<SEC-DOCUMENT>0001539497-21-000244.txt : 20210219
<SEC-HEADER>0001539497-21-000244.hdr.sgml : 20210219
<ACCEPTANCE-DATETIME>20210219154133
ACCESSION NUMBER:		0001539497-21-000244
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20210219
DATE AS OF CHANGE:		20210219
EFFECTIVENESS DATE:		20210219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEXINGTON REALTY TRUST
		CENTRAL INDEX KEY:			0000910108
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				133717318
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-253297
		FILM NUMBER:		21655272

	BUSINESS ADDRESS:	
		STREET 1:		ONE PENN PLAZA
		STREET 2:		SUITE 4015
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
		BUSINESS PHONE:		(212) 692-7200

	MAIL ADDRESS:	
		STREET 1:		ONE PENN PLAZA
		STREET 2:		SUITE 4015
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEXINGTON CORPORATE PROPERTIES TRUST
		DATE OF NAME CHANGE:	19980625

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEXINGTON CORPORATE PROPERTIES INC
		DATE OF NAME CHANGE:	19930816
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>n2288_x9-s3asr.htm
<DESCRIPTION>FORM S-3ASR
<TEXT>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 9pt; padding-left: 5.4pt; text-align: center">As filed with the Securities and Exchange Commission on February 19, 2021.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Registration No. 333-&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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                                                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<B>UNITED STATES<BR> SECURITIES AND EXCHANGE COMMISSION<BR> Washington, D.C. 20549</B></P></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>FORM&nbsp;S-3</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF&nbsp;1933</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
        <FONT STYLE="font-size: 14pt">Lexington Realty Trust</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center">(Exact name of registrant as specified
        in its charter)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Maryland<BR>
</B><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>13-3717318<BR>
</B><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B><BR></B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>One Penn Plaza, Suite&nbsp;4015<BR> New York, NY&nbsp;10119<BR> (212) 692-7200</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address, including zip code, and telephone number, including area code, of registrant&#8217;s principal executive offices)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 12pt; font-weight: bold"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><BR></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">T. Wilson Eglin<BR> Chief Executive Officer and President<BR> Lexington Realty Trust<BR> One Penn Plaza, Suite&nbsp;4015<BR> New York, NY&nbsp;10119<BR> (212) 692-7200<BR> <BR> </FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name, address, including zip code, and telephone number, including area code, of agent for service)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 12pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><I><BR>
Copies to:<BR>
<BR>
</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Frank Lopez</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">James M. Shea, Jr.<BR>
        Paul Hastings LLP<BR>
        200 Park Avenue<BR>
        New York, NY 10166<BR>
        (212) 318-6499<BR>
        <BR>
        </P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name, address, including zip code, and telephone number, including area code, of agent for service)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><B>Approximate date of commencement of proposed sale to the public</B>: From time to time after this registration statement becomes effective.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box: <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box: <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, please check the following box and list the Securities Act of 1933 registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">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 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">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 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">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 12b-2 of the Exchange Act.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Non-accelerated filer <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;<BR>
<BR>
</FONT>Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">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 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><BR>
CALCULATION OF REGISTRATION FEE</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Title
    of each class of securities to be registered</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount
    to be registered<SUP>(1)(2)(3)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Proposed
    maximum offering price per unit<SUP>(1)(2)(3)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Proposed
    maximum aggregate offering price<SUP>(1)(2)(3)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount
    of registration fee<SUP>(3)</SUP></B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Shares of beneficial interest classified as common stock, par value $0.0001 per share&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>$0</U></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Shares of beneficial interest classified as preferred stock, par value $0.0001 per share&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>$0</U></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Debt securities&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>$0</U></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depository shares representing preferred shares of beneficial interest, par value $0.0001 per share<SUP>(4)&#9;</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>$0</U></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Warrants&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>$0</U></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Subscription Rights&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>$0</U></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Units<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">_____</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>$0</U></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 41%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">(1)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Omitted pursuant to Form S-3 General Instruction II.E.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">(2)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">An unspecified number or amount of shares of beneficial interest classified as common
stock, par value $0.0001 per share (&#8220;common shares&#8221;), shares of beneficial interest classified as preferred stock,
par value $0.0001 per share (&#8220;preferred shares&#8221;), debt securities, depositary shares representing preferred shares
of beneficial interest, par value $0.0001 per share (&#8220;depositary shares&#8221;), warrants, subscription rights and units
is being registered as may from time to time be issued at indeterminate prices. This Registration Statement also includes such
indeterminable amount of (i) securities of each identified class as may be issued from time to time upon exercise of warrants
or conversion or exchange of convertible or exchangeable securities being registered hereunder and (ii) additional securities
as may be issued to prevent dilution from stock splits, stock dividends or similar transactions pursuant to Rule 416 under the
Securities Act of 1933.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">(3)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Deferred in reliance upon Rule 456(b) and Rule 457(r). In connection with the securities
offered hereby, the registrant will pay &#8220;pay-as-you-go registration fees&#8221; in accordance with Rule 456(b).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">(4)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Each depositary share will be issued under a deposit agreement, will represent an
interest in a fractional preferred share and will be evidenced by a depositary receipt.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">(5)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Each unit will be issued under a unit agreement and will represent an interest in
one or more common shares, preferred shares, debt securities, subscription rights, depositary shares, warrants and any combination
of such securities.<BR STYLE="clear: both"></TD>
</TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B>Lexington Realty
Trust<BR>
Common Shares of Beneficial Interest Classified as Common Stock<BR>
Preferred Shares of Beneficial Interest Classified as Preferred Stock<BR>
Debt Securities, Depositary Shares Warrants<BR>
Subscription Rights Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">We are Lexington Realty Trust, a self-managed
and self-administered real estate investment trust, or REIT, that owns a portfolio of equity investments focused on single-tenant
industrial properties. Our executive offices are located at One Penn Plaza, Suite&nbsp;4015, New York, New York&nbsp;10119-4015,
and our telephone number is (212) 692-7200.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">This prospectus contains a general description
of the equity and debt securities that we may offer for sale. We may from time to time offer, in one or more series or classes,
separately or together, the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 2.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.85pt"></TD><TD STYLE="width: 19.9pt">&#8226;</TD><TD>common shares of beneficial interest classified as common stock (&#8220;common shares&#8221;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 2.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.85pt"></TD><TD STYLE="width: 20pt">&#8226;</TD><TD>preferred shares of beneficial interest classified as preferred stock (&#8220;preferred shares&#8221;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 2.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.85pt"></TD><TD STYLE="width: 20pt">&#8226;</TD><TD>debt securities which may be either senior debt securities or subordinated debt securities (&#8220;debt securities&#8221;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.85pt"></TD><TD STYLE="width: 20pt">&#8226;</TD><TD>depositary shares representing preferred shares (&#8220;depositary shares&#8221;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.85pt"></TD><TD STYLE="width: 20pt">&#8226;</TD><TD>warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.85pt"></TD><TD STYLE="width: 20pt">&#8226;</TD><TD>subscription rights; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.1pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 20.15pt">&#8226;</TD><TD>units consisting of combinations of any of the foregoing (&#8220;units&#8221;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">We will offer our securities in amounts,
at prices and on terms to be determined at the time we offer those securities. We will provide the specific terms of the securities
in supplements to this prospectus. We are organized and conduct our operations so as to qualify as a real estate investment trust,
or REIT, for federal income tax purposes. The specific terms of the securities may include limitations on actual, beneficial or
constructive ownership and restrictions on transfer of the securities that may be appropriate to preserve our status as a REIT.
To ensure that we maintain our qualification as a REIT under the applicable provisions of the Internal Revenue Code of 1986, as
amended, or the &#8220;Code,&#8221; among other purposes, ownership of our equity securities by any person is subject to certain
limitations. See &#8220;Restrictions on Transfers of Capital Stock and Anti-Takeover Provisions&#8221; in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">The securities may be offered on a delayed
or continuous basis directly by us, through agents, underwriters or dealers as designated from time to time, through a combination
of these methods or any other method as provided in the applicable prospectus supplement. You should read this prospectus and any
applicable prospectus supplement carefully before you invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">In addition, certain selling shareholders
to be identified from time to time in a prospectus supplement may sell our securities that they own. We will not receive any of
the proceeds from the sale of our securities by selling shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our common
shares and our 6.50% Series C Cumulative Convertible Preferred Stock, or Series C Preferred Shares, are traded on The New York
Stock Exchange under the symbols &#8220;LXP&#8221; and &#8220;LXPPRC&#8221;, respectively. On February 18, 2021, the last reported
sale price of our common shares, as reported on The New York Stock Exchange, was $10.81 per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"><B>INVESTING IN OUR SECURITIES INVOLVES
RISKS. IN OUR FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, WHICH ARE INCORPORATED BY REFERENCE IN THIS PROSPECTUS, WE
IDENTIFY AND DISCUSS RISK FACTORS THAT YOU SHOULD CONSIDER BEFORE INVESTING IN OUR SECURITIES. SEE &#8220;RISK FACTORS&#8221;
BEGINNING ON PAGE 11 OF OUR FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2020 AND THE &#8220;RISK FACTORS&#8221; SECTION BEGINNING
ON PAGE 4 OF THIS PROSPECTUS. BEFORE BUYING OUR SECURITIES, YOU SHOULD READ AND CONSIDER THE RISK FACTORS INCLUDED IN OUR PERIODIC
REPORTS, IN THE PROSPECTUS SUPPLEMENTS OR ANY OFFERING MATERIAL RELATING TO ANY SPECIFIC OFFERING, AND IN OTHER INFORMATION THAT
WE FILE WITH THE SECURITIES AND EXCHANGE COMMISSION WHICH IS INCORPORATED BY REFERENCE IN THIS PROSPECTUS. SEE &#8220;WHERE YOU
CAN FIND MORE INFORMATION.&#8221;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">&nbsp;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.</P>

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

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

<P STYLE="margin: 0"></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0; font-size: 10pt"><B>The date of this prospectus is February 19,
2021</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 6pt; text-align: center; text-indent: 0.5in">TABLE OF CONTENTS</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n001">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n002">CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n002">2</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n003">OUR COMPANY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n003">3</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n004">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n004">4</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n005">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n005">5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n006">DESCRIPTION OF OUR COMMON SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n006">6</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n007">DESCRIPTION OF OUR PREFERRED SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n007">8</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n008">DESCRIPTION OF OUR DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n008">12</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n009">DESCRIPTION OF DEPOSITARY SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n009">17</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n010">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n010">20</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n011">DESCRIPTION OF SUBSCRIPTION RIGHTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n011">21</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n012">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n012">22</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n013">RESTRICTIONS ON TRANSFERS OF CAPITAL STOCK AND ANTI-TAKEOVER PROVISIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n013">23</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n014">UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n014">27</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n015">SELLING SECURITYHOLDERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n015">41</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n016">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n016">42</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n017">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n017">46</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n018">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n018">46</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0.45pt; padding-bottom: 0pt; padding-left: 0in"><A HREF="#n019">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0.45pt; padding-bottom: 0pt"><A HREF="#n019">46</A></TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n001"></A>ABOUT THIS PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 6.45pt 6pt 0; text-indent: 19.95pt">This prospectus is part of
a registration statement that we filed with the Securities and Exchange Commission, which we refer to as the SEC or the Commission,
using a &#8220;shelf&#8221; registration process or continuous offering process. Under this shelf registration process, we may,
from time to time, sell any combination of the securities described in this prospectus in one or more offerings and selling securityholders
may from time to time offer such securities owned by them. This prospectus provides you with a general description of the securities
that may be offered by us and/or selling securityholders. We may also file, from time to time, a prospectus supplement or an amendment
to the registration statement of which this prospectus forms a part containing additional information about us and/or selling securityholders
and the terms of the offering of the securities. That prospectus supplement or amendment may include additional risk factors or
other special considerations applicable to the securities. Any prospectus supplement or amendment may also add, update or change
information in this prospectus. If there is any supplement or amendment, you should rely on the information in that prospectus
supplement or amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 14.15pt 6pt 0; text-indent: 19.95pt">This prospectus and any
accompanying prospectus supplement do not contain all of the information included in the registration statement. For further information,
we refer you to the registration statement and any amendments to such registration statement, including its exhibits and schedules.
Statements contained in this prospectus and any accompanying prospectus supplement about the provisions or contents of any agreement
or other document are not necessarily complete. If the SEC&#8217;s rules and regulations require that an agreement or document
be filed as an exhibit to the registration statement, please refer to the actual exhibit for a complete description of these matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 12.15pt 6pt 0; text-indent: 19.95pt">You should read both this
prospectus and any prospectus supplement together with additional information described below under the heading &#8220;Where You
Can Find More Information.&#8221; Federal securities laws and the SEC&#8217;s rules and regulations require us to file reports
under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) (including annual, quarterly and current
reports) for Lexington Realty Trust, as further described under the heading &#8220;Where You Can Find More Information.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 5.15pt 6pt 0; text-indent: 19.95pt">Information incorporated
by reference from filings with the SEC after the date of this prospectus or after the date of any prospectus supplement, or information
included in any prospectus supplement or an amendment to the registration statement of which this prospectus forms a part, may
add, update or change information included or incorporated by reference in this prospectus or any prospectus supplement. Any statement
contained in this prospectus, any prospectus supplement or in any document incorporated by reference will be deemed to be amended,
modified or superseded for the purposes of this prospectus to the extent that a statement contained in this prospectus, any prospectus
supplement or a later document that is or is considered to be incorporated by reference herein amends, modifies or supersedes such
statement. Any statements so amended, modified or superseded will not be deemed to constitute a part of this prospectus, except
as so amended, modified or superseded. You should not assume that the information in this prospectus or any prospectus supplement
is accurate as of any date other than the date on the respective covers of this prospectus and any such prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 0.1in 6pt 0; text-indent: 19.95pt">We have not authorized anyone
else to give any information or to make any representation other than those contained or incorporated by reference in this prospectus
or any prospectus supplement. You must not rely upon any information or representation not contained or incorporated by reference
in this prospectus or any prospectus supplement as if we had authorized it. This prospectus and any prospectus supplement do not
constitute an offer to sell or the solicitation of an offer to buy any securities other than the registered securities to which
they relate. Nor does this prospectus or any prospectus supplement constitute an offer to sell or the solicitation of an offer
to buy securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 6pt 0; text-indent: 19.95pt">All references to the &#8220;Company,&#8221;
&#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; in this prospectus mean Lexington Realty Trust and its consolidated subsidiaries,
except as otherwise provided or where it is made clear that the term means only Lexington Realty Trust. When we use the term &#8220;LXP&#8221;
in this prospectus, we are referring to Lexington Realty Trust by itself and not including any of its subsidiaries. References
to &#8220;common shares&#8221; or similar references refer to the shares of beneficial interest classified as common stock, par
value $0.0001 per share, of LXP. The term &#8220;you&#8221; refers to a prospective investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 6pt 0; text-indent: 19.95pt">When we use the term &#8220;REIT,&#8221;
we mean real estate investment trust.<BR STYLE="clear: both">
</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n002"></A>CAUTIONARY STATEMENTS CONCERNING
FORWARD-LOOKING INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.4pt; margin-bottom: 6pt; margin-left: 0; text-indent: 19.95pt">This prospectus and the information
incorporated by reference in this prospectus include &#8220;forward-looking statements&#8221; within the meaning of Section 27A
of the Securities Act of 1933, as amended, or the &#8220;Securities Act,&#8221; and Section 21E of the Exchange Act. We intend
such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations,
are generally identifiable by use of the words &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;anticipates,&#8221;
&#8220;estimates,&#8221; &#8220;projects,&#8221; &#8220;may,&#8221; &#8220;plans,&#8221; &#8220;predicts,&#8221; &#8220;will,&#8221;
&#8220;will likely result&#8221; or similar expressions. Readers should not rely on forward-looking statements since they involve
known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially
affect actual results, performances or achievements. In particular, among the factors that could cause actual results, performances
or achievements to differ materially from current expectations, strategies or plans include, among others:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>changes in our industry and changes in the real estate market particularly, either nationally or regionally, and the potential
adverse impact on us or our tenants from the novel coronavirus (COVID-19);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>changes in economic conditions generally and the real estate market specifically;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>adverse developments with respect to our tenants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>impairments in the value of our real estate investments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 49.5pt">failure to consummate the transactions described in this prospectus or the failure of any transactions
to perform to our expectations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 19.1pt">legislative/regulatory/accounting changes, including changes to laws governing and policies and
guidelines applicable to the taxation of REITs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any material legal proceedings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>availability of debt and equity capital;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>increases in real estate construction costs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>competition;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>changes in interest rates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>supply and demand for properties in our current and proposed market areas;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>a downgrade in our credit ratings; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 8.6pt">the other risk factors set forth in our Annual Report on Form 10-K filed with the SEC on February&nbsp;18,
2021, the section entitled &#8220;Risk Factors&#8221; beginning on page 4 of this prospectus and the other documents incorporated
by reference herein, including documents that we file with the SEC in the future that are incorporated by reference herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 4.95pt 6pt 0; text-indent: 19.95pt">These risks and uncertainties
should be considered in evaluating any forward-looking statements contained or incorporated by reference in this prospectus. We
caution you that any forward-looking statement reflects only our belief at the time the statement is made. Although we believe
that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee our future results, levels
of activity, performance or achievements. Except as required by law, we undertake no obligation to publicly release the results
of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof
or to reflect the occurrence of unanticipated events. Accordingly, there is no assurance that our expectations will be realized.<BR STYLE="clear: both">
</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n003"></A>OUR COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22.5pt">We are a Maryland real estate investment
trust, qualified as a REIT for federal income tax purposes, focused on single-tenant industrial real estate investments. A majority
of our properties are subject to net or similar leases, where the tenant bears all or substantially all of the costs, including
cost increases, for real estate taxes, utilities, insurance and ordinary repairs. However, certain leases provide the landlord
is responsible for certain operating expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22.5pt">We became a Maryland REIT
in December 1997. Prior to that, our predecessor was organized in the state of Delaware in October 1993 upon the rollup of two
partnerships. Primarily all of our business is conducted through wholly-owned subsidiaries, but we conduct a portion of our business
through an operating partnership subsidiary, Lepercq Corporate Income Fund L.P., which we refer to as LCIF, and certain non-consolidated
joint ventures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22.5pt">Our principal executive
offices are located at One Penn Plaza, Suite 4015, New York, New York 10119-4015; our telephone number is (212) 692-7200.<BR STYLE="clear: both">
</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n004"></A>RISK FACTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 5.1pt 6pt 0; text-indent: 19.95pt">Investing in our securities
involves risks and uncertainties that could affect us and our business as well as the real estate industry generally. You should
carefully consider the risks described and discussed under the caption &#8220;Risk Factors&#8221; included in our Annual Report
on Form 10-K for the fiscal year ended December 31, 2020, filed on February 18, 2021, which is incorporated by reference in this
prospectus, and in any other documents incorporated by reference in this prospectus, including without limitation any updated risks
included in our subsequent periodic reports incorporated by reference herein. These risks could materially affect our business,
results of operations or financial condition and cause the value of our securities to decline. You could lose all or part of your
investment. These risk factors may be amended, supplemented or superseded from time to time by risk factors contained in any prospectus
supplement or post-effective amendment we may file or in other reports we file with the Commission in the future. In addition,
new risks may emerge at any time and we cannot predict such risks or estimate the extent to which they may affect our financial
performance.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n005"></A>USE OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 2.8pt 6pt 0; text-indent: 19.95pt">Unless otherwise described
in any applicable prospectus supplement, we intend to use the net proceeds from our sale of the securities for general corporate
purposes, which may include the repayment of outstanding indebtedness, the improvement of certain properties already in our portfolio
or the acquisition of additional assets. Unless otherwise described in any applicable prospectus supplement, we will not receive
the proceeds of sales by selling securityholders, if any. Further details relating to the use of net proceeds from any specific
offering will be described in the applicable prospectus supplement.</P>


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n006"></A>DESCRIPTION OF OUR COMMON
SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 5.1pt 6pt 0; text-indent: 19.95pt"><I>The following summary of
the material terms and provisions of our common shares does not purport to be complete and is subject to the detailed provisions
of our Declaration of Trust and our By-Laws, each as supplemented, amended or restated, and each of which is incorporated by reference
into this prospectus. You should carefully read each of these documents in order to fully understand the terms and provisions of
our common shares. For information on incorporation by reference, and how to obtain copies of these documents, see the section
entitled &#8220;Where You Can Find More Information&#8221; in this prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 5.1pt 6pt 0; text-indent: 19.95pt">This summary is also subject
to and qualified by reference to the descriptions of the particular terms of our securities described in the applicable prospectus
supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.45pt 0 6pt; text-indent: 19.95pt">Under our Declaration of Trust,
we have the authority to issue up to 1,000,000,000 shares of beneficial interest, par value $0.0001 per share, of which 400,000,000
shares are classified as common shares, 500,000,000 are classified as excess stock, or excess shares, and 100,000,000 shares are
classified as preferred shares. As of February&nbsp;18, 2021, we had issued and outstanding 277,554,740 common shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Terms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.45pt 11.05pt 6pt 0; text-indent: 19.95pt">Subject to the preferential
rights of any other shares or class or series of our equity securities and to the provisions of our Declaration of Trust regarding
excess shares, holders of common shares are entitled to receive dividends on such common shares if, as and when authorized by our
board of trustees and declared by us out of assets legally available therefor and to share ratably in those of our assets legally
available for distribution to our shareholders in the event that we liquidate, dissolve or wind up, after payment of, or adequate
provision for, all of our known debts and liabilities and the amount to which holders of any class of shares having a preference
on distributions in liquidation, dissolution or winding up of us will be entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 9.1pt 6pt 0; text-indent: 19.95pt">Subject to the provisions of
our Declaration of Trust regarding excess shares, each outstanding common share entitles the holder to one vote on all matters
submitted to a vote of shareholders, including the election of trustees and, except as otherwise required by law or except as otherwise
provided in our Declaration of Trust with respect to any other class or series of shares, the holders of common shares will possess
exclusive voting power. In uncontested elections of trustees at a meeting duly called at which a quorum is present, the affirmative
vote of a majority of the total votes cast by shareholders entitled to vote is sufficient to elect a trustee. In contested elections
at a meeting duly called at which a quorum is present, a plurality of votes cast by shareholders entitled to vote is required for
the election of a trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">A majority of the votes cast means that
the number of shares voted &#8220;for&#8221; a trustee nominee must exceed the number of votes cast &#8220;against&#8221; or &#8220;withheld&#8221;
with respect to such trustee nominee. Votes &#8220;against&#8221; or &#8220;withheld&#8221; with respect to a nominee will count
as votes cast with respect to that nominee, but &#8220;abstentions&#8221; and broker non-votes with respect to that nominee will
not count as votes cast with respect to that nominee. There is no cumulative voting in the election of trustees, which means that
the holders of a majority of our outstanding common shares can elect all of the trustees then standing for election, and the holders
of the remaining common shares will not be able to elect any trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 17.45pt 6pt 0; text-indent: 19.95pt">Subject to the provisions
of our Declaration of Trust regarding excess shares, holders of common shares have no conversion, sinking fund or redemption rights
or preemptive rights to subscribe for any of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 4.95pt 6pt 0; text-indent: 19.95pt">We furnish our shareholders
with annual reports containing audited consolidated financial statements and an opinion thereon expressed by an independent registered
public accounting firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 5.2pt 6pt 0; text-indent: 19.95pt">Subject to the provisions of
our Declaration of Trust regarding excess shares, all of the common shares have equal dividend, distribution, liquidation and other
rights and generally have no preference, appraisal or exchange rights.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Restrictions on Ownership</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.45pt 0 6pt; text-indent: 19.95pt">For us to qualify as a REIT under
the Code, among other things, not more than 50% in value of its outstanding shares of capital stock may be owned, directly or indirectly,
by five or fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year. To assist
us in meeting this requirement, among other purposes, our Declaration of Trust contains restrictions on the ownership and transfer
of our shares. See &#8220;Restrictions on Transfers of Shares of Capital Stock and Anti-Takeover Provisions.&#8221;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Transfer Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 2.8pt 6pt 0; text-indent: 19.95pt">As of the date of this prospectus,
the transfer agent and registrar for the common shares is Computershare Shareowner Services, or Computershare.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n007"></A>DESCRIPTION OF OUR PREFERRED
SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.45pt 0 6pt; text-indent: 19.95pt"><I>The following summary of the
material terms and provisions of our preferred shares does not purport to be complete and is subject to the detailed provisions
of our Declaration of Trust (including any applicable articles supplementary, amendment or annex to our Declaration of Trust designating
the terms of a series of preferred shares) and our By-Laws, each as supplemented, amended or restated, and each of which is incorporated
by reference into this prospectus. You should carefully read each of these documents in order to fully understand the terms and
provisions of our preferred shares. For information on incorporation by reference, and how to obtain copies of these documents,
see the section entitled &#8220;Where You Can Find More Information&#8221; in this prospectus.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.8pt 5.4pt 6pt 0; text-indent: 19.95pt">Under our Declaration of Trust,
we have the authority to issue up to 100,000,000 preferred shares, of which 3,100,000 shares are classified as Series C Preferred
Shares. As of the date of this prospectus, we have issued and outstanding 1,935,400 Series C Preferred Shares and have no other
outstanding series of preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.35pt 5.05pt 6pt 0; text-indent: 19.95pt">Subject to limitations prescribed
by Maryland law and our Declaration of Trust, our board of trustees is authorized to classify and reclassify any unissued shares
and to set the number of shares constituting each class or series of preferred shares and the terms, preferences, conversion or
other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions
of redemption. The preferred shares will, when issued against payment therefor, be fully paid and nonassessable and will not be
subject to preemptive rights, unless determined by our board of trustees. Our board of trustees could authorize the issuance of
preferred shares with terms and conditions that could have the effect of discouraging a takeover or other transaction that holders
of common shares might believe to be in their best interests or in which holders of common shares might receive a premium for their
common shares over the then-current market price of their shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Terms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.8pt 5.1pt 6pt 0; text-indent: 19.95pt">Reference is made to the applicable
prospectus supplement relating to the preferred shares offered thereby for specific terms, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(1)</TD><TD>the title and stated value of the preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(2)</TD><TD STYLE="padding-right: 8.5pt">the number of preferred shares offered, the liquidation preference per share and the offering
price of the preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(3)</TD><TD>the voting rights, if any, of the holders of the preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(4)</TD><TD STYLE="padding-right: 43.4pt">the dividend rate(s), period(s) and/or payment date(s) or method(s) of calculation thereof applicable
to the preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(5)</TD><TD>the date from which dividends on the preferred shares will accumulate, if applicable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(6)</TD><TD>the provisions for a sinking fund, if any, for the preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(7)</TD><TD>the provisions for redemption, if applicable, of the preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(8)</TD><TD>any listing of the preferred shares on any securities exchange;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(9)</TD><TD STYLE="padding-right: 18.75pt">the terms and conditions, if applicable, upon which the preferred shares will be convertible
into common shares, including the conversion price (or manner of calculation thereof);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(10)</TD><TD>a discussion of material federal income tax considerations applicable to the preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(11)</TD><TD STYLE="padding-right: 12.9pt">the relative ranking and preferences of the preferred shares as to dividend rights and rights
upon our liquidation, dissolution or winding-up of our affairs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt"><FONT STYLE="font-size: 10pt">(12)</FONT></TD><TD STYLE="padding-right: 10.7pt"><FONT STYLE="font-size: 10pt">any limitations on issuance of any series of preferred shares ranking
senior to or on a parity with the preferred shares as to dividend rights and rights upon our liquidation, dissolution or </FONT>winding-up
of our affairs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">(13)</TD><TD STYLE="padding-right: 17.15pt">any limitations on direct or beneficial ownership of our securities and restrictions on transfer
of our securities, in each case as may be appropriate to preserve our status as a REIT; and</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.95pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 20.15pt">(14)</TD><TD>any other specific terms, preferences, rights, limitations or restrictions of the preferred shares.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Rank</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.45pt 6pt 0; text-indent: 19.95pt">Unless otherwise specified
in the applicable prospectus supplement, the preferred shares rank, with respect to dividend rights and rights upon our liquidation,
dissolution or winding-up: (i) senior to all classes or series of common shares, and to all equity securities ranking junior to
the preferred shares; (ii) on a parity with all equity securities the terms of which specifically provide that such equity securities
rank on a parity with the preferred shares; and (iii) junior to all equity securities the terms of which specifically provide that
such equity securities rank senior to the preferred shares. As used in this prospectus, the term &#8220;equity securities&#8221;
does not include convertible debt securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Dividends</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 9.1pt 6pt 0; text-indent: 19.95pt">Subject to any preferential
rights of any outstanding securities or series of securities, the holders of preferred shares will be entitled to receive dividends,
when, as and if authorized by our board of trustees and declared by us, out of assets legally available for payment. Dividends
will be paid at such rates and on such dates as will be set forth in the applicable prospectus supplement. Dividends will be payable
to the holders of record of preferred shares as they appear on our share transfer books at the close of business on the applicable
record dates fixed by our board of trustees. Dividends on any series of our preferred shares may be cumulative or non-cumulative,
as provided in the applicable prospectus supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Redemption</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 0 6pt; text-indent: 19.95pt">If so provided in the applicable
prospectus supplement, the preferred shares offered thereby will be subject to mandatory redemption or redemption at our option,
as a whole or in part, in each case upon the terms and conditions, at the times and at the redemption prices set forth in such
prospectus supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Liquidation Preference</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.4pt 6pt 0; text-indent: 19.95pt">Unless otherwise specified
in the applicable prospectus supplement, upon any voluntary or involuntary liquidation, dissolution or winding-up of our affairs,
and before any distribution or payment will be made to the holders of any common shares or any other class or series of shares
ranking junior to our preferred shares as to rights upon our liquidation, dissolution or winding up, the holders of our preferred
shares will be entitled to receive, after payment or provision for payment of our debts and other liabilities, out of our assets
legally available for distribution to shareholders, liquidating distributions in the amount of the liquidation preference per share,
if any, set forth in the applicable prospectus supplement, plus an amount equal to all dividends accrued and unpaid thereon, which
will not include any accumulation in respect of unpaid noncumulative dividends for prior dividend periods. After payment of the
full amount of the liquidating distributions to which they are entitled, the holders of preferred shares will have no right or
claim to any of our remaining assets. In the event that, upon any such voluntary or involuntary liquidation, dissolution or winding-up
of our affairs, the legally available assets are insufficient to pay the amount of the liquidating distributions on all of our
outstanding preferred shares and the corresponding amounts payable on all of our other outstanding equity securities ranking on
a parity with the preferred shares in the distribution of assets upon our liquidation, dissolution or winding-up of our affairs,
then the holders of our preferred shares and the holders of such other outstanding equity securities will share ratably in any
such distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 0 6pt; text-indent: 19.95pt">If liquidating distributions are
made in full to all holders of our preferred shares, our remaining assets will be distributed among the holders of any other classes
or series of equity securities ranking junior to the preferred shares in the distribution of assets upon our liquidation, dissolution
or winding-up of our affairs, according to their respective rights and preferences and in each case according to their respective
number of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 12.15pt 6pt 0; text-indent: 19.95pt">If we consolidate, convert
or merge with or into, or sell, lease or convey all or substantially all of our property or business to, any corporation, trust
or other entity, such transaction will not be deemed to constitute a liquidation, dissolution or winding-up of our affairs.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Voting Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.8pt 38.35pt 6pt 0; text-indent: 19.95pt">Unless otherwise from time
to time required by law, or as otherwise indicated in the applicable prospectus supplement, holders of our preferred shares will
not have any voting rights.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Conversion Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 5.15pt 6pt 0; text-indent: 19.95pt">The terms and conditions, if
any, upon which our preferred shares are convertible into common shares will be set</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 5.15pt 6pt 0">forth in the applicable prospectus supplement. Such
terms will include the number of common shares into which the preferred shares are convertible, the conversion price (or manner
of calculation thereof), the conversion period, provisions as to whether conversion will be at the option of the holders of the
preferred shares or at our option, the events requiring an adjustment of the conversion price and provisions affecting conversion
in the event of the redemption of such preferred shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Restrictions on Ownership</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.05pt 0.1in 6pt 0; text-indent: 19.95pt">For us to qualify as a REIT
under the Code, among other things, not more than 50% in value of our outstanding shares of capital stock may be owned, directly
or indirectly, by five or fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable
year. To assist us in meeting this requirement, among other purposes, our Declaration of Trust contains restrictions on the ownership
and transfer of our shares, including our preferred shares, and the prospectus supplement relating to a class or series of preferred
shares may contain additional provisions restricting the ownership and transfer of such class or series of preferred shares. See
&#8220;Restrictions on Transfers of Capital Stock and Anti-Takeover Provisions.&#8221;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Transfer Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.05pt 5.15pt 6pt 0; text-indent: 19.95pt">As of the date of this prospectus,
the transfer agent and registrar for our Series C Preferred Shares is Computershare. The transfer agent and registrar for our other
series of preferred shares will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Terms of Our 6.50% Series C Cumulative Convertible Preferred
Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.05pt 5.15pt 6pt 0; text-indent: 19.95pt"><B><I>General. </I></B>In
December 2004 and January 2005, we sold an aggregate 3,100,000 Series C Preferred Shares. The Series C Preferred Shares are convertible
into common shares and are listed on the New York Stock Exchange under the symbol &#8220;LXPPRC.&#8221; As of the date of this
prospectus, 1,935,400 Series C Preferred Shares remain outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 11.95pt 6pt 0; text-indent: 19.95pt"><B><I>Dividends. </I></B>Subject
to the preferential rights of the holders of any class or series of shares ranking senior to the Series C Preferred Shares as to
dividends, the holders of the Series C Preferred Shares are entitled to receive, when, as and if authorized by the board of trustees
and declared by us, out of funds legally available for the payment of dividends, cumulative cash dividends at a rate of 6.50% per
annum of the $50.00 liquidation preference per share (equivalent to $3.25 per year per share).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 6.2pt 6pt 0; text-indent: 19.95pt"><B><I>Liquidation Preference.
</I></B>Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of us, holders of the Series C
Preferred Shares (and of the excess shares converted from Series C Preferred Shares, if any) will have the right to be paid out
of our assets legally available for distribution to our shareholders $50.00 per share, plus accrued and unpaid dividends (whether
or not declared) to and including the date of payment, before any payments are made to the holders of common shares and any other
shares ranking junior to the Series C Preferred Shares as to liquidation rights. The rights of the holders of the Series C Preferred
Shares to receive their liquidation preference will be subject to the proportionate rights of each other series or class of our
capital shares ranking, as to liquidation rights, on a parity with the Series C Preferred Shares. The consolidation or merger of
LXP with or into any other trust, corporation or entity, or the sale, lease, transfer or conveyance of all or substantially all
of our property or business, will not be deemed to constitute a liquidation, dissolution or winding up of the affairs of us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>Redemption. </I></B>We
may not redeem the Series C Preferred Shares unless necessary to preserve our status as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.8pt 0 6pt; text-indent: 19.95pt"><B><I>Conversion Rights. </I></B>The
Series C Preferred Shares may be converted by the holder, at its option (the &#8220;Optional Conversion&#8221;), into common shares,
at a conversion rate of 2.4339 common shares per $50.00 liquidation preference, as of the date of this prospectus, which is equivalent
to a conversion price of approximately $20.54 per common share (subject to adjustment in certain events).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 5.8pt 6pt 0; text-indent: 19.95pt"><B><I>Company Conversion
Option. </I></B>We may, at our option, cause the Series C Preferred Shares to be automatically converted into that number of common
shares that are issuable at the then prevailing conversion rate (the &#8220;Company Conversion Option&#8221;) in the following
circumstances. We may exercise our conversion right only if, for at least twenty (20) trading days within any period of thirty
(30) consecutive trading days (including the last trading day of such period), the closing price of the common shares equals or
exceeds 125% of the then prevailing conversion price of the Series C Preferred Shares. In addition, if there are fewer than 25,000
Series C Preferred Shares outstanding, we may, at our option, cause all of the outstanding Series C Preferred Shares to be automatically
converted into that number of common shares equal to $50.00 divided by the lesser of the then prevailing conversion price and the
current market price for the five trading day period ending on the second trading day immediately prior to the conversion date.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 10.65pt 6pt 0; text-indent: 19.95pt"><B><I>Settlement. </I></B>Upon
conversion (whether pursuant to an Optional Conversion or the Company Conversion Option), we may choose to deliver the conversion
value to investors in cash, common shares or a combination of cash and common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 4.95pt 6pt 0; text-indent: 19.95pt">We can elect at any time
to obligate ourselves to satisfy solely in cash, the portion of the conversion value that is equal to 100% of the liquidation preference
amount of the Series C Preferred Shares, with any remaining amount of the conversion value to be satisfied in cash, common shares
or a combination of cash and common shares. If we elect to do so, we will notify holders at any time that we intend to settle in
cash the portion of the conversion value that is equal to the liquidation preference amount of the Series C Preferred Shares. This
notification, once provided to holders, will be irrevocable and will apply to future conversions of the Series C Preferred Shares
even if the shares cease to be convertible but subsequently become convertible again.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 5.35pt 6pt 0; text-indent: 19.95pt"><B><I>Payment of Dividends
Upon Conversion.</I></B> With respect to an Optional Conversion, upon delivery of the Series C Preferred Shares for conversion,
those Series C Preferred Shares will cease to accumulate dividends as of the end of the day immediately preceding the conversion
date and a holder of such converted Series C Preferred Shares will not receive any cash payment representing accrued and unpaid
dividends on the Series C Preferred Shares, whether or not in arrears, except in certain limited circumstances. With respect to
the Company Conversion Option, a holder of such converted Series C Preferred Shares will receive a cash payment for all unpaid
dividends in arrears. If we exercise the Company Conversion Option and the conversion date is on or after the record date for payment
of dividends and before the corresponding dividend payment date, such holder will also receive a cash payment for the dividend
payable for such period. If we exercise the Company Conversion Option and the conversion date is prior to the record date for payment
of dividends, such holder will not receive payment for any portion of the dividend payable for such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt"><B><I>Conversion Rate Adjustments.
</I></B>The conversion rate is subject to adjustment upon the occurrence of certain events, including if we distribute in any quarter
to all or substantially all holders of common shares, any cash, including quarterly cash dividends, in excess of an amount per
common share (subject to adjustment), which is currently approximately $0.38.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt"><B><I>Fundamental Change. </I></B>Upon
the occurrence of certain fundamental changes in LXP, a holder may require us to purchase for cash all or part of its Series C
Preferred Shares at a price equal to 100% of their liquidation preference plus accrued and unpaid dividends, if any, up to, but
not including, the fundamental change purchase date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 7.3pt 6pt 0; text-indent: 19.95pt"><B><I>Rank. </I></B>With
respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series C Preferred Shares rank
(i) senior to all classes or series of common shares and to all equity securities ranking junior to the Series C Preferred Shares,
(ii) on a parity with all equity securities the terms of which specifically provide that such equity securities rank on a parity
with the Series C Preferred Shares, and (iii) junior to all equity securities the terms of which specifically provide that such
equity securities rank senior to the Series C Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>Voting Rights. </I></B>Holders
of the Series C Preferred Shares generally have no voting rights. However, if we do not pay dividends on the Series C Preferred
Shares for six or more quarterly periods (whether or not consecutive), the holders of the Series C Preferred Shares voting together
as a class with all other classes or series of our equity securities ranking on parity with the Series C Preferred Shares which
are entitled to similar voting rights, will be entitled to vote at the next annual meeting of our shareholders and at each subsequent
annual meeting for the election of two additional trustees to serve on our board of trustees until all unpaid cumulative dividends
have been paid or declared and set apart for payment. The holders of Series C Preferred Shares and all other classes or series
of our equity securities ranking on parity with the Series C Preferred Shares which are entitled to similar voting rights will
be entitled to one vote per $25.00 of liquidation preference (i.e., two votes for each Series C Preferred Share). In addition,
the affirmative vote of at least two-thirds of the Series C Preferred Shares, and all other classes or series of our equity securities
ranking on parity with the Series C Preferred Shares which are entitled to similar voting rights, voting together as a class, is
required for us (i) to authorize, create or increase the authorized or issued amount of any class or series of shares ranking senior
to the Series C Preferred Shares with respect to payment of dividends or the distribution of assets upon liquidation, dissolutions
or winding up of our affairs or (ii) to amend our Declaration of Trust (whether by merger, consolidation, transfer or conveyance
of all or substantially all of its assets or otherwise) in a manner that materially and adversely affects the rights of the Series
C Preferred Shares; provided, however, with respect to the occurrence of any event described in clause (ii) above, so long as the
Series C Preferred Shares remain outstanding with the terms thereof materially unchanged (taking into account that, upon the occurrence
of such an event, we may not be the surviving entity), the occurrence of such an event will not be deemed to materially and adversely
affect the rights of the Series C Preferred Shares and holders of Series C Preferred Shares will not have any voting rights with
respect to the occurrence of the event or the holders thereof.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n008"></A>DESCRIPTION OF OUR DEBT
SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 4.95pt 6pt 0; text-indent: 19.95pt"><I>The following description
contains general terms and provisions of the debt securities to which any prospectus supplement may relate. The particular terms
of the debt securities offered by any prospectus supplement and the extent, if any, to which such general provisions may not apply
to the debt securities so offered will be described in the prospectus supplement relating to such debt securities. For more information,
please refer to the senior indentures we have entered into with U.S. Bank National Association, as trustee, relating to the issuance
of the senior notes, and the subordinated indenture we will enter into with a trustee to be selected, relating to issuance of the
subordinated notes. These documents or forms thereof are filed as exhibits to, or are incorporated by reference in, the registration
statement, which includes this prospectus. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 4.95pt 6pt 0; text-indent: 19.95pt"><I>As used in this prospectus,
the term indentures refers to both the senior indentures and the subordinated indenture. The senior indentures are and the subordinated
indenture will be qualified under and governed by the Trust Indenture Act. As used in this prospectus, the term trustee refers
to either the senior trustee or the subordinated trustee, as applicable.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 4.95pt 6pt 0; text-indent: 19.95pt"><I>The following are summaries
of material provisions of the senior indentures and provisions that are anticipated to be included in the senior indentures and
the subordinated indenture. As summaries, they do not purport to be complete or restate the indentures in their entirety and are
subject to, and qualified in their entirety by reference to, all provisions of the indentures and the debt securities. We urge
you to read the indentures applicable to a particular series of debt securities because they, and not this description, define
your rights as the holders of the debt securities. Except as otherwise indicated, the terms of the senior indentures and the subordinated
indenture are identical.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Debt Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.45pt 20.3pt 6pt 0; text-indent: 19.95pt">Reference is made to the
applicable prospectus supplement for the following terms of the debt securities (if applicable):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>title and aggregate principal amount;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.1in; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 26.1pt">whether the securities are subject to subordination and applicable subordination provisions,
if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>conversion or exchange into any securities or property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.1in; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>percentage or percentages of principal amount at which such securities will be issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.1in; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>issuance date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.1in; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>maturity date(s);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.1in; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>interest rate(s) or the method for determining the interest rate(s);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.1in; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 28.25pt">dates on which interest will accrue or the method for determining dates on which interest will
accrue and dates on which interest will be payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 16.6pt">whether interest will be payable in cash or in additional debt securities of the same series,
or will accrue and increase the aggregate principal amount outstanding of such series (including if the debt securities were originally
issued at a discount);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>redemption or early repayment provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>authorized denominations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>form;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>amount of discount or premium, if any, with which such securities will be issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 39.4pt">whether such securities will be issued in whole or in part in the form of one or more global
securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>identity of the depositary(ies) for global securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 8.8pt">whether a temporary security is to be issued with respect to such series and whether any interest
payable prior to the issuance of definitive securities of the series will be credited to the account of the persons entitled thereto;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 19pt">the terms upon which beneficial interests in a temporary global security may be exchanged in whole
or in</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.95pt 19pt 0 45.75pt">part for beneficial interests in a definitive
global security or for individual definitive securities;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any covenants applicable to the particular debt securities being issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any defaults and events of default applicable to the particular debt securities being issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 23.1pt">currency, currencies or currency units in which the purchase price for, the principal of and
any premium and any interest on such securities will be payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>securities exchange(s) on which the securities will be listed, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 7.6pt">our obligation or right to redeem, purchase or repay securities under a sinking fund, amortization
or analogous provision;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>provisions relating to covenant defeasance and legal defeasance of securities of the series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>provisions relating to satisfaction and discharge of the indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 27.2pt">provisions relating to the modification of the indenture both with and without the consent of
holders of debt securities issued under the indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>provisions, if any, granting special rights upon the occurrence of specified events;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any restriction of transferability of the series; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>additional terms not inconsistent with the provisions of the indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.8pt 9.45pt 6pt 0; text-indent: 19.95pt">In addition, the applicable
prospectus supplement will describe whether any underwriter will act as a market maker for the securities, and the extent to which
a secondary market for the securities is or is not expected to develop.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.8pt 9.45pt 6pt 0; text-indent: 19.95pt">The debt securities may consist
of debentures, notes, bonds or other types of indebtedness. One or more series of debt securities may be sold at a substantial
discount below its stated principal amount, bearing no interest or interest at a rate which at the time of issuance is below market
rates. One or more series of debt securities may be variable rate debt securities that may be exchanged for fixed rate debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 5.1pt 6pt 0; text-indent: 19.95pt">United States federal income
tax consequences and special considerations, if any, applicable to any such series will be described in the applicable prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 4.55pt 6pt 0; text-indent: 19.95pt">Debt securities may be issued
where the amount of principal and/or interest payable is determined by reference to one or more currency or other indices or other
formulas. Holders of such securities may receive a principal amount or a payment of interest that is greater than or less than
the amount of principal or interest otherwise payable on such dates, depending upon the value of the applicable currency or other
reference factor. Information as to the methods for determining the amount of principal or interest, if any, payable on any date,
and the currency or other reference factor to which the amount payable on such date is linked will be set forth in the applicable
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.55pt 5.1pt 6pt 0; text-indent: 19.95pt">The term &#8220;debt securities&#8221;
includes debt securities denominated in U.S. dollars or, if specified in the applicable prospectus supplement, in any other freely
transferable currency or currency unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 9.1pt 6pt 0; text-indent: 19.95pt">We expect most debt securities
to be issued in fully registered form without coupons and in denominations of $1,000 and any integral multiples thereof. Subject
to the limitations provided in the indenture and in the applicable prospectus supplement, debt securities that are issued in registered
form may be transferred or exchanged at the corporate office of the trustee or the principal corporate trust office of the trustee,
without the payment of any service charge, other than any tax or other governmental charge payable in connection therewith.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Global Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 8.15pt 6pt 0; text-indent: 19.95pt">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. Global securities will be issued in registered form and in
either temporary or definitive form. Unless and until it is exchanged in whole or in</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 8.15pt 6pt 0">part for the individual debt securities, a global
security may not be transferred except as a whole by the depositary for such global security to a nominee of such depositary or
by a nominee of such depositary to such depositary or another nominee of such depositary or by such depositary or any such nominee
to a successor of such depositary or a nominee of such successor. The specific terms of the depositary arrangement with respect
to any debt securities of a series and the rights of and limitations upon owners of beneficial interests in a global security will
be described in the applicable prospectus supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Governing Law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 9.1pt 6pt 0; text-indent: 19.95pt">The indentures and the debt
securities will be construed in accordance with and governed by the laws of the State of New York.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">4.25% Senior Notes due 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 8.1pt 6pt 0; text-align: justify; text-indent: 19.95pt">On June
10, 2013, we issued $250.0 million aggregate principal amount of our 4.25% Senior Notes due 2023, which we refer to as the &#8220;2023
Notes.&#8221; The 2023 Notes were issued by us at an initial offering price of 99.026% of their face value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 8.1pt 6pt 0; text-align: justify; text-indent: 19.95pt">On September
15, 2020, we purchased $61.2 million aggregate principal amount of the 2023 Notes pursuant to a tender offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 0 6pt; text-indent: 19.95pt">The terms of the 2023 Notes are
governed by an indenture, dated as of June 10, 2013, as supplemented by the first supplemental indenture, dated September 30, 2013,
which we collectively refer to as the 2023 Indenture, by and among us, as issuer, Lepercq Corporate Income Fund L.P., or LCIF (formerly
a guarantor), and U.S. Bank National Association, as trustee. The 2023 Notes mature on June 15, 2023, and accrue interest at a
rate of 4.25% per annum, payable semi-annually on June 15 and December 15 of each year. Interest payments commenced on December
15, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 5.3pt 6pt 0; text-indent: 19.95pt">Prior to March 15, 2023, we
may redeem the 2023 Notes, in whole at any time or in part from time to time, at our option, at a redemption price equal to the
greater of (1) 100% of the aggregate principal amount of the 2023 Notes being redeemed and (2) the sum of the present values of
the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued
as of the date of redemption) discounted to its present value, on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at an adjusted treasury rate plus 35 basis points, plus, in each case, accrued and unpaid interest thereon to, but
not including, the date of redemption. At any time on or after March 15, 2023, the 2023 Notes will be redeemable, in whole at any
time or in part from time to time, at our option, at a redemption price equal to 100% of the principal amount of the 2023 Notes
to be redeemed plus accrued and unpaid interest on the amount being redeemed to, but not including, the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 4.95pt 6pt 0; text-indent: 19.95pt">The 2023 Indenture contains
certain covenants that, among other things, limit our ability to consummate a merger, consolidation or sale of all or substantially
all of its assets, and incur secured and unsecured indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 5.75pt 6pt 0; text-indent: 19.95pt">Subject to the terms of
the 2023 Indenture and the 2023 Notes, upon certain events of default, including, but not limited to, failure to comply with any
of our other agreements in the 2023 Notes or the 2023 Indenture, upon receipt by us of notice of such default from the trustee
or from holders of not less than 25% in aggregate principal amount of the 2023 Notes then outstanding and our failure to cure (or
obtain a waiver of) such default within 60 days after we receive such notice, the trustee or the holders of not less than 25% in
principal amount of the outstanding 2023 Notes may declare the principal and accrued and unpaid interest on all of the 2023 Notes
to be due and payable immediately by written notice to us (and to the trustee if given by the holders). Upon certain events of
bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of us, our operating partnership,
or any other significant subsidiary, the principal (or such portion thereof) of and accrued and unpaid interest on all of the 2023
Notes will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 17.45pt 6pt 0; text-indent: 19.95pt">Certain of our payment
obligations with respect to the 2023 Notes were required to be guaranteed by LCIF upon issuance. LCIF was released from its guarantee
effective December 21, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.4pt 18.75pt 6pt 0; text-indent: 19.95pt">In addition, the 2023 Notes
are cross-defaulted with certain of our indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.4pt 18.75pt 6pt 0; text-indent: 19.95pt">In connection with the issuance
and sale of the 2023 Notes, we also entered into a registration rights agreement with Wells Fargo Securities, LLC and J.P. Morgan
Securities LLC, in their capacity as representatives of the initial purchasers, dated as of June 10, 2013, which we refer to as
the Registration Rights Agreement. Pursuant to the Registration Rights Agreement, on March 4, 2014, we completed the offer to exchange
notes for an issue of registered notes with terms identical to the 2023 Notes.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">4.40% Senior Notes due 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.4pt 8.05pt 6pt 0; text-align: justify; text-indent: 19.95pt">On May
20, 2014, we issued $250.0 million aggregate principal amount of our 4.40% Senior Notes due 2024, which we refer to as the &#8220;2024
Notes.&#8221; The 2024 Notes were issued by us at an initial offering price of 99.883% of their face value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.4pt 8.05pt 6pt 0; text-align: justify; text-indent: 19.95pt">On September
15, 2020, we repurchased $51.1 million aggregate principal amount of the 2024 Notes pursuant to a tender offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 13.25pt 6pt 0; text-indent: 19.95pt">The terms of the 2024 Notes
are governed by an indenture, dated as of May 9, 2014, as supplemented by the first supplemental indenture, dated May 20, 2014,
which we collectively refer to as the 2024 Indenture, by and among us, as issuer, LCIF (formerly a guarantor), and U.S. Bank National
Association, as trustee. The 2024 Notes mature on June 15, 2024, and accrue interest at a rate of 4.40% per annum, payable semi-annually
on June 15 and December 15 of each year. Interest payments commenced on December 15, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 5.3pt 6pt 0; text-indent: 19.95pt">Prior to March 15, 2024,
we may redeem the 2024 Notes, in whole at any time or in part from time to time, at our option, at a redemption price equal to
the greater of (1) 100% of the aggregate principal amount of the 2024 Notes being redeemed and (2) the sum of the present values
of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued
as of the date of redemption) discounted to its present value, on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at an adjusted treasury rate plus 35 basis points, plus, in each case, accrued and unpaid interest thereon to, but
not including, the date of redemption. At any time on or after March 15, 2024, the 2024 Notes will be redeemable, in whole at any
time or in part from time to time, at our option, at a redemption price equal to 100% of the principal amount of the 2024 Notes
to be redeemed plus accrued and unpaid interest on the amount being redeemed to, but not including, the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 21.5pt 6pt 0; text-indent: 19.95pt">The 2024 Indenture contains
certain covenants that, among other things, limit our ability to consummate a merger, consolidation or sale of all or substantially
all of its assets, and incur secured and unsecured indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 15.95pt 6pt 0; text-indent: 19.95pt">Subject to the terms of
the 2024 Indenture and the 2024 Notes, upon certain events of default, including, but not limited to, failure to comply with any
of our other agreements in the 2024 Notes or the 2024 Indenture, upon receipt by us of notice of such default from the trustee
or from holders of not less than 25% in aggregate principal amount of the 2024 Notes then outstanding and our failure to cure (or
obtain a waiver of) such default within 60 days after we receive such notice, the trustee or the holders of not less than 25% in
principal amount of the outstanding 2024 Notes may declare the principal and accrued and unpaid interest on all of the 2024 Notes
to be due and payable immediately by written notice to us (and to the trustee if given by the holders). Upon certain events of
bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of us, our operating partnership,
or any other significant subsidiary, the principal (or such portion thereof) of and accrued and unpaid interest on all of the 2024
Notes will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 15.15pt 6pt 0; text-indent: 19.95pt">Certain of our payment
obligations with respect to the 2024 Notes were required to be guaranteed by LCIF upon issuance. LCIF was released from its guarantee
effective December 21, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 15.15pt 6pt 0; text-indent: 19.95pt">In addition, the 2024 Notes
are cross-defaulted with certain of our indebtedness.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">2.700% Senior Notes due 2030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.4pt 8.05pt 6pt 0; text-align: justify; text-indent: 19.95pt">On August&nbsp;20,
2020, we issued $400.0 million aggregate principal amount of our 2.700% Senior Notes due 2030, which we refer to as the &#8220;2030
Notes.&#8221; The 2030 Notes were issued by us at an initial offering price of 99.233% of their face value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 13.25pt 6pt 0; text-indent: 19.95pt">The terms of the 2030 Notes
are governed by the 2024 Indenture as supplemented by the second supplemental indenture dated August&nbsp;28, 2020, which as supplemented
we collectively refer to as the 2030&nbsp;Indenture. The 2030 Notes mature on September&nbsp;15, 2030, and accrue interest at a
rate of 2.700% per annum, payable semi-annually on March&nbsp;15 and September&nbsp;15 of each year. Interest payments will commence
on March&nbsp;15, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 5.3pt 6pt 0; text-indent: 19.95pt">Prior to June&nbsp;15, 2030,
we may redeem the 2030 Notes, in whole at any time or in part from time to time, at our option, at a redemption price equal to
the greater of (1) 100% of the aggregate principal amount of the 2030 Notes being redeemed and (2) the sum of the present values
of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued
as of the date of redemption) that would be due if such notes matured 90&nbsp;days prior to their maturity date but for the redemption
thereof, discounted to the redemption date, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at an adjusted treasury rate plus 35 basis points, plus, in each case, accrued and unpaid interest thereon to, but not including,
the date of redemption. At any time on</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 5.3pt 6pt 0">or after June&nbsp;15, 2030, the 2030 Notes will
be redeemable, in whole at any time or in part from time to time, at our option, at a redemption price equal to 100% of the principal
amount of the 2030 Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to, but not including, the
date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 21.5pt 6pt 0; text-indent: 19.95pt">The 2030 Indenture contains
certain covenants that, among other things, limit our ability to consummate a merger, consolidation or sale of all or substantially
all of its assets, and incur secured and unsecured indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 15.95pt 6pt 0; text-indent: 19.95pt">Subject to the terms of
the 2030 Indenture and the 2030 Notes, upon certain events of default, including, but not limited to, failure to comply with any
of our other agreements in the 2030 Notes or the 2030 Indenture, upon receipt by us of notice of such default from the trustee
or from holders of not less than 25% in aggregate principal amount of the 2030 Notes then outstanding and our failure to cure (or
obtain a waiver of) such default within 60 days after we receive such notice, the trustee or the holders of not less than 25% in
principal amount of the outstanding 2030 Notes may declare the principal and accrued and unpaid interest on all of the 2030 Notes
to be due and payable immediately by written notice to us (and to the trustee if given by the holders). Upon certain events of
bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of us, our operating partnership,
or any other significant subsidiary, the principal (or such portion thereof) of and accrued and unpaid interest on all of the 2030
Notes will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 15.95pt 6pt 0; text-indent: 19.95pt">The 2030 Notes are cross-defaulted
with certain of our indebtedness.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n009"></A>DESCRIPTION OF DEPOSITARY
SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 15.95pt 6pt 0; text-indent: 19.95pt"><I>The following description
summarizes general terms and provisions of the depositary shares to which any prospectus supplement may relate. The particular
terms of the depositary shares offered by any prospectus supplement and the extent, if any, to which such general provisions may
not apply to the depositary shares so offered will be described in the prospectus supplement relating to such securities. For more
information, please refer to the provisions of the deposit agreement and depositary receipts we will enter into with a depositary
to be selected, our Declaration of Trust, including the form of articles supplementary for the applicable series of preferred shares.
For information on incorporation by reference, and how to obtain copies of these documents, see the section entitled &#8220;Where
You Can Find More Information&#8221; in this prospectus. This summary also is subject to and qualified by reference to the descriptions
of the particular terms of the securities described in the applicable prospectus supplement and by the terms of the applicable
deposit agreement and depositary receipts.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7pt 7.55pt 6pt 0; text-indent: 19.95pt">We may, at our option, elect
to offer depositary shares rather than full preferred shares. In the event such option is exercised, each of the depositary shares
will represent ownership of and entitlement to all rights and preferences of a fraction of a preferred share of a specified series
(including dividend, voting, redemption and liquidation rights). The applicable fraction will be specified in a prospectus supplement.
The preferred shares represented by the depositary shares will be deposited with a depositary named in the applicable prospectus
supplement, under a deposit agreement, among us, the depositary and the holders of the certificates evidencing depositary shares,
or depositary receipts. Depositary receipts will be delivered to those persons purchasing depositary shares in the offering. The
depositary will be the transfer agent, registrar and dividend disbursing agent for the depositary shares. Holders of depositary
receipts agree to be bound by the deposit agreement, which requires holders to take certain actions such as filing proof of residence
and paying certain charges.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Dividends</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7pt 9.1pt 6pt 0; text-indent: 19.95pt">The depositary will distribute
all cash dividends or other cash distributions received in respect of the series of preferred shares represented by the depositary
shares to the record holders of depositary receipts in proportion to the number of depositary shares owned by such holders on the
relevant record date, which will be the same date as the record date fixed by us for the applicable series of preferred shares.
The depositary, however, will distribute only such amount as can be distributed without attributing to any depositary share a fraction
of one cent, and any balance not so distributed will be added to and treated as part of the next sum received by the depositary
for distribution to record holders of depositary receipts then outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.6pt 0 6pt; text-indent: 19.95pt">In the event of a distribution other
than in cash, the depositary will distribute property received by it to the record holders of depositary receipts entitled thereto,
in proportion, as nearly as may be practicable, to the number of depositary shares owned by such holders on the relevant record
date, unless the depositary determines (after consultation with us) that it is not feasible to make such distribution, in which
case the depositary may (with our approval) adopt any other method for such distribution as it deems equitable and appropriate,
including the sale of such property (at such place or places and upon such terms as it may deem equitable and appropriate) and
distribution of the net proceeds from such sale to such holders.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Liquidation Preference</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1in 4.95pt 6pt 0; text-indent: 19.95pt">In the event of the liquidation,
dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, the holders of each depositary share
will be entitled to the fraction of the liquidation preference accorded each share of the applicable series of preferred shares
as set forth in the prospectus supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Redemption</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1in 0 6pt; text-indent: 19.95pt">If the series of preferred shares
represented by the applicable series of depositary shares is redeemable, such depositary shares will be redeemed from the proceeds
received by the depositary resulting from the redemption, in whole or in part, of preferred shares held by the depositary. Whenever
we redeem any preferred shares held by the depositary, the depositary will redeem as of the same redemption date the number of
depositary shares representing the preferred shares so redeemed. The depositary will mail the notice of redemption promptly upon
receipt of such notice from us and not less than 30 nor more than 60 days prior to the date fixed for redemption of the preferred
shares and the depositary shares to the record holders of the depositary receipts.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Voting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.4pt 10.2pt 6pt 0; text-indent: 19.95pt">Promptly upon receipt of
notice of any meeting at which the holders of the series of preferred shares represented by the applicable series of depositary
shares are entitled to vote, the depositary will mail the information contained in such notice of meeting to the record holders
of the depositary receipts as of the record date for such meeting. Each such record holder of depositary receipts will be entitled
to instruct the depositary as to the exercise of the voting rights pertaining to the number of preferred shares represented by
such record holder&#8217;s depositary shares. The depositary will endeavor, insofar as practicable, to vote such preferred shares
represented by such depositary shares in accordance with such instructions, and we will agree to take all action which may be deemed
necessary by the depositary in order to enable the depositary to do so. The depositary will abstain from voting any of the preferred
shares to the extent that it does not receive specific instructions from the holders of depositary receipts.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Withdrawal of Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.4pt 10.4pt 6pt 0; text-indent: 19.95pt">Upon surrender of depositary
receipts at the principal office of the depositary, upon payment of any unpaid amount due the depositary, and subject to the terms
of the deposit agreement, the owner of the depositary shares evidenced thereby is entitled to delivery of the number of whole preferred
shares and all money and other property, if any, represented by such depositary shares. Fractional preferred shares will not be
issued. If the depositary receipts delivered by the holder evidence a number of depositary shares in excess of the number of depositary
shares representing the number of whole preferred shares to be withdrawn, the depositary will deliver to such holder at the same
time a new depositary receipt evidencing such excess number of depositary shares. Holders of preferred shares thus withdrawn will
not thereafter be entitled to deposit such shares under the deposit agreement or to receive depositary receipts evidencing depositary
shares therefor.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Amendment and Termination of Deposit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.45pt 5.95pt 6pt 0; text-indent: 19.95pt">The form of depositary receipt
evidencing the depositary shares and any provision of the deposit agreement may at any time and from time to time be amended by
agreement between us and the depositary. However, any amendment which materially and adversely alters the rights of the holders
(other than any change in fees) of depositary shares will not be effective unless such amendment has been approved by the holders
of at least a majority of the depositary shares then outstanding. No such amendment may impair the right, subject to the terms
of the deposit agreement, of any owner of any depositary shares to surrender the depositary receipt evidencing such depositary
shares with instructions to the depositary to deliver to the holder of preferred shares and all money and other property, if any,
represented thereby, except in order to comply with mandatory provisions of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 5.2pt 6pt 0; text-indent: 19.95pt">The deposit agreement will be
permitted to be terminated by us upon not less than 30 days&#8217; prior written notice to the applicable depositary if (i) such
termination is necessary to preserve our qualification as a REIT or (ii) a majority of each series of preferred shares affected
by such termination consents to such termination, whereupon such depositary will be required to deliver or make available to each
holder of depositary receipts, upon surrender of the depositary receipts held by such holder, such number of whole or fractional
preferred shares as are represented by the depositary shares evidenced by such depositary receipts together with any other property
held by such depositary with respect to such depositary receipts. In addition, the deposit agreement will automatically terminate
if (i) all outstanding depositary shares thereunder will have been redeemed, (ii) there will have been a final distribution in
respect of the related preferred shares in connection with any liquidation, dissolution or winding up of Lexington Realty Trust
and such distribution will have been distributed to the holders of depositary receipts evidencing the depositary shares representing
such preferred shares or (iii) each preferred share will have been converted into shares of Lexington Realty Trust not so represented
by depositary shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Charges of Depositary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 9.5pt 6pt 0; text-indent: 19.95pt">We will pay all transfer and
other taxes and governmental charges arising solely from the existence of the depositary arrangements. We will pay charges of the
depositary in connection with the initial deposit of the preferred shares and initial issuance of the depositary shares, and redemption
of the preferred shares and all withdrawals of preferred shares by owners of depositary shares. Holders of depositary receipts
will pay transfer, income and other taxes and governmental charges and certain other charges as are provided in the deposit agreement
to be for their accounts. In certain circumstances, the depositary may refuse to transfer depositary shares, may withhold dividends
and distributions and sell the depositary shares evidenced by such depositary receipt if such charges are not paid.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Miscellaneous</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 5.75pt 6pt 0; text-indent: 19.95pt">The depositary will forward
to the holders of depositary receipts all reports and communications from us which are delivered to the depositary and which we
are required to furnish to the holders of the preferred shares. In addition, the depositary will make available for inspection
by holders of depositary receipts at the principal office of the depositary, and at such other places as it may from time to time
deem advisable, any reports and communications received from us which are received by the depositary as the holder of preferred
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 6.05pt 6pt 0; text-indent: 19.95pt">Neither we nor the depositary
assumes any obligation or will be subject to any liability under the deposit agreement to holders of depositary receipts other
than for the depositary&#8217;s negligence or willful misconduct. Neither we nor the depositary will be liable if the depositary
is prevented or delayed by law or any circumstance beyond its control in performing its obligations under the deposit agreement.
The obligations of the Company and the depositary under the deposit agreement will be limited to performance in good faith of their
duties thereunder, and they will not be obligated to prosecute or defend any legal proceeding in respect of any depositary shares
or preferred shares unless satisfactory indemnity is furnished. We and the depositary may rely on written advice of counsel or
accountants, on information provided by holders of the depositary receipts or other persons believed in good faith to be competent
to give such information and on documents believed to be genuine and to have been signed or presented by the proper party or parties.
In the event the depositary will receive conflicting claims, requests or instructions from any holders of depositary receipts,
on the one hand, and us, on the other hand, the depositary will be entitled to act on such claims, requests or instructions received
from us.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Resignation and Removal of Depositary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.1pt 6pt 0; text-indent: 19.95pt">The depositary may resign
at any time by delivering to us notice of its election to do so, and we may at any time remove the depositary, any such resignation
or removal to take effect upon the appointment of a successor depositary and its acceptance of such appointment. Such successor
depositary must be appointed within 60 days after delivery of the notice for resignation or removal and must be a bank or trust
company having its principal office in the United States of America and having a combined capital and surplus of at least $150,000,000.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n010"></A>DESCRIPTION OF WARRANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.1pt 6pt 0; text-indent: 19.95pt"><I>The following description,
together with the additional information we include in any applicable prospectus supplement, summarizes the general terms and provisions
of the warrants that we may offer under this prospectus. Because it is a summary, it does not contain all of the information that
may be important to you. While the terms we have summarized below will apply generally to any warrants we may offer, you should
also read the applicable prospectus supplement which will describe the particular terms of any warrants that we may offer in more
detail. For information on incorporation by reference, and how to obtain copies of these documents, see the section entitled &#8220;Where
You Can Find More Information&#8221; in this prospectus. This summary also is subject to and qualified by reference to the descriptions
of the particular terms of the securities described in the applicable prospectus supplement and the terms of the applicable final
warrants and warrant agreement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.1pt 6pt 0; text-indent: 19.95pt">We may issue warrants for
the purchase of debt or equity securities described in this prospectus. Warrants may be issued independently or together with any
offered securities and may be attached to or separate from such securities. Each series of warrants will be issued under a separate
warrant agreement we will enter into with a warrant agent specified in the agreement. The warrant agent will act solely as our
agent in connection with the warrants of that series and will not assume any obligation or relationship of agency or trust for
or with any holders or beneficial owners of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.1pt 6pt 0; text-indent: 19.95pt">A prospectus supplement relating
to any series of warrants being offered will include specific terms relating to the offering. They will include, where applicable:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the title of the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the aggregate number of warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the price or prices at which the warrants will be issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the currencies in which the price or prices of the warrants may be payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 30.7pt">the designation, amount and terms of the offered securities purchasable upon exercise of the
warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 5.2pt">the designation and terms of the other offered securities, if any, with which the warrants are
issued and the number of warrants issued with the security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 7.1pt">if applicable, the date on and after which the warrants and the offered securities purchasable
upon exercise of the warrants will be separately transferable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 6pt">the price or prices at which, and currency or currencies in which, the offered securities purchasable
upon exercise of the warrants may be purchased;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 5.8pt">the date on which the right to exercise the warrants will commence and the date on which the right
will expire;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the minimum or maximum amount of the warrants which may be exercised at any one time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>information with respect to book-entry procedures, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any listing of warrants on any securities exchange;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>if appropriate, a discussion of federal income tax consequences; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 19.65pt">any other material term of the warrants, including terms, procedures and limitations relating
to the exchange and exercise of the warrants.</TD></TR></TABLE>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n011"></A>DESCRIPTION OF SUBSCRIPTION
RIGHTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.1pt 6pt 0; text-indent: 19.95pt"><I>The following is a general
description of the terms of the subscription rights we may issue from time to time. Particular terms of any subscription rights
we offer will be described in the prospectus supplement relating to such subscription rights. The description in the applicable
prospectus supplement of any subscription rights we offer will not necessarily be complete and will be qualified in its entirety
by reference to the applicable subscription rights certificate or subscription rights agreement, which will be filed with the SEC
if we offer subscription rights. This summary also is subject to and qualified by reference to the descriptions of the particular
terms of the securities described in the applicable prospectus supplement and the terms of the applicable final subscription rights
agreement and subscription rights certificate.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.1pt 6pt 0; text-indent: 19.95pt">We may issue subscription
rights to purchase our common shares. These subscription rights may be issued independently or together with any other security
offered hereby and may or may not be transferable by the shareholder receiving the subscription rights in such offering. In connection
with any offering of subscription 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.1pt 6pt 0; text-indent: 19.95pt">The applicable prospectus
supplement will describe the specific terms of any offering of subscription rights for which this prospectus is being delivered,
including the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the price, if any, for the subscription rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the exercise price payable for each common share upon the exercise of the subscription rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the number of subscription rights issued to each shareholder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the number and terms of the common shares which may be purchased per each subscription right;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the extent to which the subscription rights are transferable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 5.7pt">any other terms of the subscription rights, including the terms, procedures and limitations relating
to the exchange and exercise of the subscription rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 27.05pt">the date on which the right to exercise the subscription rights will commence, and the date
on which the subscription rights will expire;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 7.5pt">the extent to which the subscription rights may include an over-subscription privilege with respect
to unsubscribed securities; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 20.55pt">if applicable, the material terms of any standby underwriting or purchase arrangement entered
into by us in connection with the offering of subscription rights.</TD></TR></TABLE>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.1pt 12pt 0; text-align: center"><A NAME="n012"></A>DESCRIPTION OF UNITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.65pt 23.15pt 6pt 0; text-align: justify; text-indent: 19.95pt">As
specified in the applicable prospectus supplement, we may issue units consisting of one or more common shares, preferred shares,
debt securities, subscription rights, depositary shares, warrants or any combination of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.4pt 5.8pt 6pt 0; text-indent: 19.95pt">The applicable prospectus
supplement will specify the following terms of any units in respect of which this prospectus is being delivered:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 22.8pt">the terms of the units and of any of the common shares, preferred shares, debt securities, warrants,
subscription rights or depositary shares comprising the units, including whether and under what circumstances the securities comprising
the units may be traded separately;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>a description of the terms of any unit agreement governing the units; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>a description of the provisions for the payment, settlement, transfer or exchange of the units.</TD></TR></TABLE>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n013"></A>RESTRICTIONS ON TRANSFERS OF CAPITAL
STOCK AND ANTI-TAKEOVER PROVISIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Restrictions Relating To REIT Status</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 5.1pt 6pt 0; text-indent: 19.95pt">For us to qualify as a REIT
under the Code, among other things, not more than 50% in value of the outstanding shares of our capital stock may be owned, directly
or indirectly, by five or fewer individuals (defined in the Code to include certain entities) during the last half of a taxable
year, and such shares of our capital stock must be beneficially owned by 100 or more persons during at least 335 days of a taxable
year of 12 months or during a proportionate part of a shorter taxable year (in each case, other than the first such year). To assist
us in continuing to remain a qualified REIT, among other purposes, our Declaration of Trust, subject to certain exceptions, provides
that no holder may own, or be deemed to own by virtue of the attribution provisions of the Code, more than 9.8% in value of our
equity shares, defined as common shares or preferred shares. We refer to this restriction as the Ownership Limit. Our board of
trustees may exempt a person from the Ownership Limit if upon receipt of a ruling from the Internal Revenue Service or an opinion
of counsel or other evidence satisfactory to our board of trustees is presented that the exemption will not result in us having
fewer than 100 beneficial owners or in us being &#8220;closely held.&#8221; Any transfer of equity shares or any security convertible
into equity shares that would create a direct or indirect ownership of equity shares in excess of the Ownership Limit or that would
result in the equity shares being owned by fewer than 100 persons or result in us being &#8220;closely held&#8221; within the meaning
of Section 856(h) of the Code, will be null and void, and the intended transferee will acquire no rights to such equity shares.
The foregoing restrictions on transferability and ownership will not apply if our board of trustees determines that it is no longer
in our best interests to attempt to qualify, or to continue to qualify, as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 6.95pt 6pt 0; text-indent: 19.95pt">In addition, equity shares
owned, or deemed to be owned, or transferred to a shareholder in excess of the Ownership Limit or that would cause us to become
&#8220;closely held&#8221; within the meaning of the Code, will automatically be converted into an equal number of excess shares
that will be transferred, by operation of law, to us as trustee of a trust for the exclusive benefit of the transferees to whom
such shares of beneficial interest in us may be ultimately transferred without violating the Ownership Limit. While the excess
shares are held in trust, they will not be entitled to vote (except as required by Maryland law), they will not be considered for
purposes of any shareholder vote or the determination of a quorum for such vote and, except upon liquidation, they will not be
entitled to participate in dividends or other distributions. Any dividend or distribution paid on excess shares prior to our discovery
that equity shares have converted for excess shares will be repaid to us upon demand. The excess shares are not treasury shares,
but rather constitute a separate class of our issued and outstanding shares. The original transferee-shareholder may, at any time
the excess shares are held by us in trust, transfer the interest in the trust representing the excess shares to any individual
whose ownership of the equity shares exchanged into such excess shares would be permitted under our Declaration of Trust, at a
price not in excess of the price paid by the original transferee-shareholder for the equity shares that were exchanged into excess
shares, or, if the transferee-shareholder did not give value for such shares, a price not in excess of the market price (as determined
in the manner set forth in our Declaration of Trust) on the date of the purported transfer. Immediately upon the transfer to the
permitted transferee, the excess shares will automatically be converted into equity shares of the class from which they were converted.
If the foregoing transfer restrictions are determined to be void or invalid by virtue of any legal decision, statute, rule or regulation,
then the intended transferee of any excess shares may be deemed, at our option, to have acted as an agent on our behalf in acquiring
the excess shares and to hold the excess shares on our behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 5.45pt 6pt 0; text-indent: 19.95pt">In addition to the foregoing
transfer restrictions, we will have the right, for a period of 90 days during the time any excess shares are held by us in trust,
to purchase all or any portion of the excess shares from the original transferee-shareholder for the lesser of the price paid for
the equity shares by the original transferee-shareholder or the market price (as determined in the manner set forth in our Declaration
of Trust) on the date we exercise our option to purchase. The 90-day period begins on the later of the date of the transfer that
resulted in excess stock or the date on which our board of trustees determines in good faith that a transfer resulting in excess
shares has occurred, if we do not receive written notice of the transfer or other event resulting in the exchange of equity shares
for excess shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 6.75pt 6pt 0; text-indent: 19.95pt">Any person who acquires or
attempts to acquire equity shares in violation of the foregoing restrictions, or any person who is a transferee such that excess
shares resulted from such transfer, will be required to give written notice immediately to us of such event and provide us with
such other information as we may request in order to determine the effect, if any, of such transfer, or attempted transfer, on
our status as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 5.1pt 6pt 0; text-indent: 19.95pt">All persons who own, directly
or indirectly, (i) more than 5% of the outstanding equity shares, (ii) more than 1% of the outstanding equity shares during any
period in which the number of beneficial or constructive owners is fewer than 2,000 or (iii) such lower percentages as required
pursuant to regulations under the Code must, within 30 days after January</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 5.1pt 6pt 0">1 of each year, provide to us a written statement
or affidavit stating the name and address of such direct or indirect owner, the number of equity shares owned directly or indirectly,
and a description of how such shares are held. In addition, each direct or indirect shareholder shall provide to us such additional
information as we may request in order to determine the effect, if any, of such ownership on our status as a REIT and to ensure
compliance with the ownership limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 0 6pt; text-indent: 19.95pt">This Ownership Limit may have the
effect of precluding an acquisition of control unless our board of trustees determines that maintenance of REIT status is no longer
in our best interests.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Authorized Capital</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 7.15pt 6pt 0; text-indent: 19.95pt">Under our Declaration of
Trust, we have authority to issue up to 1,000,000,000 shares of beneficial interest, par value $0.0001 per share, of which 400,000,000
shares are classified as common shares, 500,000,000 shares are classified as excess stock and 100,000,000 shares are classified
as preferred shares. We may issue such shares from time to time in the discretion of our board of trustees to raise additional
capital, acquire assets, including additional real properties, redeem or retire debt or for any other business purpose. In addition,
the undesignated preferred shares may be issued in one or more additional classes or series with such designations, preferences
and relative, participating, optional or other special rights including, without limitation, preferential dividend or voting rights,
and rights upon liquidation, as will be fixed by our board of trustees. Our board of trustees is authorized to classify and reclassify
any of our unissued shares of beneficial interest by setting or changing, in any one or more respects, the preferences, conversion
or other rights, voting powers, restrictions, limitations as to dividends, qualifications or terms or conditions of redemption
of such shares. This authority includes, without limitation, subject to the provisions of our Declaration of Trust, authority to
classify or reclassify any unissued shares into a class or classes of preferred shares, preference shares, special shares or other
shares, and to divide and reclassify shares of any class into one or more series of that class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 0 6pt; text-indent: 19.95pt">In some circumstances, the issuance
of preferred shares, or the exercise by our board of trustees of its right to classify or reclassify shares, could have the effect
of deterring individuals or entities from making tender offers for our common shares or seeking to change incumbent management.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Maryland Law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 20.3pt 6pt 0; text-indent: 19.95pt"><B><I>Our Board of Trustees.
</I></B>Our Declaration of Trust and By-laws provide that the number of our trustees may be established, increased or decreased
only by a majority of the entire board of trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 10.45pt 6pt 0; text-indent: 19.95pt"><B><I>Removal of Trustees.</I></B>
Our Declaration of Trust provides that, subject to the rights of the holders of any class separately entitled to elect one or more
trustees, a trustee may be removed, but only for cause and then only by the affirmative vote of at least 80% of the votes entitled
to be cast in the election of trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 9.1pt 6pt 0; text-indent: 19.95pt"><B><I>Extraordinary Actions,
Amendment of Declaration of Trust. </I></B>Under the Maryland REIT Law, a Maryland real estate investment trust generally cannot
amend its declaration of trust or merge with, or convert into, another entity unless advised by its board of trustees and approved
by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter unless
a different percentage (but not less than a majority of all of the votes entitled to be cast on the matter) is set forth in its
declaration of trust. Our Declaration of Trust provides that those actions, with the exception of certain amendments to our Declaration
of Trust for which a higher vote requirement has been set, will be valid and effective if authorized by holders of a majority of
the total number of shares of all classes outstanding and entitled to vote thereon. Under our Declaration of Trust, our dissolution
and termination requires the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be
cast on the matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.55pt 12.9pt 6pt 0; text-indent: 19.95pt"><B><I>Amendment to Our By-laws.
</I></B>Our By-laws may be repealed, altered, amended or rescinded (a) by our shareholders only by the affirmative vote of at least
80% of the votes entitled to be cast in the election of trustees or (b) by vote of two-thirds of our board of trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.55pt 9.1pt 6pt 0; text-indent: 19.95pt"><B><I>Meetings of Shareholders.
</I></B>Under our By-laws, annual meetings of shareholders are held on the date and at the time and place, or by means of remote
communication, set by our board of trustees. Special meetings of shareholders may be called only by the chairman of our board of
trustees, our president or a majority of our board of trustees. Subject to the provisions of our By-laws, a special meeting of
our shareholders to act on any matter that may properly be considered by our shareholders will also be called by our secretary
upon the written request of the shareholders entitled to cast not less than 25% of all the votes entitled to be cast at such meeting.
Only matters set forth in the notice of the special meeting may be considered and acted upon at such a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.55pt 6.25pt 6pt 0; text-indent: 19.95pt"><B><I>Advance Notice of
Trustee Nominations and New Business.</I></B> Our By-laws provide that in order to make nominations of</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.55pt 6.25pt 6pt 0">individuals for election as trustees or proposals
of business to be considered by shareholders at any annual meeting, shareholders generally must provide notice to our secretary
not less than 120 days in advance of the release date of our proxy statement to shareholders in connection with the preceding year&#8217;s
annual meeting. A shareholder&#8217;s notice must contain certain information specified by our By-laws about the shareholder and
any proposed business or nominee for election as a trustee, including information about the economic interest of the shareholder
and any proposed nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.75pt 0 6pt; text-indent: 19.95pt"><B><I>Business Combinations. </I></B>Under
Maryland law, certain &#8220;business combinations&#8221; between a Maryland real estate investment trust and an &#8220;interested
shareholder&#8221; or an affiliate of an interested shareholder are prohibited for five years after the most recent date on which
the interested shareholder became an interested shareholder. These business combinations include a merger, consolidation, share
exchange, or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">An interested shareholder is defined as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any person who beneficially owns ten percent or more of the voting power of the trust&#8217;s shares; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 14.85pt">an affiliate or associate of the trust who, at any time within the two-year period prior to
the date in question, was the beneficial owner of ten percent or more of the voting power of the then outstanding voting shares
of the trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.8pt 20.3pt 6pt 0; text-indent: 19.95pt">A person is not an interested
shareholder under the statute if the board of trustees approved in advance the transaction by which the person otherwise would
have become an interested shareholder. However, in approving a transaction, the board of trustees may provide that its approval
is subject to compliance, at or after the time of approval, with any terms or conditions determined by the board of trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.8pt 4.95pt 6pt 0; text-indent: 19.95pt">After the five-year prohibition,
any such business combination between the Maryland real estate investment trust and an interested shareholder generally must be
recommended by the board of trustees of the trust and approved by the affirmative vote of at least:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 8.35pt">eighty percent of the votes entitled to be cast by holders of outstanding voting shares of the
trust; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 27.35pt">two-thirds of the votes entitled to be cast by holders of voting shares of the trust other than
shares held by the interested shareholder with whom or with whose affiliate the business combination is to be effected or held
by an affiliate or associate of the interested shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 9.45pt 6pt 0; text-indent: 19.95pt">These super-majority vote
requirements do not apply if the trust&#8217;s common shareholders receive a minimum price, as defined under Maryland law, for
their shares in the form of cash or other consideration in the same form as previously paid by the interested shareholder for its
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 15.35pt 6pt 0; text-align: justify; text-indent: 19.95pt">The
statute permits various exemptions from its provisions, including business combinations that are exempted by the board of trustees
prior to the time that the interested shareholder becomes an interested shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 5.1pt 6pt 0; text-indent: 19.95pt">Our board of trustees has
exempted Vornado Realty Trust and its affiliates, to a limited extent, from these restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 5.1pt 6pt 0; text-indent: 19.95pt">The business combination
statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 9.45pt 6pt 0; text-indent: 19.95pt"><B><I>Control Share Acquisitions.
</I></B>Maryland law provides that holders of &#8220;control shares&#8221; of a Maryland real estate investment trust acquired
in a &#8220;control share acquisition&#8221; have no voting rights with respect to the control shares except to the extent approved
by a vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquiror, by officers or by employees
who are trustees of the trust are excluded from shares entitled to vote on the matter. Control shares are voting shares which,
if aggregated with all other shares owned by the acquiror or in respect of which the acquiror is able to exercise or direct the
exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in
electing trustees within one of the following ranges of voting power:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>one-tenth or more but less than one-third;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>one-third or more but less than a majority; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>a majority or more of all voting power.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.45pt 11.2pt 6pt 0; text-align: justify; text-indent: 19.95pt">Control
shares do not include shares the acquiring person is then entitled to vote as a result of having previously</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.45pt 11.2pt 6pt 0; text-align: justify">obtained shareholder approval.
A control share acquisition means the acquisition of issued and outstanding control shares, subject to certain exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 6.55pt 6pt 0; text-indent: 19.95pt">A person who has made or proposes
to make a control share acquisition may compel the board of trustees of the trust to call a special meeting of shareholders to
be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting
is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request
for a meeting is made, the trust may itself present the question at any shareholders meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 5.1pt 6pt 0; text-indent: 19.95pt">If voting rights are not approved
at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the trust
may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved.
The right of the trust to redeem control shares is subject to certain conditions and limitations. Fair value is determined, without
regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquiror
or of any meeting of shareholders at which the voting rights of the shares are considered and not approved. If voting rights for
control shares are approved at a shareholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled
to vote, all other shareholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal
rights may not be less than the highest price per share paid by the acquiror in the control share acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 15.25pt 6pt 0; text-align: justify; text-indent: 19.95pt">The control
share acquisition statute does not apply (a) to shares acquired in a merger, consolidation or share exchange if the trust is a
party to the transaction or (b) to acquisitions approved or exempted by the declaration of trust or bylaws of the trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 5.1pt 6pt 0; text-indent: 19.95pt">Our By-Laws contain a provision
exempting from the control share acquisition statute any and all acquisitions by any person of our shares. There can be no assurance
that this provision will not be amended or eliminated at any time in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.75pt 6pt 0; text-indent: 19.95pt"><B><I>Certain Elective Provisions
of Maryland Law. </I></B>Maryland law provides that a Maryland real estate investment trust with a class of equity securities registered
under the Exchange Act, and that has at least three independent trustees, may elect by provision of its declaration or bylaws or
by resolution adopted by its board of trustees to be subject to all or any of the following provisions, notwithstanding any contrary
provisions contained in its existing declaration of trust or bylaws and without shareholder approval:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>a classified board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>a two-thirds vote of outstanding shares to remove a trustee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>a requirement that the number of trustees be fixed only by vote of the board of trustees;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 5.7pt">a requirement that a vacancy on the board of trustees be filled only by the affirmative vote of
a majority of the remaining trustees and that such trustee filling the vacancy serve for the remainder of the full term of the
class of trustees in which the vacancy occurred and until a successor is duly elected and qualifies; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 31.85pt">a provision that a special meeting of shareholders must be called upon the written request of
shareholders entitled to cast a majority of all the votes entitled to be cast at the meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 20.3pt 6pt 0; text-indent: 19.95pt">We have not elected to be
governed by any of these specific provisions. However, our Declaration of Trust and/or By-Laws, as applicable, already provide
for an 80% shareholder vote to remove trustees and then only for cause, and that the number of trustees may be determined by a
resolution of our Board, subject to a minimum number. In addition, we can elect to be governed by any or all of the foregoing provisions
of Maryland law at any time in the future.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n014"></A>UNITED STATES FEDERAL INCOME TAX
CONSIDERATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 20.3pt 6pt 0; text-indent: 19.95pt"><I>The following is a summary
of federal income tax considerations relating to our qualification and taxation as a REIT and the acquisition, ownership and disposition
of our common shares that may be relevant to prospective investors. Paul Hastings LLP has acted as our tax counsel and, subject
to the limitations expressed herein, is of the opinion that the statements in this summary, to the extent they constitute summaries
of legal matters, are accurate summaries in all material respects. You should be aware that an opinion of counsel is not binding
on the Internal Revenue Service, or IRS, or the courts. Prospective investors are urged to consult their own tax advisors regarding
the tax considerations relating to an investment in our shares and our qualification and taxation as a REIT in light of their particular
circumstances.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 9.5pt 6pt 0; text-indent: 19.95pt">The following discussion
summarizes the material United States federal income tax considerations to you as a prospective holder of our common shares and
assumes that you will hold such shares as capital assets (within the meaning of Section 1221 of the Code). This summary does not
give a detailed discussion of any state, local or foreign tax considerations. In addition, this discussion is intended to address
only those federal income tax considerations that are generally applicable to all of our shareholders. It does not discuss all
of the aspects of federal income taxation that may be relevant to you in light of your particular circumstances or to certain types
of shareholders who are subject to special treatment under the federal income tax laws including, without limitation, regulated
investment companies, insurance companies, tax-exempt entities, financial institutions or broker-dealers, expatriates, persons
subject to the alternative minimum tax and partnerships or other pass through entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 7.65pt 6pt 0; text-indent: 19.95pt">The information in this section
is based on the Code, existing, temporary and proposed regulations under the Code, the legislative history of the Code, current
administrative rulings and practices of the IRS and court decisions, all as of the date hereof. No assurance can be given that
future legislation, regulations, administrative interpretations and court decisions will not significantly change current law or
adversely affect existing interpretations of current law. Any such change could apply retroactively to transactions preceding the
date of the change. In addition, we have not received, and do not plan to request, any rulings from the IRS. Thus, no assurance
can be provided that the statements set forth herein (which do not bind the IRS or the courts) will not be challenged by the IRS
or that such statements will be sustained by a court if so challenged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 19pt 6pt 0; text-indent: 0.5in">PROSPECTIVE HOLDERS OF OUR COMMON
SHARES ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS REGARDING THE FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF INVESTING
IN OUR COMMON SHARES IN LIGHT OF THEIR PARTICULAR CIRCUMSTANCES.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Taxation of the Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 6.05pt 6pt 0; text-indent: 19.95pt"><B><I>General. </I></B>We
elected to be taxed as a REIT under Sections 856 through 860 of the Code, commencing with our taxable year ended December 31, 1993.
We believe that we have been organized, and have operated, in such a manner so as to qualify for taxation as a REIT under the Code
and intend to conduct our operations so as to continue to qualify for taxation as a REIT. No assurance, however, can be given that
we have operated in a manner so as to qualify or will be able to operate in such a manner so as to remain qualified as a REIT.
Qualification and taxation as a REIT depend upon our ability to meet on a continuing basis, through actual annual operating results,
the required distribution levels, diversity of share ownership and the various qualification tests imposed under the Code discussed
below, the results of which will not be reviewed by counsel. Given the highly complex nature of the rules governing REITs, the
ongoing importance of factual determinations, and the possibility of future changes in our circumstances, no assurance can be given
that the actual results of our operations for any one taxable year have satisfied or will continue to satisfy such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 11.3pt 6pt 0; text-indent: 19.95pt">In the opinion of Paul Hastings
LLP, based on certain assumptions and our factual representations that are described in this section and in officer&#8217;s certificates
provided by us, commencing with our taxable year ended December 31, 1993, we have been organized and operated in conformity with
the requirements for qualification as a REIT and our current and proposed method of operation will enable us to continue to meet
the requirements for qualification and taxation as a REIT. It must be emphasized that this opinion is based on various assumptions
and is conditioned upon certain representations made by us as to factual matters including, but not limited to, those set forth
herein, and those concerning our business and properties as set forth in this prospectus. An opinion of counsel is not binding
on the IRS or the courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 5.1pt 6pt 0; text-indent: 19.95pt">The following is a general
summary of the Code provisions that govern the federal income tax treatment of a REIT and its shareholders. These provisions of
the Code are highly technical and complex. This summary is qualified in its</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 5.1pt 6pt 0">entirety by the applicable Code provisions, Treasury
Regulations and administrative and judicial interpretations thereof, all of which are subject to change prospectively or retroactively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 5.1pt 6pt 0; text-indent: 19.95pt">If we qualify for taxation
as a REIT, we generally will not be subject to federal corporate income taxes on our net income that is currently distributed to
shareholders. This treatment substantially eliminates the &#8220;double taxation&#8221; (at the corporate and shareholder levels)
that generally results from investment in a corporation. However, we will be subject to federal income tax as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 31.4pt">First, we will be taxed at regular corporate rates on any undistributed REIT taxable income,
including undistributed net capital gains.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 11.25pt">Second, if we have (a) net income from the sale or other disposition of &#8220;foreclosure property,&#8221;
which is, in general, property acquired on foreclosure or otherwise on default on a loan secured by such real property or a lease
of such property, which is held primarily for sale to customers in the ordinary course of business or (b) other nonqualifying income
from foreclosure property, we will be subject to tax at the highest corporate rate on such income.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 17.55pt">Third, if we have net income from prohibited transactions such income will be subject to a
                                                                      100% tax. Prohibited transactions are, in general, certain sales or other dispositions of
                                                                      property held primarily for sale to customers in the ordinary course of business other than foreclosure property.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 17.55pt">Fourth, if we should fail to satisfy the 75% gross income test or the 95% gross income test (as
discussed below), but nonetheless maintain our qualification as a REIT because certain other requirements have been met, we will
be subject to a 100% tax on an amount equal to (a) the gross income attributable to the greater of the amount by which we fail
the 75% gross income test or the amount by which 95% of our gross income exceeds the amount of income qualifying under the 95%
gross income test multiplied by (b) a fraction intended to reflect our profitability.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25.8pt">&nbsp;</TD>
    <TD STYLE="width: 19.95pt"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-right: 17.55pt">Fifth, if we should fail to satisfy the asset tests (as discussed below) but nonetheless maintain our qualification as a
REIT because certain other requirements have been met and we do not qualify for a de minimis exception, we may be subject to a
tax that would be the greater of (a) $50,000; or (b) an amount determined by multiplying the highest rate of tax for corporations
by the net income generated by the assets for the period beginning on the first date of the failure and ending on the day we dispose
of the non-qualifying assets (or otherwise satisfy the requirements for maintaining REIT qualification).</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD><TD STYLE="padding-right: 7.65pt"><FONT STYLE="font-size: 10pt">Sixth, if we should fail to satisfy one or more requirements for
REIT qualification, other than the 95% and 75% gross income tests and other than the asset tests, but nonetheless maintain our
qualification as a REIT because certain other requirements have been met, we may be subject to a </FONT>$50,000 penalty for each
failure.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 6.95pt">Seventh, if we should fail to distribute during each calendar year at least the sum of (a) 85%
of our REIT ordinary income for such year, (b) 95% of our REIT capital gain net income for such year, and (c) any undistributed
taxable income from prior periods, we would be subject to a nondeductible 4% excise tax on the excess of such required distribution
over the amounts actually distributed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 6.5pt">Eighth, if we acquire any asset from a C corporation (i.e., a corporation generally subject to
full corporate level tax) in a transaction in which the basis of the asset in our hands is determined by reference to the basis
of the asset (or any other property) in the hands of the C corporation and we do not elect to be taxed at the time of the acquisition,
we would be subject to tax at the highest corporate rate if we dispose of such asset during the five-year period (or other statutorily
prescribed period) beginning on the date that we acquired that asset, to the extent of such property&#8217;s &#8220;built-in gain&#8221;
(the excess of the fair market value of such property at the time of our acquisition over the adjusted basis of such property at
such time) (we refer to this tax as the &#8220;Built-in Gains Tax&#8221;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 5.75pt">Ninth, we will incur a 100% excise tax on transactions with a taxable REIT subsidiary that are
not conducted on an arm&#8217;s-length basis.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 5.9pt">Finally, if we own a residual interest in a real estate mortgage investment conduit, or &#8220;REMIC,&#8221;
we will be taxable at the highest corporate rate on the portion of any excess inclusion income that we derive from the</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.55pt 5.9pt 0 45.75pt">REMIC residual interests equal to the percentage
of our shares that is held in record name by &#8220;disqualified organizations.&#8221; Similar rules apply if we own an equity
interest in a taxable mortgage pool. A &#8220;disqualified organization&#8221; includes the United States, any state or political
subdivision thereof, any foreign government or international organization, any agency or instrumentality of any of the foregoing,
any rural electrical or telephone cooperative and any tax-exempt organization (other than a farmer&#8217;s cooperative described
in Section 521 of the Code) that is exempt from income taxation and from the unrelated business taxable income provisions of the
Code. However, to the extent that we own a REMIC residual interest or a taxable mortgage pool through a taxable REIT subsidiary,
we will not be subject to this tax. See the heading &#8220;Requirements for Qualification&#8221; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 6.65pt 6pt 0; text-indent: 19.95pt"><B><I>Requirements for Qualification.
</I></B>A REIT is a corporation, trust or association (1) that is managed by one or more trustees or directors, (2) the beneficial
ownership of which is evidenced by transferable shares, or by transferable certificates of beneficial interest, (3) that would
be taxable as a domestic corporation, but for Sections 856 through 860 of the Code, (4) that is neither a financial institution
nor an insurance company subject to certain provisions of the Code, (5) that has the calendar year as its taxable year, (6) the
beneficial ownership of which is held by 100 or more persons, (7) during the last half of each taxable year, not more than 50%
in value of the outstanding stock of which is owned, directly or indirectly, by five or fewer individuals (as defined in the Code
to include certain entities), and (8) that meets certain other tests, described below, regarding the nature of its income and assets.
The Code provides that conditions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.85pt 0 5.8pt; text-indent: 0in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>through (5), inclusive, must be met during the entire taxable year and that condition (6) must be met during at least 335
days of a taxable year of twelve (12) months, or during a proportionate part of a taxable year of less than twelve (12) months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 10.2pt 6pt 0; text-indent: 19.95pt">We may redeem, at our option,
a sufficient number of shares or restrict the transfer thereof to bring or maintain the ownership of the shares in conformity with
the requirements of the Code. In addition, our Declaration of Trust includes restrictions regarding the transfer of our shares
that are intended to assist us in continuing to satisfy requirements (6) and (7). Moreover, if we comply with regulatory rules
pursuant to which we are required to send annual letters to our shareholders requesting information regarding the actual ownership
of our shares, and we do not know, or exercising reasonable diligence would not have known, whether we failed to meet requirement
(7) above, we will be treated as having met the requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 8.25pt 6pt 0; text-indent: 19.95pt">The Code allows a REIT to own
wholly-owned corporate subsidiaries which are &#8220;qualified REIT subsidiaries.&#8221; The Code provides that a qualified REIT
subsidiary is not treated as a separate corporation, and all of its assets, liabilities and items of income, deduction and credit
are treated as assets, liabilities and items of income, deduction and credit of the REIT. Thus, in applying the requirements described
herein, our qualified REIT subsidiaries will be ignored, and all assets, liabilities and items of income, deduction and credit
of such subsidiaries will be treated as our assets, liabilities and items of income, deduction and credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 19.95pt">A REIT may also hold any direct or indirect
interest in a corporation that qualifies as a &#8220;taxable REIT subsidiary,&#8221; as long as the REIT&#8217;s aggregate holdings
of taxable REIT subsidiary securities do not exceed 20% of the value of the REIT&#8217;s total assets at the close of each quarter.
A taxable REIT subsidiary is a fully taxable corporation that generally is permitted to engage in businesses (other than certain
activities relating to lodging and health care facilities), own assets, and earn income that, if engaged in, owned, or earned by
the REIT, might jeopardize REIT status or result in the imposition of penalty taxes on the REIT. To qualify as a taxable REIT subsidiary,
the subsidiary and the REIT must make a joint election to treat the subsidiary as a taxable REIT subsidiary. A taxable REIT subsidiary
also includes any corporation (other than a REIT or a qualified REIT subsidiary) in which a taxable REIT subsidiary directly or
indirectly owns more than 35% of the total voting power or value. See &#8220;Asset Tests&#8221; below. A taxable REIT subsidiary
will pay tax at regular corporate income tax rates on any taxable income it earns. Moreover, the Code contains rules, including
rules requiring the imposition of taxes on a REIT at the rate of 100% on certain reallocated income and expenses, to ensure that
contractual arrangements between a taxable REIT subsidiary and its parent REIT are at arm&#8217;s-length.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 10.45pt 6pt 0; text-indent: 19.95pt">In the case of a REIT which
is a partner in a partnership, Treasury Regulations provide that the REIT will be deemed to own its proportionate share of each
of the assets of the partnership and will be deemed to be entitled to the income of the partnership attributable to such share
for purposes of satisfying the gross income and assets tests (as discussed below). In addition, the character of the assets and
items of gross income of the partnership will retain the same character in the hands of the REIT. Thus, our proportionate share
(based on equity capital) of the assets, liabilities, and items of gross income of the partnerships in which we own an interest
are treated as our assets, liabilities and items of gross income for purposes of applying the requirements described herein. The
treatment described above also applies with</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 10.45pt 6pt 0">respect to the ownership of interests in limited
liability companies or other entities that are treated as partnerships for tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 0 6pt; text-indent: 19.95pt">A significant number of our investments
are held through partnerships. If any such partnerships were treated as an association, the entity would be taxable as a corporation
and therefore would be subject to an entity level tax on its income. In such a situation, the character of our assets and items
of gross income would change and might preclude us from qualifying as a REIT. We believe that each partnership in which we hold
a material interest (either directly or indirectly) is properly treated as a partnership for tax purposes (and not as an association
taxable as a corporation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.95pt 24.8pt 6pt 0; text-indent: 19.95pt">Special rules apply to a
REIT, a portion of a REIT, or a qualified REIT subsidiary that is a taxable mortgage pool. An entity or portion thereof may be
classified as a taxable mortgage pool under the Code if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>substantially all of the assets consist of debt obligations or interests in debt obligations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 16.4pt">more than 50% of those debt obligations are real estate mortgage loans or interests in real estate
mortgage loans as of specified testing dates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the entity has issued debt obligations that have two or more maturities; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 7.9pt">the payments required to be made by the entity on its debt obligations &#8220;bear a relationship&#8221;
to the payments to be received by the entity on the debt obligations that it holds as assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 9.1pt 6pt 0; text-indent: 19.95pt">Under Treasury Regulations,
if less than 80% of the assets of an entity (or the portion thereof) consist of debt obligations, these debt obligations are considered
not to comprise &#8220;substantially all&#8221; of its assets, and therefore the entity would not be treated as a taxable mortgage
pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 10.65pt 6pt 0; text-indent: 19.95pt">An entity or portion thereof
that is classified as a taxable mortgage pool is generally treated as a taxable corporation for federal income tax purposes. However,
the portion of the REIT&#8217;s assets, held directly or through a qualified REIT subsidiary, that qualifies as a taxable mortgage
pool is treated as a qualified REIT subsidiary that is not subject to corporate income tax and therefore the taxable mortgage pool
classification does not change that treatment. The classification of a REIT, qualified REIT subsidiary or portion thereof as a
taxable mortgage pool could, however, result in taxation of a REIT and certain of its shareholders as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 20.25pt 6pt 0; text-indent: 19.95pt">IRS guidance indicates that
a portion of income from a taxable mortgage pool arrangement, if any, could be treated as &#8220;excess inclusion income.&#8221;
Excess inclusion income is an amount, with respect to any calendar quarter, equal to the excess, if any, of (i) income allocable
to the holder of a REMIC residual interest or taxable mortgage pool interest over (ii) the sum of an amount for each day in the
calendar quarter equal to the product of (a) the adjusted issue price at the beginning of the quarter multiplied by 120% of the
long-term federal rate (determined on the basis of compounding at the close of each calendar quarter and properly adjusted for
the length of such quarter). Under such guidance, such income would be allocated among our shareholders in proportion to dividends
paid and, generally, may not be offset by net operating losses of the shareholder, would be taxable to tax exempt shareholders
who are subject to the unrelated business income tax rules of the Code and would subject non-U.S. shareholders to a 30% withholding
tax (without exemption or reduction of the withholding rate). To the extent that excess inclusion income is allocated from a taxable
mortgage pool to any disqualified organizations that hold our shares, we may be taxable on this income at the highest applicable
corporate tax rate (currently 21%). Because this tax would be imposed on the REIT, all of the REIT&#8217;s shareholders, including
shareholders that are not disqualified organizations, would bear a portion of the tax cost associated with the classification of
any portion of our assets as a taxable mortgage pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1in 4.9pt 6pt 0; text-indent: 19.95pt">If we own less than 100% of
the ownership interests in a subsidiary that is a taxable mortgage pool, the foregoing rules would not apply. Rather, the subsidiary
would be treated as a corporation for federal income tax purposes and would potentially be subject to corporate income tax. In
addition, this characterization would affect our REIT income and asset test calculations and could adversely affect our ability
to qualify as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1in 5.2pt 6pt 0; text-indent: 19.95pt">In the past, we have held
certain investments which give rise to excess inclusion income. Currently, we do not hold and do not intend to make investments
or enter into financing and securitization transactions that are expected to give rise to our being considered to own an interest,
directly or indirectly, in one or more taxable mortgage pools. However, if we were to make such investments or enter into such
transactions, the foregoing consequences could apply. Prospective holders are urged to consult their own tax advisors regarding
the tax consequences of the taxable mortgage pool rules to them in light of their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1in 9.1pt 6pt 0; text-indent: 19.95pt"><B><I>Income Tests. </I></B>In
order to maintain qualification as a REIT, we must satisfy annually certain gross income</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1in 9.1pt 6pt 0">requirements. First, at least 75% of our gross income
(excluding gross income from prohibited transactions) for each taxable year must be derived directly or indirectly from investments
relating to real property or mortgages on real property (including &#8220;rents from real property;&#8221; gain from the sale of
real property other than property held for sale to customers in the ordinary course of business; dividends from, and gain from
the sale of shares of, other qualifying REITs; certain interest described further below; and certain income derived from a REMIC)
or from certain types of qualified temporary investments. Second, at least 95% of our gross income (excluding gross income from
prohibited transactions) for each taxable year must be derived from income that qualifies under the foregoing 75% gross income
test, other types of dividends and interest, gain from the sale or disposition of stock or securities and certain other specified
sources. Any income from a hedging transaction that is clearly and timely identified and hedges indebtedness incurred or to be
incurred to acquire or carry real estate assets will not constitute gross income, rather than being treated as qualifying or nonqualifying
income, for purposes of the 75% or 95% gross income tests. A hedging transaction also includes a transaction entered into to manage
foreign currency risks with respect to items of income and gain (or any property which generates such income or gain) that would
be qualifying income under the 75% or 95% gross income tests, but only if such transaction is clearly identified before the close
of the day it was acquired, originated or entered into. In addition, certain foreign currency gains will be excluded from gross
income for purposes of one or both of the gross income tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.4pt 5.75pt 6pt 0; text-indent: 19.95pt">Rents received by us will
qualify as &#8220;rents from real property&#8221; in satisfying the gross income requirements for a REIT described above only if
several conditions are met. First, the amount of rent must not be based in whole or in part on the income or profits of any person.
However, an amount received or accrued generally will not be excluded from the term &#8220;rents from real property&#8221; solely
by reason of being based on a fixed percentage or percentages of receipts or sales. Second, the Code provides that rents received
from a tenant will not qualify as &#8220;rents from real property&#8221; in satisfying the gross income tests if we, or an owner
of 10% or more of our shares, actually or constructively own 10% or more of such tenant. Third, if rent attributable to personal
property, leased in connection with a lease of real property, is greater than 15% of the total rent received under the lease, then
the portion of rent attributable to such personal property (based on the ratio of fair market value of personal and real property)
will not qualify as &#8220;rents from real property.&#8221; Finally, in order for rents received to qualify as &#8220;rents from
real property,&#8221; we generally must not operate or manage the property (subject to a de minimis exception as described below)
or furnish or render services to the tenants of such property, other than through an independent contractor from whom we derive
no revenue or through a taxable REIT subsidiary. We may, however, directly perform certain services that are &#8220;usually or
customarily rendered&#8221; in connection with the rental of space for occupancy only and are not otherwise considered &#8220;rendered
to the occupant&#8221; of the property (&#8220;Permissible Services&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.75pt 10.65pt 6pt 0; text-indent: 19.95pt">Rents received generally
will qualify as rents from real property notwithstanding the fact that we provide services that are not Permissible Services so
long as the amount received for such services meets a de minimis standard. The amount received for &#8220;impermissible services&#8221;
with respect to a property (or, if services are available only to certain tenants, possibly with respect to such tenants) cannot
exceed one percent of all amounts received, directly or indirectly, by us with respect to such property (or, if services are available
only to certain tenants, possibly with respect to such tenants). The amount that we will be deemed to have received for performing
&#8220;impermissible services&#8221; will be the greater of the actual amounts so received or 150% of the direct cost to us of
providing those services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.75pt 5.6pt 6pt 0; text-indent: 19.95pt">We believe that substantially
all of our rental income will be qualifying income under the gross income tests, and that our provision of services will not cause
the rental income to fail to be qualifying income under those tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.75pt 6.75pt 6pt 0; text-indent: 19.95pt">Generally, interest on debt
secured by a mortgage on real property or interests in real property qualifies for purposes of satisfying the 75% gross income
test described above. However, if the highest principal amount of a loan outstanding during a taxable year exceeds the fair market
value of the real property securing the loan as of the date the REIT agreed to originate or acquire the loan, a proportionate amount
of the interest income from such loan will not be qualifying income for purposes of the 75% gross income test, but will be qualifying
income for purposes of the 95% gross income test. In addition, any interest amount that is based in whole or in part on the income
or profits of any person does not qualify for purposes of the foregoing 75% and 95% income tests except (a) amounts that are based
on a fixed percentage or percentages of receipts or sales and (b) amounts that are based on the income or profits of a debtor,
as long as the debtor derives substantially all of its income from the real property securing the debt from leasing substantially
all of its interest in the property, and only to the extent that the amounts received by the debtor would be qualifying &#8220;rents
from real property&#8221; if received directly by the REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.75pt 4.95pt 6pt 0; text-indent: 19.95pt">If a loan contains a provision
that entitles a REIT to a percentage of the borrower&#8217;s gain upon the sale of the real property securing the loan or a percentage
of the appreciation in the property&#8217;s value as of a specific date, income attributable to that loan provision will be treated
as gain from the sale of the property securing the loan, which is generally</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.75pt 4.95pt 6pt 0">qualifying income for purposes of both gross income
tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.75pt 3.7pt 6pt 0; text-indent: 19.95pt">If we fail to satisfy one
or both of the 75% or 95% gross income tests for any taxable year, we may nevertheless qualify as a REIT for such year if such
failure was due to reasonable cause and not willful neglect and we file a schedule describing each item of our gross income for
such taxable year in accordance with Treasury Regulations, so long as any incorrect information on the schedule was not due to
fraud with intent to evade tax. It is not possible, however, to state whether in all circumstances we would be entitled to the
benefit of this relief provision. Even if this relief provision applied, a 100% penalty tax would be imposed on the amount by which
we failed the 75% gross income test or the amount by which 95% of our gross income exceeds the amount of income qualifying under
the 95% gross income test (whichever amount is greater), multiplied by a fraction intended to reflect our profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 4.95pt 6pt 0; text-indent: 19.95pt">Subject to certain safe
harbor exceptions, any gain realized by us on the sale of any property held as inventory or other property held primarily for sale
to customers in the ordinary course of business will be treated as income from a prohibited transaction that is subject to a 100%
penalty tax. Such prohibited transaction income may also have an adverse effect upon our ability to qualify as a REIT. We have
not sought and do not intend to seek a ruling from the IRS regarding any dispositions. Accordingly, there can be no assurance that
the IRS will not successfully assert a contrary position with respect to our dispositions. If all or a significant portion of our
dispositions were treated as prohibited transactions, we would incur a significant U.S. federal tax liability, which could have
a material adverse effect on our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 5pt 6pt 0; text-indent: 19.95pt">We will be subject to tax at
the maximum corporate rate on any income from foreclosure property, other than income that otherwise would be qualifying income
for purposes of the 75% gross income test, less expenses directly connected with the production of that income. However, gross
income from foreclosure property will qualify under the 75% and 95% gross income tests. Foreclosure property is any real property,
including interests in real property, and any personal property incident to such real property (1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT>that is acquired by a REIT as the result of the REIT having bid on such property at foreclosure, or having otherwise reduced
such property to ownership or possession by agreement or process of law, after there was a default or default was imminent on
a lease of such property or on indebtedness that such property secured; (2) for which the related loan was acquired by the REIT
at a time when the default was not imminent or anticipated; and (3) for which the REIT makes a proper election to treat the property
as foreclosure property. Any gain from the sale of property for which a foreclosure property election has been made will not be
subject to the 100% tax on gains from prohibited transactions described above, even if the property would otherwise constitute
inventory or dealer property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.8pt 7.4pt 6pt 0; text-indent: 19.95pt">A REIT will not be considered
to have foreclosed on a property where the REIT takes control of the property as a mortgagee-in-possession and cannot receive any
profit or sustain any loss except as a creditor of the mortgagor. Property generally ceases to be foreclosure property at the end
of the third taxable year following the taxable year in which the REIT acquired the property, unless a longer extension is granted
by the Secretary of the Treasury or the grace period terminates earlier due to certain nonqualifying income or activities generated
with respect to the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 7.3pt 6pt 0; text-indent: 19.95pt"><B><I>Asset Tests. </I></B>At
the close of each quarter of our taxable year, we must also satisfy the following tests relating to the nature of our assets. At
least 75% of the value of our total assets, including our allocable share of assets held by partnerships in which we own an interest,
must be represented by real estate assets, stock or debt instruments held for not more than one year purchased with the proceeds
of an offering of equity securities or a long-term (at least five years) public debt offering by us, cash, cash items (including
certain receivables) and government securities. For this purpose, real estate assets include interests in real property, such as
land, buildings, leasehold interests in real property, stock of other corporations that qualify as REITs, and certain kinds of
mortgage-backed securities (including regular or residual interests in a REMIC to the extent provided in the Code) and mortgage
loans. In addition, not more than 25% of our total assets may be represented by securities other than those in the 75% asset class.
Not more than 20% of the value of our total assets may be represented by securities of one or more taxable REIT subsidiaries (as
defined above under &#8220;Requirements for Qualification&#8221;). Except for investments included in the 75% asset class, securities
in a taxable REIT subsidiary or qualified REIT subsidiary and certain partnership interests and debt obligations, (1) not more
than 5% of the value of our total assets may be represented by securities of any one issuer (the &#8220;5% asset test&#8221;),
(2) we may not hold securities that possess more than 10% of the total voting power of the outstanding securities of a single issuer
(the &#8220;10% voting securities test&#8221;) and (3) we may not hold securities that have a value of more than 10% of the total
value of the outstanding securities of any one issuer (the &#8220;10% value test&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 7.3pt 6pt 0; text-indent: 19.95pt">The following assets are not
treated as &#8220;securities&#8221; held by us for purposes of the 10% value test (i) &#8220;straight debt&#8221; meeting certain
requirements, unless we hold (either directly or through our &#8220;controlled&#8221; taxable REIT subsidiaries)</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 7.3pt 6pt 0">certain other securities of the same corporate or
partnership issuer that have an aggregate value greater than 1% of such issuer&#8217;s outstanding securities; (ii) loans to individuals
or estates; (iii) certain rental agreements calling for deferred rents or increasing rents that are subject to Section 467 of the
Code, other than with certain related persons; (iv) obligations to pay us amounts qualifying as &#8220;rents from real property&#8221;
under the 75% and 95% gross income tests; (v) securities issued by a state or any political subdivision of a state, the District
of Columbia, a foreign government, any political subdivision of a foreign government, or the Commonwealth of Puerto Rico, but only
if the determination of any payment received or accrued under the security does not depend in whole or in part on the profits of
any person not described in this category, or payments on any obligation issued by such an entity; (vi) securities issued by another
qualifying REIT; and (vii) other arrangements identified in Treasury Regulations (which have not yet been issued or proposed).
In addition, any debt instrument issued by a partnership will not be treated as a &#8220;security&#8221; under the 10% value test
if at least 75% of the partnership&#8217;s gross income (excluding gross income from prohibited transactions) is derived from sources
meeting the requirements of the 75% gross income test. If the partnership fails to meet the 75% gross income test, then the debt
instrument issued by the partnership nevertheless will not be treated as a &#8220;security&#8221; to the extent of our interest
as a partner in the partnership. Also, in looking through any partnership to determine our allocable share of any securities owned
by the partnership, our share of the assets of the partnership, solely for purposes of applying the 10% value test will correspond
not only to our interest as a partner in the partnership but also to our proportionate interest in certain debt securities issued
by the partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.15pt 5.05pt 6pt 0; text-indent: 19.95pt">We may hold mezzanine loans
that are secured by equity interests in a non-corporate entity that directly or indirectly owns real property. IRS Revenue Procedure
2003-65 provides a safe harbor pursuant to which a mezzanine loan to such a non-corporate entity, if it meets each of the requirements
contained in the Revenue Procedure, will be treated by the IRS as a real estate asset for purposes of the REIT asset tests, and
interest derived from it will be treated as qualifying mortgage interest for purposes of the 75% gross income test. Although the
Revenue Procedure provides a safe harbor on which taxpayers may rely, it does not prescribe rules of substantive tax law. Moreover,
not all of the mezzanine loans that we hold meet all of the requirements for reliance on this safe harbor. We have invested, and
intend to continue to invest, in mezzanine loans in a manner that will enable us to continue to satisfy the gross income and asset
tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.15pt 9.1pt 6pt 0; text-indent: 19.95pt">We may also hold certain
participation interests, or &#8220;B-Notes,&#8221; in mortgage loans and mezzanine loans originated by other lenders. A B-Note
is an interest created in an underlying loan by virtue of a participation or similar agreement, to which the originator of the
loan is a party, along with one or more participants. The borrower on the underlying loan is typically not a party to the participation
agreement. The performance of a participant&#8217;s investment depends upon the performance of the underlying loan, and if the
underlying borrower defaults, the participant typically has no recourse against the originator of the loan. The originator often
retains a senior position in the underlying loan, and grants junior participations, which will be a first loss position in the
event of a default by the borrower. The appropriate treatment of participation interests for federal income tax purposes is not
entirely certain. We believe that we have invested, and intend to continue to invest, in participation interests that qualify as
real estate assets for purposes of the asset tests, and that generate interest that will be treated as qualifying mortgage interest
for purposes of the 75% gross income test, but no assurance can be given that the IRS will not challenge our treatment of these
participation interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.15pt 20.3pt 6pt 0; text-indent: 19.95pt">We believe that substantially
all of our assets consist of (1) real properties, (2) stock or debt investments that earn qualified temporary investment income,
(3) other qualified real estate assets and (4) cash, cash items and government securities. We also believe that the value of our
securities in our taxable REIT subsidiaries will not exceed 20% of the value of our total assets. We may also invest in securities
of other entities, provided that such investments will not prevent us from satisfying the asset and income tests for REIT qualification
set forth above. If any interest we hold in any REIT or other category of permissible investment described above does not qualify
as such, we would be subject to the 5% asset test and the 10% voting securities and value tests with respect to such investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.8pt 6.35pt 6pt 0; text-indent: 19.95pt">After initially meeting the
asset tests at the close of any quarter, we will not lose our status as a REIT for failure to satisfy the asset tests at the end
of a later quarter solely by reason of changes in asset values. If we inadvertently fail one or more of the asset tests at the
end of a calendar quarter because we acquire securities or other property during the quarter, we can cure this failure by disposing
of sufficient non qualifying assets within 30 days after the close of the calendar quarter in which it arose. If we were to fail
any of the asset tests at the end of any quarter without curing such failure within 30 days after the end of such quarter, we would
fail to qualify as a REIT, unless we were to qualify under certain relief provisions. Under one of these relief provisions, if
we were to fail the 5% asset test, the 10% voting securities test, or the 10% value test, we nevertheless would continue to qualify
as a REIT if the failure was due to the ownership of assets having a total value not exceeding the lesser of 1% of our assets at
the end of the relevant quarter or</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.8pt 6.35pt 6pt 0">$10,000,000, and we were to dispose of such assets
(or otherwise meet such asset tests) within six months after the end of the quarter in which the failure was identified. If we
were to fail to meet any of the REIT asset tests for a particular quarter, but we did not qualify for the relief for de minimis
failures that is described in the preceding sentence, then we would be deemed to have satisfied the relevant asset test if: (i)
following our identification of the failure, we were to file a schedule with a description of each asset that caused the failure;
(ii) the failure was due to reasonable cause and not due to willful neglect; (iii) we were to dispose of the non-qualifying asset
(or otherwise meet the relevant asset test) within six months after the last day of the quarter in which the failure was identified,
and (iv) we were to pay a penalty tax equal to the greater of $50,000, or the highest corporate tax rate multiplied by the net
income generated by the non-qualifying asset during the period beginning on the first date of the failure and ending on the date
we dispose of the asset (or otherwise cure the asset test failure). It is not possible to predict whether in all circumstances
we would be entitled to the benefit of these relief provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.15pt 0 6pt; text-indent: 19.95pt"><B><I>Annual Distribution Requirement.
</I></B>With respect to each taxable year, we must distribute to our shareholders as dividends (other than capital gain dividends)
at least 90% of our taxable income. Specifically, we must distribute an amount equal to (1) 90% of the sum of our &#8220;REIT taxable
income&#8221; (determined without regard to the deduction for dividends paid and by excluding any net capital gain), and any after-tax
net income from foreclosure property, minus (2) the sum of certain items of &#8220;excess noncash income&#8221; such as income
attributable to leveled stepped rents, cancellation of indebtedness and original issue discount. REIT taxable income is generally
computed in the same manner as taxable income of ordinary corporations, with several adjustments, such as a deduction allowed for
dividends paid, but not for dividends received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.2pt 7.25pt 6pt 0; text-indent: 19.95pt">We will be subject to tax
on amounts not distributed at regular United States federal corporate income tax rates. In addition, a nondeductible 4% excise
tax is imposed on the excess of (1) 85% of our ordinary income for the year plus 95% of capital gain net income for the year and
the undistributed portion of the required distribution for the prior year over (2) the actual distribution to shareholders during
the year (if any). Net operating losses generated by us may be carried forward indefinitely but not carried back and used by us
to reduce REIT taxable income and the amount that we will be required to distribute in order to remain qualified as a REIT. As
a REIT, our net capital losses may be carried forward for five years (but not carried back) and used to reduce capital gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.2pt 6.75pt 6pt 0; text-indent: 19.95pt">In general, a distribution
must be made during the taxable year to which it relates to satisfy the distribution test and to be deducted in computing REIT
taxable income. However, we may elect to treat a dividend declared and paid after the end of the year (a &#8220;subsequent declared
dividend&#8221;) as paid during such year for purposes of complying with the distribution test and computing REIT taxable income,
if the dividend is (1) declared before the regular or extended due date of our tax return for such year and (2) paid not later
than the date of the first regular dividend payment made after the declaration, but in no case later than 12 months after the end
of the year. For purposes of computing the nondeductible 4% excise tax, a subsequent declared dividend is considered paid when
actually distributed. Furthermore, any dividend that is declared by us in October, November or December of a calendar year, and
payable to shareholders of record as of a specified date in such quarter of such year will be deemed to have been paid by us (and
received by shareholders) on December 31 of such calendar year, but only if such dividend is actually paid by us in January of
the following calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.2pt 5.55pt 6pt 0; text-indent: 19.95pt">For purposes of complying
with the distribution test for a taxable year as a result of an adjustment in certain of our items of income, gain or deduction
by the IRS or us, we may be permitted to remedy such failure by paying a &#8220;deficiency dividend&#8221; in a later year together
with interest. Such deficiency dividend may be included in our deduction of dividends paid for the earlier year for purposes of
satisfying the distribution test. For purposes of the nondeductible 4% excise tax, the deficiency dividend is taken into account
when paid, and any income giving rise to the deficiency adjustment is treated as arising when the deficiency dividend is paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.2pt 10.65pt 6pt 0; text-indent: 19.95pt">The IRS has published guidance
providing that a publicly-traded REIT may satisfy the annual distribution requirement with distributions consisting of its stock
and at least a minimum percentage of cash. Pursuant to this IRS guidance, a REIT may treat the entire amount of a distribution
consisting of both stock and cash as a qualifying distribution for purposes of the annual distribution requirement provided that
the following requirements are met: (1) the distribution is made by the REIT to its shareholders with respect to its stock; (2)
stock of the REIT is publicly traded on an established securities market in the United States; (3) the distribution is declared
on or after August 11, 2017; (4) pursuant to such declaration, each shareholder may elect to receive its proportionate share of
the declared distribution in either cash or stock of the REIT of equivalent value, subject to a limitation on the amount of cash
to be distributed in the aggregate to all shareholders (the &#8220;Cash Limitation&#8221;), provided that &#8212; (a) such Cash
Limitation is not less than 20% of the aggregate declared distribution, and (b) if too many shareholders elect to receive cash,
each shareholder electing to receive cash will receive a pro rata amount of cash corresponding to the shareholder&#8217;s respective
entitlement under the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.2pt 10.65pt 6pt 0">declaration, but in no event will any shareholder
electing to receive cash receive less than 10% of the shareholder&#8217;s entire entitlement under the declaration in cash; (5)
the calculation of the number of shares to be received by any shareholder will be determined, as close as practicable to the payment
date, based upon a formula utilizing market prices that is designed to equate in value the number of shares to be received with
the amount of cash that could be received instead; and (6) with respect to any shareholder participating in a dividend reinvestment
plan (&#8220;DRIP&#8221;), the stock received by that shareholder pursuant to the DRIP is treated as received in exchange for cash
received in the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.2pt 10.65pt 6pt 0; text-indent: 19.95pt">We believe that we have
distributed and intend to continue to distribute to our shareholders in a timely manner such amounts sufficient to satisfy the
annual distribution requirements. However, it is possible that timing differences between the accrual of income and its actual
collection, and the need to make nondeductible expenditures (such as capital improvements or principal payments on debt) may cause
us to recognize taxable income in excess of our net cash receipts, thus increasing the difficulty of compliance with the distribution
requirement. In addition, excess inclusion income, if any, might be non-cash accrued income, or &#8220;phantom&#8221; taxable income,
which could therefore adversely affect our ability to satisfy our distribution requirements. In order to meet the distribution
requirement, we might find it necessary to arrange for short-term, or possibly long-term, borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 6.3pt 6pt 0; text-indent: 19.95pt"><B><I>Failure to Qualify.</I></B>
Commencing with our taxable year beginning January 1, 2005, if we were to fail to satisfy one or more requirements for REIT qualification,
other than an asset or income test violation of a type for which relief is otherwise available as described above, we would retain
our REIT qualification if the failure was due to reasonable cause and not willful neglect, and if we were to pay a penalty of $50,000
for each such failure. It is not possible to predict whether in all circumstances we would be entitled to the benefit of this relief
provision. If we fail to qualify as a REIT for any taxable year, and if certain relief provisions of the Code do not apply, we
would be subject to federal income tax on our taxable income at regular corporate rates. Distributions to shareholders in any year
in which we fail to qualify will not be deductible from our taxable income nor will they be required to be made. As a result, our
failure to qualify as a REIT would reduce the cash available for distribution by us to our shareholders. In addition, if we fail
to qualify as a REIT, all distributions to shareholders will be taxable as ordinary income, to the extent of our current and accumulated
earnings and profits. Subject to certain limitations of the Code, corporate distributees may be eligible for the dividends-received
deduction and shareholders taxed as individuals may be eligible for a reduced tax rate on &#8220;qualified dividend income&#8221;
from regular C corporations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">If our failure to qualify as a
REIT is not due to reasonable cause but results from willful neglect, we would not be permitted to elect REIT status for the four
taxable years after the taxable year for which such disqualification is effective. In the event we were to fail to qualify as a
REIT in one year and subsequently requalify in a later year, we may elect to recognize taxable income based on the net appreciation
in value of our assets as a condition to requalification. In the alternative, we may be taxed on the net appreciation in value
of our assets if we sell properties within ten years of the date we requalify as a REIT under federal income tax laws.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Taxation of Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">As used herein, the term &#8220;U.S.
shareholder&#8221; means a beneficial owner of our common shares who (for United States federal income tax purposes) (1) is a citizen
or resident of the United States, (2) is a corporation or other entity treated as a corporation for federal income tax purposes
created or organized in or under the laws of the United States or of any political subdivision thereof, (3) is an estate the income
of which is subject to United States federal income taxation regardless of its source or (4) is a trust whose administration is
subject to the primary supervision of a United States court and which has one or more United States persons who have the authority
to control all substantial decisions of the trust or a trust that has a valid election to be treated as a U.S. person pursuant
to applicable Treasury Regulations. As used herein, the term &#8220;non U.S. shareholder&#8221; means a beneficial owner of our
common shares who is not a U.S. shareholder or a partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">If a partnership (including any
entity treated as a partnership for U.S. federal income tax purposes) is a shareholder, the tax treatment of a partner in the partnership
generally will depend upon the status of the partner and the activities of the partnership. A shareholder that is a partnership
and the partners in such partnership should consult their own tax advisors concerning the U.S. federal income tax consequences
of acquiring, owning and disposing of our common shares.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Taxation of Taxable U.S. Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">As long as we qualify as a REIT,
distributions made to our U.S. shareholders out of current or accumulated earnings and profits (and not designated as capital gain
dividends) will be taken into account by them as ordinary income and corporate shareholders will not be eligible for the dividends-received
deduction as to such amounts. For purposes of computing our earnings and profits, depreciation for depreciable real estate will
be computed on a straight-line basis over a</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt">40-year period. For purposes of determining whether distributions
on the shares constitute dividends for tax purposes, our earnings and profits will be allocated first to distributions with respect
to the Series C Preferred Shares and all other series of preferred shares that are equal in rank as to distributions and upon liquidation
with the Series C Preferred Shares, and second to distributions with respect to our common shares. There can be no assurance that
we will have sufficient earnings and profits to cover distributions on any common shares. Certain &#8220;qualified dividend income&#8221;
received by domestic non-corporate shareholders may be eligible for preferential dividend rates. Dividends paid by a REIT generally
do not qualify as &#8220;qualified dividend income&#8221; because a REIT is not generally subject to federal income tax on the
portion of its REIT taxable income distributed to its shareholders. Therefore, our dividends will continue to be subject to tax
at ordinary income rates, subject to two narrow exceptions. Under the first exception, dividends received from a REIT may be treated
as &#8220;qualified dividend income&#8221; eligible for reduced tax rates to the extent that the REIT itself has received qualified
dividend income from other corporations (such as taxable REIT subsidiaries) in which the REIT has invested. Under the second exception,
dividends paid by a REIT in a taxable year may be treated as qualified dividend income in an amount equal to the sum of (i) the
excess of the REIT&#8217;s &#8220;REIT taxable income&#8221; for the preceding taxable year over the corporate-level federal income
tax payable by the REIT for such preceding taxable year and (ii) the excess of the REIT&#8217;s income that was subject to the
Built-in Gains Tax (as described above) in the preceding taxable year over the tax payable by the REIT on such income for such
preceding taxable year. We do not expect to distribute a material amount of qualified dividend income, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">Tax reform legislation known as
the Tax Cuts and Jobs Act created a 20% deduction for certain amounts earned by non-corporate taxpayers through certain pass-through
entities as well as REIT ordinary dividends earned by non-corporate taxpayers. As corporations, regulated investment companies
are not eligible for the qualified business income deduction. The deduction for REIT ordinary dividends is not subject to limitations
applicable to pass-through income generally. Prospective investors should consult with their own tax advisors regarding the application
of these rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">Distributions that are properly
designated as capital gain dividends will be taxed as gains from the sale or exchange of a capital asset held for more than one
year (to the extent they do not exceed our actual net capital gain for the taxable year) without regard to the period for which
the shareholder has held its shares. However, corporate shareholders may be required to treat up to 20% of certain capital gain
dividends as ordinary income under the Code. Capital gain dividends, if any, will be allocated among different classes of shares
in proportion to the allocation of earnings and profits discussed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">Distributions in excess of our
current and accumulated earnings and profits will constitute a non-taxable return of capital to a shareholder to the extent that
such distributions do not exceed the adjusted basis of the shareholder&#8217;s shares, and will result in a corresponding reduction
in the shareholder&#8217;s basis in the shares. Any reduction in a shareholder&#8217;s tax basis for its shares will increase the
amount of taxable gain or decrease the deductible loss that will be realized upon the eventual disposition of the shares. We will
notify shareholders at the end of each year as to the portions of the distributions which constitute ordinary income, capital gain
or a return of capital. Any portion of such distributions that exceeds the adjusted basis of a U.S. shareholder&#8217;s shares
will be taxed as capital gain from the disposition of shares, provided that the shares are held as capital assets in the hands
of the U.S. shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">Aside from the different income
tax rates applicable to ordinary income and capital gain dividends for noncorporate taxpayers, regular and capital gain dividends
from us will be treated as dividend income for most other federal income tax purposes. In particular, such dividends will be treated
as &#8220;portfolio&#8221; income for purposes of the passive activity loss limitation and shareholders generally will not be able
to offset any &#8220;passive losses&#8221; against such dividends. Capital gain dividends and qualified dividend income may be
treated as investment income for purposes of the investment interest limitation contained in Section 163(d) of the Code, which
limits the deductibility of interest expense incurred by noncorporate taxpayers with respect to indebtedness attributable to certain
investment assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">In general, dividends paid by us
will be taxable to shareholders in the year in which they are received, except in the case of dividends declared at the end of
the year, but paid in the following January, as discussed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">In general, a U.S. shareholder
will realize capital gain or loss on the disposition of shares equal to the difference between (1) the amount of cash and the fair
market value of any property received on such disposition and (2) the shareholder&#8217;s adjusted basis of such shares. Such gain
or loss will generally be short-term capital gain or loss if the shareholder has not held such shares for more than one year and
will be long-term capital gain or loss if such shares have been held for more than one year. Loss upon the sale or exchange of
shares by a shareholder who has held such shares for six months or less (after applying certain holding period rules) will be treated
as long-term capital loss to the extent of distributions from us required to be treated by such shareholder as long-term capital
gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">We may elect to retain and pay
income tax on net long-term capital gains. If we make such an election, you, as a holder</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt">of shares, will (1) include in your income as long-term
capital gains your proportionate share of such undistributed capital gains, (2) be deemed to have paid your proportionate share
of the tax paid by us on such undistributed capital gains and thereby receive a credit or refund for such amount and (3) in the
case of a U.S. shareholder that is a corporation, appropriately adjust its earnings and profits for the retained capital gains
in accordance with Treasury Regulations to be promulgated by the IRS. As a holder of shares you will increase the basis in your
shares by the difference between the amount of capital gain included in your income and the amount of tax you are deemed to have
paid. Our earnings and profits will be adjusted appropriately.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Net Investment Income Tax</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 6pt; text-indent: 19.95pt">Certain U.S. shareholders that
are individuals, estates or certain trusts are generally subject to a 3.8% tax on &#8220;net investment income,&#8221; which includes,
among other things, interest, dividends on and gains from the sale or other disposition of stock, and rents from certain passive
activities. Prospective investors should consult their own tax advisors regarding the applicability of this tax to any income and
gain in respect to our shares.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Taxation of Non-U.S. Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.65pt 32.9pt 6pt 0; text-indent: 19.95pt">The following discussion
is only a summary of the rules governing United States federal income taxation of non-U.S. shareholders such as nonresident alien
individuals and foreign corporations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.1pt 6pt 0; text-indent: 0.5in">Prospective non-U.S. shareholders
should consult with their own tax advisors to determine the impact of federal, state and local income tax laws with regard to an
investment in shares, including any reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.15pt 0.15in 6pt 0; text-indent: 19.95pt"><B><I>Distributions. </I></B>Distributions
that are not attributable to gain from sales or exchanges by us of &#8220;United States real property interests&#8221; or otherwise
effectively connected with the non-U.S. shareholder&#8217;s conduct of a U.S. trade or business and that are not designated by
us as capital gain dividends will be treated as dividends of ordinary income to the extent that they are made out of our current
or accumulated earnings and profits. Such distributions ordinarily will be subject to a withholding tax equal to 30% of the gross
amount of the distribution unless an applicable tax treaty reduces or eliminates that tax. Certain tax treaties limit the extent
to which dividends paid by a REIT can qualify for a reduction of the withholding tax on dividends. Our dividends that are attributable
to excess inclusion income, if any, will be subject to 30% U.S. withholding tax without reduction under any otherwise applicable
tax treaty. See &#8220;&#8212; Taxation of the Company-Requirements for Qualification&#8221; above. Distributions in excess of
our current and accumulated earnings and profits will not be taxable to a non-U.S. shareholder to the extent that they do not exceed
the adjusted basis of the shareholder&#8217;s shares, but rather will reduce the adjusted basis of such shares. To the extent that
such distributions exceed the adjusted basis of a non-U.S. shareholder&#8217;s shares, they will give rise to tax liability if
the non-U.S. shareholder would otherwise be subject to tax on any gain from the sale or disposition of its shares, as described
below. If a distribution is treated as effectively connected with the non-U.S. shareholder&#8217;s conduct of a U.S. trade or business,
the non-U.S. shareholder generally will be subject to federal income tax on the distribution at graduated rates, in the same manner
as U.S. shareholders are taxed with respect to such distribution, and a non-U.S. shareholder that is a corporation also may be
subject to the 30% branch profits tax (or lower rate under an applicable tax treaty if any) with respect to the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0.1in 6pt 0; text-indent: 19.95pt">For withholding tax purposes,
we are generally required to treat all distributions as if made out of our current or accumulated earnings and profits and thus
intend to withhold at the rate of 30% (or a reduced treaty rate if applicable) on the amount of any distribution (other than distributions
designated as capital gain dividends) made to a non-U.S. shareholder. We would not be required to withhold at the 30% rate on distributions
we reasonably estimate to be in excess of our current and accumulated earnings and profits. If it cannot be determined at the time
a distribution is made whether such distribution will be in excess of current and accumulated earnings and profits, the distribution
will be subject to withholding at the rate applicable to ordinary dividends. However, the non-U.S. shareholder may seek a refund
of such amounts from the IRS if it is subsequently determined that such distribution was, in fact, in excess of our current or
accumulated earnings and profits, and the amount withheld exceeded the non-U.S. shareholder&#8217;s United States tax liability,
if any, with respect to the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt">For any year in which we
qualify as a REIT, distributions to non-U.S. shareholders (other than certain investors including &#8220;qualified foreign pension
funds&#8221;) who own more than 10% of our shares and that are attributable to gain from sales or exchanges by us of United States
real property interests will be taxed under the provisions of the Foreign Investment in Real Property Tax Act of 1980 (&#8220;FIRPTA&#8221;).
Under FIRPTA, a non-U.S. shareholder is taxed as if such gain were effectively connected with a United States business. Non-U.S.
shareholders who own more than 10% of our shares would thus be taxed at the normal capital gain rates applicable to U.S. shareholders
(subject to alternative minimum tax, if applicable,). Also, distributions made to non-U.S. shareholders who own more than 10% of
our shares may be subject to a</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0">30% branch profits tax (or lower rate under an
applicable tax treaty if any) in the hands of a corporate non-U.S. shareholder. We are required by applicable regulations to withhold
the highest applicable corporate tax rate (currently 21%) of any distribution that could be designated by us as a capital gain
dividend regardless of the amount actually designated as a capital gain dividend. This amount is creditable against the non-U.S.
shareholder&#8217;s FIRPTA tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt">A &#8220;qualified foreign
pension fund&#8221; is any trust, corporation, or other organization or arrangement (i)&nbsp;which is created or organized under
the laws of a country other than the United States; (ii) which is established to provide retirement or pension benefits to current
or former employees (or their designees) of one or more employers in consideration for services rendered; (iii) which does not
have a single participant or beneficiary entitled to more than 5% of its assets or income; (iv) which is subject to government
regulation and provides annual information reporting about its beneficiaries to the relevant tax authorities in the country in
which it is established or operates; and (v) as to which, under the laws of the country in which it is established or operates:
(a) contributions to that trust, corporation, organization or arrangement which would otherwise be subject to tax under those laws
are deductible or excluded from the gross income of the entity or taxed at a reduced rate, or (b) taxation of any investment income
of the trust, corporation, organization or arrangement is deferred or that income is taxed at a reduced rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt">Distributions made to REIT
shareholders, that are attributable to gain from sales or exchanges of United States real property interests will retain their
character as gain subject to the rules of FIRPTA discussed above when distributed by such REIT shareholders to their respective
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt">If a non-U.S. shareholder
does not own more than 10% of our shares during the one-year period prior to a distribution attributable to gain from sales or
exchanges by us of United States real property interests, such distribution will not be considered to be gain effectively connected
with a U.S. business as long as the class of shares continues to be regularly traded on an established securities market in the
United States. As such, a non-U.S. shareholder who does not own more than 10% of our shares would not be required to file a U.S.
federal income tax return by reason of receiving such a distribution. In this case, the distribution will be treated as a REIT
dividend to that non-U.S. shareholder and taxed as a REIT dividend that is not a capital gain distribution as described above.
In addition, the branch profits tax will not apply to such distributions. If our common shares cease to be regularly traded on
an established securities market in the United States, all non-U.S. shareholders of our common shares would be subject to taxation
under FIRPTA with respect to capital gain distributions attributable to gain from the sale or exchange of United States real property
interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt"><B><I>Dispositions</I></B>.
Gain recognized by a non-U.S. shareholder upon a sale or disposition of our common shares generally will not be taxed under FIRPTA
if we are a &#8220;domestically controlled REIT,&#8221; defined generally as a REIT in which at all times during a specified testing
period less than 50% in value of our shares was held directly or indirectly by non-U.S. persons. We believe, but cannot guarantee,
that we have been a &#8220;domestically controlled REIT.&#8221; However, because our shares are publicly traded, no assurance can
be given that we will continue to be a &#8220;domestically controlled REIT.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt">Notwithstanding the general
FIRPTA exception for sales of domestically controlled REIT stock discussed above, a disposition of domestically controlled REIT
stock will be taxable if the disposition occurs in a wash sale transaction relating to a distribution on such stock. In addition,
FIRPTA taxation will apply to substitute dividend payments received in securities lending transactions or sale-repurchase transactions
of domestically controlled REIT stock to the extent such payments are made to shareholders in lieu of distributions that would
have otherwise been subject to FIRPTA taxation. The foregoing rules regarding wash sales and substitute dividend payments with
respect to domestically controlled REIT stock will not apply to stock that is regularly traded on an established securities market
within the United States and held by a non-U.S. shareholder that held 10% or less of such stock during the one-year period prior
to the related distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt">In addition, a non-U.S. shareholder
that owns, actually or constructively, 10% or less of a class of our shares through a specified testing period, whether or not
our shares are domestically controlled, will not be subject to tax on the sale of its shares under FIRPTA if the shares are regularly
traded on an established securities market. If the gain on the sale of shares were to be subject to taxation under FIRPTA, the
non-U.S. shareholder would be subject to the same treatment as U.S. shareholders with respect to such gain (subject to alternative
minimum tax, if applicable and possible application of the 30% branch profits tax in the case of foreign corporations) and the
purchaser would be required to withhold and remit to the IRS 15% of the purchase price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0; text-indent: 19.95pt">Gain not subject to FIRPTA
will be taxable to a non-U.S. shareholder if (1) investment in the shares is effectively connected with the non-U.S. shareholder&#8217;s
U.S. trade or business, in which case the non-U.S. shareholder will be subject to the same treatment as U.S. shareholders with
respect to such gain, or (2) the non-U.S. shareholder is a nonresident alien</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 7.4pt 6pt 0">individual who was present in the United States
for 183 days or more during the taxable year and such nonresident alien individual has a &#8220;tax home&#8221; in the United States,
in which case the nonresident alien individual will be subject to a 30% tax on the individual&#8217;s capital gain.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Taxation of Tax &#8212; Exempt Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.4pt 0 6pt; text-indent: 19.95pt">Tax-exempt entities, including qualified
employee pension and profit sharing trusts and individual retirement accounts (&#8220;Exempt Organizations&#8221;), generally are
exempt from federal income taxation. However, they are subject to taxation on their unrelated business taxable income (&#8220;UBTI&#8221;).
While investments in real estate may generate UBTI, the IRS has issued a published ruling to the effect that dividend distributions
by a REIT to an exempt employee pension trust do not constitute UBTI, provided that the shares of the REIT are not otherwise used
in an unrelated trade or business of the exempt employee pension trust. Based on that ruling, amounts distributed by us to Exempt
Organizations generally should not constitute UBTI. However, if an Exempt Organization finances its acquisition of our shares with
debt, a portion of its income from us, if any, will constitute UBTI pursuant to the &#8220;debt-financed property&#8221; rules
under the Code. In addition, our dividends that are attributable to excess inclusion income, if any, will constitute UBTI for most
Exempt Organizations. See &#8220;Taxation of the Company-Requirements for Qualification&#8221; above. Furthermore, social clubs,
voluntary employee benefit associations, supplemental unemployment benefit trusts, and qualified group legal services plans that
are exempt from taxation under specified provisions of the Code are subject to different UBTI rules, which generally will require
them to characterize distributions from us as UBTI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 4.95pt 6pt 0; text-indent: 19.95pt">In addition, a pension trust
that owns more than 10% of our shares is required to treat a percentage of the dividends from us as UBTI (the &#8220;UBTI Percentage&#8221;)
in certain circumstances. The UBTI Percentage is our gross income derived from an unrelated trade or business (determined as if
we were a pension trust) divided by our total gross income for the year in which the dividends are paid. The UBTI rule applies
only if (i) the UBTI Percentage is at least 5%, (ii) we qualify as a REIT by reason of the modification of the 5/50 Rule that allows
the beneficiaries of the pension trust to be treated as holding our shares in proportion to their actuarial interests in the pension
trust, and (iii) either (A) one pension trust owns more than 25% of the value of our shares or (B) a group of pension trusts individually
holding more than 10% of the value of our capital shares collectively owns more than 50% of the value of our capital shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Information Reporting and Backup Withholding</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">U.S. Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">We will report to U.S. shareholders
and the IRS the amount of dividends paid during each calendar year, and the amount of tax withheld, if any, with respect thereto.
Under the backup withholding rules, a shareholder may be subject to backup withholding, currently at a rate of 24%, with respect
to dividends paid unless such holder (a) is a corporation or comes within certain other exempt categories and, when required, demonstrates
this fact, or (b) provides a taxpayer identification number, certifies as to no loss of exemption from backup withholding and otherwise
complies with the applicable requirements of the backup withholding rules. A U.S. shareholder who does not provide us with its
correct taxpayer identification number also may be subject to penalties imposed by the IRS. Amounts withheld as backup withholding
will be creditable against the shareholder&#8217;s income tax liability if proper documentation is supplied. In addition, we may
be required to withhold a portion of capital gain distributions made to any shareholders who fail to certify their non-foreign
status to us.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Non-U.S. Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">Generally, we must report
annually to the IRS the amount of dividends paid to a non-U.S. shareholder, such holder&#8217;s name and address, and the amount
of tax withheld, if any. A similar report is sent to the non-U.S. shareholder. Pursuant to tax treaties or other agreements, the
IRS may make its reports available to tax authorities in the non-U.S. shareholder&#8217;s country of residence. Payments of dividends
or of proceeds from the disposition of stock made to a non-U.S. shareholder may be subject to information reporting and backup
withholding unless such holder establishes an exemption, for example, by properly certifying its non-United States status on an
IRS Form W-8BEN-E, W-8BEN or another appropriate version of IRS FormW-8. Notwithstanding the foregoing, backup withholding and
information reporting may apply if either we have or our paying agent has actual knowledge, or reason to know, that a non-U.S.
shareholder is a United States person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">Backup withholding is not
an additional tax. Rather, the United States income tax liability of persons subject to backup withholding will be reduced by the
amount of tax withheld. If withholding results in an overpayment of taxes, a refund or credit may be obtained, provided that the
required information is furnished to the IRS.</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Foreign Account Tax Compliance Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">Sections 1471 to 1474 of
the Code and the U.S. Treasury Regulations promulgated thereunder (&#8220;FATCA&#8221;) impose certain increased certification
requirements and information reporting for Non-U.S. Shareholders. In the event of noncompliance with FATCA, a 30% withholding tax
could be imposed on payments of interest or other fixed or determinable annual or periodic income. In the future, gross proceeds
from the sale or other disposition of the Interests may also become subject to a withholding tax of 30% under FATCA. Until final
Treasury Regulations are issued, however, we and any withholding agent may rely on proposed Treasury Regulations that eliminate
FATCA withholding on such gross proceeds. FATCA should not apply to Non-U.S. Shareholders who are individuals and provide a properly
completed Form W-8. However, payments in respect of Interests to Non-U.S. Shareholders who are individuals could be affected by
this withholding if such Non-U.S. Shareholders hold shares through a non-US person (e.g., a foreign bank or broker) that fails
to comply with these requirements (even if payments to the Non-U.S. Shareholders would not otherwise have been subject to FATCA
withholding). We will not pay any additional amounts to Non-U.S. Shareholders in respect of any amounts withheld. Non-U.S. Shareholders
are encouraged to consult their tax advisors regarding the possible implications of FATCA on their investment in shares.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n015"></A>SELLING SECURITYHOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.4pt 0 6pt; text-indent: 19.95pt">Information about any selling securityholders
will be added to this prospectus pursuant to a prospectus supplement.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n016"></A>PLAN OF DISTRIBUTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>General</I></B>. We
and/or the selling securityholders may sell the securities being offered by this prospectus in one or more of the following ways
from time to time:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>to/or through underwriters or dealers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>to/or through agents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 8.75pt">in &#8220;at the market offerings&#8221; to or through a market maker or into an existing trading
market, or a securities exchange or otherwise;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>directly to one or more purchasers; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>through a combination of any of these methods of sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">A distribution of the securities
offered by this prospectus may also be effected through the issuance of derivative securities, including without limitation, warrants,
subscriptions, exchangeable securities, forward delivery contracts and the writing of options. In addition, the manner in which
we and/or the selling securityholders may sell some or all of the securities covered by this prospectus includes, without limitation,
through:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 21.85pt">a block trade in which a broker-dealer will attempt to sell as agent, but may position or resell
a portion of the block, as principal, in order to facilitate the transaction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>ordinary brokerage transactions and transactions in which a broker solicits purchasers; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>privately negotiated transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">We may also enter into hedging
transactions. For example, we may:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 9.7pt">enter into transactions with a broker-dealer or affiliate thereof in connection with which such
broker-dealer or affiliate will engage in short sales of the common shares pursuant to this prospectus, in which case such broker-dealer
or affiliate may use common shares received from us to close out its short positions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>sell securities short and redeliver such shares to close out our short positions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 8.1pt">enter into option or other types of transactions that require us to deliver common shares to a
broker-dealer or an affiliate thereof, who will then resell or transfer the common shares under this prospectus; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 9.15pt">loan or pledge the common shares to a broker-dealer or an affiliate thereof who may sell the
loaned shares or, in an event of default in the case of a pledge, sell the pledged shares pursuant to this prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">In addition, we may enter
into derivative or hedging transactions with third parties, or sell securities not covered by this prospectus to third parties
in privately negotiated transactions. In connection with such a transaction, the third parties may sell securities covered by and
pursuant to this prospectus and an applicable prospectus supplement or pricing supplement, as the case may be. If so, the third
party may use securities borrowed from us or others to settle such sales and may use securities received from us to close out any
related short positions. We may also loan or pledge securities covered by this prospectus and an applicable prospectus supplement
to third parties, who may sell the loaned securities or, in an event of default in the case of a pledge, sell the pledged securities
pursuant to this prospectus and the applicable prospectus supplement or pricing supplement, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">A prospectus supplement
with respect to each series of securities will state the terms of the offering of the securities, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the terms of the offering;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 15.25pt">the name or names of any underwriters or agents and the amounts of securities underwritten or
purchased by each of them, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 12pt">the public offering price or purchase price of the securities and the net proceeds to be received
by us from the sale;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any delayed delivery arrangements;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the terms of any subscription rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any initial public offering price;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 19.2pt">any underwriting discounts or agency fees and other items constituting underwriters&#8217; or
agents&#8217; compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any discounts or concessions allowed or reallowed or paid to dealers; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any securities exchange on which the securities may be listed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">The offer and sale of the
securities described in this prospectus by us, the selling securityholders, the underwriters or the third parties described above
may be effected from time to time in one or more transactions, including privately negotiated transactions, either:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>at a fixed price or prices, which may be changed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>at market prices prevailing at the time of sale, including in &#8220;at the market offerings&#8221;;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>at prices related to the prevailing market prices; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>at negotiated prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>Selling Shareholders</I></B>.
The selling securityholders may offer our securities in one or more offerings, and if required by applicable law or in connection
with an underwritten offering, pursuant to one or more prospectus supplements, and any such prospectus supplement will set forth
the terms of the relevant offering as described above. To the extent our securities offered pursuant to a prospectus supplement
or otherwise remain unsold, the selling securityholders may offer those securities on different terms pursuant to another prospectus
supplement or in a private transaction. Sales by the selling securityholders may not require the provision of a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">In addition to the foregoing,
each of the selling securityholders may offer our securities at various times in one or more of the following transactions: through
short sales, derivative and hedging transactions; by pledge to secure debts and other obligations; through offerings of securities
exchangeable, convertible or exercisable for our securities; under forward purchase contracts with trusts, investment companies
or other entities (which may, in turn, distribute their own securities); through distribution to its members, partners or shareholders;
in exchange or over-the-counter market transactions; and/or in private transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">Each of the selling securityholders
also may resell all or a portion of our securities that it owns in open market transactions in reliance upon Rule 144 under the
Securities Act, or any other available exemption from required registration under the Securities Act, provided it meets the criteria
and conforms to the requirements of Rule 144.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>Underwriting Compensation</I></B>.
Any public offering price and any fees, discounts, commissions, concessions or other items constituting compensation allowed or
reallowed or paid to underwriters, dealers, agents or remarketing firms may be changed from time to time. Underwriters, dealers,
agents and remarketing firms that participate in the distribution of the offered securities may be &#8220;underwriters&#8221; as
defined in the Securities Act. Any discounts or commissions they receive from us and/or the selling securityholders and any profits
they receive on the resale of the offered securities may be treated as underwriting discounts and commissions under the Securities
Act. We will identify any underwriters, agents or dealers and describe their fees, commissions or discounts in the applicable prospectus
supplement or pricing supplement, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>Underwriters and Agents</I></B>.
If underwriters are used in a sale, they will acquire the offered securities for their own account. The underwriters may resell
the offered securities in one or more transactions, including negotiated transactions. We and/or the selling securityholders may
offer the securities to the public either through an underwriting syndicate represented by one or more managing underwriters or
through one or more underwriter(s). The underwriters in any particular offering will be identified in the applicable prospectus
supplement or pricing supplement, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">Unless otherwise specified
in connection with any particular offering of securities, the obligations of the underwriters to purchase the offered securities
will be subject to certain conditions contained in an underwriting agreement that we and/or the selling securityholders will enter
into with the underwriters at the time of the sale to them. The underwriters will be obligated to purchase all of the securities
of the series offered if any of the securities are purchased, unless otherwise</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0">specified in connection with any particular offering
of securities. Any initial offering price and any discounts or concessions allowed, re allowed or paid to dealers may be changed
from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">We and/or selling securityholders
may designate agents to sell the offered securities. Unless otherwise specified in connection with any particular offering of securities,
the agents will agree to use their best efforts to solicit purchases for the period of their appointment. We and/or selling securityholders
may also sell the offered securities to one or more remarketing firms, acting as principals for their own accounts or as agents
for us and/or selling securityholders. These firms will remarket the offered securities upon purchasing them in accordance with
a redemption or repayment pursuant to the terms of the offered securities. A prospectus supplement or pricing supplement, as the
case may be, will identify any remarketing firm and will describe the terms of its agreement, if any, with us and/or selling securityholders
and its compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt">In connection with offerings
made through underwriters or agents, we and/or selling securityholders may enter into agreements with such underwriters or agents
pursuant to which we and/or selling securityholders receive our outstanding securities in consideration for the securities being
offered to the public for cash. In connection with these arrangements, the underwriters or agents may also sell securities covered
by this prospectus to hedge their positions in these outstanding securities, including in short sale transactions. If so, the underwriters
or agents may use the securities received from us and/or selling securityholders under these arrangements to close out any related
open borrowings of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>Dealers</I></B>. We
and/or selling securityholders may sell the offered securities to dealers as principals. We and/or selling securityholders may
negotiate and pay dealers&#8217; commissions, discounts or concessions for their services. The dealer may then resell such securities
to the public either at varying prices to be determined by the dealer or at a fixed offering price agreed to with us and/or selling
securityholders at the time of resale. Dealers engaged by us and/or selling securityholders may allow other dealers to participate
in resales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.45pt 4.95pt 6pt 0; text-indent: 19.95pt"><B><I>Direct Sales</I></B>.
We and/or selling securityholders may choose to sell the offered securities directly to multiple purchasers or a single purchaser.
In this case, no underwriters or agents would be involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.15pt 6.2pt 6pt 0; text-indent: 19.95pt"><B><I>Institutional Purchasers.
</I></B>We and/or selling securityholders may authorize agents, dealers or underwriters to solicit certain institutional investors
to purchase offered securities on a delayed delivery basis pursuant to delayed delivery contracts providing for payment and delivery
on a specified future date. The applicable prospectus supplement or pricing supplement, as the case may be, will provide the details
of any such arrangement, including the offering price and commissions payable on the solicitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.15pt 5.1pt 6pt 0; text-indent: 19.95pt">We and/or selling securityholders
may enter into such delayed contracts only with institutional purchasers that we and/or selling securityholders approve. These
institutions may include commercial and savings banks, insurance companies, pension funds, investment companies and educational
and charitable institutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.15pt 9.55pt 6pt 0; text-indent: 19.95pt"><B><I>Subscription Offerings.
</I></B>Direct sales to investors or our shareholders may be accomplished through subscription offerings or through shareholder
subscription rights distributed to shareholders. In connection with subscription offerings or the distribution of shareholder subscription
rights to shareholders, if all of the underlying securities are not subscribed for, we may sell any unsubscribed securities to
third parties directly or through underwriters or agents. In addition, whether or not all of the underlying securities are subscribed
for, we may concurrently offer additional securities to third parties directly or through underwriters or agents. If securities
are to be sold through shareholder subscription rights, the shareholder subscription rights will be distributed as a dividend to
the shareholders for which they will pay no separate consideration. The prospectus supplement with respect to the offer of securities
under shareholder subscription rights will set forth the relevant terms of the shareholder subscription rights, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 5.1pt">whether common shares, preferred shares, or warrants for those securities will be offered under
the shareholder subscription rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 9.95pt">the number of those securities or warrants that will be offered under the shareholder subscription
rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 43.9pt">the period during which and the price at which the shareholder subscription rights will be exercisable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>the number of shareholder subscription rights then outstanding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 12.15pt">any provisions for changes to or adjustments in the exercise price of the shareholder subscription
rights; and</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>any other material terms of the shareholder subscription rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.4pt 12.15pt 6pt 0; text-indent: 19.95pt"><B><I>Indemnification; Other
Relationships. </I></B>We and/or selling securityholders may agree to indemnify underwriters, dealers, agents and remarketing firms
against civil liabilities, including liabilities under the Securities Act and to make contribution to them in connection with those
liabilities. Underwriters, dealers, agents and remarketing firms, and their affiliates, may engage in transactions with, or perform
services for us and our affiliates, in the ordinary course of business, including commercial banking transactions and services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 9.1pt 6pt 0; text-indent: 19.95pt"><B><I>Market Making, Stabilization
and Other Transactions.</I></B> Each series of securities offered by us will be a new issue of securities and may have no established
trading market other than our common shares and outstanding preferred shares which are currently listed on the NYSE. Any underwriters
to whom we and/or selling securityholders sell securities for public offering and sale may make a market in the securities, but
such underwriters will not be obligated to do so and may discontinue any market making at any time without notice. The securities
may or may not be listed on a national securities exchange, and any such listing if pursued will be described in the applicable
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 6pt; text-indent: 19.95pt">To facilitate the offering of the
securities, certain persons participating in the offering may engage in transactions that stabilize, maintain, or otherwise affect
the price of the securities. This may include over-allotments or short sales of the securities, which involves the sale by persons
participating in the offering of more securities than we sold to them. In these circumstances, these persons would cover the over-allotments
or short positions by making purchases in the open market or by exercising their over-allotment option. In addition, these persons
may stabilize or maintain the price of the securities by bidding for or purchasing securities in the open market or by imposing
penalty bids, whereby selling concessions allowed to dealers participating in the offering may be reclaimed if securities sold
by them are repurchased in connection with stabilization transactions. The effect of these transactions may be to stabilize or
maintain the market price of the securities at a level above that which might otherwise prevail in the open market. These transactions
may be discontinued at any time.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n017"></A>LEGAL MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.8pt 9.75pt 6pt 0; text-indent: 19.95pt">Certain legal matters, including
the legality of certain of the securities covered by this prospectus, will be passed upon for us by Paul Hastings LLP. Certain
legal matters under Maryland law, including the legality of certain of the securities covered by this prospectus, will be passed
on for us by Venable LLP, Baltimore, Maryland.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n018"></A>EXPERTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.8pt 9.75pt 6pt 0; text-indent: 19.95pt">The financial statements
incorporated in this Registration Statement by reference from Lexington Realty Trust's Annual Report on Form 10-K, and the effectiveness
of Lexington Realty Trust's internal control over financial reporting have been audited by Deloitte &amp; Touche LLP, an independent
registered public accounting firm, as stated in their reports, which are incorporated herein by reference. Such financial statements
have been so incorporated in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n019"></A>WHERE YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.85pt 5.4pt 6pt 0; text-indent: 19.95pt">LXP files annual, quarterly
and current reports, proxy statements (as applicable) and other information with the SEC. Our filings with the SEC are available
to the public on the Internet at the SEC&#8217;s website at <I>http://www.sec.gov</I>. We also maintain a website at <I>http://www.lxp.com</I>
through which you can obtain copies of documents that we file with the SEC. <B>The contents of that website are not incorporated
by reference in or otherwise a part of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 4.95pt 6pt 0; text-indent: 19.95pt">The SEC allows LXP to &#8220;incorporate
by reference&#8221; the information we file with the SEC, which means we can disclose important information to you by referring
you to those documents. The information incorporated by reference herein is an important part of this prospectus. Any statement
contained herein or in a prospectus supplement hereto or in any document incorporated by reference will be deemed to be amended,
modified or superseded for the purpose of this prospectus to the extent that a statement contained in this prospectus, any prospectus
supplement or a later document that is or is considered to be incorporated by reference herein amends, modifies or supersedes such
statement. Any statements so amended, modified or superseded will not be deemed to constitute a part of this prospectus, except
as so amended, modified or superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.95pt 0 6pt; text-indent: 19.95pt">LXP incorporates by reference in
this prospectus the documents listed below and any future filings that LXP may make with the SEC under Sections 13(a), 13(c), 14,
or 15(d) of the Exchange Act after the date of the initial registration statement and prior to the termination of the offering
under this prospectus; provided, however, that we are not incorporating, in each case, any documents or information deemed to have
been furnished and not filed in accordance with SEC rules:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 17.35pt">our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February
18, 2021;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 34.75pt">the description of our common shares contained in Exhibit 4.10 to our Annual Report on Form&nbsp;10-K
for the fiscal year ended December&nbsp;31, 2020 filed with the Commission on February&nbsp;18, 2021;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 34.75pt">our Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 6, 2020; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>our Registration Statement on Form 8-A, filed with the SEC on December 8, 2004.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.4pt 0 6pt; text-indent: 19.95pt">To receive a free copy of any of
the documents incorporated by reference in this prospectus (other than exhibits, unless they are specifically incorporated by reference
in the documents), write us at the following address or call us at the telephone number listed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.4pt 0 6pt; text-align: center; text-indent: 20.15pt">Lexington Realty
Trust<BR>
One Penn Plaza<BR>
Suite 4015<BR>
Attention: Investor Relations<BR>
New York, New York 10119-4015<BR>
(212) 692-7200</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="n020"></A>PART II<BR>
INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.45pt 0 0 5.8pt"><B>Item 14</B>. <I>Other Expenses of Issuance and
Distribution</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.4pt 0 6pt; text-indent: 19.95pt">Set forth below are the expenses,
other than underwriting discounts and commissions, to be incurred by the registrant in connection with the issuance and distribution
of the securities being registered. All amounts set forth below are estimated.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 87%; text-align: left; text-indent: 0in">SEC Registration Fee</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">*</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0in">Trustees&#8217; Registrars, Transfer Agents&#8217; and Depositories&#8217; Fees and Expenses</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">**</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0in">Legal Fees and Expenses</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">**</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0in">Printing and Engraving Expenses</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">**</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0in">Accounting Fees and Expenses</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">**</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0in">Miscellaneous Fees and Expenses</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">**</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0in">Total</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">**</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 1.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.8pt"></TD><TD STYLE="width: 20pt">*</TD><TD STYLE="padding-right: 26.25pt">To be deferred pursuant to Rule 456(b) and calculated in connection with the offering of securities
under this registration statement pursuant to Rule 457(r).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.8pt"></TD><TD STYLE="width: 20pt">**</TD><TD>These fees and expenses are calculated based on the securities offered and the number of issuances and accordingly, cannot
be estimated at this time. An estimate of the aggregate amount of these fees and expenses will be reflected in the applicable prospectus
supplement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0 5.8pt"><B>Item 15</B>. <I>Indemnification of Directors and
Officers</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.45pt 8.5pt 6pt 0; text-indent: 19.95pt">The Maryland REIT Law and
Section 2-418 of the Maryland General Corporation Law generally permits indemnification of any trustee or officer made a party
to any proceedings by reason of service as a trustee or officer unless it is established that (i) the act or omission of such person
was material to the matter giving rise to the proceeding and was committed in bad faith or was the result of active and deliberate
dishonesty; or (ii) such person actually received an improper personal benefit in money, property or services; or (iii) in the
case of any criminal proceeding, such person had reasonable cause to believe that the act or omission was unlawful. The indemnity
may include judgments, penalties, fines, settlements and reasonable expenses actually incurred by the trustee or officer in connection
with the proceeding; but, if the proceeding is one by or in the right of the company, indemnification is not permitted with respect
to any proceeding in which the trustee or officer has been adjudged to be liable to the company, or if the proceeding is one charging
improper personal benefit to the trustee or officer, whether or not involving action in the trustee&#8217;s or officer&#8217;s
official capacity, indemnification of the trustee or officer is not permitted if the trustee or officer was adjudged to be liable
on the basis that personal benefit was improperly received unless in either case a court orders indemnification and then only for
expenses. The termination of any proceeding by conviction or upon a plea of nolo contendere or its equivalent, or any entry of
an order of probation prior to judgment creates a rebuttable presumption that the trustee or officer did not meet the requisite
standard of conduct required for permitted indemnification. The termination of any proceeding by judgment, order or settlement,
however, does not create a presumption that the trustee or officer failed to meet the requisite standard of conduct for permitted
indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-indent: 19.95pt">LXP&#8217;s Declaration of Trust limits
the liability of its trustees and officers for money damages, except for liability resulting from:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>actual receipt of an improper benefit or profit in money, property or services; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 35.15pt">a final judgment based upon a finding of active and deliberate dishonesty by the trustees or
officers that was material to the cause of action adjudicated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 4.95pt 6pt 0; text-indent: 19.95pt">LXP&#8217;s Declaration of
Trust obligates LXP to the maximum extent permitted by Maryland law, to indemnify, and to pay or reimburse reasonable expenses
in advance of final disposition of a proceeding to, any trustees or officers, whether serving LXP or at its request any other entity,
who is made a party to a proceeding by reason of his or her service in that capacity. LXP&#8217;s Declaration of Trust permits
LXP to indemnify and advance expenses to any employee or agent of LXP, whether serving LXP or at its request any other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 4.95pt 6pt 0; text-indent: 19.95pt">Maryland law requires LXP,
as a condition to advancing expenses, to obtain:</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD STYLE="padding-right: 7.95pt">a written affirmation by the trustee or officer of his or her good faith belief that he or she
has met the standard of conduct necessary for indemnification; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.8pt"></TD><TD STYLE="width: 19.95pt">&#8226;</TD><TD>a written undertaking to repay the amount reimbursed if the standard of conduct is not met.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 17.45pt 6pt 0; text-indent: 19.95pt">We have also purchased liability
insurance for our trustees and officers, which also covers our subsidiaries. LXP has also entered into indemnification agreements
with certain officers and trustees for the purpose of indemnifying such persons from certain claims and actions in their capacities
as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 8.15pt 6pt 0; text-indent: 19.95pt">Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to trustees, directors, officers or persons controlling the registrants
pursuant to the foregoing provisions, the registrants have been informed that in the opinion of the SEC such indemnification is
against public policy as expressed in the Securities Act and is therefore unenforceable.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 5.8pt"><B>Item 16</B>. <I>Exhibits</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 5.8pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 2%; padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid; padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Form of Underwriting
    Agreement<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000111667907000120/ex3-1_merger.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000111667907000120/ex3-1_merger.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Articles of Merger
    and Amended and Restated Declaration of Trust of LXP, dated December 31, 2006 (filed as Exhibit 3.1 to LXP&#8217;s Current
    Report on Form 8-K filed January 8, 2007 (the &#8220;01/08/07 8-K&#8221;))<SUP>(1)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000144483813000065/exhibit34-111513.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000144483813000065/exhibit34-111513.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Articles Supplementary
    Relating to the Reclassification of 8.05% Series B Cumulative Redeemable Preferred Stock, par value $0.0001 per share, and
    7.55% Series D Cumulative Redeemable Preferred Stock, par value $0.0001 per share (filed as Exhibit 3.4 to LXP&#8217;s Current
    Report on Form 8-K filed November 21, 2013)<SUP>(1)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000111667907000120/ex3-2_bylaws.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.3</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000111667907000120/ex3-2_bylaws.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Amended and Restated
    By-laws of LXP (filed as Exhibit 3.2 to the 01/08/07 8-K)<SUP>(1)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000144483809000087/exhibit3_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.4</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4.15pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000144483809000087/exhibit3_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">First Amendment to
    Amended and Restated By-laws of LXP (filed as Exhibit 3.1 to LXP&#8217;s Current Report on Form 8-K filed November 20, 2009)<SUP>(1)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/790877/000144483817000013/exhibit31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.5</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.9pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/790877/000144483817000013/exhibit31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Second Amendment to
    the Amended and Restated By-laws of LXP (filed as Exhibit 3.1 to LXP&#8217;s Current Report on Form 8-K filed April 3, 2017)<SUP>(1)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000144483820000007/ex31-3rdarbyxlaws4920.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.6</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000144483820000007/ex31-3rdarbyxlaws4920.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Third Amendment to
    Amended and Restated By-Laws of the Company (filed as Exhibit 3.1 to LXP&#8217;s Current Report on Form 8-K filed April 9,
    2020)<SUP>(1)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000095012307003036/y31004exv4w1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.7</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4.05pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000095012307003036/y31004exv4w1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Specimen of Common
    Shares Certificate of LXP (filed as Exhibit 4.1 to LXP&#8217;s Annual Report on Form 10-K for the year ended December 31,
    2006)<SUP>(1)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000111667904002420/lex8_a.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.8</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.9pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000111667904002420/lex8_a.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of 6.50% Series
    C Cumulative Convertible Preferred Stock certificate (filed as Exhibit 4.1 to LXP&#8217;s Registration Statement on Form 8A
    filed December 8, 2004)<SUP>(1)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000111667907001009/trust-agmt.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.9</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4.2pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000111667907001009/trust-agmt.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Amended and Restated
    Trust Agreement, dated March 21, 2007, among LXP, The Bank of New York Trust Company, National Association, The Bank of New
    York (Delaware), the Administrative Trustees (as named therein) and the several holders of the Preferred Securities from time
    to time (filed as Exhibit 4.1 to LXP&#8217;s Current Report on Form 8-K filed on March 27, 2007 (the &#8220;03/27/07 8-K&#8221;))<SUP>(1)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000111667907001009/junior-indenture.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.10</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4.2pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000111667907001009/junior-indenture.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Junior Subordinated
    Indenture, dated as of March 21, 2007, between LXP and The Bank of New York Trust Company, National Association (filed as
    Exhibit 4.2 to the 03/27/07 8-K)<SUP>(1)</SUP> </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000114420413034735/v347541_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.11</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4.2pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000114420413034735/v347541_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Indenture (Senior
    Debt), dated as of June 10, 2013, among LXP, certain subsidiaries of the LXP signatories thereto, and U.S. Bank National Association,
    as trustee (filed as Exhibit 4.1 to LXP&#8217;s Current Report on Form 8-K filed on June 13, 2013)<SUP>(1)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000144483813000057/exhibit42-10313.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.12</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4.3pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000144483813000057/exhibit42-10313.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">First Supplemental
    Indenture, dated as of September 30, 2013, among LXP, certain subsidiaries of the LXP signatories thereto, and U.S. Bank National
    Association, as trustee (filed as Exhibit 4.2 to LXP&#8217;s Current Report on Form 8-K filed on October 3, 2013)<SUP>(1)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/790877/000114420414029759/v378161_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.13</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4.3pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/790877/000114420414029759/v378161_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Indenture (Senior
    Debt), dated as of May 9, 2014, among LXP, LCIF and U.S. Bank, as trustee (filed as Exhibit 4.1 to the Company&#8217;s Current
    Report on Form 8-K filed May 13, 2014)<SUP>(1)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/790877/000114420414032531/v379016_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.14</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4.3pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/790877/000114420414032531/v379016_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">First Supplemental
    Indenture, dated as of May 20, 2014, among LXP, LCIF and U.S. Bank, as trustee (filed as Exhibit 4.1 to the Company&#8217;s
    Current Report on Form 80K filed May&nbsp;20, 2014) <SUP>(1)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000153949720001135/exh4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.15</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/910108/000153949720001135/exh4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Second Supplemental
    Indenture, dated as of August 28, 2020, among the Company and U.S. Bank National Association, as trustee (filed as Exhibit
    4.1 to the Company&#8217;s Current Report on Form&nbsp;8&#45;K filed August 28, 2020<SUP>(1)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="exhibit4-16.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.16</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="exhibit4-16.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Subordinated Debt Indenture<SUP>(3)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.17</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Form of Indenture
    Security issued under the Senior Debt Indenture<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.18</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Form of Indenture
    Security issued under the Subordinated Debt Indenture<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.19</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4.15pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Form of Deposit Agreement
    relating to the Depositary Shares (including Form of Depositary Receipt)<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.20</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Form of Warrant Agreement<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.21</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Form of Warrant Certificate<SUP>(2)</SUP></FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.22</FONT></TD>
    <TD STYLE="width: 2%; padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 87%; padding-top: 3.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Form of
    Unit Agreement<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.23</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Form of Unit Certificate<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.24</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Form of Subscription
    Rights Agreement<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.25</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Form of Subscription
    Rights Certificate<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.26</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Articles Supplementary
    Classifying and Designating a Series of Preferred Stock<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.27</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Form of Guarantee
    relating to the Debt Security<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="exhibit5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="exhibit5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Opinion of Paul Hastings
    LLP<SUP>(3)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="exhibit5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">5.2</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3.7pt; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="exhibit5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Opinion of Venable
    LLP<SUP>(3)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="exhibit8-1.htm" STYLE="-sec-extract: exhibit">8.1</A></FONT></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3.7pt 5.4pt 6pt; text-indent: 0in"><A HREF="exhibit8-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Opinion of Paul Hastings LLP regarding tax matters<SUP>(3)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="exhibit23-1.htm"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="exhibit23-1.htm"><FONT STYLE="font-size: 10pt">Consent of Deloitte &amp; Touche LLP<SUP>(3)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="#signature" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">24.1</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="#signature" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Power of Attorney (included in the signature pages to this registration statement)<SUP>(3)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="exhibit25-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">25.1</FONT></A></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="exhibit25-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Statement of Eligibility of U.S. Bank National Association, as Trustee, on Form T-1 to act as trustee under the Senior Debt Indenture<SUP>(3)</SUP></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">25.2</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Statement of Eligibility of U.S. Bank National Association, as Trustee, on Form T-1 to act as trustee under the Subordinated Debt Indenture<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4.5pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.8pt"></TD><TD STYLE="width: 20pt">(1)</TD><TD STYLE="padding-right: 15.8pt">Incorporated by reference.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.8pt"></TD><TD STYLE="width: 20pt">(2)</TD><TD STYLE="padding-right: 15.8pt">To be filed by amendment or incorporated by reference in connection with the offering of the
offered securities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.8pt"></TD><TD STYLE="width: 20pt">(3)</TD><TD>Filed herewith.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.8pt"></TD><TD STYLE="width: 20pt">(4)</TD><TD>Management contract or compensatory plan or arrangement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.8pt 0 0 5.8pt"><B>Item 17</B>. <I>Undertakings</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.8pt 0 0 25.75pt; text-indent: 0.05pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The undersigned registrant hereby undertakes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.75pt"></TD><TD STYLE="width: 19.95pt">(1)</TD><TD STYLE="padding-right: 8.15pt">To file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.7pt"></TD><TD STYLE="width: 19.95pt">(i)</TD><TD>To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.7pt"></TD><TD STYLE="width: 19.95pt">(ii)</TD><TD STYLE="padding-right: 11.2pt">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 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum
aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.7pt"></TD><TD STYLE="width: 19.95pt">(iii)</TD><TD STYLE="padding-right: 44.45pt">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.55pt 8.6pt 6pt 25.8pt; text-indent: 0.5in">provided, however, that
paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.55pt 8.6pt 6pt 25.8pt">with or furnished to the Commission by the
registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934, as amended, that are incorporated by
reference in this registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of
the registration statement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.75pt"></TD><TD STYLE="width: 19.95pt">(2)</TD><TD STYLE="padding-right: 6.55pt">That, for the purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment will be deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time will be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.75pt"></TD><TD STYLE="width: 19.95pt">(3)</TD><TD STYLE="padding-right: 20.9pt">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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.75pt"></TD><TD STYLE="width: 19.95pt">(4)</TD><TD STYLE="padding-right: 41.4pt">That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.7pt"></TD><TD STYLE="width: 19.95pt">(i)</TD><TD>If the registrant is relying on Rule 430B:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.65pt"></TD><TD STYLE="width: 19.95pt">(A)</TD><TD STYLE="padding-right: 5.7pt">Each prospectus filed by the registrant pursuant to Rule 424(b)(3) will 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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.65pt"></TD><TD STYLE="width: 19.95pt">(B)</TD><TD STYLE="padding-right: 4.9pt">Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of
a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for
the purpose of providing the information required by section 10(a) of the Securities Act of 1933 will 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 430B,
for liability purposes of the issuer and any person that is at that date an underwriter, such date will 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 will be deemed to be the initial bona fide offering thereof. Provided, however, 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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.7pt"></TD><TD STYLE="width: 19.95pt">(ii)</TD><TD STYLE="padding-right: 5.1pt">If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part
of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses
filed in reliance on Rule 430A, will be deemed to be part of and included in the registration statement as of the date it is first
used after effectiveness. Provided, however, 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.75pt"></TD><TD STYLE="width: 19.95pt">(5)</TD><TD STYLE="padding-right: 22.7pt">That, for the purpose of determining liability of the registrant under the Securities Act of
1933 to any purchaser in the initial distribution of the securities:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.15pt 7.55pt 6pt 45.7pt; text-indent: 0.5in">The undersigned registrant
undertakes that in a primary offering of securities of the undersigned registrant 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 registrant will be a seller to the purchaser and will be considered
to offer or sell such securities to such purchaser:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.7pt"></TD><TD STYLE="width: 19.95pt">(i)</TD><TD STYLE="padding-right: 16.9pt">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering
required to be filed pursuant to Rule 424;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.7pt"></TD><TD STYLE="width: 19.95pt">(ii)</TD><TD STYLE="padding-right: 30.95pt">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.55pt 30.95pt 0 65.65pt">registrant or used or referred to by the
undersigned registrant;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.7pt"></TD><TD STYLE="width: 19.95pt">(iii)</TD><TD STYLE="padding-right: 9.4pt">The portion of any other free writing prospectus relating to the offering containing material
information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.7pt"></TD><TD STYLE="width: 19.95pt">(iv)</TD><TD STYLE="padding-right: 34.6pt">Any other communication that is an offer in the offering made by the undersigned registrant to
the purchaser.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.8pt"></TD><TD STYLE="width: 19.95pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="padding-right: 12.2pt"><FONT STYLE="font-size: 10pt">The undersigned registrant hereby undertakes 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 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing </FONT>of an employee benefit
plan&#8217;s annual report pursuant to Section 15(d) of the Securities Exchange Act) that is incorporated by reference in the registration
statement will be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time will be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.8pt"></TD><TD STYLE="width: 19.95pt">(c)</TD><TD STYLE="padding-right: 5.35pt">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted
to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant
has 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 registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
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 registrant 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.8pt"></TD><TD STYLE="width: 19.95pt">(d)</TD><TD STYLE="padding-right: 7.6pt">The undersigned registrant hereby undertakes to supplement the prospectus, after the expiration
of the subscription period, to set forth the results of the subscription offer, the transactions by the underwriters during the
subscription period, the amount of unsubscribed securities to be purchased by the underwriters, and the terms of any subsequent
reoffering thereof. If any public offering by the underwriters is to be made on terms differing from those set forth on the cover
page of the prospectus, a post-effective amendment will be filed to set forth the terms of such offering.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.8pt"></TD><TD STYLE="width: 19.95pt">(e)</TD><TD STYLE="padding-right: 8.45pt">The undersigned registrant hereby undertakes to file an application for the purpose of determining
the eligibility of the trustee to act under subsection (a) of section 310 of the Trust Indenture Act (&#8220;Act&#8221;) in accordance
with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Trust Indenture Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.8pt"></TD><TD STYLE="width: 19.95pt">(f)</TD><TD>That:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.75pt"></TD><TD STYLE="width: 19.95pt">(1)</TD><TD STYLE="padding-right: 16.45pt">For purposes of determining any liability under the Securities Act of 1933, the information
omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a
form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act will be deemed
to be part of this registration statement as of the time it was declared effective; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 7.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.75pt"></TD><TD STYLE="width: 19.95pt">(2)</TD><TD>For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment
that contains a form of prospectus will be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time will be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 27.25pt 6pt 45.7pt; text-indent: 0.5in"></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="signature"></A>SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7pt 13.7pt 6pt 0; text-indent: 19.95pt">Pursuant to the requirements
of the Securities Act of 1933, as amended, 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 New York, the State of New York, on February 19, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7pt 13.7pt 6pt 0; text-indent: 19.95pt"></P>

<P STYLE="margin-top: 0; margin-bottom: 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: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><B>LEXINGTON REALTY TRUST</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>By:&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">/s/ T. Wilson Eglin</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 52%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 45%">T. Wilson Eglin</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive
Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7pt 13.7pt 6pt 0; text-indent: 19.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 6pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">POWER OF ATTORNEY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.25pt 8.6pt 6pt 0; text-indent: 19.95pt">Each person whose signature
appears below authorizes T. Wilson Eglin and Beth Boulerice, and each of them, each of whom may act without joinder of the other,
as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name,
place and stead, in any and all capacities to execute in the name of each such person who is then an officer or trustee of Lexington
Realty Trust, and to file any amendments (including post effective amendments) to this Registration Statement and any registration
statement for the same offering filed pursuant to Rule 462 under the Securities Act of 1933, as amended, and to file the same,
with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto
said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or their substitute or substitutes may lawfully do or cause to be done
by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.8pt 13.7pt 6pt 0; text-indent: 19.95pt">Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities
and on the dates indicated:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 2%; padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 2%; padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 26%; border-bottom: Black 1pt solid; padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><U>/s/ T. Wilson Eglin&#9;<BR>
</U>T. Wilson Eglin</FONT></TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Chief Executive Officer, President and Trustee<BR>
<I>(principal executive officer)</I></FONT></TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">February 19, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><U>/s/ Beth Boulerice&#9;<BR>
</U>Beth Boulerice</FONT></TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Chief Financial Officer, Executive Vice President and Treasurer<BR>
<I>(principal financial officer)</I></FONT></TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">February 19, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><U>/s/ Mark Cherone&#9;<BR>
</U>Mark Cherone</FONT></TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Chief Accounting Officer<BR>
<I>(principal accounting officer)</I></FONT></TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">February 19, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><U>/s/ Richard S. Frary&#9;<BR>
</U>Richard S. Frary</FONT></TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">February 19, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><U>/s/ Lawrence L. Gray&#9;<BR>
</U>Lawrence L. Gray</FONT></TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">February 19, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><U>/s/ Jamie Handwerker&#9;<BR>
</U>Jamie Handwerker</FONT></TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">February 19, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><U>/s/ Claire A. Koeneman&#9;<BR>
</U>Claire A. Koeneman</FONT></TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">February 19, 2021</FONT></TD></TR>
</TABLE>

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    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
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    <TD STYLE="width: 26%; border-bottom: Black 1pt solid; padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR><TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><U>/s/ Howard Roth&#9;<BR>
</U>Howard Roth</FONT></TD>
    <TD STYLE="width: 2%; padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 46%; padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="width: 2%; padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 26%; padding-top: 7.8pt; padding-right: 13.7pt; padding-bottom: 6pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">February 19, 2021</FONT></TD></TR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.16
<SEQUENCE>2
<FILENAME>exhibit4-16.htm
<DESCRIPTION>FORM OF INDENTURE SECURITY ISSUED UNDER THE SENIOR DEBT INDENTURE
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><B>Exhibit 4.16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&thinsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&thinsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">LEXINGTON REALTY TRUST<BR>
<BR>
Issuer<BR>
<BR>
AND<BR>
<BR>
[ ]<BR>
<BR>
Trustee<BR>
<BR>
<BR>
<BR>
INDENTURE<BR>
<BR>
Dated as of [&#9;]<BR>
<BR>
<BR>
<BR>
<BR>
Subordinated Debt Securities</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents*</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center">&thinsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 10pt; text-align: right"><B>Page</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-transform: uppercase; text-align: center">Article I.<BR>
DEFINITIONS</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: 25%; padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 1.01</TD>
    <TD STYLE="width: 63%; padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Definitions of Terms</TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; width: 12%; vertical-align: top">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Authenticating Agent&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Bankruptcy Law&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Board of Directors&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Board Resolution&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Business Day&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Certificate&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Company&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Corporate Trust Office&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Custodian&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Default&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Defaulted Interest&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Depositary&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Event of Default&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Exchange Act&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Global Security&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Governmental Obligations&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;herein&#8221;, &#8220;hereof&#8221; and &#8220;hereunder&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Indenture&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Interest Payment Date&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Officer&#8217;s Certificate&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Opinion of Counsel&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Outstanding&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Person&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Predecessor Security&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Responsible Officer&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Securities&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Securityholder&#8221;, &#8220;holder of Securities&#8221;, &#8220;registered holder&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Security Register&#8221; and &#8220;Security Registrar&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Subsidiary&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Trustee&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in">&#8220;Trust Indenture Act&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; padding-left: 5.4pt">5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt">&thinsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt">&#8220;Voting Stock&#8221;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; text-align: right; padding-left: 5.4pt">5</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-transform: uppercase; text-align: center">Article II.<BR>
ISSUE, DESCRIPTION, TERMS, EXECUTION REGISTRATION AND EXCHANGE OF SECURITIES</P>




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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 2.01</TD>
    <TD STYLE="width: 63%; padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Designation and Terms of Securities</TD>
    <TD STYLE="width: 12%; padding: 6pt 5.4pt; text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 2.02</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Form of Securities and Trustee&#8217;s Certificate</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 2.03</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Denominations; Provisions for Payment</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">8</TD></TR>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>This Table of Contents does not constitute part of the Indenture and shall not have any bearing on the interpretation of any
of its terms or provisions.</TD></TR></TABLE>

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of Contents</B></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt; width: 25%">Section 2.04</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt; width: 63%">Execution and Authentications</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right; width: 12%">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 2.05</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Registration of Transfer and Exchange</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 2.06</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Temporary Securities</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 2.07</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Mutilated, Destroyed, Lost or Stolen Securities</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 2.08</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Cancellation</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 2.09</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Benefits of Indenture</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 2.10</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Authenticating Agent</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 2.11</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Global Securities</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">13</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-transform: uppercase; text-align: center">Article III.<BR>
REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS</P>

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    <TD STYLE="width: 25%; padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 3.01</TD>
    <TD STYLE="width: 63%; padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Redemption</TD>
    <TD STYLE="width: 12%; padding: 6pt 5.4pt; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 3.02</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Notice of Redemption</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 3.03</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Payment Upon Redemption</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 3.04</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Sinking Fund</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 3.05</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Satisfaction of Sinking Fund Payments with Securities</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 3.06</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Redemption of Securities for Sinking Fund</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">17</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-transform: uppercase; text-align: center">Article IV.<BR>
CERTAIN COVENANTS</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 4.01</TD>
    <TD STYLE="width: 63%; padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Payment of Principal, Premium and Interest</TD>
    <TD STYLE="width: 12%; padding: 6pt 5.4pt; text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 4.02</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Maintenance of Office or Agency</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 4.03</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Paying Agents</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">18</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 4.04</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Appointment to Fill Vacancy in Office of Trustee</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 4.05</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Compliance with Consolidation Provisions</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">Article V.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">SECURITYHOLDERS&#8217; LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 5.01</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Company to Furnish Trustee Names and Addresses of Securityholders</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 5.02</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Preservation of Information; Communications with Securityholders</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 5.03</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Reports by the Company</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 5.04</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Reports by the Trustee</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">Article VI.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 6.01</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Events of Default</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">21</TD></TR>
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of Contents</B></FONT></P>

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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">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt; width: 25%">Section 6.02</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt; width: 63%">Collection of Indebtedness and Suits for Enforcement by Trustee</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right; width: 12%">23</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 6.03</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Application of Moneys Collected</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">24</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 6.04</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Limitation on Suits</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 6.05</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Rights and Remedies Cumulative; Delay or Omission Not Waiver</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 6.06</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Control by Securityholders</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 6.07</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Undertaking to Pay Costs</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">Article VII.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">CONCERNING THE TRUSTEE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 7.01</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Certain Duties and Responsibilities of Trustee</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 7.02</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Certain Rights of Trustee</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">28</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 7.03</TD>
    <TD STYLE="width: 63%; padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Trustee Not Responsible for Recitals or Issuance or Securities</TD>
    <TD STYLE="width: 12%; padding: 6pt 5.4pt; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 7.04</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">May&thinsp;Hold Securities</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 7.05</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Moneys Held in Trust</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 7.06</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Compensation and Reimbursement</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 7.07</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Reliance on Officer&#8217;s Certificate</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 7.08</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Disqualification; Conflicting Interests</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 7.09</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Corporate Trustee Required; Eligibility</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 7.10</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Resignation and Removal; Appointment of Successor</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 7.11</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Acceptance of Appointment By Successor</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 7.12</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Merger, Conversion, Consolidation or Succession to Business</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 7.13</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Preferential Collection of Claims Against the Company</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 7.14</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Notice of Default</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">Article VIII.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">CONCERNING THE SECURITYHOLDERS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 8.01</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Evidence of Action by Securityholders</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 8.02</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Proof of Execution by Securityholders</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 8.03</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Who May&thinsp;be Deemed Owners</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 8.04</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Certain Securities Owned by Company Disregarded</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 8.05</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Actions Binding on Future Securityholders</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">Article IX.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">SUPPLEMENTAL INDENTURES</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 9.01</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Supplemental Indentures Without the Consent of Securityholders</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">37</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center">(continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 10pt; text-align: right"><B>Page</B></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: 25%; padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 9.02</TD>
    <TD STYLE="width: 63%; padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Supplemental Indentures With Consent of Securityholders</TD>
    <TD STYLE="width: 12%; padding: 6pt 5.4pt; text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 9.03</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Effect of Supplemental Indentures</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 9.04</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Securities Affected by Supplemental Indentures</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 9.05</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Execution of Supplemental Indentures</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">Article X.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">SUCCESSOR CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 10.01</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Company May&thinsp;Consolidate, Etc</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 10.02</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Successor Corporation Substituted</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 10.03</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Evidence of Consolidation, Etc to Trustee</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">Article XI.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">SATISFACTION AND DISCHARGE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 11.01</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Satisfaction and Discharge of Indenture</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 11.02</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Discharge of Obligations</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 11.03</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Deposited Moneys to be Held in Trust</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 11.04</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Payment of Moneys Held by Paying Agents</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">43</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 11.05</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Repayment to Company</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">43</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">Article XII.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 12.01</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">No Recourse</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">43</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">Article XIII.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">MISCELLANEOUS PROVISIONS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 13.01</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Effect on Successors and Assigns</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 13.02</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Actions by Successor</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">44</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 13.03</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Surrender of Company Powers</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 13.04</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Notices</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 13.05</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Governing Law</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 13.06</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Treatment of Securities as Debt</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 13.07</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Compliance Certificates and Opinions</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 13.08</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Payments on Business Days</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 13.09</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Conflict with Trust Indenture Act</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 13.10</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Counterparts</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 13.11</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Separability</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">46</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center">(continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 10pt; text-align: right"><B>Page</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt; width: 25%">Section 13.12</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt; width: 63%">Compliance Certificates</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right; width: 12%">46</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">Article XIV.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 6pt 5.4pt; text-align: center; text-transform: uppercase">SUBORDINATION OF SECURITIES</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Section 14.01</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-bottom: 6pt">Subordination Terms</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right">46</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">INDENTURE, dated as of [&#9;], among
Lexington Realty Trust, a Maryland real estate investment trust (the &#8220;Company&#8221;), and [ ], a [ ], as trustee (the &#8220;Trustee&#8221;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, for its lawful corporate purposes,
the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of subordinated debt securities
(hereinafter referred to as the &#8220;Securities&#8221;), in an unlimited aggregate principal amount to be issued from time to
time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the
certificate of the Trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, to provide the terms and conditions
upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this
Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, all things necessary to make
this Indenture a valid agreement of the Company, in accordance with its terms, have been done.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">NOW, THEREFORE, in consideration of the
premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal
and ratable benefit of the holders of Securities:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
I.</FONT><BR>
<BR>
DEFINITIONS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>1.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Definitions
of Terms</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The terms defined in this Section (except
as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires)
for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this
Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust
Indenture Act or that are by reference in such Trust Indenture Act defined in the Securities Act (except as herein otherwise expressly
provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act
and in said Securities Act as in force at the date of the execution of this instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Authenticating Agent&#8221; means
an authenticating agent with respect to all or any of the series of Securities appointed with respect to all or any series of the
Securities by the Trustee pursuant to Section 2.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Bankruptcy Law&#8221; means Title
11, U.S. Code, or any similar federal or state law for the relief of debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Board of Directors&#8221; means
the Board of Directors of the Company or any duly authorized committee of such Board.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Board Resolution&#8221; means
a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors and to be in full force and effect on the date of such certification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Business Day&#8221; means, with
respect to any series of Securities, any day other than a day on which federal or state banking institutions in the Borough of
Manhattan, the City of New York or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated by law,
executive order or regulation to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Certificate&#8221; means a certificate
signed by the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of
the Company. The Certificate need not comply with the provisions of Section 13.07.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Company&#8221; means Lexington
Realty Trust, a real estate investment trust duly organized and existing under the laws of the State of Maryland, and, subject
to the provisions of Article Ten, shall also include its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Corporate Trust Office&#8221;
means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered,
which office at the date hereof is located at [&thinsp;&thinsp;&thinsp;], except that whenever a provision herein refers to an office or agency of the
Trustee in the City of [&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;], [&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;], such office is located, at the date hereof, at [&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Custodian&#8221; means any receiver,
trustee, assignee, liquidator, or similar official under any Bankruptcy Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Default&#8221; means any event,
act or condition that with notice or lapse of time, or both, would constitute an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Defaulted Interest&#8221; has
the meaning set forth in Section 2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Depositary&#8221; means, with
respect to Securities of any series for which the Company shall determine that such Securities will be issued as a Global Security,
The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act,
or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.01
or 2.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Event of Default&#8221; means,
with respect to Securities of a particular series, any event specified in Section 6.01, continued for the period of time, if any,
therein designated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Exchange Act&#8221; means the
Securities and Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Global Security&#8221; means,
with respect to any series of Securities, a Security executed by the Company and delivered by the Trustee to the Depositary or
pursuant to the Depositary&#8217;s instruction, all in accordance with the Indenture, which shall be registered in the name of
the Depositary or its nominee.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Governmental Obligations&#8221;
means securities that are (i)&thinsp;direct obligations of the United States of America for the payment of which its full faith and
credit is pledged or (ii)&thinsp;obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United
States of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to
the stated maturity of the Securities, and shall also include a depositary receipt issued by a bank or trust company as custodian
with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation
held by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by
law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from
any amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest
on the Governmental Obligation evidenced by such depositary receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;herein&#8221;, &#8220;hereof&#8221;
and &#8220;hereunder&#8221;, and other words of similar import, refer to this Indenture as a whole and not to any particular Article,
Section or other subdivision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Indenture&#8221; means this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into in accordance with the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Interest Payment Date&#8221;,
when used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security
or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment
of interest with respect to Securities of that series is due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Officer&#8217;s Certificate&#8221;
means a certificate signed by two of the following officers: the President, any Senior Vice President, any Executive Vice President,
any Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Company that is delivered
to the Trustee in accordance with the terms hereof. Each such certificate shall include the statements provided for in Section
13.07, if and to the extent required by the provisions thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Opinion of Counsel&#8221; means
an opinion in writing of legal counsel, who may be an employee of or counsel for the Company, if any, that is delivered to the
Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.07, if and
to the extent required by the provisions thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Outstanding&#8221;, when used
with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time, all Securities
of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a)&thinsp;Securities theretofore
canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously
been canceled; (b)&thinsp;Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations
in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or
shall have been set aside and segregated in trust by the Company (if the Company</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">shall act as its own paying agent); provided, however, that
if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall
have been given as in Article Three provided, or provision satisfactory to the Trustee shall have been made for giving such notice;
and (c)&thinsp;Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant
to the terms of Section 2.07.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Person&#8221; means any individual,
corporation, partnership, joint-venture, joint-stock company, limited liability company, association, trust, unincorporated organization,
any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Predecessor Security&#8221; of
any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a lost,
destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Responsible Officer&#8221; when
used with respect to the Trustee means the chairman of its board of directors, the chief executive officer, the president, any
vice president or assistant vice president, the secretary or any assistant secretary, the treasurer, any trust officer or financial
services officer, any corporate trust officer or any other officer or assistant officer of the Trustee customarily performing functions
similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust
matter is referred because of his or her knowledge of and familiarity with the particular subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Securities&#8221; means the debt
Securities authenticated and delivered under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Securities Act&#8221; means the
Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Securityholder&#8221;, &#8220;holder
of Securities&#8221;, &#8220;registered holder&#8221;, or other similar term, means the Person or Persons in whose name or names
a particular Security shall be registered on the books of the Company kept for that purpose in accordance with the terms of this
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Security Register&#8221; and &#8220;Security
Registrar&#8221; shall have the meanings set forth in Section 2.05.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Subsidiary&#8221; means, with
respect to any Person, (i)&thinsp;any corporation at least a majority of whose outstanding Voting Stock shall at the time be owned,
directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries,
(ii)&thinsp;any general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership or similar
interests shall at the time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one or more of
its Subsidiaries and (iii)&thinsp;any limited partnership of which such Person or any of its Subsidiaries is a general partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Trustee&#8221; means [&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;], acting
not in its individual capacity but solely as Trustee under the Indenture, and subject to the provisions of Article Seven, shall
also include its successors and assigns, and, if at any time there is more than one Person acting in such capacity</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">hereunder, &#8220;Trustee&#8221; shall mean each such Person.
The term &#8220;Trustee&#8221; as used with respect to a particular series of the Securities shall mean the trustee with respect
to that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Trust Indenture Act&#8221; means
the Trust Indenture Act of 1939, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&#8220;Voting Stock&#8221;, as applied
to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however designated)
in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person,
other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
II.</FONT><BR>
<BR>
ISSUE, DESCRIPTION, TERMS, EXECUTION<BR>
REGISTRATION AND EXCHANGE OF SECURITIES</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>2.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Designation
and Terms of Securities</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>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 up to the aggregate principal amount of Securities of that series from time
to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the
initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution of the Company, and
set forth in an Officer&#8217;s Certificate, or established in one or more indentures supplemental hereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the title of the Security of the series (which shall distinguish the Securities of the series from all other Securities);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>any limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of that series);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the date or dates on which the principal of the Securities of the series is payable, any original issue discount that may
apply to the Securities of that series upon their issuance, the principal amount due at maturity, and the place(s) of payment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the rate or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or
rates, if any;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable
or the manner of determination of such Interest Payment Dates and the record date for the determination of holders to whom interest
is payable on any such Interest Payment Dates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the right, if any, to extend the interest payment periods and the duration of such extension;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT> the period or periods within which, the price or prices at which and the terms and conditions upon which, Securities of
the series may be redeemed, in whole or in part, at the option of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory
redemption, or analogous provisions (including payments made in cash in participation of future sinking fund obligations) or at
the option of a holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions
upon which, Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the subordination terms of the Securities of the series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the form of the Securities of the series including the form of the Certificate of Authentication for such series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>if other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in
which the Securities of the series shall be issuable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>any and all other terms (including terms, to the extent applicable, relating to any auction or remarketing of the Securities
of that series and any security for the obligations of the Company with respect to such Securities) with respect to such series
(which terms shall not be inconsistent with the terms of this Indenture, as amended by any supplemental indenture) including any
terms which may be required by or advisable under United States laws or regulations or advisable in connection with the marketing
of Securities of that series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(13)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>whether the Securities are issuable as a Global Security and, in such case, the identity for the Depositary for such series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(14)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>whether the Securities will be convertible into or exchangeable for shares of common stock, preferred stock or other securities
of the Company or any other Person and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable,
including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional
(at the Company&#8217;s option or the holders&#8217; option) conversion or exchange features, and the applicable conversion or
exchange period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(15)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall
be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(16)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>any additional or different Events of Default or restrictive covenants (which may include, among other restrictions, restrictions
on the Company&#8217;s ability or the ability of the Company&#8217;s Subsidiaries to: incur additional indebtedness; issue additional
securities; create liens; pay dividends or make distributions in respect of the capital stock of the Company or the Company&#8217;s
Subsidiaries; redeem capital stock; place restrictions on the Company&#8217;s Subsidiaries&#8217; ability to pay dividends, make
distributions or transfer assets; make</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">investments or other restricted payments; sell or otherwise
dispose of assets; enter into sale-leaseback transactions; engage in transactions with stockholders or affiliates; issue or sell
stock of the Company&#8217;s Subsidiaries; or effect a consolidation or merger) or financial covenants (which may include, among
other financial covenants, financial covenants that require the Company and its Subsidiaries to maintain specified interest coverage,
fixed charge, leverage, cash flow-based, asset-based or other financial ratios) provided for with respect to the Securities of
the series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(17)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>if other than dollars, the coin or currency in which the Securities of the series are denominated (including, but not limited
to, foreign currency);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(18)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium,
if any and principal amounts of the Securities of the series to any Securityholder that is not a &#8220;United States person&#8221;
for federal tax purposes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(19)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>if applicable, the terms of any mortgage, pledge or security that will be provided for a series of Securities, including
any provisions regarding the circumstances under which collateral may be released or substituted;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(20)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>if applicable, the terms of any guaranties for the Securities and any circumstances under which there may be additional
obligors on the Securities; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(21)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>any restrictions on transfer, sale or assignment of the Securities of the series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">All Securities of any one series shall
be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to any such Board Resolution
or in any indentures supplemental hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If any of the terms of the series are
established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such action shall
be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery
of the Officer&#8217;s Certificate of the Company setting forth the terms of the series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Securities of any particular series may
be issued at various times, with different dates on which the principal or any installment of principal is payable, with different
rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such
interest may be payable and with different redemption dates. Unless otherwise provided, a series may be reopened for issuances
of additional Securities of such series.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>2.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Form
of Securities and Trustee&#8217;s Certificate</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Securities of any series and the
Trustee&#8217;s certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as
set forth in one or more indentures supplemental hereto or as provided in a Board Resolution of the Company and as set forth in
an Officer&#8217;s Certificate of the Company and may have such letters, numbers or other marks of identification or designation
and such legends or endorsements printed, lithographed or</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">engraved thereon as the Company may deem appropriate and
as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any stock exchange on which Securities of that series may be
listed, or to conform to usage.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>2.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Denominations;
Provisions for Payment</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Securities shall be issuable as registered
Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section
2.01(a)(10). The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect
to that series. Subject to Section 2.01(a)(16), the principal of and the interest on the Securities of any series, as well as any
premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United States
of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for
that purpose. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the
basis of a 360-day year composed of twelve 30-day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The interest installment on any Security
that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall
be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business
on the regular record date for such interest installment. In the event that any Security of a particular series or portion thereof
is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date
and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security
as provided in Section 3.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Any interest on any Security that is
payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein
called &#8220;Defaulted Interest&#8221;) shall forthwith cease to be payable to the registered holder on the relevant regular record
date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided
in clause (1)&thinsp;or clause (2)&thinsp;below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their
respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted
Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest
or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon
the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15 nor less
than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice
of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name and at the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">expense of the Company, shall cause notice of the proposed
payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each Securityholder
at his or her address as it appears in the Security Register (as hereinafter defined), not less than 10 days prior to such special
record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been mailed
as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor
Securities) are registered on such special record date and shall be no longer payable pursuant to the following clause (2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with
the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by
such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner
of payment shall be deemed practicable by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Unless otherwise set forth in a Board
Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section
2.01 hereof, the term &#8220;regular record date&#8221; as used in this Section with respect to a series of Securities with respect
to any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in
which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment
Date is the first day of a month, or the last day of the month immediately preceding the month in which an Interest Payment Date
established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of
a month, whether or not such date is a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Subject to the foregoing provisions of
this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange for or in lieu of any other
Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>2.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Execution
and Authentications</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Securities shall be signed on behalf
of the Company by two of its officers, under its corporate seal attested by its secretary or one of its assistant secretaries.
Signatures may be in the form of a manual or facsimile signature. The Company may use the facsimile signature of any Person who
shall have been an officer thereof, notwithstanding the fact that at the time the Securities shall be authenticated and delivered
or disposed of such Person shall have ceased to be such officer of the Company. The seal of the Company may be in the form of a
facsimile of such seal and may be impressed, affixed, imprinted or otherwise reproduced on the Securities. The Securities may contain
such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of
its authentication by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A Security shall not be valid until authenticated
manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence
that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits
of this Indenture.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee
for authentication, together with a written order of the Company for the authentication and delivery of such Securities, signed
by two of its officers and the Trustee shall in accordance with such written order shall authenticate and deliver such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In authenticating such Securities and
accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to
receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the form and
terms thereof have been established in conformity with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Trustee shall not be required to
authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee&#8217;s own rights,
duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the
Trustee.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>2.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Registration
of Transfer and Exchange</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for
such purpose in the City of [&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;], the State of [&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;], for other Securities of such series of authorized denominations, and for a like
aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto,
all as provided in this Section. In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee
shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that
the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Company shall keep, or cause to be kept, at its office or agency designated for such purpose in the City of [&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;], the
State of [&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;], or such other location designated by the Company a register or registers (herein referred to as the &#8220;Security
Register&#8221;) in which, subject to such reasonable regulations as it may prescribe, the Company shall register the Securities
and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection by the
Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed
as authorized by Board Resolution (the &#8220;Security Registrar&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Upon surrender for transfer of any Security
at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee shall authenticate and
such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series
as the Security presented for a like aggregate principal amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">All Securities presented or surrendered
for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the Company or the
Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar,
duly executed by the registered holder or by such holder&#8217;s duly authorized attorney in writing.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT> Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer&#8217;s Certificate,
or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration
of transfer of Securities, or issue of new Securities in case of partial redemption of any series, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to
Section 2.06, the second paragraph of Section 3.03 and Section 9.04 not involving any transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Company shall not be required (i)&thinsp;to issue, exchange or register the transfer of any Securities during a period
beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding
Securities of the same series and ending at the close of business on the day of such mailing, nor (ii)&thinsp;to register the transfer
of or exchange any Securities of any series or portions thereof called for redemption. The provisions of this Section 2.05 are,
with respect to any Global Security, subject to Section 2.11 hereof.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>2.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Temporary
Securities</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Pending the preparation of definitive
Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed,
lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the
definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate
for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by
the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect,
as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities
of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange therefor (without charge
to the holders), at the office or agency of the Company designated for the purpose in the City of [&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;], the State of [&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;], and the
Trustee shall authenticate and such office or agency shall deliver in exchange for such temporary Securities an equal aggregate
principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive
Securities need not be executed and furnished until further notice from the Company. Until so exchanged, the temporary Securities
of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated
and delivered hereunder.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>2.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Mutilated,
Destroyed, Lost or Stolen Securities</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In case any temporary or definitive Security
shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and
upon the Company&#8217;s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same
series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu
of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall
furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and,
in every case of destruction, loss or theft, the applicant shall also furnish to</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">the Company and the Trustee evidence to their satisfaction
of the destruction, loss or theft of the applicant&#8217;s Security and of the ownership thereof. The Trustee may authenticate
any such substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon
the issuance of any substituted Security, 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) in connection
therewith. In case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen,
the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof
except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such
security or indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction
of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Every replacement Security issued pursuant
to the provisions of this Section shall constitute an additional contractual obligation of the Company whether or not the mutilated,
destroyed, lost or stolen Security shall be found at any time, or be 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 same series duly issued hereunder. All Securities
shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights
or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or
payment of negotiable instruments or other securities without their surrender.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>2.08<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Cancellation</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">All Securities surrendered for the purpose
of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any paying agent, be delivered
to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued
in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture. On request of the Company
at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence
of such request the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate
of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not
operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered
to the Trustee for cancellation.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>2.09<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Benefits
of Indenture</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Nothing in this Indenture or in the Securities,
express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities
(and, with respect to the provisions of Article Fourteen, the holders of Senior Indebtedness) any legal or equitable right, remedy
or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants,
conditions and provisions</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">being for the sole benefit of the parties hereto and of the
holders of the Securities (and, with respect to the provisions of Article Fourteen, the holders of Senior Indebtedness).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>2.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Authenticating
Agent</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">So long as any of the Securities of any
series remain Outstanding, there may be an Authenticating Agent for any or all such series of Securities, which the Trustee shall
have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series issued upon exchange, transfer or partial redemption thereof, and Securities so authenticated shall be entitled
to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.
All references in this Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication by
an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation
that has a combined capital and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction
under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under
such laws to conduct such business and is subject to supervision or examination by Federal or State authorities. If at any time
any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Any Authenticating Agent may at any time
resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and upon request
by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating
Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may
appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance
of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally
named as an Authenticating Agent pursuant hereto.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>2.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Global
Securities</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a
Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver,
a Global Security that (i)&thinsp;shall represent, and shall be denominated in an amount equal to the aggregate principal amount
of, all of the Outstanding Securities of such series, (ii)&thinsp;shall be registered in the name of the Depositary or its nominee,
(iii)&thinsp;shall be delivered by the Trustee to the Depositary or pursuant to the Depositary&#8217;s instruction and (iv)&thinsp;shall
bear a legend substantially to the following effect: &#8220;Except as otherwise provided in Section 2.11 of the Indenture, this
Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or
to a nominee of such successor Depositary.&#8221; Notwithstanding any other provision of this Indenture or any supplement hereto,
so long as a series of Securities is a Global Security, the parties hereto will be bound at all times by the applicable procedures
of the Depositary with respect to such series.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT> Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in
part and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary
for such series selected or approved by the Company or to a nominee of such successor Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue
as Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing
under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed
by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, this
Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section
2.04, the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in
authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series
in exchange for such Global Security. In addition, the Company may at any time determine that the Securities of any series shall
no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities
of such series. In such event the Company will execute and subject to Section 2.04, the Trustee, upon receipt of an Officer&#8217;s
Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive
registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount
of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities
in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee.
Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c)&thinsp;shall
be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or
indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for
delivery to the Persons in whose names such Securities are so registered.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
III.</FONT><BR>
<BR>
REDEMPTION OF SECURITIES AND<BR>
SINKING FUND PROVISIONS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>3.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Redemption</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company may redeem the Securities
of any series issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to
Section 2.01 hereof.</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>3.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Notice
of Redemption</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities
of any series in accordance with the right reserved so to do, the Company shall, or shall cause the Trustee to, give notice of
such redemption to holders</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">of the Securities of such series to be redeemed by mailing,
first class postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before the date fixed
for redemption of that series to such holders at their last addresses as they shall appear upon the Security Register unless a
shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly
to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in
the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other
series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the
terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer&#8217;s Certificate
evidencing compliance with any such restriction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Each such notice of redemption shall
specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed, and shall
state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company
in the City of [&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;], the State of [&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;], upon presentation and surrender of such Securities, that interest accrued to the date fixed
for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the
redemption is for a sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice
to the holders of Securities of that series to be redeemed shall specify the particular Securities to be so redeemed. In case any
Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount
thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security
or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 35 days&#8217;
notice (unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate
principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner
as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal
to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination
larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of
the Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions
signed on its behalf by an Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular
series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of
the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is
to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain
with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable
copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required
under the provisions of this Section.</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>3.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
                                         <U>Payment Upon Redemption.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities
of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such
notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such
Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall
default in the payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On presentation
and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said
Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon
to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest installment payable
on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section
2.03).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the
Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the
expense of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed
portion of the Security so presented.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>3.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Sinking
Fund</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The provisions of Sections 3.04, 3.05
and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as
contemplated by Section 2.01 for Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The minimum amount of any sinking fund
payment provided for by the terms of Securities of any series is herein referred to as a &#8220;mandatory sinking fund payment,&#8221;
and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as
an &#8220;optional sinking fund payment&#8221;. If provided for by the terms of Securities of any series, the cash amount of any
sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be applied to the
redemption of Securities of any series as provided for by the terms of Securities of such series.</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>3.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Satisfaction
of Sinking Fund Payments with Securities</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company (i)&thinsp;may deliver Outstanding
Securities of a series (other than any Securities previously called for redemption) and (ii)&thinsp;may apply as a credit Securities
of a series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the
application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction
of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the
terms of such Securities as provided for by the terms of such series, provided that such Securities have not been previously so
credited. Such Securities shall be received and credited for such purpose by</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">the Trustee at the redemption price specified in such Securities
for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>3.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Redemption
of Securities for Sinking Fund</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Not less than 35 days prior to each sinking
fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee), the Company will
deliver to the Trustee an Officer&#8217;s Certificate specifying the amount of the next ensuing sinking fund payment for that series
pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities
of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer&#8217;s Certificate,
deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the
Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02
and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided
in Section 3.02. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Section 3.03.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
IV.</FONT><BR>
<BR>
CERTAIN COVENANTS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>4.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Payment
of Principal, Premium and Interest</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company will duly and punctually
pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and place
and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may
be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to
the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer
to, a U.S. dollar account (such wire transfer to be made only to a Securityholder of an aggregate principal amount of Securities
of the applicable series in excess of U.S. $2,000,000 and only if such Securityholder shall have furnished wire instructions to
the Trustee no later than 15 days prior to the relevant payment date). Payments of interest on the Securities may be made at the
time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder
entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account
(such a wire transfer to be made only to a Securityholder of an aggregate principal amount of Securities of the applicable series
in excess of U.S. $2,000,000 and only if such Securityholder shall have furnished wire instructions in writing to the Security
Registrar and the Trustee no later than 15 days prior to the relevant payment date).</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>4.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Maintenance
of Office or Agency</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">So long as any series of the Securities
remain Outstanding, the Company agrees to maintain an office or agency in the City of [&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;], the State of [&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;], with respect to each
such series and at such other location or locations as may be designated as provided in this</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Section 4.02, where (i)&thinsp;Securities of that series may
be presented for payment, (ii)&thinsp;Securities of that series may be presented as hereinabove authorized for registration of transfer
and exchange, and (iii)&thinsp;notices and demands to or upon the Company in respect of the Securities of that series and this Indenture
may be given or served, such designation to continue with respect to such office or agency until the Company shall, by written
notice signed by any officer authorized to sign an Officer&#8217;s Certificate and delivered to the Trustee, designate some other
office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served
at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations,
notices and demands.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>4.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Paying
Agents</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee,
the Company will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree
with the Trustee, subject to the provisions of this Section:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest
on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities)
in trust for the benefit of the Persons entitled thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make
any payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and
payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2)&thinsp;above,
upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>that it will perform all other duties of paying agent as set forth in this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each
due date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust
for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming
due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and
will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action.
Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the
principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient
to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">such principal, premium or interest, and (unless such paying
agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Notwithstanding anything in this Section to the contrary, (i)&thinsp;the agreement to hold sums in trust as provided in this
Section is subject to the provisions of Section 11.05, and (ii)&thinsp;the Company may at any time, for the purpose of obtaining
the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee
all sums held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions
as those upon which such sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying
agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>4.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Appointment
to Fill Vacancy in Office of Trustee</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company, whenever necessary to avoid
or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall
at all times be a Trustee hereunder.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>4.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Compliance
with Consolidation Provisions</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company will not, while any of the
Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company is not the survivor
of such transaction, or sell or convey all or substantially all of its property to any other Person unless the provisions of Article
Ten hereof are complied with.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
V.</FONT><BR>
<BR>
SECURITYHOLDERS&#8217; LISTS AND REPORTS<BR>
BY THE COMPANY AND THE TRUSTEE</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>5.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Company
to Furnish Trustee Names and Addresses of Securityholders</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company will furnish or cause to
be furnished to the Trustee (a)&thinsp;on a monthly basis on each regular record date (as defined in Section 2.03) a list, in such
form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular
record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list
shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b)&thinsp;at such other times
as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form
and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case,
no such list need be furnished for any series for which the Trustee shall be the Security Registrar.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>5.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Preservation
of Information; Communications with Securityholders</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses
of the holders of Securities contained</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">in the most recent list furnished to it as provided in Section
5.01 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if
acting in such capacity).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Securityholders may communicate as provided in Section 312(b)&thinsp;of the Trust Indenture Act with other Securityholders
with respect to their rights under this Indenture or under the Securities, and, in connection with any such communications, the
Trustee shall satisfy its obligations under Section 312(b)&thinsp;of the Trust Indenture Act in accordance with the provisions of
Section 312(b)&thinsp;of the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Every holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the
Company nor the Trustee nor any agent of either of them shall be held accountable by reason of the disclosure of information as
to the names and address of the Securityholders made pursuant to the Trust Indenture Act.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>5.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Reports
by the Company</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Company covenants and agrees to provide (which delivery may be via electronic mail) to the Trustee, after the Company
files the same with the Securities and Exchange Commission, copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing as the Securities and Exchange Commission may from time to time
by rules and regulations prescribe) that the Company files with the Securities and Exchange Commission pursuant to Section 13 or
Section 15(d)&thinsp;of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to
either of such sections, then to file with the Trustee, in accordance with the rules and regulations prescribed from time to time
by the Securities and Exchange Commission, such of the supplementary and periodic information, documents and reports that may be
required pursuant to Section 13 of the Exchange Act, in respect of a security listed and registered on a national securities exchange
as may be prescribed from time to time in such rules and regulations; provided, however, the Company shall not be required to deliver
to the Trustee any materials for which the Company has sought and received confidential treatment by the Securities and Exchange
Commission; and provided further, so long as such filings by the Company are available on the Securities and Exchange Commission&#8217;s
Electronic Data Gathering, Analysis and Retrieval System (EDGAR) or any successor system thereto, such filings shall be deemed
to have been filed with the Trustee for purposes of this Section 5.03 without any further action required by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Company covenants and agrees to file with the Trustee and the Securities and Exchange Commission, in accordance with
the rules and regulations prescribed from to time by the Securities and Exchange Commission, such additional information, documents
and reports with respect to compliance by the Company with the conditions and covenants provided for in this Indenture as may be
required from time to time by such rules and regulations.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT> The Company covenants and agrees to transmit by mail, first class postage prepaid, or reputable over-night delivery service
that provides for evidence of receipt, to the Securityholders, as their names and addresses appear upon the Security Register,
within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to
be filed by the Company pursuant to subsections (a)&thinsp;and (b)&thinsp;of this Section as may be required by rules and regulations
prescribed from time to time by the Securities and Exchange Commission.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>5.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Reports
by the Trustee</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>If required by Section 313(a)&thinsp;of the Trust Indenture Act, the Trustee, within sixty&thinsp;(60) days after each May&thinsp;1,
shall transmit by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security
Register, a brief report dated as of such May&thinsp;1, which complies with Section 313(a)&thinsp;of the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Trustee shall comply with Section 313(b)&thinsp;and 313(c)&thinsp;of the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the
Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Securities and Exchange
Commission. The Company agrees to notify the Trustee when any Securities become listed on any securities exchange.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
VI.</FONT><BR>
<BR>
REMEDIES OF THE TRUSTEE AND<BR>
SECURITYHOLDERS ON EVENT OF DEFAULT</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>6.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Events
of Default</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Whenever used herein with respect to Securities of a particular series, &#8220;Event of Default&#8221; means any one or
more of the following events that has occurred and is continuing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when
the same shall become due and payable, and continuance of such default for a period of 30 days; provided, however, that a valid
extension of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto, shall
not constitute a default in the payment of interest for this purpose;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as
and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment
required by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of
the maturity of such Securities in accordance with</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">the terms of any indenture supplemental hereto shall not
constitute a default in the payment of principal or premium, if any;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in
this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a
covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more series of Securities
other than such series) for a period of 60 days after the date on which written notice of such failure, requiring the same to be
remedied and stating that such notice is a &#8220;Notice of Default&#8221; hereunder, shall have been given to the Company by the
Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount
of the Securities of that series at the time Outstanding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the Company, pursuant to or within the meaning of any Bankruptcy Law, (i)&thinsp;commences a voluntary case, (ii)&thinsp;consents
to the entry of an order for relief against it in an involuntary case, (iii)&thinsp;consents to the appointment of a Custodian of
it or for all or substantially all of its property or (iv)&thinsp;makes a general assignment for the benefit of its creditors; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>a court of competent jurisdiction enters an order under any Bankruptcy Law that (i)&thinsp;is for relief against the Company
in an involuntary case, (ii)&thinsp;appoints a Custodian of the Company for all or substantially all of their respective property,
or (iii)&thinsp;orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>In each and every such case (other than an Event of Default specified in clause (4)&thinsp;or clause (5)&thinsp;above), unless
the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders
of not less than 25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing
to the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and
accrued and unpaid interest on all the Securities of that series to be due and payable immediately, and upon any such declaration
the same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4)&thinsp;or clause (5)&thinsp;above
occurs, the principal of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately
due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>At any time after the principal of the Securities of that series shall have been so declared due and payable, and before
any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders
of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder, by written notice to the
Company and the Trustee, may rescind and annul such declaration and its consequences if: (i)&thinsp;the Company has paid or deposited
with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series and the principal
of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with
interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon
overdue installments of interest, at</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">the rate per annum expressed in the Securities of that series
to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and (ii)&thinsp;any and all Events
of Default under the Indenture with respect to such series, other than the nonpayment of principal on Securities of that series
that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.06.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">No such rescission and annulment shall
extend to or shall affect any subsequent default or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture
and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason
or shall have been determined adversely to the Trustee, then and in every such case the Company, and the Trustee shall be restored
respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee
shall continue as though no such proceedings had been taken.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>6.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Collection
of Indebtedness and Suits for Enforcement by Trustee</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Company covenants that (1)&thinsp;in case it shall default in the payment of any installment of interest on any of the
Securities of a series, or any payment required by any sinking or analogous fund established with respect to that series as and
when the same shall have become due and payable, and such default shall have continued for a period of 30 days, or (2)&thinsp;in
case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same
shall have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or
otherwise, then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities
of that series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium,
if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent
that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum
expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, and the amount payable to the Trustee under Section 7.06.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of
an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection
of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any
such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged
or decreed to be payable in the manner provided by law out of the property of the Company or other obligor upon the Securities
of that series, wherever situated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition
or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">proceedings and take any action therein that may be permitted
by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and
documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of Securities of such
series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings
and for any additional amount that may become due and payable by the Company after such date, and to collect and receive any moneys
or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable
to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by
each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall
consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section
7.06.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>All rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to
Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof
at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in
its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of
any amounts due under Section 7.06, be for the ratable benefit of the holders of the Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In case of an Event of Default hereunder,
the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity
or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or
in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee
by this Indenture or by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Nothing contained herein shall be deemed
to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities of that series or the rights of any holder thereof or to authorize
the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>6.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Application
of Moneys Collected</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Any moneys collected by the Trustee pursuant
to this Article with respect to a particular series of Securities shall be applied in the following order, at the date or dates
fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest,
upon presentation of the Securities of that series, and notation thereon the payment, if only partially paid, and upon surrender
thereof if fully paid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">FIRST: To the payment of costs and expenses
of collection and of all amounts payable to the Trustee under Section 7.06;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">SECOND: To the payment of all Senior
Indebtedness of the Company if and to the extent required by Article Fourteen;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">THIRD: To the payment of the amounts
then due and unpaid upon Securities of such series for principal (and premium, if any) and interest, in respect of which or for
the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts
due and payable on such Securities for principal (and premium, if any) and interest, respectively; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">FOURTH: To the payment of the remainder,
if any, to the Company or any other Person lawfully entitled thereto.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>6.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Limitation
on Suits</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">No holder of any Security of any series
shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless (i)&thinsp;such holder previously shall have given to the Trustee written notice of an Event of Default
and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore
provided; (ii)&thinsp;the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding
shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as trustee hereunder;
(iii)&thinsp;such holder or holders shall have offered to the Trustee such reasonable indemnity as it may require against the costs,
expenses and liabilities to be incurred therein or thereby; and (iv)&thinsp;the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and (v)&thinsp;during such 60
day period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction
inconsistent with the request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Notwithstanding anything contained herein
to the contrary, any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal
of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in
such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment
on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and
by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security
of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series
shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or
prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference
to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal,
ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of
this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in
equity.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&thinsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>6.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
                                         </FONT><U>Rights and Remedies Cumulative; Delay or Omission Not Waiver.</U></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Except as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the
Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the
covenants and agreements contained in this Indenture or otherwise established with respect to such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon
any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a
waiver of any such default or on acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given
by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed
expedient, by the Trustee or by the Securityholders.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>6.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Control
by Securityholders</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The holders of a majority in aggregate
principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.04, shall have
the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee with respect to such series; provided, however, that such direction shall not be in
conflict with any rule of law or with this Indenture. Subject to the provisions of Section 7.01, the Trustee shall have the right
to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee,
determine that the proceeding so directed, subject to the Trustee&#8217;s duties under the Trust Indenture Act, would involve the
Trustee in personal liability or be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a
majority in aggregate principal amount of the Securities of any series at the time Outstanding affected thereby, determined in
accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any past default in the
performance of any of the covenants contained herein or established pursuant to Section 2.01 with respect to such series and its
consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of
that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default
has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited
with the Trustee (in accordance with Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to be
cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be
restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other
default or impair any right consequent thereon.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>6.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Undertaking
to Pay Costs</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">All parties to this Indenture agree,
and each holder of any Securities by such holder&#8217;s acceptance thereof shall be deemed to have agreed, that any court may
in its discretion require, in</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">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 Trustee, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys&#8217; fees, against any party litigant in such suit, having due regard to the merits and good faith
of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted
by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal
amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the
payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective due dates
expressed in such Security or established pursuant to this Indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
VII.</FONT><BR>
<BR>
CONCERNING THE TRUSTEE</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>7.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Certain
Duties and Responsibilities of Trustee</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing
of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with
respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and
no implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities
of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series
such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a
prudent man would exercise or use under the circumstances in the conduct of his own affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving
of all such Events of Default with respect to that series that may have occurred:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the
express provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except
for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture; but in the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">case of any such certificates or opinions that by any provision
hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine
whether or not they conform to the requirement of this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers
of the Trustee, unless it shall be proved that the Trustee, was negligent in ascertaining the pertinent facts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding
relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if
there is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under the
terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>7.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Certain
Rights of Trustee</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Except as otherwise provided in Section
7.01:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document reasonably believed
by it to be genuine and to have been signed or presented by the proper party or parties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution
or an instrument signed in the name of the Company, by two of the following officers: the President, any Senior Vice President,
any Executive Vice President, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary
of the Company (unless other evidence in respect thereof is specifically prescribed herein);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance
thereon;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</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,
order or direction of any of the Securityholders, pursuant to the provisions of this Indenture, unless such Securityholders shall
have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein
or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of
Default with respect to a</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">series of the Securities (that has not been cured or waived)
to exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to use
the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct
of his own affairs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be
authorized or within the discretion or rights or powers conferred upon it by this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</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, consent, order, approval, bond, security, or other papers or documents,
unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities
of the particular series affected thereby (determined as provided in Section 8.04); provided, however, that if the payment within
a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation
is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture,
the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding. The reasonable
expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon
demand; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</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 the capacities it may be appointed to hereunder,
and to each agent, custodian and other Person employed to act hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the Trustee may request that the Company deliver an Officers&#8217; Certificate setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers&#8217; Certificate
may be signed by any Person authorized to sign an Officers&#8217; 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: 0 0 12pt; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed)
may, in the absence of bad faith on its part, rely upon an Officers&#8217; Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, the Trustee shall not be
deemed to have knowledge of any Default or Event of Default except (1)&thinsp;any Event of Default occurring pursuant to Sections
6.01(a)(1)&thinsp;and 6.01(a)(2)&thinsp;or (2)&thinsp;any Default or Event of Default of which the Trustee shall have received written
notification in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">have obtained actual knowledge. Delivery of reports, information
and documents to the Trustee under Section 5.03 is for informational purposes only and the information and the Trustee&#8217;s
receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information
contained therein including the Company&#8217;s compliance with any of their covenants thereunder (as to which the Trustee is entitled
to rely exclusively on an Officer&#8217;s Certificate).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>7.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Trustee
Not Responsible for Recitals or Issuance or Securities</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes
no responsibility for the correctness of the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds
of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this
Indenture or established pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other
than the Trustee.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>7.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>May&thinsp;Hold
Securities</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Trustee or any paying agent or Security
Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would
have if it were not Trustee, paying agent or Security Registrar.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>7.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Moneys
Held in Trust</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Subject to the provisions of Section
11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for
which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be
under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>7.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Compensation
and Reimbursement</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation
(which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust), as the Company,
and the Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created
and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly
provided herein, the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation
and the expenses and disbursements of its counsel and of all Persons not regularly in its employ) except any such expense, disbursement
or</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">advance as may arise from its negligence or bad faith. The
Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless
against, any loss, liability, claim, action, suit, cost or expense of any kind and nature whatsoever incurred without negligence
or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust,
including the costs and expenses of defending itself against any claim of liability in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee
for expenses, disbursements and advances shall constitute additional indebtedness hereunder. Such additional indebtedness shall
be secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee as such.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>7.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Reliance
on Officer&#8217;s Certificate</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Except as otherwise provided in Section
7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that
a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other
evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the
Trustee, be deemed to be conclusively proved and established by an Officer&#8217;s Certificate delivered to the Trustee and such
certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any
action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>7.08<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Disqualification;
Conflicting Interests</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If the Trustee has or shall acquire any
&#8220;conflicting interest&#8221; within the meaning of Section 310(b)&thinsp;of the Trust Indenture Act, the Trustee and the Company
shall in all respects comply with the provisions of Section 310(b)&thinsp;of the Trust Indenture Act.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>7.09<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Corporate
Trustee Required; Eligibility</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">There shall at all times be a Trustee
with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing business under the
laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other
Person permitted to act as trustee by the Securities and Exchange Commission, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision
or examination by federal, state, territorial, or District of Columbia authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If such corporation or other Person publishes
reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to
be its combined capital and surplus as set forth in its most recent report of condition so published. The Company may not, nor
may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In
case at any time the Trustee shall cease to be eligible in accordance with the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">provisions of this Section, the Trustee shall resign immediately
in the manner and with the effect specified in Section 7.10.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>7.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Resignation
and Removal; Appointment of Successor</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Trustee or any successor hereafter appointed, may at any time resign with respect to the Securities of one or more series
by giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid,
to the Securityholders of such series, as their names and addresses appear upon the Security Register. Upon receiving such notice
of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument,
in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee
and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within
30 days after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction
for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who
has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly
situated, petition any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any,
as it may deem proper and prescribe, appoint a successor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>In case at any time any one of the following shall occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by
any Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after
written request therefor by the Company or by any such Securityholder; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy
proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then, in any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee
so removed and one copy to the successor trustee, or, unless the Trustee&#8217;s duty to resign is stayed as provided herein, any
Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder
and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee
and appoint a successor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any
time remove the Trustee with respect to such</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">series by so notifying the Trustee and the Company and may
appoint a successor Trustee for such series with the consent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series
pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee
as provided in Section 7.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more
series or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular
series.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>7.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Acceptance
of Appointment By Successor</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee
so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but,
on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver
an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly
assign, transfer and deliver to such successor trustee all property and money held by such retiring Trustee hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all)
series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall
execute and deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (1)&thinsp;shall
contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all
the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the
appointment of such successor trustee relates, (2)&thinsp;shall contain such provisions as shall be deemed necessary or desirable
to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3)&thinsp;shall
add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible
for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring
Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates
have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested
in the Trustee under this Indenture, and each such successor trustee,</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series
to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental indenture,
the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which
the appointment of such successor trustee relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Upon request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a)&thinsp;or (b)&thinsp;of
this Section, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be
qualified and eligible under this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of
the succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses
appear upon the Security Register. If the Company fails to transmit such notice within ten days after acceptance of appointment
by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>7.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Merger,
Conversion, Consolidation or Succession to Business</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Any corporation into which the Trustee
may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions
of Section 7.08 and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further
act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any Securities shall have
been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such
successor Trustee had itself authenticated such Securities.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>7.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Preferential
Collection of Claims Against the Company</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Trustee shall comply with Section
311(a)&thinsp;of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b)&thinsp;of the Trust Indenture
Act. A Trustee who has resigned or been removed shall be subject to Section 311(a)&thinsp;of the Trust Indenture Act to the extent
included therein.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>7.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Notice
of Default</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If any Default or any Event of Default
occurs and is continuing and if such Default or Event of Default is known to a Responsible Officer of the Trustee, the Trustee
shall mail to each</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Securityholder in the manner and to the extent provided in
Section 313(c)&thinsp;of the Trust Indenture Act notice of the Default or Event of Default within the earlier of 90 days after it
occurs and 30 days after it is known to a Responsible Officer of the Trustee or written notice of it is received by the Trustee,
unless such Default or Event of Default has been cured; provided, however, that, except in the case of a default in the payment
of the principal of (or premium, if any) or interest on any Security, the Trustee shall be protected in withholding such notice
if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers
of the Trustee in good faith determine that the withholding of such notice is in the interest of the Securityholders.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
VIII.</FONT><BR>
<BR>
CONCERNING THE SECURITYHOLDERS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>8.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Evidence
of Action by Securityholders</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Whenever in this Indenture it is provided
that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular series may
take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any
other action), the fact that at the time of taking any such action the holders of such majority or specified percentage of that
series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders
of Securities of that series in Person or by agent or proxy appointed in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If the Company shall solicit from the
Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company
may, at its option, as evidenced by an Officer&#8217;s Certificate, fix in advance a record date for such series for the determination
of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, 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 action may be given before or after the record date, but only the Securityholders of record at
the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders
of the requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series
shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders
on the 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>8.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Proof
of Execution by Securityholders</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Subject to the provisions of Section
7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his agent or proxy
and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT> The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable
to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security
Registrar thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>8.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Who
May&thinsp;be Deemed Owners</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Prior to the due presentment for registration
of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person
in whose name such Security shall be registered upon the books of the Company as the absolute owner of such Security (whether or
not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the
Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to
Section 2.03) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent
nor any Security Registrar shall be affected by any notice to the contrary.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>8.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Certain
Securities Owned by Company Disregarded</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In determining whether the holders of
the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent or waiver
under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that
series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or any other
obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination,
except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or
waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so
owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall
establish to the satisfaction of the Trustee the pledgee&#8217;s right so to act with respect to such Securities and that the pledgee
is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company
or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel
shall be full protection to the Trustee.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>8.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Actions
Binding on Future Securityholders</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">At any time prior to (but not after)
the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the majority or percentage
in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action,
any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders of which have
consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02,
revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">holder of any Security shall be conclusive and binding upon
such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration
of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security.
Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series
specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the
holders of all the Securities of that series.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
IX.</FONT><BR>
<BR>
SUPPLEMENTAL INDENTURES</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>9.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Supplemental
Indentures Without the Consent of Securityholders</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition to any supplemental indenture
otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture
or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without
the consent of the Securityholders, for one or more of the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>to cure any ambiguity, defect, or inconsistency herein, or in the Securities of any series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>to comply with Article Ten;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>to provide for uncertificated Securities in addition to or in place of certificated Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>to add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of
all or any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less
than all series of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included
solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such
additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power herein conferred
upon the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>to convey, transfer, assign, mortgage or pledge any property to or with the Trustee or otherwise secure any series of the
Securities, including provisions regarding the circumstances under which collateral may be released or substituted;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT> to add any additional Events of Default for the benefit of the Holders of any one or more series of Securities (and if
such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional
Events of Default are expressly being included solely for the benefit of such series);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate
the issuance of Securities in bearer form, registrable</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">or not registrable as to principal, and with or without interest
coupons, or to permit or facilitate the issuance of Securities in global form or uncertificated form;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided
that any such addition, change or elimination (A) shall neither (i) apply to any Outstanding Security of any series created prior
to the execution of such supplemental indenture and entitled to the benefit of such provision, or (ii) modify the rights of any
Holder of any Outstanding Security with respect to such provision, or (B) shall become effective when there is no Security then
Outstanding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>to make any change that does not adversely affect the rights of any Securityholder in any material respect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided
in Section 2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or
any series of Securities, or to add to the rights of the holders of any series of Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>to evidence and provide for the acceptance of appointment hereunder by a successor trustee; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>to comply with any requirements of the Securities and Exchange Commission or any successor in connection with the qualification
of this Indenture under the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Trustee is hereby authorized to join
with the Company in the execution of any such supplemental 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 any such supplemental indenture that affects
the Trustee&#8217;s own rights, duties or immunities under this Indenture or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Any supplemental indenture authorized
by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders of any of the
Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>9.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Supplemental
Indentures With Consent of Securityholders</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">With the consent (evidenced as provided
in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected
by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the
Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to
the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered
by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby,</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT> extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or
extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>change any obligation to pay additional amounts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>reduce the amount of principal of an original issue discount security or any other Security payable upon acceleration of
the maturity thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>change currency in which any Security or any premium or interest is payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>impair the right to enforce any payment on or with respect to any Security;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>adversely change the right to convert or exchange, including decreasing the conversion rate or increasing the conversion
price of, such Security (if applicable);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>modify the subordination provisions in a manner adverse to the holders of such Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>if the Securities are secured, change the terms and conditions pursuant to which the Securities are secured in a manner
adverse to the holders of the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>reduce the percentage in principal amount of outstanding Securities of any series, the consent of whose holders is required
for modification or amendment of the indenture or for waiver of compliance with certain provisions of the indenture or for waiver
of certain defaults;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>reduce the requirements contained in the indenture for quorum or voting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>change any obligations of the Company to maintain an office or agency in the places and for the purposes required by the
indentures; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>modify any of the above provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">It shall not be necessary for the consent
of the Securityholders of any series affected thereby under this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the substance thereof.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>9.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Effect
of Supplemental Indentures</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Upon the execution of any supplemental
indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect to such series, be
and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights,</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">obligations, duties and immunities under this Indenture of
the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised
and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>9.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Securities
Affected by Supplemental Indentures</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Securities of any series, affected by
a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions
of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets the requirements
of any exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company
shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors of the Company,
to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated
by the Trustee and delivered in exchange for the Securities of that series then Outstanding.</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>9.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT><U>Execution
of Supplemental Indentures</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Upon the request of the Company, accompanied
by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of
evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in
the execution of such supplemental indenture unless such supplemental indenture affects the Trustee&#8217;s own rights, duties
or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to
enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.01, may receive an Opinion of Counsel
as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by, and conforms
to, the terms of this Article and that it is proper for the Trustee under the provisions of this Article to join in the execution
thereof; provided, however, that such Opinion of Counsel need not be provided in connection with the execution of a supplemental
indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Promptly after the execution by the
Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee shall transmit by
mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the
Securityholders of all series affected thereby as their names and addresses appear upon the Security Register. Any failure of
the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="text-transform: uppercase">Article
X.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="text-transform: uppercase">SUCCESSOR CORPORATION</FONT></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>10.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Company May&thinsp;Consolidate,
Etc</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Except as provided pursuant to Section
2.01 pursuant to a Board Resolution, and set forth in an Officer&#8217;s Certificate, or established in one or more indentures
supplemental to this Indenture, nothing contained in this Indenture shall prevent any consolidation or merger of the Company with
or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company
or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition
of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other corporation
(whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided,
however, (a)&thinsp;the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company
is not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the
principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series,
according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture
with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the
Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act,
as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by
such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property
and (b)&thinsp;in the event that the Securities of any series then Outstanding are convertible into or exchangeable for shares of
common stock or other securities of the Company, such entity shall, by such supplemental indenture, make provision so that the
Securityholders of Securities of that series shall thereafter be entitled to receive upon conversion or exchange of such Securities
the number of securities or property to which a holder of the number of shares of common stock or other securities of the Company
deliverable upon conversion or exchange of those Securities would have been entitled had such conversion or exchange occurred immediately
prior to such consolidation, merger, sale, conveyance, transfer or other disposition.</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>10.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Successor Corporation
Substituted</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the
successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the
obligations set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall succeed
to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor
corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT> In case of any such consolidation, merger, sale, conveyance, transfer or other disposition such changes in phraseology
and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Nothing contained in this Article shall require any action by the Company in the case of a consolidation or merger of any
Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or
otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>10.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Evidence of Consolidation,
Etc. to Trustee</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Trustee, subject to the provisions
of Section 7.01, may receive an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance,
transfer or other disposition, and any such assumption, comply with the provisions of this Article.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
XI.</FONT><BR>
<BR>
SATISFACTION AND DISCHARGE</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>11.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Satisfaction and
Discharge of Indenture</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If at any time: (a)&thinsp;the Company
shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated (other than any Securities
that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07) and Securities
for whose payment money or Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by
the Company (and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05); or (b)&thinsp;all
such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable,
or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with
the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient in the
opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee for
cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed
for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with
respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series
except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity
or redemption date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee,
on demand of the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction
of and discharging this Indenture with respect to such series.</P>

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<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>11.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;
                                         <U>Discharge of Obligations.</U></FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If at any time all such Securities of
a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described
in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount
of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore
delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such
date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other
sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations,
as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect to such series
shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10 and 11.05
hereof that shall survive until such Securities shall mature and be paid. Thereafter, Sections 7.06 and 11.05 shall survive.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>11.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Deposited Moneys
to be Held in Trust</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">All moneys or Governmental Obligations
deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as due,
either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular
series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the
Trustee.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>11.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Payment of Moneys
Held by Paying Agents</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In connection with the satisfaction and
discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the provisions of this Indenture
shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability
with respect to such moneys or Governmental Obligations.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>11.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Repayment to Company</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Any moneys or Governmental Obligations
deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium, if
any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities
for at least two years after the date upon which the principal of (and premium, if any) or interest on such Securities shall have
respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property
law, shall be repaid to the Company on May&thinsp;31 of each year or upon the Company&#8217;s request or (if then held by the Company)
shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability
with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment
shall thereafter, as a general creditor, look only to the Company for the payment thereof.</P>




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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
XII.</FONT></P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">IMMUNITY OF INCORPORATORS, STOCKHOLDERS,<BR>
OFFICERS AND DIRECTORS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>12.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>No Recourse</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">No recourse under or upon any obligation,
covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall
be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor
or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal
liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such,
of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities
or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity
or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer
or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants
or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released
as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
XIII.</FONT><BR>
<BR>
MISCELLANEOUS PROVISIONS</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>13.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Effect on Successors
and Assigns</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">All the covenants, stipulations, promises
and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns, whether so expressed
or not.</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>13.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Actions by Successor</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Any act or proceeding by any provision
of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may
be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall
at the time be the lawful sole successor of the Company.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>13.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Surrender of Company
Powers</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company by instrument in writing
executed by authority of 2/3 (two-thirds) of its Board of Directors and delivered to the Trustee may surrender any of the powers
reserved to the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Company, and thereupon such power so surrendered shall terminate
both as to the Company and as to any successor corporation.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>13.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Notices</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Except as otherwise expressly provided
herein any notice, request or demand that by any provision of this Indenture is required or permitted to be given, made or served
by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given
or served by being deposited in first class mail, postage prepaid, addressed (until another address is filed in writing by the
Company with the Trustee), as follows: Lexington Realty Trust, One Penn Plaza, Suite 4015, New York, NY 10119. Any notice, election,
request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee
shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office
of the Trustee.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>13.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Governing Law</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This Indenture and each Security shall
be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance
with the laws of said State.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>13.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Treatment of Securities
as Debt</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">It is intended that the Securities will
be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted
to further this intention.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>13.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Compliance Certificates
and Opinions</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture,
the Company, shall furnish to the Trustee an Officer&#8217;s Certificate stating that all conditions precedent provided for in
this Indenture (other than the certificate to be delivered pursuant to Section 13.12) relating to the proposed action have been
complied with and, if requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent
have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents
is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate
or opinion need be furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with
a condition or covenant in this Indenture shall include (1)&thinsp;a statement that the Person making such certificate or opinion
has read such covenant or condition; (2)&thinsp;a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based; (3)&thinsp;a statement that, in the opinion
of such Person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to
whether or not such covenant or</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">condition has been complied with; and (4)&thinsp;a statement
as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>13.08<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Payments on Business
Days</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Except as provided pursuant to Section
2.01 pursuant to a Board Resolution, and as set forth in an Officer&#8217;s Certificate, or established in one or more indentures
supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of
redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) may be made
on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and
no interest shall accrue for the period after such nominal date.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>13.09<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Conflict with Trust
Indenture Act</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If and to the extent that any provision
of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture
Act, such imposed duties shall control.</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>13.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Counterparts</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This Indenture may be executed in any
number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same
instrument.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>13.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Separability</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In case any one or more of the provisions
contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such
Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision
had never been contained herein or therein.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>13.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Compliance Certificates</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company shall deliver to the Trustee,
within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an officer&#8217;s
certificate stating whether or not the signers know of any Default or Event of Default that occurred during such fiscal year. Such
certificate shall contain a certification from the principal executive officer, principal financial officer or principal accounting
officer of the Company that a review has been conducted of the activities of the Company and the Company&#8217;s performance under
this Indenture and that the Company has complied with all conditions and covenants under this Indenture. For purposes of this Section
13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture.
If the officer of the Company signing such certificate has knowledge of such a Default or Event of Default, the certificate shall
describe any such Default or Event of Default and its status.</P>




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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
XIV.</FONT></P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">SUBORDINATION OF SECURITIES</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Section</TD><TD>14.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp; </FONT><U>Subordination Terms</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The payment by the Company of the principal
of, premium, if any, and interest on any series of Securities issued hereunder shall be subordinated to the extent set forth in
an indenture supplemental hereto relating to such Securities.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto
have caused this Indenture to be duly executed all as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">LEXINGTON REALTY TRUST<BR>
<BR>
By: ____________________________<BR>
Name:</P>

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

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

<P STYLE="margin: 0 0 0 3in; font: 10pt Times New Roman, Times, Serif">[&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;],</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">as Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&thinsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">By: _____________________________<BR>
Name:<BR>
Title:</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">CROSS-REFERENCE TABLE*</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 38%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">Section of Trust<BR>
        Indenture Act of 1939, as amended</P></TD>
    <TD STYLE="vertical-align: top; width: 42%; padding-right: 5.75pt; padding-left: 5.75pt">&thinsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 20%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Section of<BR>
        Indenture</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&thinsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&thinsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">310(a)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">7.09</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">310(b)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">7.08</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&thinsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">7.10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">310(c)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Inapplicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">311(a)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">7.13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">311(b)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">7.13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">311(c)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Inapplicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">312(a)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">5.01</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&thinsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">5.02(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">312(b)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">5.02(c)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">312(c)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">5.02(d)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">313(a)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">5.04(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">313(b)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">5.04(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">313(c)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">5.04(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&thinsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">5.04(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">313(d)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">5.04(c)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">314(a)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">5.03</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&thinsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">13.12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">314(b)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Inapplicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">314(c)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">13.07(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">314(d)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Inapplicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">314(e)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">13.07(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">314(f)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Inapplicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">315(a)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">7.01(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&thinsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">7.01(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">315(b)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">7.14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">315(c)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">7.01(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">315(d)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">7.01(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">315(e)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">6.07</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">316(a)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">6.06</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&thinsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">8.04</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">316(b)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">6.04</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">316(c)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">8.01</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">317(a)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">6.02</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">317(b)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">4.03</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">318(a)&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">13.09</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&thinsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&thinsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">*&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;This
Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of
its terms or provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>exhibit5-1.htm
<DESCRIPTION>OPINION OF PAUL HASTINGS LLP
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&thinsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font-size: 10pt"><IMG SRC="g001.jpg" ALT="" STYLE="height: 54px; width: 184px"></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&thinsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&thinsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.25in; text-align: center">February 19, 2021</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in">Lexington Realty Trust<BR>
One Penn Plaza, Suite 4015<BR>
New York, NY 10119</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in">Re: Lexington Realty Trust &ndash; Registration Statement on Form S-3</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 1in">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">We have acted
as counsel to Lexington Realty Trust, a Maryland real estate investment trust (the &ldquo;<U>Company</U>&rdquo;), in
connection with the registration statement on Form S-3 (the &ldquo;<U>Registration Statement</U>&rdquo;) to be filed with the
Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) by the Company on the date hereof under the
Securities Act of 1933, as amended (the &ldquo;<U>Act</U>&rdquo;), including the prospectus included therein (the
&ldquo;<U>Prospectus</U>&rdquo;). The Registration Statement relates to the issuance and sale by the Company from time to
time, pursuant to Rule 415 of the rules and regulations promulgated under the Act, of an unspecified amount of securities of
the Company, consisting of: (i) shares of beneficial interest classified as common stock, par value $0.0001 per share, of the
Company (the &ldquo;<U>Common Stock</U>&rdquo;); (ii) shares of beneficial interest classified as preferred stock, par value
$0.0001 per share, of the Company, to be issued in one or more series (the &ldquo;<U>Preferred Stock</U>&rdquo;); (iii)
shares of Preferred Stock represented by depositary shares (&ldquo;<U>Depositary Shares</U>&rdquo;) evidenced by depositary
receipts (&ldquo;<U>Receipts</U>&rdquo;), which may be issued pursuant to one or more deposit agreements (each, a
&ldquo;<U>Deposit Agreement</U>&rdquo;) to be entered into between the Company and a depositary to be named (the
&ldquo;<U>Depositary</U>&rdquo;); (iv) senior debt securities or subordinated debt securities (the &ldquo;<U>Debt
Securities</U>&rdquo;) to be issued in one or more series under the indenture (the &ldquo;<U>Senior Indenture</U>&rdquo;),
dated as of May&thinsp;9, 2014, among the Company, Lepercq Corporate Income Fund L.P. and U.S. Bank as trustee (the
&ldquo;<U>Senior Trustee</U>&rdquo;) or the subordinated indenture (the &ldquo;<U>Subordinated Indenture</U>,&rdquo; and
together with the Senior Indenture, the &ldquo;<U>Indentures</U>&rdquo;) proposed to be entered into between the Company and
a trustee to be named (with the Senior Trustee, the &ldquo;<U>Trustees</U>&rdquo; and each, a &ldquo;<U>Trustee</U>&rdquo;);
(v) warrants (the &ldquo;<U>Warrants</U>&rdquo;) to purchase debt or equity securities of the Company described in the
Registration Statement as shall be designated by the Company at the time of the offering issued pursuant to one or more
warrant agreements (each, a &ldquo;<U>Warrant Agreement</U>&rdquo;) proposed to be entered into between the Company and
warrant agents to be named (each, a &ldquo;<U>Warrant Agent</U>&rdquo;); (vi) subscription rights (the &ldquo;<U>Subscription
Rights</U>&rdquo;) to purchase debt or equity securities of the Company, which may be issued under one or more subscription
rights certificates (each, a &ldquo;<U>Subscription Rights Certificate</U>&rdquo;) and/or pursuant to one or more
subscription rights agreements (each a &ldquo;<U>Subscription Rights Agreement</U>&rdquo;) proposed to be entered into
between the Company and subscription agents to be named (each, a &ldquo;<U>Subscription Agent</U>&rdquo;); and (vii) units
(the &ldquo;<U>Units</U>&rdquo;) consisting of any of the Common Stock, Preferred Stock, Depositary Shares, Debt Securities,
Warrants, Subscription Rights or any combination of such securities. The Common Stock, Preferred Stock, Depositary Shares,
Debt Securities, Warrants, Subscription Rights and Units are collectively referred to herein as the &ldquo;<U>Offered
Securities</U>.&rdquo; The Registration Statement provides that the Offered Securities may be offered from time to time in
amounts, at prices and on terms to be set forth in one or more supplements to the Prospectus (each, a &ldquo;<U>Prospectus
Supplement</U>&rdquo;). This opinion letter is being delivered in accordance with the requirements of Item 601(b)(5) of
Regulation S-K under the Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&thinsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: right"><FONT STYLE="font-size: 7pt">Paul Hastings
LLP | 200 Park Avenue | New York, NY 10166<BR>
t: +1.212.318.6000 | www.paulhastings.com</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify">As such counsel and for purposes of our
opinions set forth below, we have examined originals or copies, certified or otherwise identified to our satisfaction, of such
documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or appropriate
as a basis for the opinions set forth herein, including, without limitation:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">the Registration Statement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">the Senior Indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">the form of the Subordinated Indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify">the unanimous written consent of the board of trustee of the Company, (the &ldquo;<U>Board of Trustees</U>&rdquo;),
dated as of February 17, 2021, relating to the registration of the Offered Securities and related matters.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">In addition to the
foregoing, we have made such investigations of law as we have deemed necessary or appropriate as a basis for the opinions set forth
herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">In such
examination and in rendering the opinions expressed below, we have assumed: (i) that the Company is a real estate investment
trust duly formed and existing by virtue of the laws of the State of Maryland and is in good standing with the State
Department of Assessments and Taxation of Maryland; (ii) the due authorization, execution and delivery of all agreements,
instruments, and other documents by all the parties thereto; (iii) the genuineness of all signatures on all agreements,
instruments, corporate records, certificates and other documents submitted to us; (iv) the authenticity and completeness of
all agreements, documents, corporate records, certificates and other instruments submitted to us; (v) that photocopy,
electronic, certified, conformed, facsimile and other copies submitted to us of original agreements, documents, corporate
records, certificates and other instruments conform to the original agreements, documents, records, certificates and other
instruments, and that all such original agreements, documents, corporate records, certificates and other instruments were
authentic and complete; (vi) the legal capacity and competency of all individuals executing documents; (vii) that no
documents submitted to us have been amended or terminated orally or in writing except as has been disclosed to us in writing;
(viii) that the statements contained in the certificates and comparable documents of public officials, officers and
representatives of the Company and other persons on which we have relied for the purposes of this opinion letter are true and
correct on and as of the date hereof; (ix) that the execution, delivery and performance by the Company of the Senior
Indenture do not constitute a breach or violation of any agreement or instrument that is binding upon the Company or its
charter or bylaws; (x) that each of the officers and members of the Board of Trustees has properly exercised his or her
fiduciary duties; (xi) that New York law will be chosen to govern the Debt Securities, the Indentures, the Warrants, the
Warrant Agreements, the Depositary Shares, the Deposit Agreements, the Subscription Rights, the Subscription Rights
Agreements and the Units and that such choice is legally enforceable, and that the Debt Securities, the Indentures, the
Warrants, the Warrant Agreements, the Depositary Shares, the Deposit Agreements, the Subscription Rights, the Subscription
Rights Agreements and the Units will contain all provisions required under the laws of the State of Maryland in respect of
contracts for the sale of securities issued by a Maryland real estate investment trust; (xii) that there are no agreements or
understandings between or among the parties to the Debt Securities, the Indentures, the Warrants, the Warrant Agreements, the
Depositary Shares, the Deposit Agreements, the Subscription Rights, the Subscription Rights Agreements or the Units that
would expand, modify or otherwise affect the terms of such agreements or instruments or the respective rights or obligations
of the parties thereunder; (xiii) at the time of execution, authentication or countersignature, issuance and delivery of any
Offered Securities, each of the Deposit Agreements, Subordinated Indenture (including any supplemental indentures thereto),
Warrant Agreements, Subscription Rights Agreements </P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify">and unit agreements (collectively, the &ldquo;<U>Securities
Agreements</U>&rdquo;) will be, and in the case of the Senior Indenture, is, the valid and legally binding obligation of all
parties thereto (other than the Company), enforceable against such parties (other than the Company) in accordance with their
respective terms; and (xiv) that the Debt Securities, the Indentures, the Warrants, the Warrant Agreements, the Depositary
Shares, the Deposit Agreements, the Subscription Rights, the Subscription Rights Agreements and the Units will conform to the
descriptions thereof set forth in the Prospectus. As to all questions of fact material to this opinion letter, we have relied
(without independent investigation or verification) upon representations and certificates or comparable documents of officers
and representatives of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">Based upon the foregoing,
and in reliance thereon, and subject to the limitations, assumptions, qualifications and exceptions set forth herein, we are of
the following opinion:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT>With
respect to any series of Debt Securities to be offered by the Company pursuant to the Registration Statement (the
&ldquo;<U>Offered Debt Securities</U>&rdquo;), when (i) the Registration Statement, as finally amended (including all
necessary post-effective amendments), has become effective under the Act and the Indentures, any supplemental indentures and
the Trustee have been qualified under the Trust Indenture Act of 1939, as amended (the &ldquo;<U>Trust Indenture
Act</U>&rdquo;); (ii) a Prospectus Supplement or term sheet with respect to the Offered Debt Securities has been prepared,
delivered and filed in compliance with the Act and the applicable rules and regulations thereunder; (iii) if the Offered Debt
Securities are to be sold pursuant to a firm commitment underwritten offering, the underwriting agreement with respect to the
Offered Debt Securities has been duly authorized, executed and delivered by the Company and the other parties thereto; (iv)
the Board of Trustees, including any appropriate committee thereof appointed thereby, and appropriate officers of the Company
have taken all necessary corporate action to approve the issuance and terms of the Offered Debt Securities and related
matters; (v) the Indentures and any supplemental indenture to be entered into in connection with the issuance of the Offered
Debt Securities have been duly authorized, executed and delivered by each party thereto; (vi) the terms of the Offered Debt
Securities and of their issuance and sale have been duly established in conformity with the Indentures and any applicable
supplemental indentures so as not to violate any applicable law, the Declaration of Trust of the Company as then in effect
(the &ldquo;<U>Charter</U>&rdquo;) or the Amended and Restated By-laws of the Company as then in effect (the
&ldquo;<U>By-laws</U>&rdquo;), or result in a default under or breach of any agreement or instrument binding upon the Company
and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over
the Company; and (vii) the Offered Debt Securities have been issued in a form that complies with the Indentures and have been
duly executed and authenticated in accordance with the provisions of the Indentures and any applicable supplemental indenture
to be entered into in connection with the issuance of the Offered Debt Securities and duly delivered to the purchasers
thereof upon payment of the agreed-upon consideration therefor in the manner contemplated in the Registration Statement or
any Prospectus Supplement or term sheet relating thereto, the Offered Debt Securities (including any Debt Securities duly
issued upon conversion, exchange or exercise of any Debt Securities, Preferred Stock or Warrants), when issued and sold in
accordance with the Indentures and any applicable supplemental indenture to be entered into in connection with the issuance
of the Debt Securities and the applicable underwriting agreement, if any, or any other duly authorized, executed and
delivered valid and binding purchase or agency agreement, will constitute the valid and binding obligations of the Company,
enforceable against the Company in accordance with their respective terms.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>With respect to any series of Warrants to be offered by the Company pursuant to the Registration Statement (the &ldquo;<U>Offered
Warrants</U>&rdquo;), when (i) the Registration Statement, as finally amended (including all necessary post-effective amendments),
has become effective under the Act and any Indentures and supplemental indentures to be entered into in connection with the issuance
of any Debt Securities related to such Offered Warrants have been qualified under the Trust Indenture Act; (ii) a Prospectus Supplement
or term sheet with respect to the Offered Warrants has been prepared, delivered and filed in compliance with the Act and the applicable
rules and regulations thereunder; (iii) if the Offered Warrants are to be sold pursuant to a firm commitment underwritten offering,
the underwriting agreement with respect to the Offered Warrants has been duly authorized, executed and delivered by the Company
and the other parties thereto; (iv) the Board of Trustees, including any appropriate committee thereof appointed thereby, and appropriate
officers of the Company have taken all necessary corporate action to approve the issuance and terms of the Offered Warrants and
related matters; (v) the Warrant Agreement entered into in connection with the issuance of the Offered Warrants and any Indentures
and supplemental indentures to be entered into in connection with the issuance of any Debt Securities related to such Offered Warrants
have been duly authorized, executed and delivered by each party thereto; (vi) the terms of the Offered Warrants and any Debt Securities
related to such Offered Warrants and of their issuance and sale have been duly established in conformity with the applicable Warrant
Agreement and Indentures and any supplemental indentures so as not to violate any applicable law, the Charter or the By-laws or
result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement
or restriction imposed by any court or governmental body having jurisdiction over the Company; (vii) the Common Stock or the Preferred
Stock relating to the Offered Warrants have been duly authorized for issuance; (viii) the Debt Securities relating to the Offered
Warrants have been duly executed and authenticated in accordance with the provisions of the Indentures and any applicable supplemental
indenture thereto; and (ix) the Offered Warrants have been duly executed, delivered, countersigned, issued and sold in accordance
with the provisions of the applicable Warrant Agreement, the Offered Warrants (including any Warrants duly issued upon conversion,
exchange or exercise of any Debt Securities or Preferred Stock), when issued and sold in accordance with the applicable Warrant
Agreement and the applicable underwriting agreement or any other duly authorized, executed and delivered valid and binding purchase
or agency agreement, will constitute the valid and binding obligations of the Company, enforceable against the Company in accordance
with their respective terms.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT>With
respect to Depositary Shares to be offered by the Company pursuant to the Registration Statement (the &ldquo;<U>Offered
Depositary Shares</U>&rdquo;), when (i) the Registration Statement, as finally amended (including all necessary
post-effective amendments), has become effective under the Act; (ii) a Prospectus Supplement or term sheet with respect to
the Offered Depositary Shares has been prepared, delivered and filed in compliance with the Act and the applicable rules and
regulations thereunder; (iii) if the Offered Depositary Shares are to be sold pursuant to a firm commitment underwritten
offering, the underwriting agreement with respect to the Offered Depositary Shares has been duly authorized, executed and
delivered by the Company and the other parties thereto; (iv) the Board of Trustees, including any appropriate committee
thereof appointed thereby, and appropriate officers of the Company have taken all necessary corporate action to approve the
issuance and terms of the Offered Depositary Shares and the related series of Preferred Stock, the applicable Deposit
Agreement and related matters, including the adoption of articles supplementary for such related series of Preferred Stock in
the form required by Maryland law; (v) the Deposit Agreement to be entered into in connection with the issuance of the
Offered Depositary Shares has been duly authorized, executed and delivered by each party thereto; (vi) articles supplementary
for the related series of Preferred Stock have been duly filed with the State Department of Assessments and Taxation of
Maryland; (vii) the terms of the Offered Depositary Shares and Preferred Stock and of their issuance and sale have been duly
established in conformity with the applicable Deposit </P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify">Agreement and the Charter so as not to violate any applicable law, the
Charter or By-laws or result in a default under or breach of any agreement or instrument binding upon the Company and so as
to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company;
(viii) the Preferred Stock relating to the Offered Depositary Shares has been duly authorized for issuance; (ix) the Offered
Depositary Shares have been duly executed, delivered, countersigned, issued and sold in accordance with the provisions of the
applicable Deposit Agreement, and the Offered Depositary Shares and the related shares of Preferred Stock have been delivered
to the Depositary for deposit in accordance with the applicable Deposit Agreement; and (x) the Receipts evidencing the
Offered Depositary Shares have been duly issued against deposit of the related shares of Preferred Stock with the Depositary
in accordance with the applicable Deposit Agreement, such Deposit Agreement will constitute the valid and binding obligation
of the Company, enforceable against the Company in accordance with its terms.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp; </FONT>With
respect to Subscription Rights to be offered by the Company pursuant to the Registration Statement (the &ldquo;<U>Offered
Subscription Rights</U>&rdquo;), when (i) the Registration Statement, as finally amended (including all necessary
post-effective amendments), has become effective under the Act and any Indentures and supplemental indentures to be entered
into in connection with the issuance of any Debt Securities related to such Offered Subscription Rights have been qualified
under the Trust Indenture Act; (ii) a Prospectus Supplement or term sheet with respect to the Offered Subscription Rights has
been prepared, delivered and filed in compliance with the Act and the applicable rules and regulations thereunder; (iii) if
the Offered Subscription Rights are to be sold pursuant to a firm commitment underwritten offering, the underwriting
agreement with respect to the Offered Subscription Rights has been duly authorized, executed and delivered by the Company and
the other parties thereto; (iv) the Board of Trustees, including any appropriate committee thereof appointed thereby, and
appropriate officers of the Company have taken all necessary corporate action to approve the issuance and terms of the
Offered Subscription Rights and related matters, including setting forth the terms of the Subscription Rights in a
Subscription Rights Certificate and/or Subscription Rights Agreement and the adoption of articles supplementary for such
related series of Preferred Stock in the form required by Maryland law; (v) the Subscription Agreement to be entered into in
connection with the issuance of the Offered Subscription Rights and any Indentures and supplemental indentures to be entered
into in connection with the issuance of any Debt Securities related to such Offered Subscription Rights have been duly
authorized, executed and delivered by each party thereto; (vi) any articles supplementary for any related series of Preferred
Stock have been duly filed with the State Department of Assessments and Taxation of Maryland; (vii) the terms of the Offered
Subscription Rights and any Debt Securities related to such Offered Subscription Rights and of their issuance and sale have
been duly established by the Company and the applicable Subscription Agent in conformity with the applicable Subscription
Rights Agreement and Subscription Rights Certificate and Indentures and any supplemental indentures so as not to violate any
applicable law, the Charter or By-laws or result in a default under or breach of any agreement or instrument binding upon the
Company and so as to comply with any requirement or restriction imposed by any court or government body having jurisdiction
over the Company; (viii) the Common Stock or the Preferred Stock relating to the Offered Subscription Rights have been duly
authorized for issuance; (ix) the Debt Securities relating to the Offered Subscription Rights have been duly executed and
authenticated in accordance with the provisions of the Indentures and any applicable supplemental indenture thereto; and (x)
the Offered Subscription Rights have been duly executed, delivered, countersigned, issued and sold in accordance with the
provisions of the applicable Subscription Rights Agreement and the Subscription Rights Certificate, the Offered Subscription
Rights, when issued and sold in accordance with the applicable Subscription Rights Agreement, Subscription Rights Certificate
and the applicable purchase agreement or any other duly authorized, executed and delivered valid and binding purchase or
agency agreement, will constitute the </P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify">valid and binding obligations of the Company, enforceable against the Company in
accordance with their respective terms.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">5.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>With respect to any series of Units to be offered by the Company pursuant to the Registration Statement (the &ldquo;<U>Offered
Units&rdquo;),</U> when (i) the Registration Statement, as finally amended (including all necessary post-effective amendments),
has become effective under the Act and any Indentures and supplemental indentures to be entered into in connection with the issuance
of any Debt Securities related to such Offered Units have been qualified under the Trust Indenture Act; (ii) a Prospectus Supplement
or term sheet with respect to the Offered Units has been prepared, delivered and filed in compliance with the Act and the applicable
rules and regulations thereunder; (iii) if the Offered Units are to be sold pursuant to a firm commitment underwritten offering,
the underwriting agreement with respect to the Offered Units has been duly authorized, executed and delivered by the Company and
the other parties thereto; (iv) the Board of Trustees, including any appropriate committee thereof appointed thereby, and appropriate
officers of the Company have taken all necessary corporate action to approve the issuance and terms of the Offered Units and related
matters; (v) the unit agreement entered into in connection with the issuance of the Offered Units and any Indentures and supplemental
indentures to be entered into in connection with the issuance of any Debt Securities related to such Offered Units have been duly
authorized, executed and delivered by each party thereto; (vi) the terms of the Offered Units and any Debt Securities related to
such Offered Units and of their issuance and sale have been duly established in conformity with the applicable unit agreement and
Indentures and any supplemental indentures so as not to violate any applicable law, the Charter or By-laws or result in a default
under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction
imposed by any court or governmental body having jurisdiction over the Company; (vii) the Common Stock or the Preferred Stock relating
to the Offered Units have been duly authorized for issuance; (viii) the Debt Securities relating to the Offered Units have been
duly executed and authenticated in accordance with the provisions of the Indentures and any applicable supplemental indenture thereto;
and (ix) the Offered Units have been duly executed, delivered, countersigned, issued and sold in accordance with the provisions
of the applicable unit agreement, the Offered Units (including any Units duly issued upon conversion, exchange or exercise of any
Debt Securities or Preferred Stock), when issued and sold in accordance with the applicable unit agreement and the applicable underwriting
agreement or any other duly authorized, executed and delivered valid and binding purchase or agency agreement, will constitute
the valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">The opinions expressed
herein are subject to the following exceptions, qualifications and limitations:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">A.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>They are limited by the effect of (i)&thinsp;any applicable bankruptcy, insolvency, reorganization, moratorium or similar
law and principles affecting creditors&rsquo; rights generally, including without limitation fraudulent transfer or fraudulent
conveyance laws and (ii)&thinsp;general principles of equity (including, without limitation, concepts of materiality, reasonableness,
good faith and fair dealing) and the availability of equitable remedies (including, without limitation, specific performance and
equitable relief), regardless of whether considered in a proceeding in equity or at law. In addition, we express no opinion as
to the validity, binding effect or enforceability of any provision of the Indentures relating to the separability of provisions
of the Indentures.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">B.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>With reference to, but without limiting in any way, qualification (A) above, certain provisions which could be construed
as a penalty or forfeiture, provisions indemnifying a party against liability for its own wrongful or negligent acts or otherwise
in cases where indemnification could be considered contrary to public policy (including, without limitation, under federal and
state securities laws and regulations as interpreted by applicable governmental authorities), provisions exculpating another party
from liability or waiving defenses or other rights, provisions to the effect that terms of the documents may not be waived or modified
except in writing, provisions regarding the recovery of attorneys&rsquo; fees for a person who is not the prevailing party in a
final proceeding, provisions imposing a payment obligation with respect to the Company's obligations and provisions whereby a party
purports to ratify acts in advance of the occurrence of such acts, are or may be unenforceable in whole or in part under applicable
law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">C.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>No opinion is expressed herein with respect to (i) the validity, or binding effect or enforceability of any provision contained
in the Offered Securities allowing any party to exercise any remedial rights without notice to the Company, (ii) the validity,
binding effect or enforceability of any waiver of demand by the Company, or any waiver of any rights or any defense which as a
matter of law or public policy cannot be waived, (iii) the validity, binding effect or enforceability of any provisions contained
in the Offered Securities purporting to establish evidentiary standards, (iv) the validity, binding effect or enforceability of
any provision of the Offered Securities which purports to establish the subject matter jurisdiction of the United States District
Court to adjudicate any controversy related to any of the Offered Securities, (v) the validity, binding effect or enforceability
of any provision of the Offered Securities which purports to entitle any person or entity to specific performance of any provision
thereof, (vi) the validity, binding effect or enforceability of any provision of the Offered Securities that requires a person
or entity to cause another person or entity to take or to refrain from taking action under circumstances in which such person or
entity does not control such other person or entity, (vii) the validity, binding effect or enforceability of any provision of the
Offered Securities insofar as it purports to effect a choice of governing law or choice of forum for the adjudication of disputes
other than (a)&thinsp;the enforceability by a New York State court under New York General Obligations Law Section&thinsp;5-1401 of
the choice of New York State law as the governing law of the Offered Securities (subject, however, to the extent limited by the
Constitution of the United States and by Section&thinsp;1-301 of the New York Uniform Commercial Code), and (b)&thinsp;the enforceability
by a New York State court under New York General Obligations Law Section&thinsp;5-1402 of New York State courts as a non-exclusive
forum for the adjudication of disputes with respect to the Offered Securities or (viii) the validity, binding effect or enforceability
of any provision of the Offered Securities providing for the effectiveness of service of process by mail in any suit, action or
proceeding of any nature arising in connection with or in any way relating to any Offered Security or any provision of the Offered
Securities which purports to, or has the effect of, waiving or extending any statute of limitations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">D.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT> In addition, we express no opinion as to the acceptance by a Federal court located in the State of New York of jurisdiction
of a dispute arising under the Offered Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">E.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;
</FONT>No opinion is expressed as to the validity, binding effect or enforceability of any provision of any Offered Security that
(i) requires that waivers or amendments must be in writing in so far as it suggests that oral or other modifications, amendments
or waivers could not be effectively agreed upon by the parties or that the doctrine of promissory estoppel might not apply; (ii)
waives (a) vague or broadly stated rights, (b) future rights, (c) the benefits of statutory, regulatory or constitutional rights,
unless and to the extent that the statute, regulation or constitution expressly allows waiver, (d) unknown future defenses, or
(e) rights to damages; (iii) states that rights or remedies are not exclusive, that every right or remedy is cumulative and may
be exercised in addition to any other right or remedy, that the election of some particular remedy does not preclude recourse to
one or more others or that failure to exercise or delay in </P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify">exercising rights or remedies will not operate as a waiver of any such
right or remedy; (iv) imposes penalties, forfeitures, late payment charges or an increase in interest rate upon delinquency in
payment or the occurrence of a default; (v) appoints one party as an attorney-in-fact for an adverse party; or (vi) states that
time is of the essence.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">Without limiting
any of the other limitations, exceptions, assumptions and qualifications stated elsewhere herein, we express no opinion with regard
to the applicability or effect of the law of any jurisdiction other than, as in effect on the date of this opinion, the internal
laws of the State of New York.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify">This opinion letter deals only with the
specified legal issues expressly addressed herein, and you should not infer any opinion that is not explicitly addressed herein
from any matter stated in this opinion letter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 24pt 1in; text-align: justify">We hereby consent to the filing of this
opinion letter with the Commission as Exhibit 5.1 to the Registration Statement and to the reference to our firm&rsquo;s name under
the heading &ldquo;Legal Matters&rdquo; in the related Prospectus. In giving this consent, we do not thereby admit that we are
within the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission
promulgated thereunder. This opinion letter is 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
laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 3in">Very truly yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 3in">&thinsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 3in">/s/ Paul Hastings LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 3in"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 3in">&nbsp;</P>


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<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>exhibit5-2.htm
<DESCRIPTION>OPINION OF VENABLE LLP
<TEXT>
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<P STYLE="margin: 0">&thinsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Exhibit 5.2</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="g002.jpg" ALT="" STYLE="height: 64px; width: 624px"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">February 19, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">One Penn Plaza, Suite 4015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, NY 10119</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD><U>Registration Statement on Form S-3</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">We have served as Maryland counsel to Lexington
Realty Trust, a Maryland real estate investment trust (the &ldquo;Company&rdquo;), in connection with certain matters of Maryland
law relating to the registration of securities (collectively, the &ldquo;Securities&rdquo;) of the Company consisting of: (i) shares
of beneficial interest, par value $.0001 per share, classified as common stock (the &ldquo;Common Shares&rdquo;); (ii) shares of
beneficial interest, par value $.0001 per share, classified as preferred stock (the &ldquo;Preferred Shares&rdquo;); (iii) senior
or subordinated debt securities (the &ldquo;Debt Securities&rdquo;); (iv) depositary shares (the &ldquo;Depositary Shares&rdquo;),
each representing a fraction of a Preferred Share; (v) warrants (&ldquo;Warrants&rdquo;); (vi) subscription rights (&ldquo;Rights&rdquo;)
to purchase Common Shares; and (vii) units that include any of the Securities (&ldquo;Units&rdquo;), each covered by the Registration
Statement on Form S-3, and all amendments thereto (the &ldquo;Registration Statement&rdquo;), as filed with the United States Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) by the Company on or about the date hereof under the Securities Act of 1933,
as amended (the &ldquo;Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">In connection with our representation of
the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise
identified to our satisfaction, of the following documents (hereinafter collectively referred to as the &ldquo;Documents&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">1.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;The
Registration Statement and the related form of prospectus included therein in the form in which it was transmitted to the Commission
under the Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">2.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;The
declaration of trust of the Company (the &ldquo;Declaration&rdquo;), certified by the State Department of Assessments and Taxation
of Maryland (the &ldquo;SDAT&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">3.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;The
Amended and Restated Bylaws of the Company, as amended through the date hereof (the &ldquo;Bylaws&rdquo;), certified as of the
date hereof by an officer of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">4.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">5.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;Resolutions
(the &ldquo;Resolutions&rdquo;) adopted by the Board of Trustees of the Company (the &ldquo;Board&rdquo;), or a duly authorized
committee thereof, relating to the Securities, certified as of the date hereof by an officer of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">6.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;A
certificate executed by an officer of the Company, dated as of the date hereof; and</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="g003.jpg" ALT="" STYLE="height: 64px; width: 624px"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 19, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 2</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">7.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">In expressing the opinion set forth below, we
have assumed the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">1.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;Each
individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">2.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">3.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the
Documents to which such party is a signatory, and the obligations of such party set forth therein are legal, valid and binding
and are enforceable in accordance with all stated terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">4.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts
do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All
Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all Documents
are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties,
statements and information contained in the Documents are true and complete. There has been no oral or written modification of
or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission
of the parties or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">5.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;The
Securities will not be issued or transferred in violation of any restriction contained in Article Ninth of the Declaration or any
comparable provision in the Articles Supplementary creating any class or series of Preferred Shares or the instrument or agreement
defining the terms of any other Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">6.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;Upon
the issuance of any Securities (collectively, the &ldquo;Common Securities&rdquo;) that are (i) Common Shares, (ii) Common Shares
which may be issued upon conversion of any Preferred Shares convertible into Common Shares, (iii) Common Shares which may be issued
upon conversion or exchange of any Debt Securities convertible or exchangeable into Common Shares, or (iv) Common Shares which
may be issued as part of a Unit or upon the exercise of any of the Rights or Warrants, the total number of Common Shares issued
and outstanding will not exceed the number of Common Shares the Company is then authorized to issue under the Declaration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">7.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;Upon
the issuance of any Securities (collectively, the &ldquo;Preferred Securities&rdquo;) that are (i) Preferred Shares, (ii) Preferred
Shares which may be issued upon conversion of any Preferred Shares of another class or series, (iii) Preferred Shares which may
be</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="g003.jpg" ALT="" STYLE="height: 64px; width: 624px"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 19, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 3</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">issued to underlie any Depositary Shares, (iv) Preferred Shares
which may be issued upon conversion or exchange of any Debt Securities convertible or exchangeable into Preferred Shares, or (v)
Preferred Shares which may be issued as part of a Unit or upon the exercise of any of the Warrants, the total number of Preferred
Shares issued and outstanding, and the total number of issued and outstanding shares of the applicable class or series of Preferred
Shares designated pursuant to the Declaration, will not exceed, respectively, the total number of shares of Preferred Shares or
the number of shares of such class or series of Preferred Shares that the Company is then authorized to issue under the Declaration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">8.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;Any
Securities convertible into or exercisable for any other Securities will be duly converted or exercised in accordance with their
terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">9.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;The
issuance, and certain terms, of the Securities to be issued by the Company from time to time will be authorized and approved by
the Board, or a duly authorized committee thereof, in accordance with the Maryland REIT Law, the Declaration, the Bylaws, the Registration
Statement and the Resolutions and, with respect to any Preferred Securities, Articles Supplementary setting forth the number of
shares and the terms of any class or series of Preferred Shares to be issued by the Company, will be filed with and accepted for
record by the SDAT prior to their issuance (such approvals and, if applicable, acceptance for record, referred to herein as the
&ldquo;Trust Proceedings&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Based upon the foregoing, and subject to the assumptions,
limitations and qualifications stated herein, it is our opinion that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">1.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;The
Company is a real estate investment trust duly formed and existing under and by virtue of the laws of the State of Maryland and
is in good standing with the SDAT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">2.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;Upon
the completion of all Trust Proceedings relating to the Common Securities, the Common Securities will be duly authorized for issuance
and, when and if issued and delivered against payment therefor in accordance with the Registration Statement, the Resolutions and
the Trust Proceedings, will be validly issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">3.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;Upon
the completion of all Trust Proceedings relating to the Preferred Securities, the Preferred Securities will be duly authorized
for issuance and, when and if issued and delivered against payment therefor in accordance with the Registration Statement, the
Resolutions and the Trust Proceedings, will be validly issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">4.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;Upon
the completion of all Trust Proceedings relating to the Debt Securities, the Debt Securities will be duly authorized for issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">5.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;Upon
the completion of all Trust Proceedings relating to the Depositary Shares, the Depositary Shares will be duly authorized for issuance.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="g003.jpg" ALT="" STYLE="height: 64px; width: 624px"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 19, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 4</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">6.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;Upon
the completion of all Trust Proceedings relating to the Warrants, the Warrants will be duly authorized for issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">7.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;Upon
the completion of all Trust Proceedings relating to the Rights, the Rights will be duly authorized for issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">8.&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;&thinsp;Upon
the completion of all Trust Proceedings relating to the Units, including all Trust Proceedings relating to the Securities sold
together as Units, the Units will be duly authorized for issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">The foregoing opinion is
limited to the laws of the State of Maryland and we do not express any opinion herein concerning federal law or any other state
law. We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities
laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as
to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we
do not express any opinion on such matter. The opinion expressed herein is subject to the effect of judicial decisions which may
permit the introduction of parol evidence to modify the terms or the interpretation of agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">The opinion expressed herein is limited to the
matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no
obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that
might change the opinion expressed herein after the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">This opinion is being furnished to you
for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to the filing of this opinion as
an exhibit to the Registration Statement and to the use of the name of our firm therein. In giving this consent, we do not admit
that we are within the category of persons whose consent is required by Section 7 of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">/s/ Venable LLP</P>

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

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

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

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>exhibit8-1.htm
<DESCRIPTION>OPINION OF PAUL HASTINGS LLP REGARDING TAX MATTERS
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY STYLE="font: 10pt Arial, Helvetica, Sans-Serif">


<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 8.1</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">February 19, 2021</TD>
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt">23062.00270</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 5.65pt 0 0.5in; text-indent: -0.5in">Lexington Realty Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">One Penn Plaza Suite 4015</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">New York, NY 10119</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">We have acted as counsel to Lexington
Realty Trust, a Maryland statutory real estate investment trust (the &#8220;Company&#8221;). In connection with the Form S-3 Registration
Statement (the &#8220;Form S-3&#8221;), filed with the Securities and Exchange Commission of the United States (the &#8220;Commission&#8221;)
by the Company on February 19, 2021, and the prospectus included therein (the &#8220;Prospectus&#8221; and together with the Form
S-3, the &#8220;Registration Statement&#8221;), the Company has requested our opinions concerning the qualification for federal
income tax purposes of the Company as a real estate investment trust (&#8220;REIT&#8221;) under the Internal Revenue Code of 1986,
as amended (the &#8220;Code&#8221;), as of the date hereof and the accuracy of the statements set forth in the Registration Statement
under the caption entitled &quot;United States Federal Income Tax Considerations&quot;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">In connection with these opinions, we
have examined and relied upon those documents and such information that we have deemed appropriate, including but not limited to
the following materials:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>the Registration Statement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>the Declaration of Trust of the Company, dated as of December 22, 1997, as amended to date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>the By-Laws of the Company, as amended to date; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>the Officer&#8217;s Certificate of the Company, dated as of the date hereof, and the Officer&#8217;s Certificates of Concord
Debt Holdings LLC, a Delaware limited liability company, Concord Debt Funding Trust, a Maryland real estate investment trust, and
CDH CDO LLC, a Delaware limited liability company, dated as of January 11, 2013 (the &#8220;Officer&#8217;s Certificates&#8221;).</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 5.65pt 0 0.5in; text-indent: -0.5in">Lexington Realty Trust</P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">February 19, 2021</P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 24pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">We
do not express any opinion concerning any laws of states or jurisdictions other than the federal law of the United States of America.
No opinion is expressed as to the effect that the law of any other jurisdiction might have upon the subject matter of the opinions
expressed herein under conflicts of laws principles or otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Except for the opinions expressly set
forth below, we express no other opinions and no opinions should be implied or inferred. Our opinions are limited in all respects
to laws and facts existing on the date hereof. We disclaim any obligation to update the opinions expressed herein for events (including
changes of law or facts) occurring after the date hereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">The opinions set forth below are subject
to the following additional assumptions, qualifications and limitations:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>We have made such factual and legal inquiries, including examination of the documents set forth above, as we have deemed necessary
or appropriate for purposes of our opinion and after such inquiries, we are not aware of any material facts inconsistent with representations
made in the Officer&#8217;s Certificates. As to matters of fact relevant to this opinion, we have relied without independent investigation
on, and assumed the accuracy and completeness of, the factual representations in the Officer&#8217;s Certificates. We have not
made an investigation as to, and have not independently verified the facts underlying such representations or covered by the Officer&#8217;s
Certificates. We have consequently relied upon the representations in each Officer&#8217;s Certificate that the information presented
in such document or otherwise furnished to us accurately and completely describes all material facts relevant to our opinion. In
addition, to the extent that any of the representations provided to us in the Officer&#8217;s Certificates are with respect to
matters set forth in the Code or Treasury Regulations thereunder, the individuals making such representations have reviewed with
us or other tax counsel the relevant portion of the Code and the applicable Regulations. With respect to the qualification and
taxation of Concord Debt Funding Trust as a REIT under the Code, for the period prior to and including December 31, 2006, we have
also assumed to be true and are expressly relying upon the opinion, dated December 21, 2006, delivered to Concord Debt Funding
Trust, among others, by Katten Muchin Rosenman LLP.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>We have assumed that the Company, Concord Debt Holdings LLC, Concord Debt Funding Trust, and CDH CDO LLC have operated and
will continue to be operated in the manner described in the Officer&#8217;s Certificates, the Registration Statement and the applicable
organizational documents and that all terms and provisions of such documents have been and will continue to be complied with.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>We have assumed the genuineness of all signatures, the authenticity and completeness of all documents, certificates and instruments
submitted to us as originals, the conformity with the originals of all documents, certificates and instruments submitted to us
as copies and the legal capacity to sign of all individuals executing such documents, certificates and instruments.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">D.</TD><TD>We have assumed that there are no oral modifications or written agreements or understandings which limit, modify or otherwise
alter the terms, provisions, and conditions of, or relate to, the Registration Statement and the transactions contemplated therein.</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 5.65pt 0 0.5in; text-indent: -0.5in">Lexington Realty Trust</P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">February 19, 2021</P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 24pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">E.</TD><TD>We express no opinion as to (1) the effect on the opinions expressed herein of the compliance or non-compliance of the Company
or any other party with any state, federal or other laws or regulations applicable to it and (2) the impact, if any, of dispositions,
if any, treated as prohibited transactions pursuant to Section 857 of the Code.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">F.</TD><TD>We have assumed that the Company will use the proceeds of any primary offerings pursuant to the Registration Statement as provided
therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">On the basis of the foregoing, and in
reliance thereon, subject to the limitations, qualifications and exceptions set forth herein, it is our opinion that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Commencing with its taxable year ended December 31, 1993, the Company has been organized and has operated in conformity with
the requirements for qualification as a REIT pursuant to Sections 856 through 860 of the Code, and the Company&#8217;s current
and proposed method of operation will enable it to continue to meet the requirements for qualification and taxation as a REIT under
the Code; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The statements set forth in the Prospectus under the caption entitled &quot;United States Federal Income Tax Considerations,&quot;
insofar as they purport to summarize the legal matters referred to therein, are accurate summaries of such legal matters in all
material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">The above opinions are based on the Code,
Treasury Regulations promulgated thereunder, administrative pronouncements and judicial interpretations thereof, in each case as
in effect on the date hereof, all of which are subject to change. An opinion of counsel merely represents counsel&#8217;s best
judgment with respect to the probable outcome on the merits and is not binding on the Internal Revenue Service or the courts. Accordingly,
there can be no assurance that the Internal Revenue Service will not take a contrary position, that the applicable law will not
change, or that any such change will not have retroactive effect. We assume no obligation to advise you of any changes in our opinions
subsequent to the delivery of this opinion letter. Moreover, the Company&#8217;s qualification and taxation as a REIT depend upon
the Company&#8217;s ability to meet, on a continuing basis, through actual annual operating and other results, the various requirements
under the Code with regard to, among other things, the sources of its gross income, the composition of its assets, the level of
its distributions to stockholders, and the diversity of its stock ownership. Paul Hastings LLP will not review the Company&#8217;s
compliance with these requirements on a continuing basis. Accordingly, no assurance can be given that the actual results of the
Company&#8217;s operations for any one taxable year will satisfy such requirements.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Subject
to the following sentence, this opinion is being rendered to you for your sole use and may not be made available to or relied upon
by any other person, firm or entity without our express prior written consent. We hereby consent to the filing of this opinion
as an exhibit to be incorporated by reference into the Registration Statement and the reference to our firm name under the caption
entitled, &#8220;United States Federal Income Tax Considerations,&#8221; in the Prospectus. In giving such consent, we do not thereby
admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Very truly yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">/s/ Paul Hastings LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase">Paul Hastings LLP</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>exhibit23-1.htm
<DESCRIPTION>CONSENT OF DELOITTE & TOUCHE LLP
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">We consent to the incorporation by
reference in this Registration Statement on Form S-3 of our reports dated February 18, 2021, relating to the financial
statements of Lexington Realty Trust, and the effectiveness of Lexington Realty Trust&rsquo;s internal control over financial
reporting, appearing in the Annual Report on Form 10-K of Lexington Realty Trust for the year ended December 31, 2020. We
also consent to the reference to us under the heading &ldquo;Experts&rdquo; in such Registration Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">/s/ DELOITTE &amp; TOUCHE LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">New York, New York</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">February 19, 2021</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"></P>

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<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>7
<FILENAME>exhibit25-1.htm
<DESCRIPTION>STATEMENT OF ELIGIBILITY OF U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 25.1</B></P>

<P STYLE="border-bottom: Black 3pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>securities
and exchange commission</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM T-1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Statement
of Eligibility Under</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>The
Trust Indenture Act of 1939 of a </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Corporation
Designated to Act as Trustee</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Check if an Application to Determine Eligibility
of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">a
Trustee Pursuant to Section 305(b)(2) &nbsp;&nbsp;&nbsp;&#9744;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of Trustee as specified in its charter)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>31-0841368</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">I.R.S. Employer Identification No.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">800 Nicollet Mall</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Minneapolis, Minnesota</P></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">55402</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">U.S. Bank National Association</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">60 Livingston Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">St. Paul, MN 55107</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(651) 466-6308</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, address and telephone number of agent
for service)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Issuer with respect to the Securities)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">Maryland</TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">13-3717318</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">One Penn Plaza, Suite 4015</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, NY</P></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">10119</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: center; text-indent: -103.5pt"><B>(Title of
the Indenture Securities)</B></P>

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

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

<P STYLE="border-bottom: Black 3pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>FORM T-1</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1.</B></TD><TD><B>GENERAL INFORMATION<I>.</I></B> Furnish the following information as to the Trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: -0.35in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.35in">a)</TD><TD><I>Name and address of each examining or supervising authority to which it is subject.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in">Comptroller of the Currency</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in">Washington, D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: -0.35in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; text-align: right"></TD><TD STYLE="width: 0.35in">b)</TD><TD STYLE="text-align: justify"><I>Whether it is authorized to exercise corporate trust powers.</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in">&#9;Yes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: -0.35in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 2.</B></TD><TD><B>AFFILIATIONS WITH THE OBLIGOR. </B> <I>If the obligor is an affiliate of the Trustee, describe each such affiliation.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in">None</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: -0.35in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><B>Items 3-15</B></TD><TD STYLE="text-align: justify"><I>Items 3-15 are not applicable because to the best of the Trustee's knowledge, the
obligor is not in default under any Indenture for which the Trustee acts as Trustee.</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 16.</B></TD><TD><B>LIST OF EXHIBITS:</B> <I>List below all exhibits filed as a part of this statement of eligibility and qualification. </I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">A copy of the Articles of Association of the Trustee.*</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>A copy of the certificate of authority of the Trustee to commence business, attached as Exhibit 2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: left">A copy of the certificate of authority of <FONT STYLE="font-size: 10pt">the</FONT> Trustee to exercise
corporate trust powers, attached as Exhibit 3.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: left">A copy of the existing bylaws of the Trustee.**</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>A copy of each Indenture referred to in Item 4. Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939, attached as Exhibit 6.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>Report of Condition of the Trustee as of September 30, 2020 published pursuant to law or the requirements of its supervising
or examining authority, attached as Exhibit 7.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: 0pt">* Incorporated by reference to Exhibit
25.1 to Amendment No. 2 to registration statement on S-4, Registration Number 333-128217 filed on November 15, 2005.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: 0pt">** Incorporated by reference to Exhibit
25.1 to registration statement on Form S-3ASR, Registration Number 333-199863 filed on November 5, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: 0pt">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Trust Indenture
Act of 1939, as amended, the Trustee, U.S. BANK NATIONAL ASSOCIATION<FONT STYLE="font-size: 10pt">, </FONT>a national banking association
organized and existing under the laws of the United States of America, has duly caused this statement of eligibility and qualification
to be signed on its behalf by the undersigned, thereunto duly authorized, all in the New York City, New York on the 16th of February,
2021.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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: 39%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 29%; padding-right: 5.4pt; padding-left: 5.4pt">/s/ <I>Hazrat R. Haniff</I></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Hazrat R. Haniff</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Assistant Vice President</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Exhibit 2</U></B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><IMG SRC="ex25-1img_001.gif" ALT="" STYLE="height: 806px; width: 624px"></P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Exhibit 3</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="ex25-1img_002.gif" ALT="" STYLE="height: 806px; width: 624px"></P>

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Exhibit 6</U></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 436.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">In accordance with Section
321(b) of the Trust Indenture Act of 1939, the undersigned, U.S. BANK NATIONAL ASSOCIATION hereby consents that reports of examination
of the undersigned by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities
and Exchange Commission upon its request therefor.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: February 16, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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: 39%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">/s/ <I>Hazrat R. Haniff</I></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Hazrat R. Haniff</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Assistant Vice President</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Exhibit 7</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>U.S. Bank National Association</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">As of 9/30/2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($000&rsquo;s) </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">9/30/2020</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left; padding-left: 17.25pt">Cash and Balances Due From Depository Institutions</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 18%; text-align: right">43,891,940</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.25pt">Securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,530,990</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 17.25pt">Federal Funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">898</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 17.25pt">Loans &amp; Lease Financing Receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">307,196,612</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 17.25pt">Fixed Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,598,340</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 17.25pt">Intangible Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,549,045</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 17.25pt">Other Assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,728,893</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 17.25pt">Total Assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">530,496,718</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.25pt">Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">426,766,411</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 17.25pt">Fed Funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,460,030</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 17.25pt">Treasury Demand Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 17.25pt">Trading Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">859,917</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 17.25pt">Other Borrowed Money</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,719,033</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.25pt">Acceptances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 17.25pt">Subordinated Notes and Debentures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,850,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 17.25pt">Other Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,732,819</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 17.25pt">Total Liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">477,388,210</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 17.25pt">Common and Preferred Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.25pt">Surplus</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,266,915</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 17.25pt">Undivided Profits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,022,958</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 17.25pt">Minority Interest in Subsidiaries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">800,435</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 39.75pt">Total Equity Capital</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">53,108,508</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">Total Liabilities and Equity Capital</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">530,496,718</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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</SEC-DOCUMENT>
