTp contextRef="ofst_1" id="ixv-569">S-3</ffd:OffsetPrrFormTp>
    <ffd:OffsetPrrFileNb contextRef="ofst_1" id="ixv-570">333-266174</ffd:OffsetPrrFileNb>
    <ffd:OffsetClmInitlFilgDt contextRef="ofst_1" id="ixv-571">2022-07-15</ffd:OffsetClmInitlFilgDt>
    <ffd:OffsetClmdAmt
      contextRef="ofst_1"
      decimals="INF"
      id="ixv-572"
      unitRef="USD">75329.09</ffd:OffsetClmdAmt>
    <ffd:OffsetPrrSctyTp contextRef="ofst_1" id="ixv-573">Unallocated (Universal) Shelf</ffd:OffsetPrrSctyTp>
    <ffd:OffsetPrrSctyTitl contextRef="ofst_1" id="ixv-574">Unallocated (Universal) Shelf</ffd:OffsetPrrSctyTitl>
    <ffd:OffsetPrrUnsoldOfferingAmt
      contextRef="ofst_1"
      decimals="INF"
      id="ixv-575"
      unitRef="USD">812611563.40</ffd:OffsetPrrUnsoldOfferingAmt>
    <ffd:Rule457pOffsetFlg contextRef="ofst_2" id="ixv-576">true</ffd:Rule457pOffsetFlg>
    <ffd:OffsetPrrFilerNm contextRef="ofst_2" id="ixv-577">Icahn Enterprises L.P</ffd:OffsetPrrFilerNm>
    <ffd:OffsetPrrFormTp contextRef="ofst_2" id="ixv-578">S-3</ffd:OffsetPrrFormTp>
    <ffd:OffsetPrrFileNb contextRef="ofst_2" id="ixv-579">333-266174</ffd:OffsetPrrFileNb>
    <ffd:OffsetSrcFilgDt contextRef="ofst_2" id="ixv-580">2022-07-15</ffd:OffsetSrcFilgDt>
    <ffd:OffsetPrrFeeAmt
      contextRef="ofst_2"
      decimals="INF"
      id="ixv-581"
      unitRef="USD">111240.00</ffd:OffsetPrrFeeAmt>
    <ffd:TermntnCmpltnWdrwl contextRef="ofst_1" id="ixv-582">Pursuant to Rule 457(p) under the Securities Act, the registrants hereby apply $75,329.09 of the registration fee previously paid in connection with the Prior Registration Statement in connection with the Unsold Securities to offset the registration fees that are payable in connection with the registration of securities on this registration statement. Pursuant to Rule 457(p) under the Securities Act, the offering of the Unsold Securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this registration statement.</ffd:TermntnCmpltnWdrwl>
    <ffd:OffsetNote contextRef="ofst_1" id="ixv-583">See Offering Note 1.a above.

The registrants previously registered the offer and sale of up to $1,200,000,000 of securities pursuant to the Registration Statement on form S-3 (File No. 333-266174), as filed by the registrants with the Securities and Exchange Commission on July 15, 2022 (the "Prior Registration Statement"), of which $812,611,563.40 remain unsold (the "Unsold Securities"). The registrants paid a registration fee of $111,240 in connection with the Prior Registration Statement.</ffd:OffsetNote>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
