<SEC-DOCUMENT>0000919574-20-003122.txt : 20200501
<SEC-HEADER>0000919574-20-003122.hdr.sgml : 20200501
<ACCEPTANCE-DATETIME>20200501170210
ACCESSION NUMBER:		0000919574-20-003122
CONFORMED SUBMISSION TYPE:	F-3ASR
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20200501
DATE AS OF CHANGE:		20200501
EFFECTIVENESS DATE:		20200501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SFL Corp Ltd.
		CENTRAL INDEX KEY:			0001289877
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		F-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-237971
		FILM NUMBER:		20841685

	BUSINESS ADDRESS:	
		STREET 1:		14 PAR-LA-VILLE ROAD
		CITY:			HAMILTON, HM 08
		STATE:			D0
		ZIP:			00000-0000
		BUSINESS PHONE:		441-295-9500

	MAIL ADDRESS:	
		STREET 1:		14 PAR-LA-VILLE ROAD
		CITY:			HAMILTON, HM 08
		STATE:			D0
		ZIP:			00000-0000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ship Finance International LTD
		DATE OF NAME CHANGE:	20040511
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3ASR
<SEQUENCE>1
<FILENAME>d8423540_f-3asr.htm
<TEXT>
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    <div style="text-align: center; font-size: 8pt; font-weight: bold;">As filed with the Securities and Exchange Commission on May 1, 2020</div>
    <div style="text-align: right; margin-bottom: 24pt; font-size: 8pt; font-weight: bold;">Registration Statement No. 333-</div>
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    <div style="text-align: center; margin-top: 3pt; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; margin-top: 3pt; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
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    <div style="text-align: center; margin-top: 3pt; font-size: 14pt; font-weight: bold;">FORM F-3</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">REGISTRATION STATEMENT</div>
    <div style="text-align: center; font-style: italic; font-weight: bold;">UNDER</div>
    <div style="text-align: center; margin-bottom: 12pt; font-style: italic; font-weight: bold;">THE SECURITIES ACT OF 1933</div>
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    <div style="text-align: center; margin-top: 3pt; font-size: 18pt; font-weight: bold;">SFL Corporation Ltd.</div>
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      <div style="text-align: center; margin-right: 144pt; margin-left: 144pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 9pt; font-weight: bold;">(and the subsidiary identified in footnote (*) below)</div>
      <div style="text-align: center; margin-right: 144pt; margin-left: 144pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 9pt; font-weight: bold;">(Exact name of registrant as specified in its charter)</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 9pt; font-weight: bold;">Bermuda</div>
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          <td style="width: 2.04%; vertical-align: bottom; font-size: 9pt;">&#160;</td>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 9pt; font-weight: bold;">N/A</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(State or other jurisdiction of</div>
            <div style="text-align: center; margin-bottom: 1pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">incorporation or organization)</div>
            <div>&#160;</div>
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          <td style="width: 2.04%; vertical-align: bottom; font-size: 9pt;">&#160;</td>
          <td style="width: 47.96%; vertical-align: top; font-size: 9pt;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(I.R.S. Employer</div>
            <div style="text-align: center; margin-bottom: 1pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Identification No.)</div>
            <div>&#160;</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Attention: James Ayers</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Par-la-Ville Place</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">14 Par-la-Ville Road</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Hamilton, HM 08</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Bermuda</div>
            <div style="text-align: center; margin-bottom: 1pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">1 (441) 295-9500</div>
            <div>&#160;</div>
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          <td style="width: 2.04%; vertical-align: bottom; font-size: 9pt;">&#160;</td>
          <td style="width: 47.96%; vertical-align: bottom; font-size: 9pt;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Seward &amp; Kissel LLP</div>
            <div style="text-align: center; margin-top: 3pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Attention:&#160;Keith J. Billotti , Esq.</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">One Battery Park Plaza</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">New York, New York 10004</div>
            <div style="text-align: center; margin-bottom: 1pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(212) 574-1200</div>
            <div>&#160;</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 9pt; font-weight: bold;">(Address and telephone number of Registrant&#8217;s principal executive offices)</div>
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          <td style="width: 2.04%; vertical-align: bottom; font-size: 9pt;">&#160;</td>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 9pt; font-weight: bold;">(Name, address and telephone number of agent for service)</div>
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    <div style="text-align: center; margin-top: 3pt; font-size: 8pt; font-style: italic; font-weight: bold;">Copies to:</div>
    <div style="text-align: center; margin-top: 3pt; font-size: 8pt; font-weight: bold;">Keith J. Billotti , Esq.</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">Seward &amp; Kissel LLP</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">One Battery Park Plaza</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">New York, New York 10004</div>
    <div style="text-align: center; margin-bottom: 28pt; font-size: 8pt; font-weight: bold;">(212) 574-1200</div>
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    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">Approximate date of commencement of proposed sale to the public:&#160;</font>From time to time after this registration statement becomes effective as determined by market conditions and
      other factors.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">If only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.&#160;&#160;&#9723;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">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, check the following box.&#160;&#160;&#8999;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="text-indent: 36pt; margin-bottom: 12pt;">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
      statement number of the earlier effective registration statement for the same offering.&#160;&#160;&#9723;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier
      effective registration statement for the same offering.&#160;&#160;&#9723;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">If this Form is a registration statement pursuant to General Instruction I.C. 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.&#160;&#160;&#8999;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant
      to Rule 413(b) under the Securities Act, check the following box.&#160;&#160;&#9723;</div>
    <div style="text-indent: 36pt; margin-top: 3pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</div>
    <div style="text-indent: 36pt;">Emerging growth company <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div style="text-indent: 36pt; margin-top: 3pt;">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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&#8224; provided pursuant to Section 7(a)(2)(B) of the Securities Act. <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div style="text-indent: 36pt; margin-top: 3pt;">&#8224; The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</div>
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            <div>&#160;</div>
            <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-size: 10pt;">CALCULATION OF REGISTRATION FEE</div>
            <div>&#160;</div>
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          <td style="width: 49.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Title of Each Class of</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Securities to be Registered</div>
          </td>
          <td style="width: 11.91%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Amount</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">to be</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Registered</div>
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          <td style="width: 17.13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Proposed</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Maximum Aggregate</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Offering Price</div>
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          <td style="width: 21.63%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 9pt;">Amount of Registration Fee</div>
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            <div style="font-family: 'Times New Roman',Times,serif; font-size: 9pt; font-weight: bold;">Primary Offering</div>
          </td>
          <td style="width: 11.91%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 21.63%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="font-family: 'Times New Roman',Times,serif; font-size: 9pt;">Common Shares, par value $0.01 per share (2)</div>
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          <td style="width: 11.91%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 21.63%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="font-family: 'Times New Roman',Times,serif; font-size: 9pt;">Preferred Shares (3)</div>
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          <td style="width: 11.91%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 21.63%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="font-family: 'Times New Roman',Times,serif; font-size: 9pt;">Debt Securities (4)</div>
          </td>
          <td style="width: 11.91%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 21.63%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="font-family: 'Times New Roman',Times,serif; font-size: 9pt;">Guarantees (5)</div>
          </td>
          <td style="width: 11.91%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 21.63%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
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          <td style="width: 49.34%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman',Times,serif; font-size: 9pt;">Warrants(6)</div>
          </td>
          <td style="width: 11.91%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 21.63%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
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          <td style="width: 49.34%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman',Times,serif; font-size: 9pt;">Purchase Contracts (7)</div>
          </td>
          <td style="width: 11.91%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 21.63%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
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          <td style="width: 49.34%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman',Times,serif; font-size: 9pt;">Rights (8)</div>
          </td>
          <td style="width: 11.91%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 21.63%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="font-family: 'Times New Roman',Times,serif; font-size: 9pt;">Units (9)</div>
          </td>
          <td style="width: 11.91%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 21.63%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="font-family: 'Times New Roman',Times,serif; font-size: 9pt;">Primary Offering Total</div>
          </td>
          <td style="width: 11.91%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 9pt; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 21.63%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 9pt;">$0 (1)</div>
          </td>
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    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z56ff73908f7f41999d0a7bbef2d17a83">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>An indeterminate aggregate initial offering price or number of securities of each identified class is being registered as may from time to time be offered at indeterminate prices. Also includes such indeterminate amount of debt
                  securities and number of common shares and preferred shares as may be issued upon conversion or exchange for any other debt securities or shares of preferred stock that provide for conversion or exchange into other securities. In
                  connection with the securities offered hereby, the Registrant is deferring payment of all of the registration fees and will pay registration fees on a &#8220;pay-as-you-go&#8221; basis in accordance with Rule 456(b) and Rule 457(r).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d2e653e6b7f41c3a42d7cd2befaeecb">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Registered hereunder are an indeterminate amount of Common Shares as may be sold from time to time by SFL Corporation Ltd. (&#8220;SFL Parent&#8221;).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z87e6c50469f2402e97229b7c1dd69ea3">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Registered hereunder are an indeterminate amount of Preferred Shares as may be sold from time to time by SFL Parent and SFL Finance Corporation Ltd. (&#8220;SFL Finance Sub&#8221;).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zae053082a5e743f6adf658bb39e4b2c9">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Registered hereunder are an indeterminate number of debt securities of SFL Parent and SFL Finance Sub as may from time to time be sold at indeterminate prices.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze3eb93f9d32244f59d1403adcc0505a3">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(5)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Registered hereunder are the guarantees of both SFL Parent and SFL Finance Sub. The debt securities of SFL Parent may be guaranteed by SFL Finance Sub and the preferred shares, debt securities and &#8220;debt-like securities,&#8221; as permitted
                  under the U.S. securities laws, of SFL Finance Sub will be fully and unconditionally guaranteed by the SFL Parent&#160; In each case, pursuant to Rule 457(n), no separate fees for the guarantees are payable.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z46223001c84c44ef89f08ab21ad12d37">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(6)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Registered hereunder are an indeterminate number of warrants of SFL Parent as may from time to time be sold at indeterminate prices.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z82385ae889de490da924792a8931dbfa">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(7)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Registered hereunder are an indeterminate number of purchase contracts of SFL Parent as may from time to time be sold at indeterminate prices.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zff15378ddf0943e388c133a31f5f7eed">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(8)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Registered hereunder are an indeterminate number of rights of SFL Parent as may from time to time be sold at indeterminate prices.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z33275746de3f4fd0b30db10c0e116b65">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(9)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Registered hereunder are an indeterminate number of units of SFL Parent as may from time to time be sold at indeterminate prices.&#160;Units may consist of any combination of SFL Parent&#8217;s securities registered hereunder</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin: 0px 0px 0px 36pt; text-indent: -36pt;">* The following is a co-registrant that may issue some or all of the securities:</div>
    <div style="text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt;"> <br>
    </div>
    <div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; width: 30%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    </div>
    <div style="text-align: center; margin-top: 3pt; font-weight: bold;">SFL Finance Corporation Ltd.</div>
    <div>
      <div style="text-align: center; margin-right: 144pt; margin-left: 144pt; margin-bottom: 12pt; font-size: 8pt; font-weight: bold;">&#160;(Exact name of registrant as specified in its charter)</div>
      <div style="margin-bottom: 12pt;">
        <hr noshade="noshade" align="center" style="height: 2px; width: 30%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      <div><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z5b2e22d44d1f453bb2c14af969e7c932">

        <tr>
          <td style="width: 50%; vertical-align: middle; font-size: 9pt;">&#160;</td>
          <td style="width: 2.04%; vertical-align: bottom; font-size: 9pt;">&#160;</td>
          <td style="width: 47.96%; vertical-align: middle; font-size: 9pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 9pt; font-weight: bold;">Republic of the Marshall Islands</div>
          </td>
          <td style="width: 2.04%; vertical-align: bottom; font-size: 9pt;">&#160;</td>
          <td style="width: 47.96%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 9pt; font-weight: bold;">N/A</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; font-size: 9pt;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(State or other jurisdiction of</div>
            <div style="text-align: center; margin-bottom: 1pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">incorporation or organization)</div>
            <div>&#160;</div>
          </td>
          <td style="width: 2.04%; vertical-align: bottom; font-size: 9pt;">&#160;</td>
          <td style="width: 47.96%; vertical-align: top; font-size: 9pt;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(I.R.S. Employer</div>
            <div style="text-align: center; margin-bottom: 1pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Identification No.)]</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt; font-weight: bold;">PROSPECTUS</div>
    <div style="text-align: center; margin-top: 3pt; font-size: 18pt; font-weight: bold;">SFL CORPORATION LTD.</div>
    <div style="margin-top: 3pt;"><br>
    </div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Common Shares</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Preferred Shares</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Debt Securities (Which May be Guaranteed by SFL Finance Sub)</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Guarantees</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Warrants</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Purchase Contracts</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Rights</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Units</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 28pt; font-size: 18pt; font-weight: bold;">SFL FINANCE CORPORATION LTD.</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Preferred Shares</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Debt Securities</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Guarantees</div>
    <div>
      <div style="margin-bottom: 2pt;">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      <div><br>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Through this prospectus, SFL Corporation Ltd. (&#8220;SFL Parent&#8221;) may periodically offer:</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z83ace9f8ba26432dbdef958377faa1fd">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top;">
                <div>common shares;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z803d2f2737ab4701afa9007b6e83998d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top;">
                <div>preferred shares;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze5c08bcf1a6d421f9542561815977656">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top;">
                <div>debt securities (which may be guaranteed by SFL Finance Sub);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeba1c1f1a3394c199396988534d2a85d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
              <td style="width: auto; vertical-align: top;">
                <div>guarantees;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za881c35cb9a4458c9ec65170ebc69869">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(5)</td>
              <td style="width: auto; vertical-align: top;">
                <div>warrants;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c3fcaf2722b4fae9d4d11c4c7176cc2">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(6)</td>
              <td style="width: auto; vertical-align: top;">
                <div>purchase contracts;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdcb614b42c8b48dba415562d7fb21283">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(7)</td>
              <td style="width: auto; vertical-align: top;">
                <div>its rights; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf7f71aede71e42cda470354f072501fe">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(8)</td>
              <td style="width: auto; vertical-align: top;">
                <div>its units.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">SFL Parent may also offer securities of the type listed above that are convertible or exchangeable into one or more of the securities listed above.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Through this prospectus, SFL Finance Corporation Ltd. (&#8220;SFL Finance Sub&#8221;) may periodically offer its preferred shares, debt securities and other &#8220;debt-like securities&#8221; as
      permitted under the U.S. securities laws, which will be fully and unconditionally guaranteed by SFL Parent pursuant to a guarantee agreement to be entered into in connection with such offering.&#160; In addition, SFL Finance Sub may periodically guarantee
      certain securities of SFL Parent.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The prices and other terms of the securities of SFL Parent and SFL Finance Sub that are covered by this prospectus will be determined at the time of their offering and will be described in a
        supplement to this prospectus.</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">SFL Parent&#8217;s common shares are currently listed on the New York Stock Exchange, or the NYSE, under the symbol &#8220;SFL.&#8221;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The securities issued under this prospectus may be offered directly or through underwriters, agents or dealers.&#160;The names of any underwriters, agents or dealers will be included
      in a supplement to this prospectus.</div>
    <div>
      <div style="margin-bottom: 2pt;"><br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; width: 30%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">An investment in these securities involves risks.&#160;See the section entitled &#8220;<font style="color: #0000FF;"><u>Risk Factors</u></font>&#8221; beginning on page 8 of
      this prospectus and other risk factors contained in the applicable prospectus supplement and in the documents incorporated by reference herein and therein.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this
      prospectus is truthful or complete.&#160;Any representation to the contrary is a criminal offense.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">The date of this prospectus is May 1, 2020.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%LCR%1%%%-->
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">TABLE OF CONTENTS</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zde4818ea1acb47b1be1dd9b0844813af">

        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">ABOUT THIS PROSPECTUS</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">ii</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">PROSPECTUS SUMMARY</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">6<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">RISK FACTORS</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">8<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">USE OF PROCEEDS</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">9<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">CAPITALIZATION</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">10</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">ENFORCEMENT OF CIVIL LIABILITIES</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">11</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">DESCRIPTION OF SFL PARENT&#8217;S SHARE CAPITAL</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">12</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">DESCRIPTION OF PREFERENCE SHARES</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">16</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">DESCRIPTION OF DEBT SECURITIES</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">DESCRIPTION OF WARRANTS</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">23</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">DESCRIPTION OF PURCHASE CONTRACTS</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">DESCRIPTION OF RIGHTS</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">DESCRIPTION OF UNITS</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">PLAN OF DISTRIBUTION</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">EXPENSES</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">29<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">LEGAL MATTERS</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">30</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">EXPERTS</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">30</div>
          </td>
        </tr>
        <tr>
          <td style="width: 93.23%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
          </td>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="margin-bottom: 6pt;">30</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">i</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ABOUT THIS PROSPECTUS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless otherwise specified, when used in this prospectus, (i) the terms &#8220;SFL Corporation Ltd.,&#8221; &#8220;SFL,&#8221; &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; refer to SFL Corporation Ltd. and its
      subsidiaries, including SFL Finance Corporation Ltd., as applicable, (ii) &#8220;SFL Parent&#8221; refers to SFL Corporation Ltd.&#160; and (iii) the term &#8220;SFL Finance Sub&#8221; refers to SFL Finance Corporation Ltd.&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless otherwise indicated, all references to &#8220;dollars&#8221; and &#8220;$&#8221; in this prospectus are to, and amounts are presented in, U.S. dollars and financial information presented in this
      prospectus that is derived from financial statements incorporated by reference is prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP.&#160;We have a fiscal year end of December 31.</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">
      <div style="text-indent: 36pt; margin-bottom: 12pt;">This prospectus is part of a registration statement we filed with the U.S. Securities and Exchange Commission, or the Commission, using a shelf registration process.&#160;Under the shelf registration
        process, we may sell the common shares, preferred shares, debt securities, warrants, purchase contracts and units described in this prospectus in one or more offerings.&#160;This prospectus provides you with a general description of the securities we
        may offer.&#160;Each time we offer securities, we will provide you with a prospectus supplement that will describe the specific amounts, prices and terms of the offered securities.&#160;The prospectus supplement may also add, update or change the information
        contained in this prospectus.&#160;Before purchasing any securities, you should read carefully both this prospectus and any prospectus supplement, together with the additional information described below and any documents incorporated by reference in
        this prospectus and in any prospectus supplement.</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This prospectus and any prospectus supplement are part of a registration statement we filed with the Commission and do not contain all the information provided in that
      registration statement.&#160;For further information about us or the securities offered hereby, you should refer to that registration statement, which you can obtain from the Commission as described below under &#8220;Where You Can Find Additional Information.&#8221;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Specific permission is required from the Bermuda Monetary Authority, or the BMA, pursuant to the provisions of the Exchange Control Act of 1972 and related regulations, other
      than in cases where the BMA has granted a general permission.&#160; The BMA in its policy dated June 1, 2005 provides that, where any equity securities of a Bermuda company are listed on an appointed stock exchange, general permission is given for the
      issue and subsequent transfer of any securities of such company from and/or to a non-resident of Bermuda, for so long as any equity securities of such company remain so listed.&#160; The NYSE is deemed to be an appointed stock exchange under Bermuda Law.&#160;
      In granting such permission, the BMA accepts no responsibility for our financial soundness or the correctness of any of the statements made or opinions expressed in this prospectus of the registration statement of which it forms part. This prospectus
      does not need to be filed with the Registrar of Companies in Bermuda in accordance with Part III of the Companies Act 1981 of Bermuda, or the Companies Act, pursuant to provisions incorporated therein following the enactment of the Companies
      Amendment Act 2013.&#160; Such provisions state that a prospectus in respect of the offer of shares in a Bermuda company whose equities are listed on an appointed stock exchange under Bermuda law does not need to be filed in Bermuda, so long as the
      company in question complies with the requirements of such appointed stock exchange in relation thereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">You should rely only on the information contained or incorporated by reference in this prospectus and in any prospectus supplement. We have not authorized any other person to
      provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We will not make an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You
      should assume that the information appearing in this prospectus and the applicable supplement to this prospectus is accurate as of the date on its respective cover, and that any information incorporated by reference is accurate only as of the date of
      the document incorporated by reference, unless we indicate otherwise. Our business, financial condition, results of operations and prospects may have changed since those dates.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ii</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">
      <div style="border: 2px solid rgb(0, 0, 0); padding: 5px; width: 99%;">
        <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PROSPECTUS SUMMARY</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: normal;">This section summarizes some of the information that is contained later in this prospectus or in other documents incorporated by
          reference into this prospectus. As an investor or prospective investor, you should review carefully the risk factors and the more detailed information that appears later in this prospectus or is contained in the documents that we incorporate by
          reference into this prospectus.</div>
        <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-style: italic; font-weight: normal;">We use the term deadweight, or &#8220;dwt,&#8221; in describing the size of vessels. Dwt, expressed in metric tons, each of which is equivalent
          to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry. We use the term twenty-foot equivalent units, or &#8220;TEU&#8221;, in describing container vessels to refer to the number of standard twenty foot containers that
          the vessel can carry.</div>
        <div style="margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SFL Corporation Ltd.</div>
        <div style="text-align: justify; text-indent: 20pt; color: rgb(0, 0, 0); font-weight: normal;">We are an international ship owning and chartering company with a large and diverse asset base across the maritime and offshore industries. As at April
          30, 2020, our assets consist of seven crude oil tankers, 22 dry bulk carriers, 48 container vessels (including 11 capital lease vessels), two car carriers, one jack-up drilling rig, two ultra-deepwater drilling units, two chemical tankers and two
          oil product tankers.</div>
        <div style="font-weight: normal;"><br>
        </div>
        <div style="text-align: justify; text-indent: 20pt; color: rgb(0, 0, 0); font-weight: normal;">Most or our vessels and rigs are employed under long term charters, which are generally contracted to expire between one and 14 years from now. We
          believe these existing charters provide us with significant and stable base cash flows and high asset utilization, subject to the full performance of the obligations of our counterparties under their agreements with us. The fixed-rate charter
          backlog as of December 31, 2019 and adjusted for subsequent vessel sales and charter cancellations was approximately $3.6 billion, with an average remaining charter term of nearly five years, or nearly eight years if weighted by charter revenue.
          Some of our charters include purchase options on behalf of the charterer, which if exercised would reduce our remaining charter coverage and contracted cash flow, but increase our cash position. The amount of actual revenues earned and the actual
          periods during which revenues are earned may be different from the backlog projections due to various factors including, off-hire caused by unscheduled repairs, maintenance and other factors.</div>
        <div style="font-weight: normal;"><br>
        </div>
        <div style="text-align: justify; text-indent: 20pt; color: rgb(0, 0, 0); font-weight: normal;">Our primary objective is to continue to grow our business through accretive acquisitions across a diverse range of marine and offshore asset classes. In
          doing so, our strategy is to generate stable and increasing cash flows by chartering our assets primarily under medium to long-term bareboat or time charters.</div>
        <div style="font-weight: normal;"><br>
        </div>
        <div style="text-indent: 20pt; margin-bottom: 7pt; font-weight: normal;">We own a substantially modern fleet of vessels. The following table sets forth the fleet that we own or charter-in as of April 30, 2020. All of the VLCCs, Suezmax tankers,
          product tankers and chemical tankers are double-hull vessels.</div>
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            <tr>
              <td style="width: 27.84%; vertical-align: bottom;">&#160;</td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td colspan="4" style="width: 20.91%; vertical-align: bottom;">
                <div>&#160;</div>
                <div style="text-align: center; margin-top: 2pt; font-weight: bold;">Approximate</div>
              </td>
              <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
              <td style="width: 12.96%; vertical-align: bottom;">&#160;</td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 15.49%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div>&#160;</div>
                <div style="text-align: center; margin-top: 2pt; font-weight: bold;">Lease</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td colspan="2" style="width: 16.78%; vertical-align: middle; border-bottom: #000000 2px solid;">
                <div>&#160;</div>
                <div style="text-align: center; margin-top: 2pt; font-weight: bold;">Charter Termination</div>
              </td>
            </tr>
            <tr>
              <td style="width: 27.84%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div>&#160;</div>
                <div style="margin-top: 2pt; font-weight: bold;">Vessel</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 8.7%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div>&#160;</div>
                <div style="text-align: center; margin-top: 2pt; font-weight: bold;">Built</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td colspan="2" style="width: 11.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div>&#160;</div>
                <div style="text-align: center; margin-top: 2pt; font-weight: bold;">Dwt.</div>
              </td>
              <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
              <td style="width: 12.96%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div>&#160;</div>
                <div style="text-align: center; margin-top: 2pt; font-weight: bold;">Flag</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 15.49%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div>&#160;</div>
                <div style="text-align: center; margin-top: 2pt; font-weight: bold;">Classification</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td colspan="2" style="width: 16.78%; vertical-align: bottom;">
                <div>&#160;</div>
                <div style="text-align: center; margin-top: 2pt; font-weight: bold;">Date</div>
              </td>
            </tr>
            <tr>
              <td style="width: 27.84%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>&#160;</div>
                <div style="margin-top: 2pt; color: #000000; font-weight: bold;"><u>VLCCs</u></div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 8.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 3.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 12.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 15.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 9.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 27.84%; vertical-align: bottom;">
                <div style="margin-top: 2pt; color: #000000;">Front Energy</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 8.7%; vertical-align: bottom;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">2004</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
                <div style="text-align: right; margin-top: 2pt; color: #000000;">305,000</div>
              </td>
              <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
              <td style="width: 12.96%; vertical-align: bottom;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">MI</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 15.49%; vertical-align: bottom;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">Direct Financing</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 9.28%; vertical-align: bottom;">
                <div style="text-align: right; margin-top: 2pt; color: #000000;">2027</div>
              </td>
              <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="margin-top: 2pt; color: #000000;">Front Force</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">2004</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: right; margin-top: 2pt; color: #000000;">305,000</div>
              </td>
              <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">MI</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">Direct Financing</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: right; margin-top: 2pt; color: #000000;">2027</div>
              </td>
              <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 27.84%; vertical-align: bottom;">
                <div style="margin-top: 2pt; color: #000000;">Hunter Atla</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 8.7%; vertical-align: bottom;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">2019</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 10.66%; vertical-align: bottom;">
                <div style="text-align: right; margin-top: 2pt; color: #000000;">300,000</div>
              </td>
              <td style="width: 0.76%; vertical-align: top;">&#160;</td>
              <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
              <td style="width: 12.96%; vertical-align: bottom;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">MI</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 15.49%; vertical-align: bottom;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">Leaseback assets</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 9.28%; vertical-align: bottom;">
                <div style="text-align: right; margin-top: 2pt; color: #000000;">2024</div>
              </td>
              <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="margin-top: 2pt; color: #000000;">Hunter Saga</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">2019</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 10.66%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: right; margin-top: 2pt; color: #000000;">300,000</div>
              </td>
              <td style="width: 0.76%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">MI</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">Leaseback assets</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: right; margin-top: 2pt; color: #000000;">2024</div>
              </td>
              <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 27.84%; vertical-align: bottom;">
                <div style="margin-top: 2pt; color: #000000;">Hunter Laga</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 8.7%; vertical-align: bottom;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">2019</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 10.66%; vertical-align: bottom;">
                <div style="text-align: right; margin-top: 2pt; color: #000000;">300,000</div>
              </td>
              <td style="width: 0.76%; vertical-align: top;">&#160;</td>
              <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
              <td style="width: 12.96%; vertical-align: bottom;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">MI</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 15.49%; vertical-align: bottom;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">Leaseback assets</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 9.28%; vertical-align: bottom;">
                <div style="text-align: right; margin-top: 2pt; color: #000000;">2024</div>
              </td>
              <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;"><br>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;"><br>
              </td>
              <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;"><br>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 27.84%; vertical-align: bottom;">
                <div style="text-align: justify; margin-top: 2pt; color: #000000; font-weight: bold;"><u>Suezmaxes</u></div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 8.7%; vertical-align: bottom;"><br>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td colspan="2" style="width: 11.42%; vertical-align: bottom;"><br>
              </td>
              <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
              <td style="width: 12.96%; vertical-align: bottom;">&#160;</td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 15.49%; vertical-align: bottom;"><br>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 9.28%; vertical-align: bottom;"><br>
              </td>
              <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: justify; margin-top: 2pt; color: #000000;">Glorycrown</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">2009</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: right; margin-top: 2pt; color: #000000;">156,000</div>
              </td>
              <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">MI</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">n/a</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;"><br>
              </td>
              <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="text-align: right; margin-top: 2pt; color: #000000;">n/a</div>
              </td>
              <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
                <div style="margin-top: 2pt; color: #000000; font-size: 8pt;">(2)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 27.84%; vertical-align: bottom;">
                <div style="text-align: justify; margin-top: 2pt; color: #000000;">Everbright</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 8.7%; vertical-align: bottom;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">2010</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
                <div style="text-align: right; margin-top: 2pt; color: #000000;">156,000</div>
              </td>
              <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
              <td style="width: 12.96%; vertical-align: bottom;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">MI</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 15.49%; vertical-align: bottom;">
                <div style="text-align: center; margin-top: 2pt; color: #000000;">n/a</div>
              </td>
              <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
              <td style="width: 9.28%; vertical-align: bottom;">
                <div style="text-align: right; margin-top: 2pt; color: #000000;">n/a</div>
              </td>
              <td style="width: 7.5%; vertical-align: bottom;">
                <div style="margin-top: 2pt; color: #000000; font-size: 8pt;">(2)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;"><br>
              </td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;"><br>
              </td>
              <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
      </div>
      <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt; border: 2px solid #000000; padding: 5px; width: 99%;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z1076a282db124de790ad96489310cd30">

          <tr>
            <td style="width: 27.84%; vertical-align: bottom; border-bottom: 2px solid black;">
              <div style="color: #000000; font-weight: bold;">Capesize Dry Bulk Carriers</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000;">Belgravia</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2009</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">170,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">MI</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="color: #000000;">Battersea</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2009</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">170,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">MI</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000;">Golden Magnum</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2009</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">180,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="color: #000000;">Golden Beijing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2010</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">176,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000;">Golden Future</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2010</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">176,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="color: #000000;">Golden Zhejiang</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2010</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">176,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000;">Golden Zhoushan</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2011</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">176,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="color: #000000;">KSL China</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2013</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">180,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">MI</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; border-bottom: 2px solid black;">
              <div style="color: #000000; font-weight: bold;">Kamsarmax Dry Bulk Carriers</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000;">Sinochart Beijing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2012</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">82,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2022</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="color: #000000;">Min Sheng 1</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2012</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">82,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2022</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; border-bottom: 2px solid black;">
              <div style="color: #000000; font-weight: bold;">Handysize Dry Bulk Carriers</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000;">SFL Spey</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2011</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">34,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">n/a</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(2)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="color: #000000;">SFL Medway</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2011</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">34,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">n/a</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(2)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">SFL Trent</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2012</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">34,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">n/a</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(2)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">SFL Kent</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2012</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 10.66%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">34,000</div>
            </td>
            <td style="width: 0.76%; vertical-align: top;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">n/a</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(2)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">SFL Tyne</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2012</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">32,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">n/a</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(2)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="color: #000000;">SFL Clyde</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2012</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">32,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">n/a</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(2)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">SFL Dee</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2013</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">32,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">n/a</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(2)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: 2px solid black;">
              <div style="color: #000000; font-weight: bold;">Product Tankers</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">SFL Trinity</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2017</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">114,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">MI</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">SFL Sabine</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2017</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">114,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">MI</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: 2px solid black;">
              <div style="color: #000000; font-weight: bold;">Chemical Tankers</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="color: #000000;">Maria Victoria V</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2008</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">17,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2021</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000;">SC Guangzhou</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2008</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">17,000</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2021</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: 2px solid black;">
              <div style="text-align: justify; color: #000000; font-weight: bold;">Container vessels</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">MSC Margarita</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2001</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">5,800 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Sales Type</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1) (5)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Vidhi</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2002</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">5,800 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Sales Type</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1) (5)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">MSC Vaishnavi R.</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2002</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">4,100 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2021</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Julia R.</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2002</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">4,100 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2021</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">MSC Arushi R.</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2002</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">4,100 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2021</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Katya R.</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2002</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">4,100 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2021</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">MSC Anisha R.</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2002</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">4,100 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2020</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Vidisha R.</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2002</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">4,100 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2020</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">MSC Zlata R.</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2002</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">4,100 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2020</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Alice</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2003</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">1,700 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">MI</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Sales Type</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2022</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt; border: 2px solid #000000; padding: 5px; width: 99%;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="za402720342784b74875de4d21d937c23">

          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">Asian Ace</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2005</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">1,700 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">MAL</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">n/a</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(2)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">Green Ace</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2005</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">1,700 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">MAL</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">n/a</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(2)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">San Felipe</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2014</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">8,700 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">MI</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">San Felix</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2014</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">8,700 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">MI</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">San Fernando</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2015</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">8,700 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">MI</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">San Francisca</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2015</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">8,700 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">MI</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">Maersk Sarat</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2015</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">9,500 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">Maersk Skarstind</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2016</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">9,500 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">Maersk Shivling</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2016</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">9,300 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Anna</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2016</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">19,200 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2031</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1) (3)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">MSC Viviana</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2017</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">19,200 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2032</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1) (3)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Alabama</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">1996</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">3,424 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">MSC Alyssa</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2001</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">4,354 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Belle</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">1998</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">1,098 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">MSC Caitlin</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">1998</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">1,733 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Edith</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">1998</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">1,733 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">MSC Erminia</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">1993</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">3,720 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Giannina</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">1997</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2,061 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">PT</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">MSC Himanshi</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">1997</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2,072 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Japan</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">1996</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">3,424 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">MSC Jemima</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">1994</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2,394 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Korea</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">1996</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">3,424 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">MSC Mandy</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">1993</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">3,007 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Nilgun</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">1994</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2,394 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">MSC Rossella</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">1993</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">3,502 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Santhya</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">1991</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">3,005 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">Thalassa Axia</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2014</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">13,800 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(4)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">Thalassa Doxa</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2014</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">13,800 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(4)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">Thalassa Mana</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2014</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">13,800 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(4)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">Thalassa Tyhi</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2014</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">13,800 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(4)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">Cap San Vincent</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2015</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">10,600 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">MI</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1) (4)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">Cap San Lazaro</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2015</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">10,600 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">MI</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1) (4)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">Cap San Juan</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2015</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">10,600 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">MI</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1) (4)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Erica</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2016</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">19.400 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1) (3)</div>
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          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">MSC Reef</div>
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            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2016</div>
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            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
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            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2033</div>
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            <td style="width: 7.5%; vertical-align: bottom;">
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          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC England</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
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            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">4,132 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
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            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.54%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 0.74%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
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          </tr>
          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">MSC Sarah</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2000</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">4,400 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Leaseback assets</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.54%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2025</div>
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            <td style="width: 0.74%; vertical-align: top;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
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          <tr>
            <td style="width: 27.85%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">MSC Positano</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
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            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2,456 TEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">LIB</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Leaseback assets</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.54%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2025</div>
            </td>
            <td style="width: 0.74%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
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          <tr>
            <td style="width: 27.85%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 11.42%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.48%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 9.28%; vertical-align: bottom;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
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            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: 2px solid black;">
              <div style="text-align: justify; color: #000000; font-weight: bold;">Car Carriers</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">Composer</div>
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            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2005</div>
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            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">6,500 CEU</div>
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            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">n/a</div>
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            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">n/a</div>
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            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(2)</div>
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          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">Conductor</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2006</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">6,500 CEU</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">n/a</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(2)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: top; background-color: #CCEEFF; border-bottom: 2px solid black;">
              <div style="text-align: justify; color: #000000; font-weight: bold;">Jack-Up Drilling Rigs</div>
            </td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 3.68%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">West Linus</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2014</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">450 ft</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">NOR</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2029</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: justify; color: #000000; font-weight: bold;">Ultra-Deepwater Drill Units</div>
            </td>
            <td style="width: 0.78%; vertical-align: top;">&#160;</td>
            <td style="width: 8.7%; vertical-align: top;">&#160;</td>
            <td style="width: 0.78%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: top;">&#160;</td>
            <td style="width: 3.68%; vertical-align: top;">&#160;</td>
            <td style="width: 12.96%; vertical-align: top;">&#160;</td>
            <td style="width: 0.78%; vertical-align: top;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9.28%; vertical-align: top;">&#160;</td>
            <td style="width: 7.5%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: justify; color: #000000;">West Hercules</div>
            </td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2008</div>
            </td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">10,000 ft</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">West Taurus</div>
            </td>
            <td style="width: 0.78%; vertical-align: top;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2008</div>
            </td>
            <td style="width: 0.78%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">10,000 ft</div>
            </td>
            <td style="width: 3.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">PAN</div>
            </td>
            <td style="width: 0.78%; vertical-align: top;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Direct Financing</div>
            </td>
            <td style="width: 0.78%; vertical-align: top;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2024</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 3.68%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: middle; border-bottom: 2px solid black;">
              <div style="color: #000000; font-weight: bold;">Supramax Dry Bulk Carriers</div>
            </td>
            <td style="width: 0.78%; vertical-align: middle;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: middle;">&#160;</td>
            <td colspan="2" style="width: 11.42%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3.68%; vertical-align: top;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: top;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.78%; vertical-align: top;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">&#160;</td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="color: #000000;">SFL Hudson</div>
            </td>
            <td style="width: 0.78%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2009</div>
            </td>
            <td style="width: 0.78%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 10.66%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">57,000</div>
            </td>
            <td style="width: 0.76%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 3.68%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">MI</div>
            </td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2020</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: middle;">
              <div style="color: #000000;">SFL Yukon</div>
            </td>
            <td style="width: 0.78%; vertical-align: middle;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2010</div>
            </td>
            <td style="width: 0.78%; vertical-align: middle;">&#160;</td>
            <td style="width: 10.66%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">57,000</div>
            </td>
            <td style="width: 0.76%; vertical-align: top;">&#160;</td>
            <td style="width: 3.68%; vertical-align: top;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: top;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 0.78%; vertical-align: top;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">n/a</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">
              <div style="color: #000000; font-size: 8pt;">(2)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="color: #000000;">SFL Sara</div>
            </td>
            <td style="width: 0.78%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2011</div>
            </td>
            <td style="width: 0.78%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 10.66%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">57,000</div>
            </td>
            <td style="width: 0.76%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 3.68%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">n/a</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="color: #000000; font-size: 8pt;">(2)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: middle;">
              <div style="color: #000000;">SFL Kate</div>
            </td>
            <td style="width: 0.78%; vertical-align: middle;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">2011</div>
            </td>
            <td style="width: 0.78%; vertical-align: middle;">&#160;</td>
            <td style="width: 10.66%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">57,000</div>
            </td>
            <td style="width: 0.76%; vertical-align: top;">&#160;</td>
            <td style="width: 3.68%; vertical-align: top;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: top;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: top;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2021</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.84%; vertical-align: middle; background-color: #CCEEFF;">
              <div style="color: #000000;">SFL Humber</div>
            </td>
            <td style="width: 0.78%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">2012</div>
            </td>
            <td style="width: 0.78%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 10.66%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">57,000</div>
            </td>
            <td style="width: 0.76%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 3.68%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 12.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">HK</div>
            </td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; color: #000000;">Operating</div>
            </td>
            <td style="width: 0.78%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right; color: #000000;">2022</div>
            </td>
            <td style="width: 7.5%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div>
        <div style="text-align: justify;"><font style="color: #000000;"><u>Key to Flags</u></font>: BA &#8211; Bahamas, CYP &#8211; Cyprus, HK &#8211; Hong Kong, LIB &#8211; Liberia, MAL &#8211; Malta, MI &#8211; Marshall Islands, PAN &#8211; Panama, PT &#8211; Portugal, NOR &#8211; Norway.</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;"><u>Notes:</u></div>
        <div style="text-align: justify; margin-top: 6pt;">
          <div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze676bc96571848eb9d644a7a107b26d4">

                <tr>
                  <td style="width: 28pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; align: right;">(1)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div>Charterer has purchase options or obligations during the term or at the end of the charter.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-top: 6pt;">
          <div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c16799e890e40728fc0b2e46b722ebe">

                <tr>
                  <td style="width: 28pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; align: right;">(2)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div>Currently employed on a short-term charter or trading in the spot market.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-top: 6pt;">
          <div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc67a500e448e47e8ae5c7b6845a703da">

                <tr>
                  <td style="width: 28pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; align: right;">(3)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div>Vessel chartered-in and out on direct financing leases.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-top: 6pt;">
          <div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2cb571dc5b954e3b92b7060f12edb6b2">

                <tr>
                  <td style="width: 28pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; align: right;">(4)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div>Vessel chartered-in as capital leases and out as operating leases.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-top: 6pt;">
          <div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57fa4f20b34a4e35a7ca106351aba474">

                <tr>
                  <td style="width: 28pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; align: right;">(5)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div>These vessels were extended in 2019 and lease classification changed from operating leases to sales type leases.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 28pt;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Substantially, all of our owned vessels and rigs are pledged under mortgages, excluding three of the 1,700 TEU container vessels and two chemical tankers.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Other than our interests in the vessels and drilling units described above, we do not own any material physical properties. We lease office space in Oslo from Seatankers Management Norway AS and
          in London from Frontline Corporate Services Ltd, both related parties.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our primary objective is to continue to grow our business through accretive acquisitions, which may include acquisitions of vessels and acquiring other companies, across a diverse
          range of marine and offshore asset classes. In doing so, our strategy is to expand and diversify our customer base and generate stable and increasing cash flows by chartering our assets primarily under medium to long-term bareboat or time
          charters.</div>
        <div style="text-align: justify; text-indent: 36pt; color: #000000;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: #000000;">
          <div style="text-indent: 36pt; color: #000000;">As of the date of this prospectus we have paid dividends for 64 consecutive quarters. For the&#160;years ended December&#160;31, 2017, 2018, and 2019 we paid aggregate dividends in cash to our shareholders in
            the amounts of&#8201; $152.9&#160;million ($1.60 per share), $149.3&#160;million ($1.40 per share) and $151 million ($1.40 per share) respectively. Our ability to pay dividends is always subject to the discretion of our Board of Directors, the requirements of
            Bermuda law and the limitations contained in our bond and debt facilities and there can be no assurance we will continue to pay dividends in equal amounts, if at all.</div>
        </div>
      </div>
    </div>
    <br>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt; border: 2px solid #000000; padding: 5px; width: 99%;">
      <div style="text-align: justify; color: #000000; font-weight: bold;">Corporate Information</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: #000000;">We are a holding company incorporated under the laws of Bermuda. We operate through our vessel owning and other subsidiaries incorporated in Bermuda, Liberia, Norway,
          Cyprus, Malta, the Marshall Islands and the United Kingdom. Our principal executive offices are located at Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda, and our telephone number is +1 (441) 295-9500. We maintain an internet
          site at </font><font style="color: #0000FF;"><u>https://www.sflcorp.com/</u></font><font style="color: #000000;">. The information contained at our internet site is not incorporated by reference into this prospectus, and you should not consider
          it a part of this prospectus.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; color: #000000;">The information above concerning us is only a summary and does not purport to be comprehensive or complete. For additional information about us, you should
        refer to the information described in &#8220;Where You Can Find Additional Information&#8221; in this prospectus.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold;">SFL Finance Corporation Ltd.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">SFL Finance Sub is a wholly-owned finance subsidiary of SFL Parent, incorporated under the laws of the Republic of the Marshall Islands on December 3, 2019. The sole business
        of SFL Finance Sub is to issue securities in various markets and advance the net proceeds to SFL Parent and its subsidiaries. SFL Finance Sub does not currently have any operations, revenues or assets. Any offering of securities by SFL Finance Sub
        pursuant to this prospectus and the related prospectus supplement will be fully and unconditionally guaranteed by SFL Parent pursuant to a guarantee agreement to be entered into in connection with such offering. SFL Finance Sub was incorporated for
        an indefinite period of time.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">SFL Finance Sub&#8217;s registered office is located at Ajeltake Road, Ajeltake Island, MH 96960 Majuro, Marshall Islands, and its telephone number is <font style="color: #000000;">+1








          (441) 295-9500</font>.</div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 9pt;">Matters discussed in this prospectus, and any prospectus supplement, and the documents that we have filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) that are
      incorporated by reference into this prospectus, or any prospectus supplement, may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to
      encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, underlying assumptions
      and other statements, which are other than statements of historical facts.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 9pt;">We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement pursuant to this safe
      harbor legislation. This prospectus, and any prospectus supplement, and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and
      financial performance and are not intended to give any assurance as to future results. When used in this prospectus, and any prospectus supplement, the words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221;&#160;
      &#8220;will,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;targets,&#8221; &#8220;likely,&#8221; &#8220;would,&#8221; &#8220;could&#8221; &#8220;seeks,&#8221; &#8220;continue,&#8221; &#8220;possible,&#8221; &#8220;might,&#8221; &#8220;pending&#8221; and similar expressions, terms or phrases may identify forward-looking statements.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 9pt;">The forward-looking statements herein are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, management&#8217;s
      examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to
      significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 9pt;">Such statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or
      uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. We are making investors aware that such
      forward-looking statements, because they relate to future events, are by their very nature subject to many important factors that could cause actual results to differ materially from those contemplated. In addition to these important factors and
      matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d5c437dcccd403ea4b4c0c223cf803a">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the strength of world economies;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z736b67baf69b42b08073281256946a59">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our ability to generate cash to service our indebtedness;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z254c11121ee84871ac6975ff206be803">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our ability to continue to satisfy our financial and other covenants, or obtain waivers relating to such covenants from our lenders under our credit facilities;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8066c15deba74cc1a611946b3245653a">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the availability of financing and refinancing, as well as our ability to obtain such financing or refinancing in the future to fund capital expenditures, acquisitions and other general corporate activities and our ability to comply
                  with the restrictions and other covenants in our financing arrangements;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0f54022ecbd24eafba574f9582fbe25e">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our counterparties&#8217; ability or willingness to honor their obligations under agreements with it;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
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              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
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                <div>fluctuations in currencies and interest rates;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
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            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
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                <div>general market conditions including fluctuations in charter hire rates and vessel values;</div>
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            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
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            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>availability of skilled workers and the related labor costs;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb50db707e4444c4c84c983ad270dfbde">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our dependence on key personnel, adequacy of insurance coverage, and our ability to obtain indemnities from customers, changes in laws, treaties or regulations;</div>
              </td>
            </tr>

        </table>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
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      <div>
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              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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                <div>changes in supply and generally the number, size and form of providers of goods and services in the markets in which we operate;</div>
              </td>
            </tr>

        </table>
      </div>
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    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
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              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
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                <div>changes in demand in the markets in which we operate;</div>
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            </tr>

        </table>
      </div>
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    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5bffb041104a4150bcb5c75aa485a51a">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>changes in demand resulting from changes in the Organization of the Petroleum Exporting Countries&#8217; petroleum production levels and worldwide oil consumption and storage;</div>
              </td>
            </tr>

        </table>
      </div>
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    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3f809d7265f84f54a0586bac36f12845">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>developments regarding the technologies relating to oil exploration and the effects of new products and new technology in our industry;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
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            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2c269ead76724ae4913d5fa048e38353">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>increased inspection procedures and more restrictive import and export controls;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3315504a5d944bb4b2a8ad5bed3b0bc2">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the imposition of sanctions by the Office of Foreign Assets Control of the Department of the U.S. Treasury or pursuant to other applicable laws or regulations against us or any of our subsidiaries;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8ec3c76e24dc4b3a87a49a63909ca757">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>compliance with governmental, tax, environmental and safety regulation, any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 (FCPA) or other applicable regulations relating to bribery;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5c41e3f43435409b9b524c0d8f86bfe9">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>changes in our operating expenses, including bunker prices, drydocking and insurance costs;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c77d7a6feb740c198012c7fbefe981a">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the impact of the discontinuance of the London Inter-bank Offered Rate (&#8220;LIBOR&#8221;) after 2021 on any of our debt that references LIBOR in the interest rate;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z34131dea2223470a9f4509235f0977c8">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the volatility of the price of our common shares;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
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            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our incorporation under the laws of Bermuda and the different rights to relief that may be available compared to other countries, including the United States;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf0d02ce6f6054d079e2e0b7318fa2abc">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>performance of our charterers and other counterparties with whom we deal;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3bf770d431854e5f9b4e66c830348df6">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the impact of any restructuring of the counterparties with whom we deal, including any potential restructuring of Deep Sea Supply Shipowning II AS and Solstad Offshore ASA or Solstad or Seadrill;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zab27d335f01242669c573dc33cb12cca">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>timely delivery of vessels under construction within the contracted price;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z47b525fae53549339ed30d27e69a9ae2">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>changes in governmental rules and regulations or actions taken by regulatory authorities;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4b8b9d4f1dcb40c9aa84cdf3302f4285">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>potential liability from pending or future litigation;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze295febcb95442bcabf84ac077548880">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>general domestic and international political conditions;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd4550cf2556a4872b0d2fec5f9547209">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the length and severity of the recent coronavirus outbreak (COVID-19) and its impact on the demand for commercial seaborne transportation and the condition of the financial markets;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z789592fd85ca49209d7f6843f4d4f0a9">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>potential disruption of shipping routes due to accidents;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z46d1f8d8f6024bfca1e46d3509d97e8a">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>piracy or political events; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zafd5341adc1d434aa69d796afaf49621">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#9642;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>other important factors described under the heading &#8220;Risk Factors&#8221; in this prospectus and in our annual report on Form 20-F for the year ended December 31, 2019, as well as those described from time to time in the reports filed by us
                  with the Commission.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 9pt;">This prospectus, and any prospectus supplement, may contain assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as
      forward-looking statements. We may also from time to time make forward-looking statements in other documents and reports that are filed with or submitted to the Commission, in other information sent to our security holders, and in other written
      materials. We also caution that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material.&#160; We undertake no obligation to publicly update or revise
      any forward-looking statement contained in this prospectus, and any prospectus supplement, whether as a result of new information, future events or otherwise, except as required by law.</div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">RISK FACTORS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-style: italic;">An investment in our securities involves a high degree of risk.&#160;You should carefully consider the risks and the discussion of risks under the heading &#8220;Risk
      Factors&#8221; in any applicable prospectus supplement hereto or in our Annual Report on Form 20-F for the year ended December 31, 2019, filed with the Commission on March 27, 2020, and the documents we have incorporated by reference in this prospectus,
      including the section entitled &#8220;Risk Factors&#8221; in future annual reports that summarize the risks that may materially affect our business before making an investment in our securities. Please see the section in this prospectus entitled &#8220;Where You Can
      Find Additional Information.&#8221;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">USE OF PROCEEDS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We intend to use net proceeds from the sale of securities as set forth in the applicable prospectus supplement, which may include general corporate purposes, asset purchases,
      debt repayment and strategic transactions.<br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CAPITALIZATION</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Each prospectus supplement will include information relating to SFL Parent&#8217;s consolidated capitalization.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ENFORCEMENT OF CIVIL LIABILITIES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">There is no treaty in force between the United States and Bermuda providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters. As a
      result, whether a United States judgment would be enforceable in Bermuda against us or our directors and officers depends on whether the U.S. court that entered the judgment is recognized by the Bermuda court as having jurisdiction over us or our
      directors and officers, as determined by reference to Bermuda conflict of law rules. A judgment debt from a U.S. court that is final and for a sum certain based on U.S. federal securities laws will not be enforceable in Bermuda unless the judgment
      debtor had submitted to the jurisdiction of the U.S. court, and the issue of submission and jurisdiction is a matter of Bermuda (not U.S.) law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In addition, and irrespective of jurisdictional issues, the Bermuda courts will not enforce a U.S. federal securities law that is either penal or contrary to the public policy of
      Bermuda. An action brought pursuant to a public or penal law, the purpose of which is the enforcement of a sanction, power or right at the instance of the state in its sovereign capacity, may not be entertained by a Bermuda court to the extent it is
      contrary to Bermuda public policy. Certain remedies available under the laws of U.S. jurisdictions, including certain remedies under U.S. federal securities laws, may not be available under Bermuda law or enforceable in a Bermuda court, to the extent
      they are contrary to Bermuda public policy. Further, no claim may be brought in Bermuda against us or our directors and officers in the first instance for violations of U.S. federal securities laws because these laws have no extraterritorial
      jurisdiction under Bermuda law and do not have force of law in Bermuda. A Bermuda court may, however, impose civil liability on us or our directors and officers if the facts alleged in a complaint constitute or give rise to a cause of action under
      Bermuda law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">SFL Finance Sub is a Marshall Islands company, and its principal executive offices are located outside the United States in Hamilton, Bermuda. Some of its directors, officers and
      the experts named in this prospectus reside outside the United States. In addition, a substantial portion of its assets and the assets of certain of its directors, officers and experts are located outside the United States. As a result, you may have
      difficulty serving legal process within the United States upon SFL Finance Sub or any of these persons. You may also have difficulty enforcing, both in and outside the United States, judgments you may obtain in United States courts against SFL
      Finance Sub or these persons.</div>
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    <!--PROfilePageNumberReset%Num%12%%%--><br>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF SFL PARENT&#8217;S SHARE CAPITAL</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following is a description of the material terms of SFL Parent&#8217;s amended Memorandum of Association and Bye-laws.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Purpose</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Memorandum of Association of SFL Parent was previously filed on May 21, 2004 as Exhibit 3.1 to its Registration Statement on Form F-4 (File No. 333-115705) and is
      incorporated by reference herein.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The purposes and powers of SFL Parent are set forth in Items 6(1) and 7(a) through (h) of its Memorandum of Association and in the Second Schedule of the Companies Act of 1981 of
      Bermuda.&#160;These purposes include exploring, drilling, moving, transporting and refining petroleum and hydro-carbon products, including oil and oil products; acquiring, owning, chartering, selling, managing and operating ships and aircraft; the
      entering into of any guarantee, contract, indemnity or suretyship to assure, support, secure, with or without the consideration or benefit, the performance of any obligations of any person or persons; and the borrowing and raising of money in any
      currency or currencies to secure or discharge any debt or obligation in any manner.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SFL Parent&#8217;s Bye-laws</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">At the 2007 Annual General Meeting of SFL Parent, the shareholders voted to amend SFL Parent&#8217;s Bye-laws to ensure conformity with recent revisions to the Companies Act 1981 of
      Bermuda, as amended. These amended Bye-laws of SFL Parent, as adopted by SFL Parent&#8217;s shareholders on September 28, 2007, and as further amended on September 20, 2013 and September 23, 2016 are hereby incorporated by reference into this prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Bermuda law permits the Bye-laws of a Bermuda company to contain provisions exempting (except in relation to an allegation of fraud or dishonesty proved against them) from
      personal liability a director, alternate director, officer, member of a committee authorized under Bye-law 98, resident representative or their respective heirs, executors or administrators to the company from any loss arising or liability attaching
      to him by virtue of any rule of law in respect of any negligence, default, breach of duty or breach of trust of which the officer or person may be guilty in relation to the company or any subsidiary thereof.&#160;Bermuda law also grants companies the
      power generally to indemnify directors, alternate directors and officers of the company and any members authorized under Bye-law 98, resident representatives or their respective heirs, executors or administrators if any such person was or is a party
      or threatened to be made a party to a threatened, pending or completed action, suit or proceeding by reason of the fact that he or she is or was a director, alternate director or officer of the company or member of a committee authorized under
      Bye-law 98, resident representative or their respective heirs, executors or administrators or was serving in a similar capacity for another entity at the company&#8217;s request.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">SFL Parent&#8217;s shareholders have no pre-emptive, subscription, redemption, conversion or sinking fund rights. Shareholders are entitled to one vote for each share held of record on
      all matters submitted to a vote of SFL Parent&#8217;s shareholders. Shareholders have no cumulative voting rights. Shareholders are entitled to dividends if and when they are declared by SFL Parent&#8217;s Board of Directors, subject to any preferred dividend
      right of holders of any preference shares. Directors to be elected by shareholders require a simple majority of votes cast at a meeting at which a quorum is present. For all other matters, unless a different majority is required by law or SFL
      Parent&#8217;s Bye-laws, resolutions to be approved by shareholders require approval by a simple majority of votes cast at a meeting at which a quorum is present.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Upon SFL Parent&#8217;s liquidation, dissolution or winding up, shareholders will be entitled under Bermuda law to receive, ratably, its net assets available after the payment of all
      its debts and liabilities and any preference amount owed to any preference shareholders. The rights of shareholders, including the right to elect directors, are subject to the rights of any series of preference shares SFL Parent may issue in the
      future.</div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under SFL Parent&#8217;s Bye-laws, annual meetings of shareholders will be held at a time and place selected by its Board of Directors each calendar year, but in no event shall any
      such meeting be held in Norway or the United Kingdom. Special meetings of shareholders may be called by its Board of Directors at any time and, pursuant to Bermuda law, special meetings must be called at the request of shareholders holding at least
      10% of SFL Parent&#8217;s paid-up share capital carrying the right to vote at general meetings. Under SFL Parent&#8217;s Bye-laws, five days&#8217; notice of an annual meeting or any special meeting must be given to each shareholder entitled to vote at that meeting.
      Under Bermuda law, accidental failure to give notice will not invalidate proceedings at a meeting. SFL Parent&#8217;s Board of Directors may set a record date at any time before or after any date on which such notice is dispatched.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Special rights attaching to any class of SFL Parent&#8217;s shares may be altered or abrogated with the consent in writing of not less than 75% of the issued shares of that class or
      with the sanction of a resolution passed at a separate general meeting of the holders of such shares voting in person or by proxy.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">SFL Parent&#8217;s Bye-laws do not prohibit a director from being a party to, or otherwise having an interest in, any transaction or arrangement with SFL Parent or in which SFL Parent
      is otherwise interested.&#160;SFL Parent&#8217;s Bye-laws provide its Board of Directors the authority to exercise all of the powers of SFL Parent to borrow money and to mortgage or charge all or any part of SFL Parent&#8217;s property and assets as collateral
      security for any debt, liability or obligation.&#160;SFL Parent&#8217;s directors are not required to retire because of their age, and SFL Parent&#8217;s directors are not required to be holders of SFL Parent&#8217;s common shares.&#160;SFL Parent&#8217;s Board of Directors shall at
      all times comprise a majority of directors who are not resident in the United Kingdom. Directors serve for one-year terms, and shall serve until re-elected or until their successors are appointed at the next annual general meeting.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">SFL Parent&#8217;s Bye-laws provide that no director, alternate director, officer, person or member of a committee authorized under Bye-law 98, if any, resident representative, or his
      heirs, executors or administrators, which SFL Parent refers to collectively as an indemnitee, is liable for the acts, receipts, neglects or defaults of any other such person or any person involved in SFL Parent&#8217;s formation, or for any loss or expense
      incurred by SFL Parent through the insufficiency or deficiency of title to any property acquired by SFL Parent, or for the insufficiency or deficiency of any security in or upon which any of SFL Parent&#8217;s monies shall be invested, or for any loss or
      damage arising from the bankruptcy, insolvency or tortious act of any person with whom any monies, securities or effects shall be deposited, or for any loss occasioned by any error of judgment, omission, default or oversight on his part, or for any
      other loss, damage or misfortune whatsoever which shall happen in relation to the execution of his duties, or supposed duties, to SFL Parent or otherwise in relation thereto.&#160;Each indemnitee will be indemnified and held harmless out of SFL Parent&#8217;s
      funds to the fullest extent permitted by Bermuda law against all liabilities, loss, damage or expense (including but not limited to liabilities under contract, tort and statute or any applicable foreign law or regulation and all reasonable legal and
      other costs and expenses properly payable) incurred or suffered by him as such director, alternate director, officer, committee member or resident representative in his reasonable belief that he has been so appointed or elected notwithstanding any
      defect in such appointment or election.&#160;In addition, each indemnitee shall be indemnified against all liabilities incurred in defending any proceedings, whether civil or criminal, in which judgment is given in such indemnitee&#8217;s favor, or in which he
      is acquitted.&#160;SFL Parent is authorized to purchase insurance to cover any liability an indemnitee may incur under the indemnification provisions of SFL Parent&#8217;s Bye-laws.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Authorized Capitalization</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under SFL Parent&#8217;s amended Memorandum of Association, SFL Parent&#8217;s authorized capital consists of $2,000,000, comprising 200,000,000 common shares, which may include related
      purchase rights for SFL Parent&#8217;s common or preferred shares, having a par value of $0.01 each, of which 119,398,179 are issued and outstanding as of April 30, 2020.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">At SFL Parent&#8217;s Annual General Meeting held in September 2018, an adjustment of SFL Parent&#8217;s share capital was approved, whereby the number of authorized shares was increased
      from 150,000,000 to 200,000,000 common shares, par value $0.01 per share.</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Share History</div>
    <div style="text-align: justify; text-indent: 36pt;">In November 2016, in conjunction with SFL Parent&#8217;s issue of senior unsecured convertible bonds totaling $225 million, SFL Parent issued 8,000,000 common shares, par value $0.01 per share. The shares
      were issued at par value and have been loaned to an affiliate of one of the underwriters of the bond issue in order to assist investors in the bonds to hedge their position.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In October 2017, SFL Parent issued a total of 9,418,798 common shares following separate privately negotiated transactions with certain holders of the 3.25% senior unsecured convertible bonds due
      2018 for the conversion of a principal amount of $121.0 million from the outstanding balance of the convertible bonds.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In 2018 and 2017, under its share option scheme, SFL Parent issued a total of zero and 7,500 common shares at $0.01 each, respectively, following the exercise of share options.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In February 2018, SFL Parent redeemed the full outstanding amount under the 3.25% senior unsecured convertible bonds due 2018.&#160; The remaining outstanding principal amount of $63.2 million was paid in
      cash, and the premium settled in common shares with the issue of 651,365 common shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In April 2018, SFL Parent issued a total of 3,765,842 common shares, par value $0.01 per share, pursuant to a share lending arrangement in connection with its issuance of 4.875% senior unsecured
      convertible bonds in April and May 2018.&#160; The shares issued have been loaned to affiliates of the underwriters of the bond issue in order to assist investors in the bonds to hedge their position. The bonds are convertible into common shares and
      mature on May 1, 2023.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In May 2018, SFL Parent issued a total of 4,024,984 common shares as part of the consideration paid for the acquisition of four 2014 built container vessels, each with approximately 13,800 TEU
      carrying capacity. The vessels are employed under long-term time-charters to an unrelated third party.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">At SFL Parent&#8217;s Annual General Meeting in September 2018, a resolution was passed to approve an increase of SFL Parent&#8217;s authorized share capital from $1,500,000 divided into 150,000,000 common
      shares of $0.01 par value each to $2,000,000 divided into 200,000,000 common shares of $0.01 par value each, as referenced above.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">During the year ended December 31, 2019, SFL Parent issued a total of 18,246 new shares of $0.01 each following the exercise of 65,000 share options.&#160; In 2019, $31.9 million of the dividend was paid
      from contributed surplus. Following the above transactions, as of December 31, 2019, SFL Parent&#8217;s issued and fully paid share capital balance was $1.2 million, its additional paid-in capital was $469 million and its contributed surplus balance was
      $649 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Common Shares</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding
      preferred shares, holders of common shares are entitled to receive, ratably, all dividends, if any, declared by SFL Parent&#8217;s Board of Directors out of funds legally available for dividends. Upon SFL Parent&#8217;s dissolution or liquidation or the sale of
      all or substantially all of SFL Parent&#8217;s assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred shares having liquidation preferences, if any, the holders of SFL Parent&#8217;s common shares will be
      entitled to receive pro rata SFL Parent&#8217;s remaining assets available for distribution. Holders of common shares do not have conversion, redemption or preemptive rights to subscribe to any of SFL Parent&#8217;s securities. The rights, preferences and
      privileges of holders of common shares are subject to the rights of the holders of any preferred shares which SFL Parent may issue in the future.</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Preferred Shares</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 10pt;">The material terms of any series of preferred shares that SFL Parent offers through a prospectus supplement will be described in that prospectus supplement. SFL Parent&#8217;s Board of
        Directors is authorized, subject to shareholder approval, to provide for the issuance of preferred shares in one or more series with designations as may be stated in the shareholder resolution or resolutions providing for the issue of such
        preferred shares. At the time that any series of SFL Parent&#8217;s preferred shares is authorized, SFL Parent will fix the dividend rights, any conversion rights, any voting rights, redemption provisions, liquidation preferences and any other rights,
        preferences, privileges and restrictions of that series, as well as the number of shares constituting that series and their designation. SFL Parent could issue preferred shares which have voting, conversion and other rights that could adversely
        affect the holders of SFL Parent&#8217;s common shares or make it more difficult to effect a change in control. SFL Parent&#8217;s preferred shares could be used to dilute the share ownership of persons seeking to obtain control of SFL Parent and thereby
        hinder a possible takeover attempt which, if SFL Parent&#8217;s shareholders were offered a premium over the market value of their shares, might be viewed as being beneficial to SFL Parent&#8217;s shareholders.</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">SFL Finance Sub may issue preferred shares on terms similar to what is described in the preceding paragraph.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">15</font></div>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF PREFERENCE SHARES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">As described above and as may be specified in the applicable prospectus supplement, we may issue preferred shares.&#160; The applicable prospectus supplement will describe the terms
      of the offered preferred shares. Any preferred shares offered hereby by SFL Finance Sub will be fully and unconditionally guaranteed by SFL Parent pursuant to a guarantee agreement to be entered into in connection with such offering.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">Guarantees</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Solely with respect to the preferred shares offered hereby by SFL Finance Sub, SFL Finance Sub&#8217;s payment obligations under any series of preferred shares offered hereby by SFL
      Finance Sub will be fully and unconditionally guaranteed by SFL Parent pursuant to a guarantee agreement to be entered into in connection with such offering. The applicable prospectus supplement will describe the terms of any guarantees by SFL
      Parent.</div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">16</font></div>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF DEBT SECURITIES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We may offer and issue debt securities from time to time in one or more series, under one or more indentures, each dated as of a date on or prior to the issuance of the debt
      securities to which it relates, and pursuant to an applicable prospectus supplement.&#160;We may issue senior debt securities and subordinated debt securities pursuant to separate indentures, a senior indenture and a subordinated indenture, respectively,
      in each case between us and the trustee named in the indenture.&#160;We have filed forms of these documents as exhibits to the registration statement, of which this prospectus forms a part.&#160;The senior indenture and the subordinated indenture, as amended
      or supplemented from time to time, are sometimes referred to individually as an &#8220;indenture&#8221; and collectively as the &#8220;indentures.&#8221; Each indenture will be subject to and governed by the Trust Indenture Act of 1939, as amended, and will be construed in
      accordance with and governed by the laws of the State of New York, without giving effect to any principles thereof relating to conflicts of law that would result in the application of the laws of any other jurisdiction, unless otherwise stated in the
      applicable prospectus supplement and indenture (or post-effective amendment hereto).&#160;The aggregate principal amount of debt securities which may be issued under each indenture will contain the specific terms of any series of debt securities or
      provide that those terms must be set forth in or determined pursuant to, an authorizing resolution, as defined in the applicable prospectus supplement, and/or a supplemental indenture, if any, relating to such series.&#160; SFL Parent&#8217;s debt securities
      may be convertible or exchangeable into any of SFL Parent&#8217;s equity or other debt securities.&#160; SFL Finance Sub&#8217;s debt securities will not be convertible in any event.&#160; SFL Finance Sub may also offer and issue &#8220;debt-like securities&#8221; as permitted under
      the U.S. securities laws, pursuant to an applicable prospectus supplement. SFL Finance Sub&#8217;s debt securities and &#8220;debt-like securities&#8221; will be fully and unconditionally guaranteed by SFL Parent pursuant to a guarantee agreement to be entered into in
      connection with such offering, as more fully described below.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following description sets forth certain general terms and provisions of the debt securities. The particular terms and provisions of the debt securities offered by any
      prospectus supplement, and the extent to which the general terms and provisions described below may apply to the offered debt securities, will be described in the applicable subsequent filings.&#160;We refer to any applicable prospectus supplement,
      amendment to the registration statement of which this prospectus forms a part, and reports we file with the Commission under the Exchange Act as &#8220;subsequent filings.&#8221;&#160;The statements below are not complete and are subject to, and are qualified in
      their entirety by reference to, all of the provisions of the applicable indenture. The specific terms of any debt securities that we may offer, including any modifications of, or additions to, the general terms described below as well as any
      applicable material U.S. federal income tax considerations concerning the ownership of such debt securities will be described in the applicable prospectus supplement and indenture and, as applicable, supplemental indenture. Accordingly, for a
      complete description of the terms of a particular issue of debt securities, the general description of the debt securities set forth below should be read in conjunction with the applicable prospectus supplement and indenture, as amended or
      supplemented from time to time.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">General</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We expect that neither indenture will limit the amount of debt securities which may be issued.&#160;The debt securities may be issued in one or more series.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">You should read the applicable indenture and subsequent filings relating to the particular series of debt securities for the following terms of the offered debt securities:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the designation, aggregate principal amount and authorized denominations;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7abf6816632b4a48a69b659a776f8094">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the issue price, expressed as a percentage of the aggregate principal amount;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the maturity date;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the interest rate per annum, if any;</div>
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            </tr>

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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">17</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if the debt securities provide for interest payments, the date from which interest will accrue, the dates on which interest will be payable, the date on which payment of interest will commence and the regular record dates for interest
                  payment dates;</div>
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            </tr>

        </table>
      </div>
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    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any optional or mandatory sinking fund provisions or exchangeability provisions;</div>
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            </tr>

        </table>
      </div>
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    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc3ae5f80163a4f29ae1e24cc776739da">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>solely with respect to the debt securities offered hereby by SFL Parent, the terms and conditions upon which conversion of any convertible debt securities may be effected, including the conversion price, the conversion period and other
                  conversion provisions;</div>
              </td>
            </tr>

        </table>
      </div>
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    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>whether the debt securities will be our senior or subordinated securities;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze4c43e310dfe45e99b494dd97d954b05">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>whether the debt securities will be our secured or unsecured obligations;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za988efa768d44dc9aba9b6f938dce1a2">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the applicability and terms of any guarantees;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc49bc36c0650445fad7785627c09b0bd">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the date, if any, after which and the price or prices at which the debt securities may be optionally redeemed or must be mandatorily redeemed and any other terms and provisions of optional or mandatory redemptions, including discharge
                  and defeasance;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if other than denominations of $2,000 and any integral multiple thereof, the denominations in which the debt securities of the series will be issuable;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5b791e8cbf884cd3a491be4fa3d15f6a">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if other than the full principal amount, the portion of the principal amount of the debt securities of the series which will be payable upon acceleration or provable in bankruptcy;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z17ddcc809e4445e9951afb78dd57b142">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any events of default not set forth in this prospectus;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the currency or currencies, including composite currencies, in which principal, premium and interest will be payable, if other than the currency of the United States of America;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze88570d45976446e9cb6d309f74bdf7c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if principal, premium or interest is payable, at our election or at the election of any holder, in a currency other than that in which the debt securities of the series are stated to be payable, the period or periods within which, and
                  the terms and conditions upon which, the election may be made;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5273b77837db45a787a104bfd3d7e63a">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>whether interest will be payable in cash or additional securities at our or the holder&#8217;s option and the terms and conditions upon which the election may be made;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z74db04e0f3094f83baec78218af9d7fc">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if denominated in a currency or currencies other than the currency of the United States of America, the equivalent price in the currency of the United States of America for purposes of determining the voting rights of holders of those
                  debt securities under the applicable indenture;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze71f9d0358d14e54a70f7dd99865cdbb">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method based on a coin or currency other than that in which the debt securities of the series are stated to be
                  payable, the manner in which the amounts will be determined;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any restrictive covenants or other material terms relating to the debt securities;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaec08fcdda4743df8ccd6774ea1cc121">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>whether the debt securities will be issued in the form of global securities or certificates in registered form;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any listing on any securities exchange or quotation system;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf1c27d557ac8436ca4e54202acc8ec76">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>additional provisions, if any, related to defeasance and discharge of the debt securities; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">18</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any other special features of the debt securities.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Subsequent filings may include additional terms not listed above.&#160;Unless otherwise indicated in subsequent filings with the Commission relating to the indenture, principal,
      premium and interest will be payable and the debt securities will be transferable at the corporate trust office of the applicable trustee.&#160;Unless other arrangements are made or set forth in subsequent filings or a supplemental indenture, principal,
      premium and interest will be paid by checks mailed to the registered holders at their registered addresses.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless otherwise indicated in subsequent filings with the Commission, the debt securities will be issued only in fully registered form without coupons, in minimum denominations
      of $2,000 or any integral multiple thereof.&#160;No service charge will be made for any transfer or exchange of the debt securities, but we may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with
      these debt securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Some or all of the debt securities may be issued as discounted debt securities, bearing no interest or interest at a rate which at the time of issuance is below market rates, to
      be sold at a substantial discount below the stated principal amount.&#160;United States federal income tax consequences and other special considerations applicable to any discounted securities will be described in subsequent filings with the Commission
      relating to those securities.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Senior Debt</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We may issue senior debt securities, which may be secured or unsecured, under the senior debt indenture. The senior debt securities will rank on an equal basis with all our other
      senior debt except subordinated debt.&#160;The senior debt securities will be effectively subordinated, however, to all of our secured debt to the extent of the value of the collateral securing such debt. We will disclose the amount of our debt in the
      prospectus supplement.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Subordinated Debt</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We may issue subordinated debt securities under a subordinated debt indenture.&#160;Subordinated debt would rank subordinate and junior in right of payment, to the extent set forth in
      the subordinated debt indenture, to all our senior debt.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Covenants</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any series of debt securities may have covenants in addition to or differing from those included in the applicable indenture which will be described in subsequent filings
      prepared in connection with the offering of such securities, limiting or restricting, among other things:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our ability to incur either secured or unsecured debt, or both;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our ability to make certain payments, dividends, redemptions or repurchases;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd8c1d9b39f5847b9ad7ada5b1ffac220">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our ability to create dividend and other payment restrictions affecting our subsidiaries;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66909d4db8e94419bf165877eae25dbc">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our ability to make investments;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf02d39e7b4dc409cac15d4a80da7f3ef">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>mergers and consolidations by us or our subsidiaries;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5541babdc01b4d12a358eac0fdcb266e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>sales of assets by us;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e50a3621aab4c39adb67e98d7e708a0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our ability to enter into transactions with affiliates;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb15df85acff14e1c866d3cd806d4da6a">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our ability to incur liens; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">19</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3caa18321b304c55b64b6dc088cb71d6">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>sale and leaseback transactions.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Modification of the Indentures</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We expect that each indenture and the rights of the respective holders may be modified by us only with the consent of holders of not less than a majority in aggregate principal
      amount of the outstanding debt securities of all series under the respective indenture affected by the modification, taken together as a class.&#160;But we expect that no modification that:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaf9edc937b274114857d3b73f8d56746">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>changes the amount of securities whose holders must consent to an amendment, supplement or waiver;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z44db7c42ee4b447591f690c48f51712b">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>reduces the rate of or changes the interest payment time on any security or alters its redemption provisions (other than any alteration to any such section which would not materially adversely affect the legal rights of any holder
                  under the indenture) or the price at which we are required to offer to purchase the securities;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd95edeaec1ca4f3991436d338d52a35a">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>reduces the principal, or changes the maturity of any security or reduces the amount of, or postpones the date fixed for, the payment of any sinking fund or analogous obligation;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfae20382a0aa493e80c0572a149fc99b">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>waives a default or event of default in the payment of the principal of or interest, if any, on any security (except a rescission of acceleration of the securities of any series by the holders of at least a majority in principal amount
                  of the outstanding securities of that series and a waiver of the payment default that resulted from such acceleration);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze4006595a76d4a9b92339278fb37f29c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(5)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>makes the principal of or interest, if any, on any security payable in any currency other than that stated in the security;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z39afae8943f844fb8358b8471273d619">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(6)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>makes any change with respect to holders&#8217; rights to receive principal and interest, the terms pursuant to which defaults can be waived, certain modifications affecting shareholders or certain currency-related issues; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z39e76ad5e9944f0482c1ca14a734999e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(7)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>waives a redemption payment with respect to any security or changes any of the provisions with respect to the redemption of any securities;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">will be effective against any holder without his consent.&#160;Other terms as specified in subsequent filings may be modified without the consent of the holders.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Events of Default</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We expect that each indenture will define an event of default for the debt securities of any series as being any one of the following events:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za28a119c157f426389430b783a852676">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>default in any payment of interest when due which continues for 30 days;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c5ac5810e2a48738516a9aaea7c41ea">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>default in any payment of principal or premium at maturity;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd10ee0235ef404587b0c721a8646bc8">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>default in the deposit of any sinking fund payment when due;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a69e6c02a6a4a5e96cf897db3ce2774">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>default in the performance of any covenant in the debt securities or the applicable indenture which continues for 60 days after we receive notice of the default;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">20</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za527b142201b4ef2b25a2112ce9a1c79">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>default under a bond, debenture, note or other evidence of indebtedness for borrowed money by us or our subsidiaries (to the extent we are directly responsible or liable therefor) having a principal amount in excess of a minimum amount
                  set forth in the applicable subsequent filings, whether such indebtedness now exists or is hereafter created, which default shall have resulted in such indebtedness becoming or being declared due and payable prior to the date on which it
                  would otherwise have become due and payable, without such acceleration having been rescinded, annulled, or cured within 30 days after we receive notice of the default; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9eeeeda26b61443a9d0a3436eeb67ed0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>events of bankruptcy, insolvency or reorganization.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">An event of default of one series of debt securities will not necessarily constitute an event of default with respect to any other series of debt securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">There may be such other or different events of default as described in applicable subsequent filings with respect to any class or series of debt securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We expect that under each indenture, in case an event of default occurs and continues for the debt securities of any series, the applicable trustee or the holders of not less
      than 25% in aggregate principal amount of the debt securities then outstanding of that series may declare the principal and accrued but unpaid interest of the debt securities of that series to be due and payable.&#160;Further, any event of default for the
      debt securities of any series which has been cured is expected to be permitted to be waived by the holders of a majority in aggregate principal amount of the debt securities of that series then outstanding.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We expect that each indenture will require us to file annually, after debt securities are issued under that indenture with the applicable trustee, a written statement signed by
      two of our officers as to the absence of material defaults under the terms of that indenture.&#160;We also expect that each indenture will provide that the applicable trustee may withhold notice to the holders of any default if it considers it in the
      interest of the holders to do so, except notice of a default in payment of principal, premium or interest.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Subject to the duties of the trustee in case an event of default occurs and continues, we expect that each indenture will provide that the trustee is under no obligation to
      exercise any of its rights or powers under that indenture at the request, order or direction of holders unless the holders have offered to the trustee indemnity and security reasonably satisfactory to it.&#160;Subject to these provisions for
      indemnification and the rights of the trustee, each indenture is expected to provide that the holders of a majority in principal amount of the debt securities of any series then outstanding 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 as long as the exercise of that right does not conflict with any law or the indenture.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Defeasance and Discharge</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The terms of each indenture are expected to provide us with the option to be discharged from any and all obligations in respect of the debt securities issued thereunder upon the
      deposit with the trustee, in trust, of money or U.S. government obligations, or both, which through the payment of interest and principal in accordance with their terms will provide money in an amount sufficient to pay any installment of principal,
      premium and interest on, and any mandatory sinking fund payments in respect of, the debt securities on the stated maturity of the payments in accordance with the terms of the debt securities and the indenture governing the debt securities.&#160;We expect
      that this right may only be exercised if, among other things, we have received from, or there has been published by, the United States Internal Revenue Service a ruling to the effect that such a discharge will not be deemed, or result in, a taxable
      event with respect to holders.&#160;This discharge would not apply to our obligations to register the transfer or exchange of debt securities, to replace stolen, lost or mutilated debt securities, to maintain paying agencies and hold moneys for payment in
      trust.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">21</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Defeasance of Certain Covenants</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We expect that the terms of the debt securities provide us with the right not to comply with specified covenants and that specified events of default described in a subsequent
      filing will not apply provided we deposit with the trustee money or U.S. government obligations, or both, which through the payment of interest and principal will provide money in an amount sufficient to pay any installment of principal, premium, and
      interest on, and any mandatory sinking fund payments in respect of, the debt securities on the stated maturity of such payments in accordance with the terms of the debt securities and the indenture governing such debt securities. We expect that to
      exercise this right, we will also be required to deliver to the trustee an opinion of counsel to the effect that the deposit and related covenant defeasance should not cause the holders of such series to recognize income, gain or loss for federal
      income tax purposes.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We refer you to applicable subsequent filings with respect to any deletions or additions or modifications from the description contained in this prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">Guarantees</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Solely with respect to the debt securities (and any &#8220;debt-like securities&#8221; as permitted under the U.S. securities laws) hereby offered by SFL Finance Sub, SFL Finance Sub&#8217;s
      payment obligations under any series of debt securities (or &#8220;debt-like securities&#8221; as permitted under the U.S. securities laws) will be fully and unconditionally guaranteed by SFL Parent.&#160; SFL Parent will execute a notation of guarantee as further
      evidence of its guarantee. The applicable prospectus supplement will describe the terms of any guarantees by SFL Parent.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">22</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF WARRANTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">SFL Parent may issue warrants to purchase its debt or equity securities. Warrants may be issued independently or together with any other securities and may be attached to, or
      separate from, such securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between SFL Parent and a warrant agent. The terms of any warrants to be issued and a description of the material provisions
      of the applicable warrant agreement will be set forth in the applicable prospectus supplement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The applicable prospectus supplement will describe the following terms of any warrants in respect of which this prospectus is being delivered:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05c5c0db28a74a1a97fa14f52f6dc1b6">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the title of such warrants;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za544b48ed6cd43b790d710c3ed7e7ffd">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the aggregate number of such warrants;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z63b16e2b84ef4bfc891074048071d55c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the price or prices at which such warrants will be issued;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z540ffc4bb0214bfda245edecf5e0d98f">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the currency or currencies, in which the price of such warrants will be payable;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zef67c2889bd24691a61aa7404d695b69">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the securities purchasable upon exercise of such warrants;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z642ee7df531246458e39f95962faff73">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the price at which and the currency or currencies, in which the securities upon exercise of such warrants may be purchased;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf0c5d9b7c87b46d28f377d01a656cdda">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the date on which the right to exercise such warrants shall commence and the date on which such right shall expire;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd10476d16a8c4fdb8a6517050eb6b193">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0c1b293fdb9542b0982f6b1d4bb93d18">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with each such security;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc0f1d39379f447bbb90ddaac9508b24f">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if applicable, the date on and after which such warrants and the related securities will be separately transferable;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z84995566db9e4aa8ab1d2bfbe1041c39">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>information with respect to book-entry procedures, if any;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1b56e5d14adf433ab066fde7a291de89">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if applicable, a discussion of any material U.S. federal income tax considerations; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze22308b8393640c180f308db0741c5e8">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">23</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF PURCHASE CONTRACTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">SFL Parent may issue purchase contracts for the purchase or sale of:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5a5d00acf7d847b5bd7f84f47f8f5a33">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>debt or equity securities issued by SFL Parent as specified in the applicable prospectus supplement; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb4107453caa54ab6a18765728c77cd4b">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>currencies.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Each purchase contract will entitle the holder thereof to purchase or sell, and obligate SFL Parent to sell or purchase, on specified dates, such securities or currencies at a
      specified purchase price, which may be based on a formula, all as set forth in the applicable prospectus supplement. SFL Parent may, however, satisfy its obligations, if any, with respect to any purchase contract by delivering the cash value of such
      purchase contract or the cash value of the property otherwise deliverable or, in the case of purchase contracts on underlying currencies, by delivering the underlying currencies, as set forth in the applicable prospectus supplement. The applicable
      prospectus supplement will also specify the methods by which the holders may purchase or sell such securities or currencies and any acceleration, cancellation or termination provisions, provisions relating to U.S. federal income tax considerations,
      if any, or other provisions relating to the settlement of a purchase contract.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The purchase contracts may require SFL Parent to make periodic payments to the holders thereof or vice versa, which payments may be deferred to the extent set forth in the
      applicable prospectus supplement, and those payments may be unsecured or pre-funded on some basis. The purchase contracts may require the holders thereof to secure their obligations in a specified manner to be described in the applicable prospectus
      supplement. Alternatively, purchase contracts may require holders to satisfy their obligations thereunder when the purchase contracts are issued. SFL Parent&#8217;s obligation to settle such pre-paid purchase contracts on the relevant settlement date may
      constitute indebtedness. Accordingly, pre-paid purchase contracts will be issued under either the senior indenture or the subordinated indenture.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">24</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF RIGHTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">SFL Parent may issue rights to purchase its equity securities. These rights may be issued independently or together with any other security offered by this prospectus and may or
      may not be transferable by the shareholder receiving the rights in the rights offering. In connection with any rights offering, SFL Parent may enter into a standby underwriting agreement with one or more underwriters pursuant to which the underwriter
      will purchase any securities that remain unsubscribed for upon completion of the rights offering.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The applicable prospectus supplement relating to any rights will describe the terms of the offered rights, including, where applicable, the following:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z29fb3ee952bc410c9bfa8b0023ededa2">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the exercise price for the rights;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03b337a867374c7b8483c3d900dd204e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the number of rights issued to each shareholder;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26fdba64424c46108a5f66512e9dbd8c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the extent to which the rights are transferable;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1212a71507464d2e8b4a60fc1dd61962">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any other terms of the rights, including terms, procedures and limitations relating to the exchange and exercise of the rights;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2f23c0629cc14672beaef5e3ba14e238">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the date on which the right to exercise the rights will commence and the date on which the right will expire;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3955802dc3f745d1984cb263e65976ca">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the amount of rights outstanding;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d190aa51baa4e63811e5178fca37f11">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the extent to which the rights include an over-subscription privilege with respect to unsubscribed securities; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10ab81b581844849bb51a8406f555f59">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the material terms of any standby underwriting arrangement entered into by SFL Parent in connection with the rights offering.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The description in the applicable prospectus supplement of any rights SFL Parent offer will not necessarily be complete and will be qualified in its entirety by reference to the
      applicable rights certificate or rights agreement, which will be filed with the Commission if SFL Parent offer rights. For more information on how you can obtain copies of any rights certificate or rights agreement if SFL Parent offer rights, see
      &#8220;Where You Can Find Additional Information&#8221; in this prospectus. SFL Parent urge you to read the applicable rights certificate, the applicable rights agreement and any applicable prospectus supplement in their entirety.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">25</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF UNITS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As specified in the applicable prospectus supplement, SFL Parent may issue units consisting of one or more rights, purchase contracts, warrants, debt securities, preferred
      shares, common shares or any combination of such securities. The applicable prospectus supplement will describe:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z81e2a95445944289bb30ac7a39825fbd">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the terms of the units and of the rights, purchase contracts, warrants, debt securities, preferred shares and common shares comprising the units, including whether and under what circumstances the securities comprising the units may be
                  traded separately;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb0b5dd7188c4b0590dc8446ecac5eb4">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a description of the terms of any unit agreement governing the units;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z61c79fe2468c4aaabdcfd9aeea9d2c2f">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if applicable, a discussion of any material U.S. federal income tax considerations; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z67d020afa4ac420bbb222ef75c6b84b6">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a description of the provisions for the payment, settlement, transfer or exchange of the units.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">26</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">PLAN OF DISTRIBUTION</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We may sell or distribute our securities included in this prospectus through underwriters, through agents, to dealers, in private transactions, at market prices prevailing at the
      time of sale, at prices related to the prevailing market prices, or at negotiated prices.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In addition, we may sell our securities included in this prospectus through:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1d23e37eb36b41ad8035a3e236a921bc">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a block trade in which a broker-dealer may resell a portion of the block, as principal, in order to facilitate the transaction;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z32ef13283ba24ebe8f0af985402f0124">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5df5f54033ee497eb8069e316914c9c4">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>ordinary brokerage transactions and transactions in which a broker solicits purchasers.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In addition, we may enter into option or other types of transactions that require us or them to deliver our securities to a broker-dealer, who will then resell or transfer the
      securities under this prospectus. We may enter into hedging transactions with respect to our securities. For example, we may:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8bf258c68069405faabfcc1fb7b94d8d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>enter into transactions involving short sales of our common shares by broker-dealers;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z023dd88f23404e0eaceeaea470dfe262">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>sell common shares short and deliver the shares to close out short positions;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0d039421297446189c9e39851c54dea7">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>enter into option or other types of transactions that require us to deliver common shares to a broker-dealer, who will then resell or transfer the common shares under this prospectus;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd3dd54e3d518481083cc763c45571fc6">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>loan or pledge the common shares to a broker-dealer, who may sell the loaned shares or, in the event of default, sell the pledged shares; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z326402249c814f0fb9d9f55ca5798bf5">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a combination of the foregoing.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the
      applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party
      may use securities pledged by us, or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities received from us in settlement of those derivatives to close out any related open
      borrowings of stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be identified in the applicable prospectus supplement (or a post-effective amendment). In addition, we or any of our
      shareholders may otherwise loan or pledge securities (which may be newly-issued or outstanding securities) to a financial institution or other third party that in turn may sell the securities short using this prospectus or on-lend the securities to
      third parties who may sell the securities short using this prospectus. Such financial institution or other third party may transfer its economic short position to investors in our securities or in connection with a concurrent offering of other
      securities.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">27</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As of the date of this prospectus, we are not a party to any agreement, arrangement or understanding between any broker or dealer and us with respect to the offer or sale of the
      securities pursuant to this prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">
      <div style="text-indent: 36pt; margin-bottom: 12pt;">At the time that any particular offering of securities is made, to the extent required by the Securities Act, a prospectus supplement will be distributed, setting forth the terms of the offering,
        including the aggregate number of securities being offered, the purchase price of the securities, the initial offering price of the securities, the names of any underwriters, dealers or agents, any discounts, commissions and other items
        constituting compensation from us and any discounts, commissions or concessions allowed or re-allowed or paid to dealers. Furthermore, we, our officers and our directors may agree, subject to certain exemptions, that for a certain period from the
        date of the prospectus supplement under which the securities are offered, we will not, without the prior written consent of an underwriter, offer, sell, contract to sell, pledge or otherwise dispose of any of our common shares or, with respect to
        the SFL Parent, any securities convertible into or exchangeable for our common shares. However, an underwriter, in its sole discretion, may release any of the securities subject to these lock-up agreements at any time without notice.</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Underwriters or agents could make sales in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an at-the-market offering as
      defined in Rule 415 promulgated under the Securities Act, which includes sales made directly on or through the NYSE, the existing trading market for our common shares, or sales made to or through a market maker other than on an exchange.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We will bear costs relating to the securities offered and sold by us under this Registration Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As a result of requirements of the Financial Industry Regulatory Authority, or FINRA, the maximum underwriting compensation to be received by any FINRA member or independent
      broker/dealer may not be greater than eight percent (8%) of the gross proceeds received by us for the sale of any securities being registered pursuant to Rule 415 promulgated by the Commission under the Securities Act.&#160;If five percent (5%) or more of
      the net proceeds of any offering of securities made under this prospectus will be received by a FINRA member participating in the offering or affiliates or associated persons of such a FINRA member, the offering will be conducted in accordance with
      FINRA Rule 5121.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">28</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">EXPENSES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following are the estimated expenses of the issuance and distribution of the securities being registered under the Registration Statement of which this prospectus forms a
      part, all of which will be paid by us.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z4ca3132549e544b095df9c5bd295ad0c">

        <tr>
          <td style="width: 72.95%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;">SEC registration fee</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">&#160;&#160;</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">$</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: 2px solid black;">
            <div style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">*&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.95%; vertical-align: top;">
            <div style="text-align: justify;">FINRA filing fee</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom;">
            <div style="text-align: justify;">&#160;&#160;</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom;">
            <div style="text-align: justify;">$</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom;">
            <div style="text-align: justify;">**&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.95%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;">NYSE supplemental listing fee</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">&#160;&#160;</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">$</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: 2px solid black;">
            <div style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">**&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.95%; vertical-align: top;">
            <div style="text-align: justify;">Blue sky fees and expenses</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom;">
            <div style="text-align: justify;">&#160;&#160;</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom;">
            <div style="text-align: justify;">$</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom;">
            <div style="text-align: justify;">**&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.95%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;">Printing and engraving expenses</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">&#160;&#160;</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">$</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: 2px solid black;">
            <div style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">**&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.95%; vertical-align: top;">
            <div style="text-align: justify;">Legal fees and expenses</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom;">
            <div style="text-align: justify;">&#160;&#160;</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom;">
            <div style="text-align: justify;">$</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom;">
            <div style="text-align: justify;">**&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.95%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;">Accounting fees and expenses</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">&#160;&#160;</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">$</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: 2px solid black;">
            <div style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">**&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.95%; vertical-align: top;">
            <div style="text-align: justify;">Transfer agent and registrar fees</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom;">
            <div style="text-align: justify;">&#160;&#160;</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom;">
            <div style="text-align: justify;">$</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom;">
            <div style="text-align: justify;">**&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.95%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;">Indenture trustee fees and expenses</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">&#160;&#160;</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">$</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: 2px solid black;">
            <div style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">**&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.95%; vertical-align: top;">
            <div style="text-align: justify;">Miscellaneous</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom;">
            <div style="text-align: justify;">&#160;&#160;</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom;">
            <div style="text-align: justify;">$</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom;">
            <div style="text-align: justify;">**&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.95%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;">Total</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">&#160;&#160;</div>
          </td>
          <td style="width: 2.57%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">$</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: 2px solid black;">
            <div style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;">**&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7026f3e6785641f49d2d1488345b5243">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">*</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Registrant is registering an indeterminate amount of securities under the registration statement and in accordance with Rules 456(b) and 457(r), the registrant is deferring payment of any registration fee until the time the
                  securities are sold under the registration statement pursuant to a prospectus supplement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z356ba7f247f84b05b706a55f7b409488">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">**</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>To be provided by a prospectus supplement or as an exhibit to a Report on Form 6-K that is incorporated by reference into this prospectus.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">29</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">LEGAL MATTERS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The validity of the securities offered by this prospectus will be passed upon for us by MJM Limited with respect to matters of Bermuda law and by Seward&#160;&amp; Kissel LLP, New
      York, New York, with respect to matters of U.S. and Marshall Islands law.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">EXPERTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The consolidated financial statements incorporated in this prospectus by reference from our Annual Report on Form 20-F for the year ended December 31, 2019 and the effectiveness
      of our internal control over financial reporting as of December 31, 2019 have been audited by MSPC Certified Public Accountants and Advisors, A Professional Corporation, an independent registered public accounting firm, as stated in their report,
      which is incorporated in this prospectus by reference, and have been so incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As required by the Securities Act, we filed a registration statement relating to the securities offered by this prospectus with the Commission.&#160;This prospectus is a part of that
      registration statement, which includes additional information.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Government Filings</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We file annual and special reports with the Commission. The Commission maintains a website (http://www.sec.gov) that contains reports, proxy and information statements and other
      information regarding registrants that file electronically with the Commission.&#160;This prospectus and any prospectus supplement are part of a registration statement that we filed with the Commission and do not contain all of the information in the
      registration statement. The full registration statement may be obtained from the Commission or us, as indicated below. Forms of the indenture and other documents establishing the terms of the offered securities are filed as exhibits to the
      registration statement. Statements in this prospectus or any prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual
      documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement through the Commission&#8217;s website.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Information Incorporated by Reference</div>
    <div style="text-align: justify; text-indent: 20pt; color: #000000;">The Commission allows us to &#8220;incorporate by reference&#8221; information into this document. This means that we can disclose important information to you by referring you to those filed
      documents. The information listed below filed by SFL Parent is incorporated by reference and is considered to be a part of this prospectus, and information that SFL Parent and SFL Finance Sub file later with the Commission before all of the
      securities offered by this prospectus are sold will also be considered to be part of this prospectus and will automatically update and supersede previously filed information, including information contained in this document.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 1pt;">&#8203;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb7652abf73ea49c4a9df0ee84ed51216">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">SFL Parent&#8217;s Report of Foreign Private Issuer on <a href="http://www.sec.gov/Archives/edgar/data/1289877/000091957420002904/d8517865_6-k.htm">Form 6-K</a>, filed with the Commission on April 13, 2020;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8ceefb2b22be4798983c8c0a564d0a39">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">SFL Parent&#8217;s Annual Report on <a href="http://www.sec.gov/Archives/edgar/data/1289877/000162828020004243/0001628280-20-004243-index.htm">Form 20-F</a> for the year ended December 31, 2019, filed with the
                  Commission on March 27, 2020, which contains audited consolidated financial statements for the most recent fiscal year for which those statements have been filed; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 1pt;">&#8203;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z96ff58e7e3c14b1ba97e89d42143d809">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Form <a href="http://www.sec.gov/Archives/edgar/data/1289877/000104746904018552/a2137223z8-a12b.htm">8-A12B</a>, filed with the Commission on May&#160;26, 2004, registering SFL Parent&#8217;s common shares under
                  Section&#160;12(b) of the Exchange Act, and any amendment filed thereto.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif; font-size: 1pt;">&#8203;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 20pt; color: #000000;">We are also incorporating by reference all subsequent annual reports on Form 20-F that SLF Parent file with the Commission and current reports on Form 6-K that SFL Parent furnishes to
      the Commission after the date of this prospectus that state they are incorporated by reference into this prospectus until we file a post-effective amendment indicating that the offering of the securities made by this prospectus and accompany
      prospectus supplement has been terminated. In all cases, you should rely on the later information over different information included in this prospectus.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">30</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; text-indent: 20pt; color: #000000;">We will provide without charge to each person to whom this prospectus is delivered a copy of any or all of the foregoing documents, and any other documents that are incorporated
      herein by reference (other than exhibits, unless those exhibits are specifically incorporated by reference into those documents) upon written or oral request. Requests for those documents should be directed to our principal executive office at the
      following address:</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000;"><font style="font-weight: bold;">SFL Corporation Ltd.</font><br>
      Par la Ville Place, 4th Floor<br>
      14 Par la Ville Road<br>
      Hamilton HM 08, Bermuda<br>
      Tel: 1 800-715-6374<br>
      Email: ir@sflcorp.com<br>
      Attn: Investor Relations</div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;">Information Provided by SFL Parent</div>
    <div><br>
    </div>
    <div style="color: #000000; text-align: justify; text-indent: 36pt;">SFL Parent will furnish holders of its common shares with annual reports containing audited financial statements and a report by its independent registered public accounting firm. The
      audited financial statements will be prepared in accordance with U.S. GAAP. As a &#8220;foreign private issuer,&#8221; SFL Parent is exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders. While
      SFL Parent furnishes proxy statements to shareholders in accordance with the rules of the NYSE, those proxy statements do not conform to Schedule&#160;14A of the proxy rules promulgated under the Exchange Act. In addition, as a &#8220;foreign private issuer,&#8221;
      SFL Parent&#8217;s officers and directors are exempt from the rules under the Exchange Act relating to short swing profit reporting and liability.</div>
    <div style="text-align: justify; text-indent: 20pt; color: #000000;"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">
      <div style="color: #000000; font-weight: bold;">Disclosure of Commission Position on Indemnification for Securities Act Liabilities</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant
        to the foregoing provisions, or otherwise, we have been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">31</font></div>
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    </div>
    <!--PROfilePageNumberReset%Num%1%II-%%-->
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">PART II</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">INFORMATION NOT REQUIRED IN THE PROSPECTUS</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Item&#160;8. Indemnification of Directors and Officers.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 98 of the Companies Act of 1981 of the Islands of Bermuda, as amended, or the Companies Act, permits the Bye-Laws of a Bermuda company to contain a provision exempting
      from personal liability of a director or officer to the company for any loss arising or liability attaching to him by virtue of any rule of law in respect of any negligence default, breach of duty or breach of trust of which the officer or person may
      be guilty.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 98 of the Companies Act grants companies the power (except in relation to an allegation of fraud or dishonesty proved against them) to indemnify directors and officers of
      the company if any such person was or is a party or threatened to be made a party to a threatened, pending or completed action, suit or proceeding by reason of the fact that he or she is or was a director and officer of the company or was serving in
      a similar capacity for another entity at the company&#8217;s request.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 98A of the Companies Act permits a company to purchase and maintain insurance on behalf of any officer for any liability asserted against him or her and liability and
      expenses incurred in his or her capacity as a director, officer, employee or agent arising out of his or her status as such in respect of any loss arising or liability attaching to him or her by virtue of any rule of law in respect of any negligence,
      default, breach of duty or breach of trust of which the officer may be guilty in relation to the company or any subsidiary thereof.&#160;While the Company has not previously maintained such insurance, it is currently in the process of applying for and
      attempting to procure such a policy for current and prior directors.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Bye-laws number 136 through 144 of SFL Corporation Ltd, or the Company, provide as follows:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5435664589aa46f6a81783a10665e250">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">136.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No Director, Alternate Director, Officer, member of a committee authorized under Bye-law 98, Resident Representative of the Company or their respective heirs, executors or administrators shall be liable for the acts, receipts,
                  neglects, or defaults of any other such person or any person involved in the formation of the Company, or for any loss or expense incurred by the Company through the insufficiency or deficiency of title to any property acquired by the
                  Company, or for the insufficiency or deficiency of any security in or upon which any of the monies of the Company shall be invested, or for any loss or damage arising from the bankruptcy, insolvency, or tortious act of any person with
                  whom any monies, securities or effects shall be deposited, or for any loss occasioned by any error of judgment, omission, default, or oversight on his part, or for any other loss, damage or misfortune whatsoever which shall happen in
                  relation to the execution of his duties, or supposed duties, to the Company or otherwise in relation thereto.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d8084f052454d38a2299ac8fb15c0da">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">137.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Every Director, Alternate Director, Officer, member of a committee constituted under Bye-law 98, Resident Representative of the Company or their respective heirs, executors or administrators shall be indemnified and held harmless out
                  of the funds of the Company to the fullest extent permitted by Bermuda law against all liabilities loss damage or expense (including but not limited to liabilities under contract, tort and statute or any applicable foreign law or
                  regulation and all reasonable legal and other costs and expenses properly payable) incurred or suffered by him as such Director, Alternate Director, Officer, committee member or Resident Representative and the indemnity contained in this
                  Bye-law shall extend to any person acting as such Director, Alternate Director, Officer, committee member or Resident Representative in the reasonable belief that he has been so appointed or elected notwithstanding any defect in such
                  appointment or election.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d1760100191412eaf8246b615ed7f82">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">138.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Every Director, Alternate Director, officer, member of a committee constituted under Bye-law 98, Resident Representative of the Company and their respective heirs, executors or administrators shall be indemnified out of the funds of
                  the Company against all liabilities incurred by him as such Director, Alternate Director, Officer, member of a committee constituted under Bye-law 98, Resident Representative in defending any proceedings, whether civil or criminal, in
                  which judgment is given in his favour, or in which he is acquitted, or in connection with any application under the Companies Acts in which relief from liability is granted to him by the court.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">II-1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0e6cb782013b427e829044cb0e046d10">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">139.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>To the extent that any Director, Alternate Director, Officer, member of a committee constituted under Bye-law 98, Resident Representative of the Company or any of their respective heirs, executors or administrators is entitled to claim
                  an indemnity pursuant to these Bye-laws in respect of amounts paid or discharged by him, the relative indemnity shall take effect as an obligation of the Company to reimburse the person making such payment or effecting such discharge.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf382aca7cb694f11bb6785fcef6d84c6">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">140.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Board of Directors may arrange for the Company to be insured in respect of all or any part of its liability under the provision of these Bye-laws and may also purchase and maintain insurance for the benefit of any Directors,
                  Alternate Directors, Officers, person or member of a committee authorised under Bye-law 98, employees or Resident Representatives of the Company in respect of any liability that may be incurred by them or any of them howsoever arising in
                  connection with their respective duties or supposed duties to the Company. This Bye-law shall not be construed as limiting the powers of the Board to effect such other insurance on behalf of the Company as it may deem appropriate.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z53349ab80fa241d8aac420f874f1ef10">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">141.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Notwithstanding anything contained in the Principal Act, the Company may advance moneys to an Officer or Director for the costs, charges and expenses incurred by the Officer or Director in defending any civil or criminal proceedings
                  against them on the condition that the Director or Officer shall repay the advance if any allegation of fraud or dishonesty is proved against them.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z06483756b33948b28f52ae00bce8151b">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">142.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each Member agrees to waive any claim or right of action he might have, whether individually or by or in the right of the Company, against any Director, Alternate Director, Officer of the Company, person or member of a committee
                  authorised under Bye-law 107, Resident Representative of the Company or any of their respective heirs, executors or administrators on account of any action taken by any such person, or the failure of any such person to take any action in
                  the performance of his duties, or supposed duties, to the Company or otherwise in relation thereto.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zad7d37f2143b439c94238f0bb2254202">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">143.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The restrictions on liability, indemnities and waivers provided for in Bye-laws 136 to 142 inclusive shall not extend to any matter which would render the same void pursuant to the Companies Acts.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7a92a78233814f8ca8a971dd4424083b">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">144.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The restrictions on liability, indemnities and waivers contained in Bye-laws 136 to 142 inclusive shall be in addition to any rights which any person concerned may otherwise be entitled by contract or as a matter of applicable Bermuda
                  law.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000;">With respect to indemnification relating to directors and officers of SFL Finance Corporation Ltd. section 60 of the BCA provides as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Indemnification of directors and officers:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ce75c0d5ae24ee3b91e729a25303d16">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-style: italic;">Actions not by or in right of the corporation</font>. A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or
                  completed action, suit or proceeding whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director or officer of the corporation,
                  or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid
                  in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation,
                  and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of no
                  contest, or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with
                  respect to any criminal action or proceedings, had reasonable cause to believe that his conduct was unlawful.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">II-2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc477c9bf4e2a4d2c9532f39750e03c98">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-style: italic;">Actions by or in right of the corporation</font>. A corporation shall have the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or
                  completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation, or
                  is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by
                  him or in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not, opposed to the best interests of the corporation and except that no
                  indemnification shall be made in respect of any claims, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to the corporation unless and only to the
                  extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to
                  indemnity for such expenses which the court shall deem proper.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3a330c0354c8416e98357b6c7c979f9e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-style: italic;">When director or officer successful</font>. To the extent that a director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding
                  referred to in subsections (1) or (2) of this section, or in the defense of a claim, issue or matter therein, he shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him in connection
                  therewith.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z56af1f170e904c31a02dae75e73be212">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-style: italic;">Payment of expenses in advance</font>. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid in advance of the final disposition of such action, suit or proceeding
                  as authorized by the board of directors in the specific case upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by
                  the corporation as authorized in this section.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4691961537be43f899f098901518256a">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(5)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-style: italic;">Indemnification pursuant to other rights. </font>The indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not be deemed
                  exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in his official
                  capacity and as to action in another capacity while holding such office.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6ef399207fe44fe5a90d7b6754c0d615">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(6)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-style: italic;">Continuation of indemnification. </font>The indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided when authorized or ratified,
                  continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2ddc8417854d4c0aaf9e74f5af2fdba4">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(7)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-style: italic;">Insurance</font>. A corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation or is or was serving at the request of
                  the corporation as a director or officer against any liability asserted against him and incurred by him in such capacity whether or not the corporation would have the power to indemnify him against such liability under the provisions of
                  this section.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item&#160;9. Exhibits</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A list of exhibits included as part of this registration statement is set forth in the Exhibit Index which immediately precedes such exhibits and is incorporated herein by
      reference.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">II-3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
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    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item&#160;10. Undertakings.</div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 72pt; margin-bottom: 12pt;">(a) The undersigned registrant hereby undertakes:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement, unless the information required to be included in a post-effective amendment by those paragraphs is
                  contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a
                  form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">(ii) 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 20 percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement.</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">(iii) 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.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(2) That, for the purpose of determining any liability under the Securities Act of 1933, as amended, each such post-effective amendment shall be deemed to be a new registration
      statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(3) 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.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(4) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering
      or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished,&#160;<font style="font-style: italic;">provided</font>, that the registrant includes in the prospectus, by
      means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial
      statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act of 1933 or
      Item 8.A of Form 20-F if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are
      incorporated by reference in the Form&#160;F-3.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(5) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">(i) If the registrant is relying on Rule 430B:</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">II-4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of this Registration Statement as of the date the filed prospectus was deemed
      part of and included in this Registration Statement; and</div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">(B) 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 shall be deemed to be part of and included in the registration statement as of the earlier of the date
      such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at
      that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time
      shall be deemed to be the initial bona fide offering thereof.&#160;<font style="font-style: italic;">Provided, however,</font>&#160;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.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(6) 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, 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:</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">(iii) 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</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">(b) 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 of an employee benefit plan&#8217;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by
      reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">(c) &#8212;&#160;(g) Not applicable.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">II-5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <br>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#160;(h) 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.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">(i) Not applicable.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">(j) 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 in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Trust Indenture Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">(k) Not applicable.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">II-6</font></div>
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SIGNATURES</div>
    <div style="margin-bottom: 12pt;">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3 and has duly caused this
      Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
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          <td style="width: 10.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: center; font-weight: bold;">SFL Corporation Ltd.</div>
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            <div>&#160;</div>
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        </tr>
        <tr>
          <td style="width: 10.04%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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            <div>Date:</div>
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            <div>May 1, 2020</div>
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            <div>By</div>
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            <div>
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        <tr>
          <td style="width: 10.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 30.19%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
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            <div>Ole B. Hjertaker</div>
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          <td style="width: 10.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 30.19%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0%; vertical-align: bottom;">&#160;</td>
          <td style="width: 53.94%; vertical-align: bottom;">
            <div>Chief Executive Officer</div>
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        </tr>
        <tr>
          <td style="width: 10.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 30.19%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0%; vertical-align: bottom;">&#160;</td>
          <td style="width: 53.94%; vertical-align: bottom;">
            <div>SFL Management AS</div>
            <div>(Principal Executive Officer)</div>
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    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">II-7</font></div>
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">POWER OF ATTORNEY</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints each of Keith J. Billotti and Andrei A. Sirabionian his true and
      lawful attorney-in-fact and agent, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) to this
      Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and
      perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute, may
      lawfully do or cause to be done by virtue thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons on May 1, 2020 in the capacities indicated.</div>
    <div>
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          <tr>
            <td style="width: 48%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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                <div style="text-align: center;">Signature</div>
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            </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div style="text-align: center;">Title</div>
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            <td style="width: 48%; vertical-align: middle;">&#160;</td>
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            <td style="width: 48%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Ole B. Hjertaker </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: bottom;">
              <div>Chief Executive Officer</div>
            </td>
          </tr>
          <tr>
            <td style="width: 48%; vertical-align: top;">
              <div style="margin-bottom: 1pt;">Ole B. Hjertaker</div>
              <div>&#160;</div>
            </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: bottom;">
              <div>SFL Management AS</div>
              <div style="margin-bottom: 1pt;">(Principal Executive Officer)</div>
              <div>&#160;</div>
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          </tr>
          <tr>
            <td style="width: 48%; vertical-align: middle;">&#160;</td>
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            <td style="width: 48%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Aksel C. Olesen </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: top;">
              <div>Chief Financial Officer</div>
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          </tr>
          <tr>
            <td style="width: 48%; vertical-align: top;">
              <div style="margin-bottom: 1pt;">Aksel C. Olesen</div>
              <div>&#160;</div>
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            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: top;">
              <div>SFL Management AS</div>
              <div>(Principal Financial Officer)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 48%; vertical-align: top;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 48%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Gary Vogel </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: top;">
              <div>Director</div>
            </td>
          </tr>
          <tr>
            <td style="width: 48%; vertical-align: top;">
              <div style="margin-bottom: 1pt;">Gary Vogel</div>
              <div>&#160;</div>
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            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: top;">&#160;</td>
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            <td style="width: 48%; vertical-align: middle;">&#160;</td>
            <td colspan="2" style="vertical-align: middle;">&#160;</td>
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            <td style="width: 48%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Keesjan Cordia </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: top;">
              <div>Director</div>
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              <div>Keesjan Cordia</div>
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            <td colspan="2" style="vertical-align: middle;">&#160;</td>
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            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: top;">&#160;</td>
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            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: top;">
              <div>Director</div>
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          </tr>
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            <td style="width: 48%; vertical-align: middle;">
              <div>James O&#8217;Shaughnessy</div>
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            <td colspan="2" style="vertical-align: middle;">&#160;</td>
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          <tr>
            <td style="width: 48%; vertical-align: top;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: top;">&#160;</td>
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            <td style="width: 48%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Bert Bekker </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: top;">
              <div>Director</div>
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          </tr>
          <tr>
            <td style="width: 48%; vertical-align: top;">
              <div style="margin-bottom: 1pt;">Bert Bekker</div>
              <div>&#160;</div>
            </td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 48%; vertical-align: top;">&#160;</td>
            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: top;">&#160;</td>
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            <td style="width: 48%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Kathrine Astrup Fredriksen </td>
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              <div>Director</div>
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            <td style="width: 48%; vertical-align: top;">
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              <div>&#160;</div>
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            <td style="width: 4%; vertical-align: bottom;">&#160;</td>
            <td style="width: 48%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">II-8</font></div>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">AUTHORIZED UNITED STATES REPRESENTATIVE</div>
    <div style="margin-top: 12pt;">Pursuant to the requirement of the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of the aforementioned Registrant, has signed this Registration Statement in the State of
      Delaware, on May 1, 2020.</div>
    <div><br>
    </div>
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          <td colspan="1" style="width: 45%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 0%; vertical-align: bottom;">&#160;</td>
          <td style="width: 50%; vertical-align: middle;">&#160;</td>
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          <td style="width: 9.15%; vertical-align: top;">&#160;</td>
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          <td style="width: 65%; vertical-align: top;">
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          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 34%; vertical-align: top;">
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        <tr>
          <td style="width: 65%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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          <td rowspan="1" style="width: 65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ James Ayers </td>
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        <tr>
          <td style="width: 65%; vertical-align: top;">
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          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 34%; vertical-align: top;">
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        <tr>
          <td style="width: 65%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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          <td style="width: 65%; vertical-align: top;">
            <div style="margin-bottom: 1pt;">Colleen E. Simmons</div>
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          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 34%; vertical-align: top;">
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    <div style="text-align: justify; margin-top: 12pt;">Pursuant to the requirement of the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of the aforementioned Registrant, has signed this Registration
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        <tr>
          <td colspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 0%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45%; vertical-align: middle;">&#160;</td>
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        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 0%; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td colspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 0%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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              <div style="margin-bottom: 1pt;">/s/ Donald J. Puglisi</div>
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        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 0%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45%; vertical-align: bottom;">
            <div>Name: Donald J. Puglisi</div>
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        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 0%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45%; vertical-align: bottom;">
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">II-12</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 85%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
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          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
        </tr>
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          <td style="width: 10%; vertical-align: top;">
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          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">
            <div>Underwriting Agreement (for equity securities)*</div>
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        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>1.2</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">
            <div>Underwriting Agreement (for debt securities)*</div>
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        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
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          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1289877/000104746904018082/a2135540zex-4_1.htm">Form of Common Stock Certificate of the Company, incorporated by reference to Exhibit 4.1 of the Company&#8217;s Registration Statement on Form F-4,
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          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
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          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">
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        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
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          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">
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        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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        <tr>
          <td style="width: 10%; vertical-align: top;">
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          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">
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        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">
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        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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        <tr>
          <td style="width: 10%; vertical-align: top;">
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          <td style="width: 85%; vertical-align: top;">
            <div><a href="d8423540_ex4-6.htm">Form of Senior Indenture</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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        <tr>
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          <td style="width: 85%; vertical-align: top;">
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        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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        <tr>
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          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">
            <div><a href="d8423540_ex5-1.htm">Opinion of MJM Ltd., Bermuda counsel to the Company<br>
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        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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        <tr>
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          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">
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        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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        <tr>
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          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">
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        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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        <tr>
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          <td style="width: 85%; vertical-align: top;">
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        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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        <tr>
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          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">
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        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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        <tr>
          <td style="width: 10%; vertical-align: top;">
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          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">
            <div><a href="d8423540_ex23-3.htm">Consent of MSPC Certified Public Accountants and Advisors, A Professional Corporation</a></div>
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        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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        <tr>
          <td style="width: 10%; vertical-align: top;">
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          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
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            <div><a href="#poa">Power of Attorney (contained in signature page)</a></div>
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          <td style="width: 10%; vertical-align: middle;">&#160;</td>
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          <td style="width: 85%; vertical-align: top;">
            <div>T-1 Statement of Eligibility</div>
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                <div>To be filed either as an amendment or as an exhibit to a report filed pursuant to the Securities Exchange Act of 1934 of the Registrant and incorporated by reference into this Registration Statement</div>
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<DOCUMENT>
<TYPE>EX-4.7
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    <div style="text-align: right; margin-bottom: 12pt; font-weight: bold;">Exhibit 4.6</div>
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    <div style="text-align: center; margin-bottom: 12pt;">[&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="text-align: center; margin-bottom: 12pt;">FORM OF</div>
    <div style="text-align: center; margin-bottom: 12pt;">SENIOR INDENTURE</div>
    <div style="text-align: center; margin-bottom: 12pt;">Dated as of [&#160; &#160; &#160; &#160; &#160; &#160; ], 20[&#160; &#160; ]</div>
    <div style="text-align: center; margin-bottom: 12pt;">[&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="text-align: center; margin-bottom: 12pt;">Trustee</div>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">TABLE OF CONTENTS</div>
    <div style="text-align: right; margin-bottom: 12pt; font-weight: bold;">Page</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z4fc0bde1fe6a4902b55a19a4a0b56cdd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify;">ARTICLE I&#160;&#160;&#160;&#160;&#160;&#160;&#160;DEFINITIONS AND INCORPORATION BY REFERENCE</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">1</div>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 1.01</div>
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          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Definitions.</div>
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          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">1</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 1.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Other Definitions.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">4</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 1.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Incorporation by Reference of Trust Indenture Act.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">5</div>
          </td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 1.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Rules of Construction.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">5</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify;">ARTICLE II&#160;&#160;&#160;&#160;&#160;&#160;&#160;THE SECURITIES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Issuable in Series.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Establishment of Terms of Series of Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Execution and Authentication.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Registrar and Paying Agent.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">9</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.05</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Paying Agent to Hold Money in Trust.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">9</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.06</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Securityholder Lists.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">9</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.07</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Transfer and Exchange.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">10</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.08</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Mutilated, Destroyed, Lost and Stolen Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">10</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.09</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Outstanding Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">11</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.10</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Treasury Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">11</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.11</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Temporary Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">11</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.12</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Cancellation.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">12</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.13</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Defaulted Interest.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">12</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.14</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Global Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">12</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 2.15</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">CUSIP Numbers.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">14</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify;">ARTICLE III&#160;&#160;&#160;&#160;&#160;&#160;&#160;REDEMPTION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 3.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Notice to Trustee.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 3.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Selection of Securities to be Redeemed.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">15</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 3.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Notice of Redemption.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">15</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 3.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Effect of Notice of Redemption.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">15</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 3.05</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Deposit of Redemption Price.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">16</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 3.06</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Securities Redeemed in Part.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">16</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify;">ARTICLE IV&#160;&#160;&#160;&#160;&#160;&#160;&#160;COVENANTS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">16</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 4.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Payment of Principal and Interest.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">16</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 4.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">SEC Reports.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">16</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 4.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Compliance Certificate.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">17</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 4.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Stay, Extension and Usury Laws.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 4.05</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Corporate Existence.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 4.06</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Taxes.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 4.07</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Additional Interest Notice.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 4.08</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Further Instruments and Acts.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">18</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify;">ARTICLE V&#160;&#160;&#160;&#160;&#160;&#160;&#160;SUCCESSORS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">When Company May Merge, Etc.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 5.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Successor Corporation Substituted.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">19</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify;">ARTICLE VI&#160;&#160;&#160;&#160;&#160;&#160;&#160;DEFAULTS AND REMEDIES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 6.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Events of Default.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 6.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Acceleration of Maturity; Rescission and Annulment.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 6.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Collection of Indebtedness and Suits for Enforcement by Trustee.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">22</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 6.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Trustee May File Proofs of Claim.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">22</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 6.05</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Trustee May Enforce Claims Without Possession of Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">23</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 6.06</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Application of Money Collected.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">23</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 6.07</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Limitation on Suits.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">23</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 6.08</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Unconditional Right of Holders to Receive Principal and Interest.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 6.09</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Restoration of Rights and Remedies.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 6.10</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Rights and Remedies Cumulative.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 6.11</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Delay or Omission Not Waiver.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 6.12</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Control by Holders.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 6.13</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Waiver of Past Defaults.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 6.14</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Undertaking for Costs.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">25</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify;">ARTICLE VII&#160;&#160;&#160;&#160;&#160;&#160;&#160;TRUSTEE</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 7.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Duties of Trustee.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 7.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Rights of Trustee.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 7.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Individual Rights of Trustee.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 7.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Trustee&#8217;s Disclaimer.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 7.05</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Notice of Defaults.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 7.06</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Reports by Trustee to Holders.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 7.07</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Compensation and Indemnity.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 7.08</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Replacement of Trustee.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">29</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 7.09</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Successor Trustee by Merger, etc.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">30</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 7.10</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Eligibility; Disqualification.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">30</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 7.11</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Preferential Collection of Claims Against Company.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">30</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">ii</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zfef05237bcba4e9287a85c6b9550eaf7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify;">ARTICLE VIII&#160;&#160;&#160;&#160;&#160;&#160;&#160;SATISFACTION AND DISCHARGE; DEFEASANCE</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">30</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 8.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Satisfaction and Discharge of Indenture.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">30</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 8.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Application of Trust Funds; Indemnification.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">31</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 8.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Legal Defeasance of Securities of any Series.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">32</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 8.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Covenant Defeasance.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">33</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 8.05</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Repayment to Company.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">34</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify;">ARTICLE IX&#160;&#160;&#160;&#160;&#160;&#160;&#160;AMENDMENTS AND WAIVERS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">35</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 9.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Without Consent of Holders.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">35</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 9.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">With Consent of Holders.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">35</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 9.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Limitations.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">36</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 9.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Compliance with Trust Indenture Act.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 9.05</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Revocation and Effect of Consents.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 9.06</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Notation on or Exchange of Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 9.07</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Trustee Protected.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 9.08</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Effect of Supplemental Indenture.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">37</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify;">ARTICLE X&#160;&#160;&#160;&#160;&#160;&#160;&#160;MISCELLANEOUS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">38</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Trust Indenture Act Controls.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">38</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Notices.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">38</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Communication by Holders with Other Holders.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">39</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Certificate and Opinion as to Conditions Precedent.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">39</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.05</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Statements Required in Certificate or Opinion.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">39</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.06</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Record Date for Vote or Consent of Holders.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.07</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Rules by Trustee and Agents.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.08</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Legal Holidays.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.09</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">No Recourse Against Others.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.10</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Counterparts.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.11</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Governing Laws and Submission to Jurisdiction.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.12</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">No Adverse Interpretation of Other Agreements.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.13</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Successors.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.14</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Severability.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.15</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Table of Contents, Headings, Etc.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.16</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Securities in a Foreign Currency or in ECU.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.17</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Judgment Currency.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">42</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 10.18</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Compliance with Applicable Anti-Terrorism and Money Laundering Regulations.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">42</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">iii</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z73f4ded94ba645f1a9c20cd9856bb6fc" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify;">ARTICLE XI&#160;&#160;&#160;&#160;&#160;&#160;&#160;SINKING FUNDS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">43</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 11.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Applicability of Article.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">43</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 11.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Satisfaction of Sinking Fund Payments with Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">43</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;">Section 11.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">Redemption of Securities for Sinking Fund.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">43</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">iv</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%LCR%5%%%-->
    <div style="text-align: center; margin-bottom: 12pt;">Reconciliation and tie between Trust Indenture Act of 1939
        and Indenture,<br>
      Dated as of [&#160; &#160; &#160; &#160; &#160; &#160; ], 20[&#160; &#160; ]</div>
    <table cellspacing="0" cellpadding="0" id="z00b6d49b1d2d49b895cd8feb438500f8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">Section 310(a)(1)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>7.10</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(a)(2)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>7.10</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(a)(3)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(a)(4)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(a)(5)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>7.10</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(b)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>7.10</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(c)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">S 311(a)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>7.11</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(b)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>7.11</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(c)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">Section 312(a)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>2.06</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(b)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>10.03</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(c)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>10.03</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">Section 313(a)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>7.06</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(b)(1)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>7.06</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(b)(2)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>7.06</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(c)(1)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>7.06</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(d)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>7.06</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">S 314(a)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>4.02, 10.05</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(b)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(c)(1)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>10.04</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(c)(2)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>10.04</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(c)(3)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(d)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(e)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>10.05</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(f)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">Section 315(a)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>7.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(b)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>7.05</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(c)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>7.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(d)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>7.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(e)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>6.14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">Section 316(a)(1)(A)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>6.12</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(a)(1)(B)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>6.13</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(a)(2)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(b)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>6.13</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(c)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>10.06</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">Section 317(a)(1)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>6.03</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(a)(2)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>6.04</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">(b)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>2.05</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">
            <div style="text-align: justify;">Section 318(a)</div>
          </td>
          <td style="width: 43.17%; vertical-align: top;">
            <div>10.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.83%; vertical-align: top;">&#160;</td>
          <td style="width: 43.17%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: center; margin-bottom: 12pt;">Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">v</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%%%--><br>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Indenture dated as of [&#160; &#160; &#160; &#160; &#160; &#160; ], 20[&#160; &#160; ] between [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ], a company organized under the laws
      of [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ] (the &#8220;Company&#8221;) and [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ] (the &#8220;Trustee&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the
      Holders of the Securities issued under this Indenture.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE I<br>
      <br>
      DEFINITIONS AND INCORPORATION BY REFERENCE</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 1.01&#160; &#160;&#160; Definitions.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Additional Amounts</font>&#8221;
      means any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified therein and which are owing to such
      Holders.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Affiliate</font>&#8221;
      of any specified person means any other person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified person. For the purposes of this definition, &#8220;control&#8221; (including, with correlative
      meanings, the terms &#8220;controlled by&#8221; and &#8220;under common control with&#8221;), as used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person,
      whether through the ownership of voting securities or by agreement or otherwise.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Agent</font>&#8221;
      means any Registrar or Paying Agent.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Bankruptcy Law</font>&#8221;
      means Title 11 of the United States Code (or any successor thereto) or any similar federal or state law for the relief of debtors.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Board of Directors</font>&#8221;
      means the board of directors of the Company or any duly authorized committee thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Board Resolution</font>&#8221;
      means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of
      the certificate and delivered to the Trustee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Business Day</font>&#8221;
      means any day other than a (x) Saturday, (y) Sunday or (z) day on which state or federally chartered banking institutions in New York, New York are not required to be open.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Capital Stock</font>&#8221;
      of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, but excluding any debt securities convertible into such
      equity.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Certificated
        Securities</font>&#8221; means Securities in the form of physical, certificated Securities in registered form.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Company</font>&#8221;
      means the party named as such above until a successor replaces it in accordance with the terms of this Indenture and thereafter means the successor.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Company Order</font>&#8221;
      means a written order signed in the name of the Company by two Officers, one of whom must be the Company&#8217;s principal executive officer, principal financial officer or principal accounting officer.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Company Request</font>&#8221;
      means a written request signed in the name of the Company by its Chairman of the Board, a President or a Vice President, and by its Chief Financial Officer, its Secretary or an Assistant Secretary, and delivered to the Trustee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Corporate Trust
        Office</font>&#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 of the execution of this Indenture is [&#160; &#160; ], Attention: [&#160; &#160; ], or at such other
      address as the Trustee may designate from time to time.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Custodian</font>&#8221;
      means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Default</font>&#8221; or
      &#8220;default&#8221; means any event which is, or after notice or passage of time or both would be, an Event of Default.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Default Rate</font>&#8221;
      means the default rate of interest specified in the Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Depository</font>&#8221;
      means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depository for such Series by the Company, which Depository shall be a clearing agency
      registered under the Exchange Act; and if at any time there is more than one such person, &#8220;Depository&#8221; as used with respect to the Securities of any Series shall mean the Depository with respect to the Securities of such Series.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Discount Security</font>&#8221;
      means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Dollars</font>&#8221;
      means the currency of The United States of America.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">ECU</font>&#8221; means
      the European Currency Unit as determined by the Commission of the European Union.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Exchange Act</font>&#8221;
      means the Securities Exchange Act of 1934, as amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Foreign Currency</font>&#8221;
      means any currency or currency unit issued by a government other than the government of The United States of America.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Foreign Government
        Obligations</font>&#8221; means with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full
      faith and credit is pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by
      such government, which, in either case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Global Security</font>&#8221;
      or &#8220;<font style="font-weight: bold;">Global Securities</font>&#8221; means a Security or Securities, as the case may be, in the form established pursuant to Section 2.02 evidencing all or part
      of a Series of Securities, issued to the Depository for such Series or its nominee, and registered in the name of such Depository or nominee.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Holder</font>&#8221; or
      &#8220;<font style="font-weight: bold;">Securityholder</font>&#8221; means a person in whose name a Security is registered.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Indenture</font>&#8221;
      means this Indenture as amended and supplemented from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Interest</font>,&#8221;
      in respect of the Securities, unless the context otherwise requires, refers to interest payable on the Securities, including any additional interest that may become payable pursuant to Section 6.02(b).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Maturity</font>,&#8221;
      when used with respect to any Security or installment of principal thereof, means the date on which the principal of such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity
      or by declaration of acceleration, call for redemption, notice of option to elect repayment or otherwise.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Officer</font>&#8221;
      means the Chairman of the Board, the President, any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Officers&#8217;
        Certificate</font>&#8221; means a certificate signed by two Officers, one of whom must be the Company&#8217;s principal executive officer, principal financial officer or principal accounting officer.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Opinion of Counsel</font>&#8221;
      means a written opinion of legal counsel who is, and which opinion is, acceptable to the Trustee and its counsel. Such legal counsel may be an employee of or counsel to the Company or the Trustee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Person</font>&#8221;
      means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Principal</font>&#8221;
      or &#8220;<font style="font-weight: bold;">principal</font>&#8221; of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in
      respect of, the Security.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Responsible
        Officer</font>&#8221; means any officer of the Trustee in its Corporate Trust Office and also means, any vice president, managing director, director, associate, assistant vice president, or any other officer of the Trustee customarily performing
      functions similar to those performed by any of the above designated officers and also, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and
      familiarity with a particular subject.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">SEC</font>&#8221; means
      the Securities and Exchange Commission.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Security</font>&#8221;
      or &#8220;<font style="font-weight: bold;">Securities</font>&#8221; means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this
      Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Series</font>&#8221; or
      &#8220;<font style="font-weight: bold;">Series of Securities</font>&#8221; means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.01 and 2.02
      hereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Stated Maturity</font>&#8221;
      when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is
      due and payable.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Subordinated
        Indebtedness</font>&#8221; means any indebtedness which is expressly subordinated to the indebtedness evidenced by Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Subsidiary</font>&#8221;
      means, in respect of any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without
      regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more
      Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">TIA</font>&#8221; means
      the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, &#8220;TIA&#8221; means, to the extent required by
      any such amendment, the Trust Indenture Act as so amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Trustee</font>&#8221;
      means the person named as the &#8220;Trustee&#8221; in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter &#8220;Trustee&#8221; shall mean or include each person who
      is then a Trustee hereunder, and if at any time there is more than one such person, &#8220;Trustee&#8221; as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">U.S. Government
        Obligations</font>&#8221; means securities which are (i) direct obligations of The United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency
      or instrumentality of The United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by The United States of America, and which in the case of (i) and (ii) are not callable or redeemable at the
      option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government
      Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt
      from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository receipt.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 1.02&#160; &#160;&#160; <u>Other Definitions</u>.</div>
    <table cellspacing="0" cellpadding="0" id="z21333ecd29d2454d8165aeb8afe8179f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 57.76%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: center;">TERM</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: center;">DEFINED IN SECTION</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.76%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt;">&#8220;Applicable Law&#8221;</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div style="text-align: center;">10.18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.76%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt;">&#8220;Event of Default&#8221;</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div style="text-align: center;">6.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.76%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt;">&#8220;Instrument&#8221;</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div style="text-align: center;">6.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.76%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt;">&#8220;Journal&#8221;</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div style="text-align: center;">10.16</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.76%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt;">&#8220;Judgment Currency&#8221;</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div style="text-align: center;">10.17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.76%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt;">&#8220;Legal Holiday&#8221;</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div style="text-align: center;">10.08</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.76%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt;">&#8220;mandatory sinking fund payment&#8221;</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div style="text-align: center;">11.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.76%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt;">&#8220;Market Exchange Rate&#8221;</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div style="text-align: center;">10.16</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.76%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt;">&#8220;New York Banking Day&#8221;</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div style="text-align: center;">10.17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.76%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt;">&#8220;optional sinking fund payment&#8221;</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div style="text-align: center;">11.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.76%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt;">&#8220;Paying Agent&#8221;</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div style="text-align: center;">2.04</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.76%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt;">&#8220;Registrar&#8221;</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div style="text-align: center;">2.04</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.76%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt;">&#8220;Required Currency&#8221;</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div style="text-align: center;">10.17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.76%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt;">&#8220;successor person&#8221;</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div style="text-align: center;">5.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.76%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -12pt; margin-left: 12pt;">&#8220;Temporary Securities&#8221;</div>
          </td>
          <td style="width: 42.24%; vertical-align: bottom;">
            <div style="text-align: center;">2.11</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 1.03&#160; &#160;&#160; <u>Incorporation by
          Reference of Trust Indenture Act</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a
      part of this Indenture. This Indenture shall also include those provisions of the TIA required to be included herein by the provisions of the Trust Indenture Reform Act of 1990. The following TIA terms used in this Indenture have the following
      meanings:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">indenture
        securities</font>&#8221; means the Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">indenture security
        holder</font>&#8221; means a Securityholder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">indenture to be
        qualified</font>&#8221; means this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">indenture trustee</font>&#8221;
      or &#8220;institutional trustee&#8221; means the Trustee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">obligor</font>&#8221; on
      the indenture securities means the Company and any successor obligor upon the Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or
      defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 1.04&#160; &#160;&#160; <u>Rules of
          Construction</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless the context otherwise requires:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a term has the meaning assigned to it;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>references to &#8220;generally accepted accounting principles&#8221; shall mean generally accepted accounting principles in effect as of the time when and for the period as to which such
        accounting principles are to be applied;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#8220;or&#8221; is not exclusive;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>words in the singular include the plural, and in the plural include the singular;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>provisions apply to successive events and transactions;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>references to agreements and other instruments include subsequent amendments thereto;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the term &#8220;merger&#8221; includes a statutory share exchange, and the term &#8220;merged&#8221; has a correlative meaning; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#8220;herein,&#8221; &#8220;hereof&#8221; and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE II<br>
      <br>
      THE SECURITIES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.01&#160; &#160;&#160; <u>Issuable in
          Series</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is
      unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers&#8217; Certificate detailing the adoption of the terms
      thereof pursuant to the authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers&#8217; Certificate or supplemental indenture may provide for the method by which
      specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally
      and ratably entitled to the benefits of the Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.02&#160; &#160;&#160; <u>Establishment of
          Terms of Series of Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series
      generally, in the case of Subsection (a), and either as to such Securities within the Series or as to the Series generally in the case of Subsections (b) through (t) by a Board Resolution, a supplemental indenture or an Officers&#8217; Certificate pursuant
      to authority granted under a Board Resolution:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the title, designation, aggregate principal amount and authorized denominations of the Securities of the Series;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the price or prices, (expressed as a percentage of the aggregate principal amount thereof) at which the Securities of the Series will be issued;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the date or dates on which the principal of the Securities of the Series is payable;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity,
        commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall commence and be payable and any regular record date for the
        interest payable on any interest payment date;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any optional or mandatory sinking fund provisions or conversion or exchangeability provisions upon which Securities of the Series shall be redeemed, purchased, converted or
        exchanged;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the date, if any, after which and the price or prices at which the Securities of the Series may be optionally redeemed or must be mandatorily redeemed and any other terms and
        provisions of optional or mandatory provisions;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if other than denominations of $2,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if other than the full principal amount, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration pursuant to
        Section 6.02 or provable in bankruptcy;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such
        Securities to declare the principal amount thereof due and payable pursuant to Section 6.02;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(j)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the currency or currencies, including composite currencies, in which payments of principal of, premium or interest, if any, on the Securities of the Series will be payable, if
        other than the currency of the United States of America;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(k)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if payments of principal of, premium or interest, if any, on the Securities of the Series will be payable, at the Company&#8217;s election or at the election of any Holder, in a
        currency other than that in which the Securities of the Series are stated to be payable, the period or periods within which, and the terms and conditions upon which, the election may be made;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(l)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if payments of interest, if any, on the Securities of the Series will be payable, at the Company&#8217;s election or at the election of any Holder, in cash or additional securities,
        and the terms and conditions upon which the election may be made;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(m)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if denominated in a currency or currencies other than the currency of the United States of America, the equivalent price of the Securities of the Series in the currency of the
        United States of America for purposes of determining the voting rights of Holders of the Securities of the Series;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(n)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method based on a coin or currency other than that in
        which the Securities of the Series are stated to be payable, the manner in which the amounts will be determined;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(o)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any restrictive covenants or other material terms relating to the Securities of the Series;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(p)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>whether the Securities of the Series will be issued in the form of global securities or certificates in registered form;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(q)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any terms with respect to subordination;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(r)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any listing on any securities exchange or quotation system;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(s)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>additional provisions, if any, related to defeasance and discharge of the offered debt securities; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(t)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the applicability of any guarantees, which would be governed by New York law.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All Securities of any one Series need not be issued at the same time and may be issued from time to time,
      consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers&#8217; Certificate referred to above, and the authorized principal amount of any Series may not be increased to provide
      for issuance of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental Indenture or Officers&#8217; Certificate.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.03&#160; &#160;&#160; <u>Execution and
          Authentication</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Two Officers shall sign the Securities for the Company by manual or facsimile signature.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If an Officer whose signature is on a Security no longer holds that office at the time the Security is
      authenticated, the Security shall nevertheless be valid.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
      agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal
      amount provided in the Board Resolution, supplemental indenture hereto or Officers&#8217; Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions
      from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental
      indenture hereto or an Officers&#8217; Certificate.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon
      the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers&#8217; Certificate delivered pursuant to Section 2.02, except as provided in Section 2.08.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.02)
      shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that
      Series or of Securities within that Series, (b) an Officers&#8217; Certificate complying with Section 10.04, and (c) an Opinion of Counsel complying with Section 10.04.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the
      Trustee, being advised by counsel, determines that such action may not lawfully be taken; or (b) if a Responsible Officer of the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to Holders of any
      then outstanding Series of Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An
      authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal
      with the Company or an Affiliate.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If any successor that has replaced the Company in accordance with Article 5 has executed an indenture supplemental
      hereto with the Trustee pursuant to Section 5.01, any of the Securities authenticated or delivered prior to such transaction may, from time to time, at the request of such successor, be exchanged for other Securities executed in the name of the such
      successor with such changes in phraseology and form as may be appropriate, but otherwise identical to the Securities surrendered for such exchange and of like</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">principal amount; and the Trustee, upon receipt of a Company Order of such successor, shall authenticate and deliver Securities as
      specified in such order for the purpose of such exchange. If Securities shall at any time be authenticated and delivered in any new name of such successor pursuant to this provision of Section 2.03 in exchange or substitution for or upon registration
      of transfer of any Securities, such successor, at the option of the Holders but without expense to them, shall provide for the exchange of all Securities then outstanding for Securities authenticated and delivered in such new name.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.04&#160; &#160;&#160; <u>Registrar and
          Paying Agent</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall maintain, with respect to each Series of Securities, at the place or places specified with
      respect to such Series pursuant to Section 2.02, an office or agency where Securities of such Series may be presented or surrendered for payment (&#8220;Paying Agent&#8221;) and where Securities of such Series may be surrendered for registration of transfer or
      exchange (&#8220;Registrar&#8221;). The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name
      or address, of each Registrar and Paying Agent. If at any time the Company shall fail to maintain any such required Registrar or Paying Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations and surrenders
      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 and surrenders.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company may also from time to time designate one or more co-registrars or additional paying agents and may from
      time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar or Paying Agent in each place so specified pursuant to Section 2.02
      for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar or additional paying agent. The term
      &#8220;Registrar&#8221; includes any co-registrar; and the term &#8220;Paying Agent&#8221; includes any additional paying agent.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company hereby appoints [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ] as the initial Registrar and Paying Agent for each Series unless
      another Registrar or Paying Agent as the case may be, is appointed prior to the time Securities of that Series are first issued. Each Registrar and Paying Agent shall be entitled to all of the rights, protections, exculpations and indemnities
      afforded to the Trustee in connection with its roles as Registrar and Paying Agent.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.05&#160; &#160;&#160; <u>Paying Agent to
          Hold Money in Trust</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will
      hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default by
      the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the
      Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate
      trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.06&#160; &#160;&#160; <u>Securityholder
          Lists</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it
      of the names and addresses of Securityholders of each Series of Securities and shall otherwise</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least [&#160; &#160; ] days
      before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of
      Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.07&#160; &#160;&#160; <u>Transfer and
          Exchange</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer
      or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges,
      the Trustee shall authenticate Securities at the Registrar&#8217;s request. Any exchange or transfer shall be without charge, except that the Company or the Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
      required by law; provided that this sentence shall not apply to any exchange pursuant to Section 2.11, 2.08, 3.06 or 9.06.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange
      Securities of any Series for the period beginning at the opening of business [&#160; &#160; ] days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day
      of such mailing, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption
      in part.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Company,
      evidencing the same debt and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. Any Registrar appointed pursuant to Section 2.04 shall provide to the Trustee such information as the
      Trustee may reasonably require in connection with the delivery by such Registrar of Securities upon transfer or exchange of Securities. Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result
      from the transfer, exchange or assignment of such Holder&#8217;s Security in violation of any provision of this Indenture and/or applicable U.S. federal or state securities law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.08&#160; &#160;&#160; <u>Mutilated,
          Destroyed, Lost and Stolen Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If any mutilated Security is surrendered to the Registrar, the Company shall execute and the Trustee shall
      authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If there shall be delivered to the Company and the Registrar (i) evidence to their satisfaction of the destruction,
      loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Registrar that such Security has been
      acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like
      tenor and principal amount and bearing a number not contemporaneously outstanding.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable,
      the Company in its discretion may, instead of issuing a new Security, pay such Security.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient
      to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security
      shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
      proportionately with any and all other Securities of that Series duly issued hereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and
      remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.09&#160; &#160;&#160; <u>Outstanding
          Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those
      canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding until the Trustee receives proof
      satisfactory to it that the replaced Security is held by a bona fide purchaser.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds on the Maturity of
      Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A Security does not cease to be outstanding because the Company or an Affiliate holds the Security.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In determining whether the Holders of the requisite principal amount of outstanding Securities have given any
      request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and
      payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.10&#160; &#160;&#160; <u>Treasury
          Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any
      request, demand, authorization, direction, notice, consent or waiver Securities of a Series owned by the Company or an Affiliate shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on
      any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.11&#160; &#160;&#160; <u>Temporary
          Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate
      temporary securities upon a Company Order (&#8220;Temporary Securities&#8221;). Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without
      unreasonable delay, the Company shall prepare and the Trustee upon written request shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall
      have the same rights under this Indenture as the definitive Securities.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.12&#160; &#160;&#160; <u>Cancellation</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent
      shall forward to the Trustee or its agent any Securities surrendered to them for transfer, exchange, payment or conversion. The Trustee and no one else shall cancel, in accordance with its standard procedures, all Securities surrendered for transfer,
      exchange, payment, conversion or cancellation and shall deliver the cancelled Securities to the Company. No Security shall be authenticated in exchange for any Security cancelled pursuant to this Section 2.12.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company may, to the extent permitted by law, purchase Securities in the open market or by tender offer at any
      price or by private agreement. Any Securities purchased or otherwise acquired by the Company or any of its Subsidiaries prior to the final maturity of such Securities may, to the extent permitted by law, be reissued or resold or may, at the option of
      the Company, be surrendered to the Trustee for cancellation. Any Securities surrendered for cancellation may not be reissued or resold and shall be promptly cancelled by the Trustee, and the Company may not hold or resell such Securities or issue any
      new Securities to replace any such Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.13&#160; &#160;&#160; <u>Defaulted
          Interest</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the Company defaults in a payment of interest on a Series of Securities, it shall pay defaulted interest, plus,
      to the extent permitted by law, any interest payable on the defaulted interest at the Default Rate, to the persons who are Security holders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At
      least [&#160; &#160; ] days before the record date, the Company shall mail to the Trustee and the Paying Agent and to each Securityholder of the Series a notice that states the record date, the payment date and the amount of interest to be paid. The Company
      may pay defaulted interest in any other lawful manner.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.14&#160; &#160;&#160; <u>Global Securities</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>A Board Resolution, a supplemental indenture hereto or an Officers&#8217; Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the
        form of one or more Global Securities and the Depository for such Global Security or Securities.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding
        any provisions to the contrary contained in Section 2.07 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.07 of the Indenture for Securities registered in the names of Holders other than the
        Depository for such Security or its nominee only if (A) such Depository notifies the Company that it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency
        registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository within 90 days of such event, (B) the Company executes and delivers to the Trustee an Officers&#8217; Certificate to the effect that such Global
        Security shall be so exchangeable or (C) an Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Except as provided in this Section 2.14(b), a Global Security may not be transferred except as a whole by the Depository with respect to such
        Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee
      of such a successor Depository.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Securities issued in exchange for a Global Security or any portion thereof shall be issued in definitive, fully registered form, without
        interest coupons, shall have an aggregate principal amount equal to that of such Global Security or portion thereof to be so exchanged, shall be registered in such names and be in such authorized denominations as the Depository shall designate and
        shall bear the applicable legends provided for herein. Any Global Security to be exchanged in whole shall be surrendered by the Depository to the Trustee, as Registrar. With regard to any Global Security to be exchanged in part, either such Global
        Security shall be so surrendered for exchange or, if the Registrar is acting as custodian for the Depository or its nominee with respect to such Global Security, the principal amount thereof shall be reduced by an amount equal to the portion
        thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate and deliver the Security issuable on such exchange to or upon the order of
        the Depository or an authorized representative thereof.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(iv)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The registered Holder may grant proxies and otherwise authorize any Person, including participants in the Depository and persons that may hold
        interests through participants in the Depository, to take any action which a Holder is entitled to take under this Indenture or the Securities.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(v)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>In the event of the occurrence of any of the events specified in 2.14(b)(i), the Company will promptly make available to the Trustee a reasonable supply of Certificated
        Securities in definitive, fully registered form, without interest coupons. If (A) an event described in Section 2.14(b)(i)(A) or (B) occurs and definitive Certificated Securities are not issued promptly to all beneficial owners or (B) the Registrar
        receives from a beneficial owner instructions to obtain definitive Certificated Securities due to an event described in Section 2.14(b)(i)(C) and definitive Certificated Securities are not issued promptly to any such beneficial owner, the Company
        expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 6.07 hereof, the right of any beneficial owner of Securities to pursue such remedy with respect to the portion of the Global Security that
        represents such beneficial owner&#8217;s Securities as if such definitive certificated Securities had been issued.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(vi)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding any provision to the contrary in this Indenture, so long as a Global Security remains outstanding and is held by or on behalf
        of the Depository, transfers of a Global Security, in whole or in part, or of any beneficial interest therein, shall only be made in accordance with Section 2.07, this Section 2.14(b) and the rules and procedures of the Depository for such Global
        Security to the extent applicable to such transaction and as in effect from time to time.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Any Global Security issued hereunder shall bear a legend in substantially the following form:</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered
      in the name of the Depository or a nominee of the Depository. This Security is exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances described in the Indenture, and
      may not be transferred except as a whole by the Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a
      nominee of such a successor Depository.&#8221;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or
        other action which a Holder is entitled to give or take under the Indenture.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02, payment of the principal of and interest, if any, on any
        Global Security shall be made to the Holder thereof at their registered office.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>At all times the Securities are held in book-entry form with a Depository, (i) the Trustee may deal with such Depository as the authorized representative of the Holders, (ii)
        the rights of the Holders shall be exercised only through the Depository and shall be limited to those established by law and agreement between the Holders and the Depository and/or direct participants of the Depository, (iii) the Depository will
        make book-entry transfers among the direct participants of the Depository and will receive and transmit distributions of principal and interest on the Securities to such direct participants; and (iv) the direct participants of the Depository shall
        have no rights under this Indenture, or any supplement hereto, under or with respect to any of the Securities held on their behalf by the Depository, and the Depository may be treated by the Trustee and its agents, employees, officers and directors
        as the absolute owner of the Securities for all purposes whatsoever.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.15&#160; &#160;&#160; <u>CUSIP Numbers</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company in issuing the Securities may use &#8220;CUSIP&#8221;, &#8220;CCN&#8221;, &#8220;ISIN&#8221; or other identification numbers (if then
      generally in use), and, if so, the Trustee shall use &#8220;CUSIP&#8221;, &#8220;CCN&#8221;, &#8220;ISIN&#8221; or such other identification numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the
      correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be
      affected by any defect in or omission of such numbers.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE III<br>
      <br>
      REDEMPTION</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 3.01&#160; &#160;&#160; <u>Notice to Trustee</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company may, with respect to any series of Securities, reserve the right to redeem and pay the Series of
      Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company
      wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Trustee and Registrar in writing of the redemption date and the principal amount of Series of Securities to be redeemed. The Company
      shall give the notice at least [&#160; &#160; ] days before the redemption date (or such shorter notice as may be acceptable to the Trustee and Registrar).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 3.02&#160; &#160;&#160; <u>Selection of
          Securities to be Redeemed</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers&#8217;
      Certificate, if less than all the Securities of a Series are to be redeemed, the Registrar shall select the Securities of the Series to be redeemed in accordance with its customary procedures. The Registrar shall make the selection from Securities of
      the Series outstanding not previously called for redemption. The Registrar may select for redemption portions of the principal of Securities of the Series that have denominations larger than $2,000. Securities of the Series and portions of them it
      selects shall be in amounts of $2,000 or whole multiples of $2,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.02(g), the minimum principal denomination for each Series and integral multiples
      thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 3.03&#160; &#160;&#160; <u>Notice of
          Redemption</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an
      Officers&#8217; Certificate, at least [&#160; &#160; ] days but not more than [&#160; &#160; ] days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The notice shall identify the Securities of the Series to be redeemed and shall state:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the redemption date;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the redemption price;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the name and address of the Paying Agent;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">At the Company&#8217;s written request, the Trustee shall distribute the notice of redemption prepared by the Company in
      the Company&#8217;s name and at its expense.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 3.04&#160; &#160;&#160; <u>Effect of Notice
          of Redemption</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Once notice of redemption is mailed or published as provided in Section 3.03, Securities of a Series called for
      redemption become due and payable on the redemption date and at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to
      the redemption date.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 3.05&#160; &#160;&#160; <u>Deposit of
          Redemption Price</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On or before the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the
      redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 3.06&#160; &#160;&#160; <u>Securities
          Redeemed in Part</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security
      of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE IV<br>
      <br>
      COVENANTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.01&#160; &#160;&#160; <u>Payment of
          Principal and Interest</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and
      punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless otherwise provided under the terms of a particular Series of Securities:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an installment of principal or interest shall be considered paid on the date it is due if the Paying Agent (other than the Company) holds by [&#160; &#160; ] [a].m., New York City time,
        on that date money, deposited by the Company or an Affiliate thereof, sufficient to pay such installment. The Company shall (in immediately available funds), to the fullest extent permitted by law, pay interest on overdue principal and overdue
        installments of interest at the rate borne by the Securities per annum; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>payment of the principal of and interest on the Securities shall be made at the office or agency of the Company maintained for that purpose in [&#160; &#160; ] (which shall initially be
        [&#160; &#160; ], the Paying Agent) in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; <font style="font-style: italic;">provided, however</font>, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address appears in the register; <font style="font-style: italic;">provided, further</font>, that a Holder with an aggregate principal amount in excess of $[&#160; &#160; &#160; &#160; ] will be paid by wire transfer in immediately available funds at the election of
        such Holder if such Holder has provided wire transfer instructions to the Company at least [&#160; &#160; ] Business Days prior to the payment date.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.02&#160; &#160;&#160; <u>SEC Reports</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">So long as any Securities are outstanding, the Company shall (i) file with the SEC within the time periods
      prescribed by its rules and regulations and (ii) furnish to the Trustee and the Holders of the Securities within [&#160; &#160; ] days after the date on which the Company would be required to file the same with the SEC pursuant to its rules and regulations
      (giving effect to any grace period provided by Rule 12b-25 under the Exchange Act), all quarterly and annual financial information required to be furnished or filed with the SEC pursuant to Section 13 and Section 15(d) of the Exchange Act and, with
      respect to the annual</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">consolidated financial statements only, a report thereon by the Company&#8217;s independent auditors. The Company also shall comply with the
      other provisions of TIA Section 314(a).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Delivery of such reports, information and documents to the Trustee is for informational purposes only, and the
      Trustee&#8217;s receipt of such 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 its covenants hereunder (as to which the
      Trustee is entitled to rely exclusively on Officers&#8217; Certificates). The Company shall not be required to file any report or other information with the SEC if the SEC does not permit such filing, although such reports shall be furnished to the
      Trustee. Documents filed by the Company with the SEC via the SEC&#8217;s EDGAR system (or any successor thereto) will be deemed furnished to the Trustee and the Holders of the Securities as of the time such documents are filed via EDGAR (or such
      successor).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.03&#160; &#160;&#160; <u>Compliance
          Certificate</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall deliver to the Trustee, within [&#160; &#160; ] days after the end of each fiscal year of the Company, an
      officers certificate signed by two of the Company&#8217;s officers stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to
      determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his knowledge the Company has kept, observed,
      performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred,
      describing all such Defaults or Events of Default of which he may have knowledge in reasonable detail and the efforts to remedy the same). For purposes of this Section 4.03, compliance shall be determined without regard to any grace period or
      requirement of notice provided pursuant to the terms of this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall deliver to the Trustee, within [&#160; &#160; ] days after the occurrence thereof, written notice in the
      form of an Officers&#8217; Certificate of any Event of Default described in Section 6.01(e), (f), (g) or (h) and any event of which it becomes aware that with the giving of notice or the lapse of time would become such an Event of Default, its status and
      what action the Company is taking or proposes to take with respect thereto. For the avoidance of doubt, a breach of a covenant under an Instrument that is not a payment default and that has not given rise to a right of acceleration under such
      Instrument shall not trigger the requirement to provide notice under this paragraph.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.04&#160; &#160;&#160; <u>Stay, Extension
          and Usury Laws</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead,
      or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities;
      and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the
      Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.05&#160; &#160;&#160; <u>Corporate
          Existence</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full
      force and effect its corporate existence and the corporate, partnership or other existence of each Subsidiary in accordance with the respective organizational documents of each Subsidiary and the rights</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">(charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the Company shall not be
      required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any Subsidiary, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the
      business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.06&#160; &#160;&#160; <u>Taxes</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall, and shall cause each of its Subsidiaries to, pay prior to delinquency all taxes, assessments and
      governmental levies, except as contested in good faith and by appropriate proceedings.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.07&#160; &#160;&#160; <u>Additional
          Interest Notice</u><font style="font-style: italic;">.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In the event that the Company is required to pay additional interest to Holders of Securities pursuant to Section
      6.02(b) hereof, the Company shall provide a direction or order in the form of a written notice to the Trustee (and if the Trustee is not the Paying Agent, the Paying Agent) of the Company&#8217;s obligation to pay such additional interest no later than [&#160;
      &#160; ] Business Days prior to date on which any such additional interest is scheduled to be paid. Such notice shall set forth the amount of additional interest to be paid by the Company on such payment date and direct the Trustee (or, if the Trustee is
      not the Paying Agent, the Paying Agent) to make payment to the extent it receives funds from the Company to do so. The Trustee shall not at any time be under any duty or responsibility to any Holder to determine whether additional interest is
      payable, or with respect to the nature, extent, or calculation of the amount of additional interest owed, or with respect to the method employed in such calculation of additional interest.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.08&#160; &#160;&#160; <u>Further
          Instruments and Acts</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company will execute and deliver such further instruments and do such further acts as may be reasonably
      necessary or proper to carry out more effectively the purposes of this Indenture.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE V<br>
      <br>
      SUCCESSORS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 5.01&#160; &#160;&#160; <u>When Company May
          Merge, Etc.</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall not consolidate with, enter into a binding share exchange, or merge into any other Person in a
      transaction in which it is not the surviving entity, or sell, assign, convey, transfer or lease or otherwise dispose of all or substantially all of its properties and assets to any Person (a &#8220;successor person&#8221;), unless:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the successor person (if any) is a corporation, partnership, trust or other entity organized and validly existing under the laws of [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ], [&#160; &#160; ], the United
        States, any state of the United States or the District of Columbia and expressly assumes by a supplemental indenture executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, and
        any interest on, all Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed or observed;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing; and</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee, prior to the consummation of the proposed transaction, an Officers&#8217; Certificate to the foregoing effect and an Opinion of
        Counsel stating that the proposed transaction and such supplemental indenture comply with this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 5.02&#160; &#160;&#160; <u>Successor
          Corporation Substituted</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all
      of the assets of the Company in accordance with Section 5.01, the successor person formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be
      substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor company in the case of a sale,
      lease, conveyance or other disposition of all or substantially all of the assets of the Company shall not be released from the obligation to pay the principal of and interest, if any, on the Securities.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE VI<br>
      <br>
      DEFAULTS AND REMEDIES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.01&#160; &#160;&#160; <u>Events of Default</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;Event of Default,&#8221; wherever used herein with respect to securities of any Series, means any one of the following
      events, unless in the establishing Board Resolution, supplemental indenture or Officers&#8217; Certificate, it is provided that such Series shall not have the benefit of said Event of Default:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire
        amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days); or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>default in the payment of any principal of any Security of that Series at its Maturity; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>default in the deposit of any sinking fund payment, when and as due in respect of any Security of that Series; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company fails to perform or comply with any of its other covenants or agreements contained in the Securities or in this Indenture (other than a covenant or agreement a
        default in whose performance or whose breach is specifically dealt with in clauses (a), (b) or (c) of this Section 6.01) and the default continues for 60 days after notice is given as specified below;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any indebtedness under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company or any Subsidiary or under any mortgage, indenture or
        instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by, or any other payment obligation of, the Company or any Subsidiary (an &#8220;Instrument&#8221;) with a principal amount then,
        individually or in the aggregate, outstanding in excess of $[&#160; &#160; &#160; &#160; ], whether such indebtedness now exists or shall hereafter be created, is not paid at Maturity or when otherwise due or is accelerated, and such indebtedness</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">is not discharged, or such default in payment or acceleration is not cured or rescinded, within a period of 30 days after there shall
      have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least [&#160; &#160; ]% in aggregate principal amount of the outstanding Securities of that Series a written notice
      specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such default to be cured or waived or such acceleration to be rescinded or annulled and stating that such notice is a &#8220;Notice of Default&#8221;
      hereunder. A payment obligation (other than indebtedness under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company or any Subsidiary or under any mortgage, indenture or instrument under which there may be
      issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company or any Subsidiary) shall not be deemed to have matured, come due, or been accelerated to the extent that it is being disputed by the relevant
      obligor or obligors in good faith. For the avoidance of doubt, the Maturity of an Instrument is the Maturity as set forth in that Instrument, as it may be amended from time to time in accordance with the terms of that Instrument;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company or any Subsidiary fails to pay one or more final and non-appealable judgments entered by a court or courts of competent jurisdiction, the aggregate uninsured or
        unbonded portion of which is in excess of $[&#160; &#160; &#160; &#160; ], if the judgments are not paid, discharged, waived or stayed within [&#160; &#160; ] days;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company or any Subsidiary of the Company, pursuant to or within the meaning of any Bankruptcy Law:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>commences a voluntary case or proceeding;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>consents to the entry of an order for relief against it in an involuntary case or proceeding;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>consents to the appointment of a Custodian of it or for all or substantially all of its property; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(iv)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>makes a general assignment for the benefit of its creditors; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(v)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>or generally is unable to pay its debts as the same become due; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>is for relief against the Company or any of its Subsidiaries in an involuntary case or proceeding;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>appoints a Custodian of the Company or any of its Subsidiaries for all or substantially all of the property of the Company or any such
        Subsidiary; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>orders the liquidation of the Company or any of its Subsidiaries;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">and the case of each of clause (i), (ii) and (iii), the order or decree remains unstayed and in effect for [&#160; &#160; ]
      consecutive days; or</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers&#8217;
        Certificate, in accordance with Section 2.02(i).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A default under clause (d) above is not an Event of Default until the Trustee notifies the Company, or the Holders
      of at least [&#160; &#160; ]% in aggregate principal amount of the Securities then outstanding notify the Company and the Trustee, in writing of the default, and the Company does not cure the default within 60 days after receipt of such notice. The notice
      given pursuant to this Section 6.01 must specify the default, demand that it be remedied and state that the notice is a &#8220;Notice of Default.&#8221; When any default under this Section 6.01 is cured, it ceases.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee shall not be charged with knowledge of any Event of Default unless written notice thereof shall have
      been given to a Trust Officer at the Corporate Trust Office of the Trustee by the Company, a Paying Agent, any Holder or any agent of any Holder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.02&#160; &#160;&#160; <u>Acceleration of
          Maturity; Rescission and Annulment</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>If an Event of Default (other than an Event of Default specified in clause (g) or (h) of Section 6.01) occurs and is continuing with respect to any Securities of any Series,
        then in every such case, the Trustee may, by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Securities of that Series (or, if any Securities of that Series are Discount Securities, such portion of the
        principal amount as may be specified in the terms of such Securities) then outstanding may, by notice to the Company and the Trustee, declare all unpaid principal of, and accrued and unpaid interest on to the date of acceleration, the Securities of
        that Series then outstanding (if not then due and payable) to be due and payable upon any such declaration, and the same shall become and be immediately due and payable. If an Event of Default specified in clause (g) or (h) of Section 6.01 occurs,
        all unpaid principal of the Securities then outstanding, and all accrued and unpaid interest thereon to the date of acceleration, shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the
        Trustee or any Holder. The Holders of a majority in aggregate principal amount of the Securities of that Series then outstanding by notice to the Trustee may rescind an acceleration of such Securities of that Series and its consequences if (a) all
        existing Events of Default, other than the nonpayment of the principal of the Securities which has become due solely by such declaration of acceleration, have been cured or waived; (b) to the extent the payment of such interest is lawful, interest
        (calculated at the Default Rate) on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; (c) the rescission would not conflict with any judgment or decree of
        a court of competent jurisdiction; and (d) all payments due to the Trustee and any predecessor Trustee under Section 7.07 have been made. No such rescission shall affect any subsequent default or impair any right consequent thereto.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding any of provision of this Article 6, at the election of the Company in its sole discretion, the sole remedy under this Indenture for an Event of Default relating
        to the failure to comply with Section 4.02, and for any failure to comply with the requirements of Section 314(a)(1) of the TIA, will consist, for the 180 days after the occurrence of such an Event of Default, exclusively of the right to receive
        additional interest on the Securities at a rate equal to 0.50% per annum of the aggregate principal amount of the Securities then outstanding up to, but not including, the 181st day thereafter (or, if applicable, the earlier date on</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">which the Event of Default relating to Section 4.02 is cured or waived). Any such additional interest will be payable in the same
      manner and on the same dates as the stated interest payable on the Securities. In no event shall additional interest accrue under the terms of this Indenture at a rate in excess of 0.50% per annum, in the aggregate, for any violation or default
      caused by the failure of the Company to be current in respect of its Exchange Act reporting obligations. If the Event of Default is continuing on the 181st day after an Event of Default relating to a failure to comply with Section 4.02, the
      Securities will be subject to acceleration as provided in this Section 6.02. The provisions of this Section 6.02(b) will not affect the rights of Holders in the event of the occurrence of any other Events of Default.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In order to elect to pay additional interest as the sole remedy during the first 180 days after the occurrence of
      an Event of Default relating to the failure to comply with Section 4.02 in accordance with the immediately preceding paragraph, the Company shall notify all Holders and the Trustee and Paying Agent of such election on or before the close of business
      on the fifth Business Day after the date on which such Event of Default otherwise would occur. Upon a failure by the Company to timely give such notice or pay additional interest, the Securities will be immediately subject to acceleration as
      otherwise provided in this Section 6.02.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.03&#160; &#160;&#160; <u>Collection of
          Indebtedness and Suits for Enforcement by Trustee</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in
      its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for
      the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If an Event of Default in the payment of principal, interest, if any, specified in clause (a) or (b) of Section
      6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or another obligor on the Securities for the whole amount of principal, and accrued interest remaining unpaid, if
      any, together with, to the extent that payment of such interest is lawful, interest on overdue principal, on overdue installments of interest, if any, in each case at the Default Rate, and such further amount as shall be sufficient to cover the costs
      and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.04&#160; &#160;&#160; <u>Trustee May File
          Proofs of Claim</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
      adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of
      the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and
      empowered, by intervention in such proceeding or otherwise,</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be
        necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial
        proceeding, and</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</font></div>
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    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any custodian, receiver, assignee, trustee,
        liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to
        the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on
      behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.05&#160; &#160;&#160; <u>Trustee May
          Enforce Claims Without Possession of Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the
      Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery
      of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such
      judgment has been recovered.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.06&#160; &#160;&#160; <u>Application of
          Money Collected</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or
      dates fixed by the Trustee and, in case of the distribution of such money on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully
      paid: and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">First</font>: To
      the payment of all amounts due the Trustee under Section 7.07;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Second</font>: To
      the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the
      amounts due and payable on such Securities for principal and interest, respectively; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Third</font>: To
      the Company.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Section 6.07&#160; &#160;&#160; <u>Limitation on Suits</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise,
      with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder (except actions for payment of overdue principal and interest), unless:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Holders of not less than [&#160; &#160; ]% in principal amount of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in
        respect of such Event of Default in its own name as Trustee hereunder;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such Holder or Holders have offered to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee for [&#160; &#160; ] days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>no direction inconsistent with such written request has been given to the Trustee during such [&#160; &#160; ]-day period by the Holders of a majority in principal amount of the
        outstanding Securities of that Series; it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
        the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable
        benefit of all such Holders.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.08&#160; &#160;&#160; <u>Unconditional
          Right of Holders to Receive Principal and Interest</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is
      absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date) and to institute
      suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.09&#160; &#160;&#160; <u>Restoration of
          Rights and Remedies</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and
      such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the
      Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.10&#160; &#160;&#160; <u>Rights and
          Remedies Cumulative</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen
      Securities in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
      cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
      assertion or employment of any other appropriate right or remedy.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.11&#160; &#160;&#160; <u>Delay or Omission
          Not Waiver</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing
      upon any Event of Default shall impair any such right or remedy or constitute a waiver of</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">24</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the
      Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.12&#160; &#160;&#160; <u>Control by
          Holders</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to
      direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such direction shall not be in conflict with any rule of law or with this Indenture,</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>subject to the provisions of Section 6.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer
        of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability or would be unduly prejudicial to the rights of another Holder or the Trustee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.13&#160; &#160;&#160; <u>Waiver of Past
          Defaults</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Subject to Section 9.02, the Holders of not less than a majority in principal amount of the outstanding Securities
      of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such
      Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration).
      Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair
      any right consequent thereon.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.14&#160; &#160;&#160; <u>Undertaking for
          Costs</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to
      have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any
      party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys&#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 Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or
      group of Holders, holding in the aggregate more than [&#160; &#160; ]% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security
      on or after the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date).</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</font></div>
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE VII<br>
      <br>
      TRUSTEE</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.01&#160; &#160;&#160; <u>Duties of Trustee</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill
        in their exercise as a prudent person would exercise or use under the circumstances in the conduct of his own affairs.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Except during the continuance of an Event of Default:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee need perform only those duties that are specifically set forth in this Indenture and no implied duties, covenants or obligations shall be deemed to be imposed upon
        the Trustee.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
        opinions expressed therein, upon Officers&#8217; Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officers&#8217; Certificates or Opinions of Counsel which by
        any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers&#8217; Certificates and Opinions of Counsel to determine whether or not they conform on their face to the requirements of this
        Indenture.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may not be relieved from liability for its own its own negligent action, its own negligent failure to act or willful misconduct, except that:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>This paragraph does not limit the effect of paragraph (b) of Section 7.01 herein.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any
        Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the
        Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may refuse to perform any duty or exercise any right or power unless it receives an indemnity satisfactory to it against any loss, liability or expense.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not
        be segregated from other funds except to the extent required by law.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>No provision of this Indenture shall require the Trustee to risk or expend its own funds or otherwise incur liability, financial or otherwise, in the performance of any of its
        duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk is not reasonably assured to it.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Paying Agent, the Registrar and any authenticating agent shall be entitled to the same rights, indemnities, protections and immunities afforded to the Trustee.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall have no duty to monitor the performance or compliance of the Company with its obligations hereunder or any under supplement hereto, nor shall it have any
        liability in connection with the malfeasance or nonfeasance by the Company. The Trustee shall have no liability in connection with compliance by the Company with statutory or regulatory requirements related to this Indenture, any supplement or any
        Securities issued pursuant hereto or thereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.02&#160; &#160;&#160; <u>Rights of Trustee</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may conclusively rely on and shall be fully protected in acting or refraining from acting as a result of its reasonable belief that any resolution, certificate,
        statement, instrument, opinion, report, notice, request, consent, order, direction, approval or other paper or document was genuine and had been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in
        the document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it sees fit.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Before the Trustee acts or refrains from acting, it may require an Officers&#8217; Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it
        takes or omits to take in good faith in reliance on such Officers&#8217; Certificate or Opinion of Counsel.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may act through agents and shall not be responsible for the misconduct or negligence of, or for the supervision of, any agent appointed with due care. No Depository
        shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depository.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect
        of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by or pursuant to this Indenture at the request, order or direction of any of the</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Holders of Securities, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it
      against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.03&#160; &#160;&#160; <u>Individual Rights
          of Trustee</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and may
      otherwise deal with the Company or an Affiliate with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.04&#160; &#160;&#160; <u>Trustee&#8217;s
          Disclaimer</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities and the
      recitals contained herein and in the Securities shall be taken as statements of the Company and not of the Trustee, and the Trustee has no responsibility for such recitals. The Trustee shall not be accountable for the Company&#8217;s use or application of
      the proceeds from the Securities or for monies paid over to the Company pursuant to this Indenture, and it shall not be responsible for any statement in the Securities other than its authentication.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.05&#160; &#160;&#160; <u>Notice of
          Defaults</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if a
      Responsible Officer of the Trustee has knowledge or receives written notice of such event, the Trustee shall mail to each Securityholder of the Securities of that Series, notice of a Default or Event of Default within [&#160; &#160; ] days after it occurs or,
      if later, after a Responsible Officer of the Trustee has actual knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, including any
      additional interest that may become payable pursuant to Section 6.02(b), the Trustee may withhold the notice so long as the Trustee in good faith determines that withholding the notice is in the interests of Securityholders of that Series.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.06&#160; &#160;&#160; <u>Reports by
          Trustee to Holders</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Within [&#160; &#160; ] days after [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ] in each year, the Trustee shall transmit by mail to all
      Securityholders, as their names and addresses appear on the register kept by the Registrar, a brief report dated as of such [&#160; &#160; &#160; &#160; ], in accordance with, and to the extent required under, TIA Section 313.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and
      each stock exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.07&#160; &#160;&#160; <u>Compensation and
          Indemnity</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall pay to the Trustee from time to time such compensation for its services as shall be agreed upon
      in writing. The Trustee&#8217;s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances
      incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee&#8217;s agents, counsel and other persons not regularly in its employ.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall indemnify, defend and hold harmless the Trustee and its officers, directors, employees,
      representatives and agents, from and against and reimburse the Trustee for any and all claims, expenses, obligations, liabilities, losses, damages, injuries (to person, property, or natural resources),</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">28</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">penalties, stamp or other similar taxes, actions, suits, judgments, reasonable costs and expenses (including reasonable attorney&#8217;s and
      agent&#8217;s fees and expenses) of whatever kind or nature regardless of their merit, demanded, asserted or claimed against the Trustee directly or indirectly relating to, or arising from, claims against the Trustee by reason of its participation in the
      transactions contemplated hereby, including without limitation all reasonable costs required to be associated with claims for damages to persons or property, and reasonable attorneys&#8217; and consultants&#8217; fees and expenses and court costs except to the
      extent caused by the Trustee&#8217;s negligence or willful misconduct. The provisions of this Section 7.07 shall survive the termination of this Agreement or the earlier resignation or removal of the Trustee. The Company shall defend any claim and the
      Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be
      unreasonably withheld or delayed. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company need not reimburse any expense or indemnify against any loss liability incurred by the Trustee or by
      any officer, director, employee, shareholder or agent of the Trustee through negligence or bad faith.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">To secure the Company&#8217;s payment obligations in this Section, the Trustee shall have a lien prior to the Securities
      of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities of that Series.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(f) or (g)
      occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.08&#160; &#160;&#160; <u>Replacement of
          Trustee</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the
      successor Trustee&#8217;s acceptance of appointment as provided in this Section.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company. The
      Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more
      Series if:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee fails to comply with Section 7.10;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>(c) a Custodian or public officer takes charge of the Trustee or its property; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee becomes incapable of acting.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company
      shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee
      appointed by the Company.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">29</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If a successor Trustee with respect to the Securities of any one or more Series does not take office within [&#160; &#160; ]
      days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least [&#160; &#160; ]% in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the
      appointment of a successor Trustee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the
      Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.07, and subject to the payment of any and all amounts then due and owing to
      the retiring Trustee, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as
      Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company&#8217;s obligations under Section 7.07
      hereof shall continue for the benefit of the retiring trustee with respect to expenses and liabilities incurred by it prior to such replacement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.09&#160; &#160;&#160; <u>Successor Trustee
          by Merger, etc.</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate
      trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee herein.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.10&#160; &#160;&#160; <u>Eligibility;
          Disqualification</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5).
      The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA Section 310(b).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.11&#160; &#160;&#160; <u>Preferential
          Collection of Claims Against Company</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A
      Trustee who has resigned or been removed shall be subject to TTA Section 311(a) to the extent indicated.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE VIII<br>
      <br>
      SATISFACTION AND DISCHARGE; DEFEASANCE</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 8.01&#160; &#160;&#160; <u>Satisfaction and
          Discharge of Indenture</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this
      Section 8.01), and the Trustee, on the demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>either</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered
        to the Trustee for cancellation; or</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">30</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>all such Securities not theretofore delivered to the Trustee for cancellation have become due and payable, or</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4351d1a573de40b58e397bb3d5614704" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>have become due and payable, or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za92bca127aee4603bd2dbfa6addd6c4d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>will become due and payable at their Stated Maturity within [&#160; &#160; ], or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf72df5530dd543daab75a07b56420e8e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>are to be called for redemption within [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ] under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee
                  in the name, and at the expense, of the Company, or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z104b593488c649348808a2368d791393" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>are deemed paid and discharged pursuant to section 8.03, as applicable; and the Company, in the case of (1), (2) or (3) above, has deposited or caused to be
                  deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and
                  interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company has paid or caused to be paid all other sums payable hereunder by the Company; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company has delivered to the Trustee an Officers&#8217; Certificate and an Opinion of Counsel, each meeting the applicable requirements of Sections 10.04 and 10.05 and each
        stating that all conditions precedent herein relating to the satisfaction and discharge of this Indenture have been complied with and the Trustee receives written demand from the Company to discharge.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee
      under Section 7.07, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.04, 2.07, 2.08, 8.01 8.02 and 8.05 shall survive.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 8.02&#160; &#160;&#160; <u>Application of
          Trust Funds; Indemnification</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Subject to the provisions of Section 8.05, all money deposited with the Trustee pursuant to Section 8.01, all money and U.S. Government Obligations or Foreign Government
        Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04,
        shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may
        determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">31</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">mandatory sinking fund payments or analogous payments as contemplated by Sections 8.03 or 8.04.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Company shall pay and shall indemnify the Trustee and the Agents against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign
        Government Obligations deposited pursuant to Sections 8.03 or 8.04 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall, in accordance with the terms of this Indenture, deliver or pay to the Company from time to time, upon Company Request and at the expense of the Company any
        U.S. Government Obligations or Foreign Government Obligations or money held by it pursuant to this Indenture as provided in Sections 8.03 or 8.04 which, in the opinion of a nationally recognized firm of independent certified public accountants,
        expressed in a written certification thereof and delivered to the Trustee together with such Company Request, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S.
        Government Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 8.03&#160; &#160;&#160; <u>Legal Defeasance
          of Securities of any Series</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless this Section 8.03 is otherwise specified, pursuant to Section 2.02(s), to be inapplicable to Securities of
      any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of such Series on the [&#160; &#160; ] day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of
      this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the company, shall, at Company Request, execute proper instruments acknowledging the same), except as to:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of
        principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such
        Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the provisions of Sections 2.04, 2.07, 2.08, 2.14, 8.02, 8.03 and 8.05; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the rights, powers, trust and immunities of the Trustee hereunder; provided that, the following conditions shall have been satisfied:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have deposited or caused to be deposited irrevocably with the Paying Agent as trust funds in trust for the purpose of making the following payments,
        specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall then be legal
        tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the
        payment of interest and principal in respect thereof, in accordance with their</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">32</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Paying Agent), not later than [&#160; &#160;
      ] day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee and the Paying
      Agent, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on all the Securities of such Series on the dates such installments of interest or principal are due;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or
        by which it is bound;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the
        [&#160; &#160; ] day after such date;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee an Officers&#8217; Certificate and an Opinion of Counsel to the effect that (i) the Company has received from, or there has been
        published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of
        Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the
        same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee an Officers&#8217; Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of the
        Securities of such Series over any other creditors of the company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such deposit shall not result in the trust arising from such deposit constituting an investment company (as defined in the Investment Company Act of 1940, as amended), or such
        trust shall be qualified under such Act or exempt from regulation thereunder; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(j)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee an Officers&#8217; Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the
        defeasance contemplated by this Section have been complied with.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 8.04&#160; &#160;&#160; <u>Covenant
          Defeasance</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless this Section 8.04 is otherwise specified pursuant to Section 2.02(s) to be inapplicable to Securities of any
      Series, on and after the [&#160; &#160; ] day after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set forth under Sections 4.02, 4.03, 4.04, 4.05, 4.06, and 5.01 as well as
      any additional covenants contained in a supplemental indenture hereto for a particular Series of Securities or a Board Resolution or an Officers&#8217; Certificate delivered pursuant to Section 2.02(s) (and the failure to comply with any such covenants
      shall not constitute</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">33</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">a Default or Event of Default under Section 6.01) and the occurrence of any event described in clause (e) of Section 6.01 shall not
      constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been satisfied:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>With reference to this Section 8.04, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.02(c)) with the Paying Agent as trust funds
        in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall
        then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which
        through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Paying Agent), not later than [&#160; &#160; ] day before the due
        date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Paying Agent, to pay principal and
        interest, if any, on and any mandatory sinking fund in respect of the Securities of such Series on the dates such installments of interest or principal are due;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or
        by which it is bound;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the
        [&#160; &#160; ] day after such date;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the company shall have delivered to the Trustee an Opinion of Counsel confirming that Holders of the Securities of such Series will not recognize income, gain or loss for
        federal income tax purposes as a result of such deposit and defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not
        occurred;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee an Officers&#8217; Certificate stating the deposit was not made by the Company with the intent of preferring the Holders of the
        Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Company shall have delivered to the Trustee an Officers&#8217; Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to
        the defeasance contemplated by this Section have been complied with.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 8.05&#160; &#160;&#160; <u>Repayment to
          Company</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Paying Agent shall pay to the Company upon request any money held by them for the payment of principal and
      interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person and all liability of the
      Paying Agent with respect to that money shall cease.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">34</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE IX<br>
      <br>
      AMENDMENTS AND WAIVERS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.01&#160; &#160;&#160; <u>Without Consent
          of Holders</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Subject to Section 9.02 and Section 9.03, the Company and the Trustee may amend or supplement this Indenture or the
      Securities of one or more Series without the consent of any Securityholder:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to cure any ambiguity, defect or inconsistency;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to comply with Article V;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to provide for uncertificated Securities in addition to or in place of certificated Securities;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to make any change that does not adversely affect the rights of any Securityholder;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of
        the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to comply with requirements of the TIA and any rules promulgated under the TIA; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to add to the covenants of the Company for the equal and ratable benefit of the Holders or to surrender any right, power or option conferred upon the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any amendment or supplement made solely to conform the provisions of this Indenture or the Securities of any Series
      to the description thereof contained in the final prospectus relating to such Series will be deemed not to adversely affect the rights of any Holder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.02&#160; &#160;&#160; <u>With Consent of
          Holders</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Subject to Section 9.03, the Company and the Trustee may enter into a supplemental indenture with the written
      consent of the Holders of at least a majority in principal amount of the outstanding Securities of all Series affected by such supplemental indenture, taken together as one class (including consents obtained in connection with a tender offer or
      exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights
      of the Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of all Series affected by such waiver by notice to the Trustee, taken together as one
      class (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">35</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">It shall not be necessary for the consent of the Holders of Securities under this Section 9.02 to approve the
      particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the
      Holders of Securities affected thereby a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of
      any such supplemental indenture or waiver.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.03&#160; &#160;&#160; <u>Limitations</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Without the consent of each Securityholder affected, an amendment or waiver may not:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>change the amount of Securities whose Holders must consent to an amendment, supplement or waiver, except to increase any such amount or to provide that certain provisions of
        this Indenture cannot be modified, amended or waived without the consent of the Holder of each outstanding Security affected thereby;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>reduce the amount of interest, or change the interest payment time, on any Security;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>waive a redemption payment or alter the redemption provisions (other than any alteration that would not materially adversely affect the legal rights of any Holder under this
        Indenture) or the price at which the Company is required to offer to purchase the Securities;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous
        obligation;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>reduce the principal amount payable of any Security upon Maturity;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series
        by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>change the place or currency of payment of principal of or interest, if any, on any Security other than that stated in the Security;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>impair the right of any Holder to receive payment of principal or, or interest on, the Securities of such Holder on or after the due dates therefor;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>impair the right to institute suit for the enforcement of any payment on, or with respect to, any Security;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(j)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>make any change in Sections 10.15 or 10.16;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(k)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>change the ranking of the Securities; or</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">36</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(l)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>make any other change which is specified in a Board Resolution, a supplemental indenture hereto or an Officers&#8217; Certificate as a limitation under this Section.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For the avoidance of doubt, any amendment or waiver shall always be subject to the consent of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.04&#160; &#160;&#160; <u>Compliance with
          Trust Indenture Act</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental
      indenture hereto that complies with the TIA as then in effect.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.05&#160; &#160;&#160; <u>Revocation and
          Effect of Consents</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent
      by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder&#8217;s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent
      Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or
      waiver unless it is of the type described in any of clauses (a) through (g) of Section 9.03 in that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a
      Security that evidences the same debt as the consenting Holder&#8217;s Security.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.06&#160; &#160;&#160; <u>Notation on or
          Exchange of Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If an amendment, supplement or waiver changes the terms of a Security, the Trustee may require the Holder of the
      Security to deliver it to the Trustee and the Trustee may place an appropriate notation on the Security about the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company shall issue and the
      Trustee shall authenticate upon request new Securities of that Series that reflect the changed terms.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.07&#160; &#160;&#160; <u>Trustee Protected</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article
      or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel or an Officer&#8217;s Certificate, or both stating
      that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects its rights,
      duties or indemnities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.08&#160; &#160;&#160; <u>Effect of
          Supplemental Indenture</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance
      therewith, and each such supplemental indenture shall form part of this Indenture for all purposes with respect to the relevant Series; and every Holder of Securities of the relevant Series theretofore or thereafter authenticated and delivered
      hereunder shall be bound thereby.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">37</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE X<br>
      <br>
      MISCELLANEOUS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.01&#160; &#160;&#160; <u>Trust Indenture
          Act Controls</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or
      deemed to be included in this Indenture by the TIA, such required or deemed provision shall control.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.02&#160; &#160;&#160; <u>Notices</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any notice or communication by the Company, the Trustee, the Paying Agent or the Registrar to another is duly given
      if in writing and delivered in person or mailed by first-class mail:</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">if to the Company:</div>
    <div style="margin-left: 108pt; margin-bottom: 12pt;">[&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ]<br>
      Attn: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]<br>
      Fax: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">if to the Trustee:</div>
    <div style="margin-left: 108pt; margin-bottom: 12pt;">[&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ]<br>
      Attn: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]<br>
      Fax: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">if to the Registrar or Paying Agent:</div>
    <div style="margin-left: 108pt; margin-bottom: 12pt;">[&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ]<br>
      Attn: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]<br>
      Fax: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">with copy to:</div>
    <div style="margin-left: 108pt; margin-bottom: 12pt;">[&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ]<br>
      Attn: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]<br>
      Fax: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company, the Trustee and each Agent by notice to each other may designate additional or different addresses for
      subsequent notices or communications.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any notice or communication to a Securityholder shall be mailed by first-class mail to his address shown on the
      register kept by the Registrar. Failure to mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If a notice or communication is mailed or published in the manner provided above, within the time prescribed, it is
      duly given, whether or not the Securityholder receives it.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the company mails a notice or communication to Securityholders, it will mail a copy to the Trustee and each
      Agent at the same time.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">38</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Whenever a notice is required to be given by the Company, such notice may be given by the Trustee or Registrar on
      the Company&#8217;s behalf (and the Company will make any notice it is required to give to Holders available on its website).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.03&#160; &#160;&#160; <u>Communication by
          Holders with Other Holders</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that
      Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.04&#160; &#160;&#160; <u>Certificate and
          Opinion as to Conditions Precedent</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company
      shall furnish to the Trustee:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an Officers&#8217; Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been
        complied with; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an Opinion of Counsel stating that, in the opinion of counsel, all such conditions precedent (including any covenants, compliance with which constitutes a condition precedent)
        have been complied with.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.05&#160; &#160;&#160; <u>Statements
          Required in Certificate or Opinion</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture
      (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a statement that the person making such certificate or opinion has read such covenant or condition;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not
        such covenant or condition has been complied with; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">provided, however</font>,
      that with respect to matters of fact an Opinion of Counsel may rely on an Officers&#8217; Certificate or certificates of public officials.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">39</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.06&#160; &#160;&#160; <u>Record Date for
          Vote or Consent of Holders</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company (or, in the event deposits have been made pursuant to Section 11.02, the Trustee) may set a record date
      for purposes of determining the identity of Holders entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture, which record date shall not be more than [&#160; &#160; ] days prior to the date of the commencement
      of solicitation of such action. Notwithstanding the provisions of Section 9.05, if a record date is fixed, those persons who were Holders of Securities at the close of business on such record date (or their duly designated proxies), and only those
      persons, shall be entitled to take such action by vote or consent or to revoke any vote or consent previously given, whether or not such persons continue to be Holders after such record date.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.07&#160; &#160;&#160; <u>Rules by Trustee
          and Agents</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any
      Agent may make reasonable rules and set reasonable requirements for its functions.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.08&#160; &#160;&#160; <u>Legal Holidays</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless otherwise provided by Board Resolution, Officers&#8217; Certificate or supplemental indenture for a particular
      Series, a &#8220;Legal Holiday&#8221; is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for
      the intervening period.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.09&#160; &#160;&#160; <u>No Recourse
          Against Others</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any
      obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The
      waiver and release are part of the consideration for the issue of the Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.10&#160; &#160;&#160; <u>Counterparts</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts,
      each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.11&#160; &#160;&#160; <u>Governing Laws
          and Submission to Jurisdiction</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK EXCLUDING ANY RULE OF LAW
      THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company agrees that any legal suit, action or proceeding arising out of or based upon this Indenture may be
      instituted in any federal or state court sitting in New York City, and, to the fullest extent permitted by law, waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the
      non-exclusive jurisdiction of such court in any suit, action or proceeding. The Company, as long as any Securities remain outstanding or the parties hereto have any obligation under this Indenture, shall have an authorized agent in the United States
      upon whom process may be served in any such legal action or proceeding. Service of process upon such agent and written notice</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">40</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">of such service mailed or delivered to it shall to the extent permitted by law be deemed in every respect effective service of process
      upon it in any such legal action or proceeding and, if it fails to maintain such agent, any such process or summons may be served by mailing a copy thereof by registered mail, or a form of mail substantially equivalent thereto, addressed to it at its
      address as provided for notices hereunder. The Company hereby appoints Seward &amp; Kissel LLP, One Battery Park Plaza, New York, NY, 10004, as its agent for such purposes, and covenants and agrees that service of process in any legal action or
      proceeding may be made upon it at such office of such agent.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.12&#160; &#160;&#160; <u>No Adverse
          Interpretation of Other Agreements</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a
      Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.13&#160; &#160;&#160; <u>Successors</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the
      Trustee in this Indenture shall bind its successor.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.14&#160; &#160;&#160; <u>Severability</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the
      validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.15&#160; &#160;&#160; <u>Table of
          Contents, Headings, Etc.</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been
      inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.16&#160; &#160;&#160; <u>Securities in a
          Foreign Currency or in ECU</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers&#8217; Certificate
      delivered pursuant to Section 2.02 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of
      Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars (including ECUs), then the
      principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes
      of this Section 10.16, &#8220;Market Exchange Rate&#8221; shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York; provided, however, in the case of ECUs, Market Exchange
      Rate shall mean the rate of exchange determined by the Commission of the European Union (or any successor thereto) as published in the Official Journal of the European Union (such publication or any successor publication, the &#8220;Journal&#8221;). If such
      Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, without liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of ECUs, the rate of exchange as
      published in the Journal, as of the most recent available date, or quotations or, in the case of ECUs, rates of exchange from one or more major banks in The City of New York or in the country of issue of the currency in question or, in the case of
      ECUs, in Luxembourg or such other</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">41</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">quotations or, in the case of ECUs, rates of exchange as the Trustee, upon consultation with the Company, shall deem appropriate. The
      provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms
      of this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination
      provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.17&#160; &#160;&#160; <u>Judgment
          Currency</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the
      purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the &#8220;Required Currency&#8221;) into a currency in which a judgment will be
      rendered (the &#8220;Judgment Currency&#8221;), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on
      which final unappealable judgment is entered, unless such day is not a New York Banking Day, then, the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York
      the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be
      discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result
      in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the
      Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this
      Indenture. For purposes of the foregoing, &#8220;New York Banking Day&#8221; means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to
      close.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.18&#160; &#160;&#160; <u>Compliance with
          Applicable Anti-Terrorism and Money Laundering Regulations</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to
      banking institutions, including those relating to the funding of terrorist activities and money laundering (&#8220;Applicable Law&#8221;), the Trustee is required to obtain, verify and record certain information relating to individuals and entities which
      maintain a business relationship with the Trustee. Accordingly, each of the parties agree to provide to the Trustee, upon its request from time to time such identifying information and documentation as may be available for such party in order to
      enable the Trustee to comply with the Applicable Law.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">42</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE XI<br>
      <br>
      SINKING FUNDS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 11.01&#160; &#160;&#160; <u>Applicability of
          Article</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a
      Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein
      referred to as a &#8220;mandatory sinking fund payment&#8221; and any other amount provided for by the terms of Securities of such 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 11.02. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the securities of such Series.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 11.02&#160; &#160;&#160; <u>Satisfaction of
          Sinking Fund Payments with Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of
      any Series to be made pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund
      redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to
      any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such
      Securities shall be received by the Registrar, together with an Officers&#8217; Certificate with respect thereto, not later than [&#160; &#160; ] days prior to the date on which the Registrar begins the process of selecting Securities for redemption, and shall be
      credited for such purpose by the Registrar at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or
      credit of Securities in lieu of cash payments pursuant to this Section 11.02, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $[], the Registrar need not call
      Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the
      Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Paying Agent upon delivery by the Company to the Registrar of Securities of that Series purchased by the
      Company having an unpaid principal amount equal to the cash payment required to be released to the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 11.03&#160; &#160;&#160; <u>Redemption of
          Securities for Sinking Fund</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Not less than [&#160; &#160; ] days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or
      Officers&#8217; Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee and the Paying Agent an Officers&#8217; Certificate specifying the amount
      of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering
      and crediting of Securities of that Series pursuant to Section 11.02., and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">therein specified. Not less than [&#160; &#160; ] days (unless otherwise indicated in the Board Resolution, Officers&#8217; Certificate or
      supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 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 3.03. Such notice having been duly given, the redemption of such Securities shall stated in Sections 3.04, 3.05 and
      3.06.</div>
    <div style="text-align: center; margin-bottom: 12pt;">[<font style="font-style: italic;">The remainder of this page is
        intentionally left blank</font>]</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">44</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first
      above written.</div>
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          <td style="width: 45.19%; vertical-align: top;" colspan="2">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">
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          </td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 45.19%; vertical-align: top;" colspan="2">
            <div style="text-align: justify;">[&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ]</div>
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          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 45.19%; vertical-align: top;" colspan="2">
            <div style="text-align: justify;">as Trustee</div>
          </td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
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          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Its:</div>
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">
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          <td style="width: 38.46%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 45.19%; vertical-align: top;" colspan="2">
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 45.19%; vertical-align: top;" colspan="2">
            <div style="text-align: justify;">as Registrar and Paying Agent</div>
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 38.46%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Name:</div>
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Its:</div>
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">
            <div style="text-align: justify;">By:</div>
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          <td style="width: 38.46%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
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          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
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          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
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  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">45</font></div>
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<DOCUMENT>
<TYPE>EX-4.7
<SEQUENCE>3
<FILENAME>d8423540_ex4-7.htm
<TEXT>
<html>
  <head>
    <title></title>
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  <div>
    <div style="text-align: right; margin-bottom: 12pt; font-weight: bold;">Exhibit 4.7</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    <div>
      <div style="text-align: justify; margin-bottom: 2pt;"> <br>
      </div>
      <div><br>
      </div>
    </div>
    <div style="margin-top: 12pt;"><br>
    </div>
    <div style="margin-top: 12pt;"><br>
    </div>
    <div style="margin-top: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt;">[&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ]</div>
    <div style="text-align: center; margin-bottom: 12pt;">FORM OF</div>
    <div style="text-align: center; margin-bottom: 12pt;">SUBORDINATED INDENTURE</div>
    <div style="text-align: center; margin-bottom: 12pt;">Dated as of [&#160; &#160; &#160; &#160; &#160; &#160; ], 20[&#160; &#160; ]</div>
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    <div style="text-align: center; margin-bottom: 12pt;">Trustee</div>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">TABLE OF CONTENTS</div>
    <div style="text-align: right; margin-bottom: 12pt; font-weight: bold;">Page</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z7fd246921ee649bcb1efc24e3f964ec3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; margin-bottom: 6pt;">ARTICLE I&#160;&#160;&#160;&#160;&#160;&#160;DEFINITIONS AND INCORPORATION BY REFERENCE</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">1</div>
          </td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 1.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Definitions.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">1</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 1.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Other Definitions.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">4</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 1.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Incorporation by Reference of Trust Indenture Act.</div>
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          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">5</div>
          </td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 1.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Rules of Construction.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">5</div>
          </td>
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          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; margin-bottom: 6pt;">ARTICLE II&#160;&#160;&#160;&#160;&#160;&#160;THE SECURITIES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">6</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 2.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Issuable in Series.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">6</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 2.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Establishment of Terms of Series of Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">6</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 2.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Execution and Authentication.</div>
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          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">7</div>
          </td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 2.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Registrar and Paying Agent.</div>
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          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">9</div>
          </td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 2.05</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Paying Agent to Hold Money in Trust.</div>
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          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">9</div>
          </td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 2.06</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Securityholder Lists.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">9</div>
          </td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 2.07</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Transfer and Exchange.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">10</div>
          </td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 2.08</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Mutilated, Destroyed, Lost and Stolen Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">10</div>
          </td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 2.09</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Outstanding Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">11</div>
          </td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 2.10</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Treasury Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">11</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 2.11</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Temporary Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">11</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 2.12</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Cancellation.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">11</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 2.13</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Defaulted Interest.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">12</div>
          </td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 2.14</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Global Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">12</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 2.15</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">CUSIP Numbers.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">14</div>
          </td>
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          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; margin-bottom: 6pt;">ARTICLE III&#160;&#160;&#160;&#160;&#160;&#160;REDEMPTION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">14</div>
          </td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 3.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Notice to Trustee.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">14</div>
          </td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 3.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Selection of Securities to be Redeemed.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">14</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 3.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Notice of Redemption.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">15</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 3.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Effect of Notice of Redemption.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">15</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 3.05</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Deposit of Redemption Price.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">15</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 3.06</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Securities Redeemed in Part.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">15</div>
          </td>
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          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; margin-bottom: 6pt;">ARTICLE IV&#160;&#160;&#160;&#160;&#160;&#160;COVENANTS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">16</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 4.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Payment of Principal and Interest.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">16</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 4.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">SEC Reports.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">16</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 4.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Compliance Certificate.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">17</div>
          </td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 4.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Stay, Extension and Usury Laws.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">17</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 4.05 <br>
            </div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Corporate Existence.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">17</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 4.06</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Taxes.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">17</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 4.07</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Additional Interest Notice.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">18</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 4.08</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Further Instruments and Acts.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">18</div>
          </td>
        </tr>
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          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; margin-bottom: 6pt;">ARTICLE V&#160;&#160;&#160;&#160;&#160;&#160;SUCCESSORS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">18</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 5.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">When Company May Merge, Etc.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">18</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 5.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Successor Corporation Substituted.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">18</div>
          </td>
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          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; margin-bottom: 6pt;">ARTICLE VI&#160;&#160;&#160;&#160;&#160;&#160;DEFAULTS AND REMEDIES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">19</div>
          </td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 6.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Events of Default.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 6.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Acceleration of Maturity; Rescission and Annulment.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 6.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Collection of Indebtedness and Suits for Enforcement by Trustee.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 6.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Trustee May File Proofs of Claim.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">22</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 6.05</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Trustee May Enforce Claims Without Possession of Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">22</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 6.06</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Application of Money Collected.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">23</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 6.07</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Limitation on Suits.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">23</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 6.08</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Unconditional Right of Holders to Receive Principal and Interest.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">23</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 6.09</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Restoration of Rights and Remedies.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 6.10</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Rights and Remedies Cumulative.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 6.11</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Delay or Omission Not Waiver.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 6.12</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Control by Holders.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 6.13</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Waiver of Past Defaults.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 6.14</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Undertaking for Costs.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">25</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; margin-bottom: 6pt;">ARTICLE VII&#160;&#160;&#160;&#160;&#160;&#160;TRUSTEE</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 7.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Duties of Trustee.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 7.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Rights of Trustee.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 7.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Individual Rights of Trustee.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 7.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Trustee&#8217;s Disclaimer.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 7.05</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Notice of Defaults.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 7.06</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Reports by Trustee to Holders.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 7.07</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Compensation and Indemnity.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 7.08</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Replacement of Trustee.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 7.09</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Successor Trustee by Merger, etc.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">29</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 7.10</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Eligibility; Disqualification.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">29</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 7.11</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Preferential Collection of Claims Against Company.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">29</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">ii</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z196f195fde7e47d59627c9f23365e316" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; margin-bottom: 6pt;">ARTICLE VIII&#160;&#160;&#160;&#160;&#160;&#160;SATISFACTION AND DISCHARGE; DEFEASANCE</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">30</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 8.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Satisfaction and Discharge of Indenture.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">30</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 8.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Application of Trust Funds; Indemnification.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">31</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 8.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Legal Defeasance of Securities of any Series.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">31</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 8.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Covenant Defeasance.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">32</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 8.05</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Repayment to Company.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">33</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; margin-bottom: 6pt;">ARTICLE I&#160;&#160;&#160;&#160;&#160;&#160;AMENDMENTS AND WAIVERS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">34</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 9.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Without Consent of Holders.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">34</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 9.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">With Consent of Holders.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">34</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 9.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Limitations.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">35</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 9.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Compliance with Trust Indenture Act.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">36</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 9.05</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Revocation and Effect of Consents.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">36</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 9.06</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Notation on or Exchange of Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">36</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 9.07</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Trustee Protected.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">36</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 9.08</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Effect of Supplemental Indenture.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">36</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; margin-bottom: 6pt;">ARTICLE X&#160;&#160;&#160;&#160;&#160;&#160;MISCELLANEOUS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Trust Indenture Act Controls.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Notices.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Communication by Holders with Other Holders.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">38</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.04</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Certificate and Opinion as to Conditions Precedent.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">38</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.05</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Statements Required in Certificate or Opinion.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">38</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.06</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Record Date for Vote or Consent of Holders.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">38</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.07</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Rules by Trustee and Agents.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">39</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.08</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Legal Holidays.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">39</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.09</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">No Recourse Against Others.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">39</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.10</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Counterparts.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">39</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.11</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Governing Laws and Submission to Jurisdiction.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">39</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.12</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">No Adverse Interpretation of Other Agreements.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.13</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Successors.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.14</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Severability.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.15</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Table of Contents, Headings, Etc.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.16</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Securities in a Foreign Currency or in ECU.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.17</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Judgment Currency.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 10.18</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Compliance with Applicable Anti-Terrorism and Money Laundering Regulations.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">41</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">iii</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z1d3ca7986f144799afb7d385f83503fd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; margin-bottom: 6pt;">ARTICLE XI&#160;&#160;&#160;&#160;&#160;&#160;SINKING FUNDS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 11.01</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Applicability of Article.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 11.02</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Satisfaction of Sinking Fund Payments with Securities.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">42</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Section 11.03</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt;">Redemption of Securities for Sinking Fund.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt;">42</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">iv</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%5%%%-->
    <div style="text-align: center; margin-bottom: 12pt;">Reconciliation and tie between Trust Indenture Act of 1939 and Indenture,<br>
      Dated as of [&#160; &#160; &#160; &#160; &#160; &#160; ], 20[&#160; &#160; ]</div>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zfe0357e03ba348b7a403707dcbc3c4c3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">Section 310(a)(1)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>7.10</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(a)(2)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>7.10</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(a)(3)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(a)(4)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(a)(5)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>7.10</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(b)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>7.10</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(c)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">Section 311(a)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>7.11</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(b)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>7.11</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(c)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">Section 312(a)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>2.06</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(b)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>10.03</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(c)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>10.03</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">Section 313(a)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>7.06</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(b)(1)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>7.06</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(b)(2)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>7.06</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(c)(1)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>7.06</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(d)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>7.06</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">Section 314(a)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>4.02, 10.05</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(b)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(c)(1)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>10.04</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(c)(2)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>10.04</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(c)(3)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(d)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(e)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>10.05</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(f)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">Section 315(a)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>7.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(b)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>7.05</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(c)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>7.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(d)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>7.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(e)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>6.14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">Section 316(a)(1)(A)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>6.12</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(a)(1)(B)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>6.13</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(a)(2)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(b)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>6.13</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(c)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>10.06</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">Section 317(a)(1)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>6.03</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(a)(2)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>6.04</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">(b)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>2.05</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">
            <div style="text-align: justify;">Section 318(a)</div>
          </td>
          <td style="width: 42.19%; vertical-align: top;">
            <div>10.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 57.81%; vertical-align: top;">&#160;</td>
          <td style="width: 42.19%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: center; margin-bottom: 12pt;">Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Indenture dated as of [&#160; &#160; &#160; &#160; &#160; &#160; ], 20[&#160; &#160; ] between [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ], a company
      organized under the laws of [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ] (the &#8220;Company&#8221;) and [&#160; &#160; ] (the &#8220;Trustee&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the
      Holders of the Securities issued under this Indenture.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE I<br>
      <br>
      DEFINITIONS AND INCORPORATION BY REFERENCE</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 1.01&#160; &#160;&#160; <u>Definitions</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Additional Amounts</font>&#8221;
      means any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified therein and which are owing to such
      Holders.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Affiliate</font>&#8221;
      of any specified person means any other person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified person. For the purposes of this definition, &#8220;control&#8221; (including, with correlative
      meanings, the terms &#8220;controlled by&#8221; and &#8220;under common control with&#8221;), as used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person,
      whether through the ownership of voting securities or by agreement or otherwise.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Agent</font>&#8221;
      means any Registrar or Paying Agent.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Bankruptcy Law</font>&#8221;
      means Title 11 of the United States Code (or any successor thereto) or any similar federal or state law for the relief of debtors.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Board of Directors</font>&#8221;
      means the board of directors of the Company or any duly authorized committee thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Board Resolution</font>&#8221;
      means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of
      the certificate and delivered to the Trustee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Business Day</font>&#8221;
      means any day other than a (x) Saturday, (y) Sunday or (z) day on which state or federally chartered banking institutions in New York, New York are not required to be open.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Capital Stock</font>&#8221;
      of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, but excluding any debt securities convertible into such
      equity.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Certificated
        Securities</font>&#8221; means Securities in the form of physical, certificated Securities in registered form.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Company</font>&#8221;
      means the party named as such above until a successor replaces it in accordance with the terms of this Indenture and thereafter means the successor.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Company Order</font>&#8221;
      means a written order signed in the name of the Company by two Officers, one of whom must be the Company&#8217;s principal executive officer, principal financial officer or principal accounting officer.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Company Request</font>&#8221;
      means a written request signed in the name of the Company by its Chairman of the Board, a President or a Vice President, and by its Chief Financial Officer, its Secretary or an Assistant Secretary, and delivered to the Trustee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Corporate Trust
        Office</font>&#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 of the execution of this Indenture is [&#160; &#160; ], Attention: [&#160; &#160; ], or at such other
      address as the Trustee may designate from time to time.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Custodian</font>&#8221;
      means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Default</font>&#8221; or
      &#8220;default&#8221; means any event which is, or after notice or passage of time or both would be, an Event of Default.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Default Rate</font>&#8221;
      means the default rate of interest specified in the Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Depository</font>&#8221;
      means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depository for such Series by the Company, which Depository shall be a clearing agency
      registered under the Exchange Act; and if at any time there is more than one such person, &#8220;Depository&#8221; as used with respect to the Securities of any Series shall mean the Depository with respect to the Securities of such Series.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Discount Security</font>&#8221;
      means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Dollars</font>&#8221;
      means the currency of The United States of America.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">ECU</font>&#8221; means
      the European Currency Unit as determined by the Commission of the European Union.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Exchange Act</font>&#8221;
      means the Securities Exchange Act of 1934, as amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Foreign Currency</font>&#8221;
      means any currency or currency unit issued by a government other than the government of The United States of America.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Foreign Government
        Obligations</font>&#8221; means with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full
      faith and credit is pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by
      such government, which, in either case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Global Security</font>&#8221;
      or &#8220;<font style="font-weight: bold;">Global Securities</font>&#8221; means a Security or Securities, as the case may be, in the form established pursuant to Section 2.02 evidencing all or part
      of a Series of Securities, issued to the Depository for such Series or its nominee, and registered in the name of such Depository or nominee.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Holder</font>&#8221; or
      &#8220;<font style="font-weight: bold;">Securityholder</font>&#8221; means a person in whose name a Security is registered.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Indenture</font>&#8221;
      means this Indenture as amended and supplemented from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Interest</font>,&#8221;
      in respect of the Securities, unless the context otherwise requires, refers to interest payable on the Securities, including any additional interest that may become payable pursuant to Section 6.02(b).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Maturity</font>,&#8221;
      when used with respect to any Security or installment of principal thereof, means the date on which the principal of such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity
      or by declaration of acceleration, call for redemption, notice of option to elect repayment or otherwise.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Officer</font>&#8221;
      means the Chairman of the Board, the President, any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Officers&#8217;
        Certificate</font>&#8221; means a certificate signed by two Officers, one of whom must be the Company&#8217;s principal executive officer, principal financial officer or principal accounting officer.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Opinion of Counsel</font>&#8221;
      means a written opinion of legal counsel who is, and which opinion is, acceptable to the Trustee and its counsel. Such legal counsel may be an employee of or counsel to the Company or the Trustee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Person</font>&#8221;
      means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Principal</font>&#8221;
      or &#8220;<font style="font-weight: bold;">principal</font>&#8221; of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in
      respect of, the Security.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Responsible
        Officer</font>&#8221; means any officer of the Trustee in its Corporate Trust Office and also means, any vice president, managing director, director, associate, assistant vice president, or any other officer of the Trustee customarily performing
      functions similar to those performed by any of the above designated officers and also, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and
      familiarity with a particular subject.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">SEC</font>&#8221; means
      the Securities and Exchange Commission.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Security</font>&#8221;
      or &#8220;<font style="font-weight: bold;">Securities</font>&#8221; means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this
      Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Series</font>&#8221; or
      &#8220;<font style="font-weight: bold;">Series of Securities</font>&#8221; means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.01 and 2.02
      hereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Stated Maturity</font>&#8221;
      when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is
      due and payable.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Subordinated
        Indebtedness</font>&#8221; means any indebtedness which is expressly subordinated to the indebtedness evidenced by Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Subsidiary</font>&#8221;
      means, in respect of any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without
      regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more
      Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">TIA</font>&#8221; means
      the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, &#8220;TIA&#8221; means, to the extent required by
      any such amendment, the Trust Indenture Act as so amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Trustee</font>&#8221;
      means the person named as the &#8220;Trustee&#8221; in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter &#8220;Trustee&#8221; shall mean or include each person who
      is then a Trustee hereunder, and if at any time there is more than one such person, &#8220;Trustee&#8221; as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">U.S. Government
        Obligations</font>&#8221; means securities which are (i) direct obligations of The United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency
      or instrumentality of The United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by The United States of America, and which in the case of (i) and (ii) are not callable or redeemable at the
      option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government
      Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt
      from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository receipt.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 1.02&#160; &#160;&#160; <u>Other Definitions</u>.</div>
    <table cellspacing="0" cellpadding="0" id="z7ba030143f4c4294af2b43e46632d8e0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 58.42%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: center;">TERM</div>
          </td>
          <td style="width: 41.58%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: center;">DEFINED IN SECTION</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.42%; vertical-align: top;">
            <div style="text-align: justify;">&#8220;Applicable Law&#8221;</div>
          </td>
          <td style="width: 41.58%; vertical-align: top;">
            <div style="text-align: center;">10.18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.42%; vertical-align: top;">
            <div style="text-align: justify;">&#8220;Event of Default&#8221;</div>
          </td>
          <td style="width: 41.58%; vertical-align: top;">
            <div style="text-align: center;">6.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.42%; vertical-align: top;">
            <div style="text-align: justify;">&#8220;Instrument&#8221;</div>
          </td>
          <td style="width: 41.58%; vertical-align: top;">
            <div style="text-align: center;">6.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.42%; vertical-align: top;">
            <div style="text-align: justify;">&#8220;Journal&#8221;</div>
          </td>
          <td style="width: 41.58%; vertical-align: top;">
            <div style="text-align: center;">10.16</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.42%; vertical-align: top;">
            <div style="text-align: justify;">&#8220;Judgment Currency&#8221;</div>
          </td>
          <td style="width: 41.58%; vertical-align: top;">
            <div style="text-align: center;">10.17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.42%; vertical-align: top;">
            <div style="text-align: justify;">&#8220;Legal Holiday&#8221;</div>
          </td>
          <td style="width: 41.58%; vertical-align: top;">
            <div style="text-align: center;">10.08</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.42%; vertical-align: top;">
            <div style="text-align: justify;">&#8220;mandatory sinking fund payment&#8221;</div>
          </td>
          <td style="width: 41.58%; vertical-align: top;">
            <div style="text-align: center;">11.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.42%; vertical-align: top;">
            <div style="text-align: justify;">&#8220;Market Exchange Rate&#8221;</div>
          </td>
          <td style="width: 41.58%; vertical-align: top;">
            <div style="text-align: center;">10.16</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.42%; vertical-align: top;">
            <div style="text-align: justify;">&#8220;New York Banking Day&#8221;</div>
          </td>
          <td style="width: 41.58%; vertical-align: top;">
            <div style="text-align: center;">10.17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.42%; vertical-align: top;">
            <div style="text-align: justify;">&#8220;optional sinking fund payment&#8221;</div>
          </td>
          <td style="width: 41.58%; vertical-align: top;">
            <div style="text-align: center;">11.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.42%; vertical-align: top;">
            <div style="text-align: justify;">&#8220;Paying Agent&#8221;</div>
          </td>
          <td style="width: 41.58%; vertical-align: top;">
            <div style="text-align: center;">2.04</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.42%; vertical-align: top;">
            <div style="text-align: justify;">&#8220;Registrar&#8221;</div>
          </td>
          <td style="width: 41.58%; vertical-align: top;">
            <div style="text-align: center;">2.04</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.42%; vertical-align: top;">
            <div style="text-align: justify;">&#8220;Required Currency&#8221;</div>
          </td>
          <td style="width: 41.58%; vertical-align: top;">
            <div style="text-align: center;">10.17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.42%; vertical-align: top;">
            <div style="text-align: justify;">&#8220;successor person&#8221;</div>
          </td>
          <td style="width: 41.58%; vertical-align: top;">
            <div style="text-align: center;">5.01</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58.42%; vertical-align: top;">
            <div style="text-align: justify;">&#8220;Temporary Securities&#8221;</div>
          </td>
          <td style="width: 41.58%; vertical-align: top;">
            <div style="text-align: center;">2.11</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 1.03&#160; &#160;&#160; <u>Incorporation by
          Reference of Trust Indenture Act</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a
      part of this Indenture. This Indenture shall also include those provisions of the TIA required to be included herein by the provisions of the Trust Indenture Reform Act of 1990. The following TIA terms used in this Indenture have the following
      meanings:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">indenture
        securities</font>&#8221; means the Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">indenture security
        holder</font>&#8221; means a Securityholder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">indenture to be
        qualified</font>&#8221; means this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">indenture trustee</font>&#8221;
      or &#8220;institutional trustee&#8221; means the Trustee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">obligor</font>&#8221; on
      the indenture securities means the Company and any successor obligor upon the Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or
      defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 1.04&#160; &#160;&#160; <u>Rules of
          Construction</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless the context otherwise requires:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a term has the meaning assigned to it;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>references to &#8220;generally accepted accounting principles&#8221; shall mean generally accepted accounting principles in effect as of the time when and for the period as to which such
        accounting principles are to be applied;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#8220;or&#8221; is not exclusive;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>words in the singular include the plural, and in the plural include the singular;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>provisions apply to successive events and transactions;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>references to agreements and other instruments include subsequent amendments thereto;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the term &#8220;merger&#8221; includes a statutory share exchange, and the term &#8220;merged&#8221; has a correlative meaning; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#8220;herein,&#8221; &#8220;hereof&#8221; and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE II<br>
      <br>
      THE SECURITIES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.01&#160; &#160;&#160; <u>Issuable in
          Series</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is
      unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers&#8217; Certificate detailing the adoption of the terms
      thereof pursuant to the authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers&#8217; Certificate or supplemental indenture may provide for the method by which
      specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally
      and ratably entitled to the benefits of the Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.02&#160; &#160;&#160; <u>Establishment of
          Terms of Series of Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series
      generally, in the case of Subsection (a), and either as to such Securities within the Series or as to the Series generally in the case of Subsections (b) through (t) by a Board Resolution, a supplemental indenture or an Officers&#8217; Certificate pursuant
      to authority granted under a Board Resolution:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the title, designation, aggregate principal amount and authorized denominations of the Securities of the Series;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the price or prices, (expressed as a percentage of the aggregate principal amount thereof) at which the Securities of the Series will be issued;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the date or dates on which the principal of the Securities of the Series is payable;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity,
        commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall commence and be payable and any regular record date for the
        interest payable on any interest payment date;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any optional or mandatory sinking fund provisions or conversion or exchangeability provisions upon which Securities of the Series shall be redeemed, purchased, converted or
        exchanged;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the date, if any, after which and the price or prices at which the Securities of the Series may be optionally redeemed or must be mandatorily redeemed and any other terms and
        provisions of optional or mandatory provisions;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if other than the full principal amount, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration pursuant to
        Section 6.02 or provable in bankruptcy;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such
        Securities to declare the principal amount thereof due and payable pursuant to Section 6.02;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(j)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the currency or currencies, including composite currencies, in which payments of principal of, premium or interest, if any, on the Securities of the Series will be payable, if
        other than the currency of the United States of America;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(k)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if payments of principal of, premium or interest, if any, on the Securities of the Series will be payable, at the Company&#8217;s election or at the election of any Holder, in a
        currency other than that in which the Securities of the Series are stated to be payable, the period or periods within which, and the terms and conditions upon which, the election may be made;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(l)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if payments of interest, if any, on the Securities of the Series will be payable, at the Company&#8217;s election or at the election of any Holder, in cash or additional securities,
        and the terms and conditions upon which the election may be made;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(m)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if denominated in a currency or currencies other than the currency of the United States of America, the equivalent price of the Securities of the Series in the currency of the
        United States of America for purposes of determining the voting rights of Holders of the Securities of the Series;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(n)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method based on a coin or currency other than that in
        which the Securities of the Series are stated to be payable, the manner in which the amounts will be determined;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(o)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any restrictive covenants or other material terms relating to the Securities of the Series;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(p)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>whether the Securities of the Series will be issued in the form of global securities or certificates in registered form;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(q)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any terms with respect to subordination;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(r)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any listing on any securities exchange or quotation system;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(s)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>additional provisions, if any, related to defeasance and discharge of the offered debt securities; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(t)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the applicability of any guarantees, which would be governed by New York law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All Securities of any one Series need not be issued at the same time and may be issued from time to time,
      consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers&#8217; Certificate referred to above, and the authorized principal amount of any Series may not be increased to provide
      for issuance of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental Indenture or Officers&#8217; Certificate.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.03&#160; &#160;&#160; <u>Execution and
          Authentication</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Two Officers shall sign the Securities for the Company by manual or facsimile signature.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If an Officer whose signature is on a Security no longer holds that office at the time the Security is
      authenticated, the Security shall nevertheless be valid.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
      agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal
      amount provided in the Board Resolution, supplemental indenture hereto or Officers&#8217; Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions
      from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental
      indenture hereto or an Officers&#8217; Certificate.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon
      the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers&#8217; Certificate delivered pursuant to Section 2.02, except as provided in Section 2.08.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.02)
      shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that
      Series or of Securities within that Series, (b) an Officers&#8217; Certificate complying with Section 10.04, and (c) an Opinion of Counsel complying with Section 10.04.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the
      Trustee, being advised by counsel, determines that such action may not lawfully be taken; or (b) if a Responsible Officer of the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to Holders of any
      then outstanding Series of Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An
      authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal
      with the Company or an Affiliate.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If any successor that has replaced the Company in accordance with Article 5 has executed an indenture supplemental
      hereto with the Trustee pursuant to Section 5.01, any of the Securities authenticated or delivered prior to such transaction may, from time to time, at the request of such successor, be exchanged for other Securities executed in the name of the such
      successor with such changes in phraseology and form as may be appropriate, but otherwise identical to the Securities surrendered for such exchange and of like principal amount; and the Trustee, upon receipt of a Company Order of such successor, shall
      authenticate and deliver Securities as specified in such order for the purpose of such exchange. If Securities shall at any time be authenticated and delivered in any new name of such successor pursuant to this provision of Section 2.03 in exchange
      or substitution for or upon registration of transfer of any Securities, such successor, at the option of the Holders but without expense to them, shall provide for the exchange of all Securities then outstanding for Securities authenticated and
      delivered in such new name.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.04&#160; &#160;&#160; <u>Registrar and
          Paying Agent</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall maintain, with respect to each Series of Securities, at the place or places specified with
      respect to such Series pursuant to Section 2.02, an office or agency where Securities of such Series may be presented or surrendered for payment (&#8220;Paying Agent&#8221;) and where Securities of such Series may be surrendered for registration of transfer or
      exchange (&#8220;Registrar&#8221;). The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name
      or address, of each Registrar and Paying Agent. If at any time the Company shall fail to maintain any such required Registrar or Paying Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations and surrenders
      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 and surrenders.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company may also from time to time designate one or more co-registrars or additional paying agents and may from
      time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar or Paying Agent in each place so specified pursuant to Section 2.02
      for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar or additional paying agent. The term
      &#8220;Registrar&#8221; includes any co-registrar; and the term &#8220;Paying Agent&#8221; includes any additional paying agent.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company hereby appoints [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ] as the initial Registrar and Paying Agent
      for each Series unless another Registrar or Paying Agent as the case may be, is appointed prior to the time Securities of that Series are first issued. Each Registrar and Paying Agent shall be entitled to all of the rights, protections, exculpations
      and indemnities afforded to the Trustee in connection with its roles as Registrar and Paying Agent.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.05&#160; &#160;&#160; <u>Paying Agent to
          Hold Money in Trust</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will
      hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default by
      the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the
      Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate
      trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.06&#160; &#160;&#160; <u>Securityholder
          Lists</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it
      of the names and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least [&#160; &#160; ] days before each interest
      payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.07&#160; &#160;&#160; <u>Transfer and
          Exchange</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer
      or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges,
      the Trustee shall authenticate Securities at the Registrar&#8217;s request. Any exchange or transfer shall be without charge, except that the Company or the Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
      required by law; provided that this sentence shall not apply to any exchange pursuant to Section 2.11, 2.08, 3.06 or 9.06.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange
      Securities of any Series for the period beginning at the opening of business [&#160; &#160; ] days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day
      of such mailing, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption
      in part.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Company,
      evidencing the same debt and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. Any Registrar appointed pursuant to Section 2.04 shall provide to the Trustee such information as the
      Trustee may reasonably require in connection with the delivery by such Registrar of Securities upon transfer or exchange of Securities. Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result
      from the transfer, exchange or assignment of such Holder&#8217;s Security in violation of any provision of this Indenture and/or applicable U.S. federal or state securities law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.08&#160; &#160;&#160; <u>Mutilated,
          Destroyed, Lost and Stolen Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If any mutilated Security is surrendered to the Registrar, the Company shall execute and the Trustee shall
      authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If there shall be delivered to the Company and the Registrar (i) evidence to their satisfaction of the destruction,
      loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Registrar that such Security has been
      acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like
      tenor and principal amount and bearing a number not contemporaneously outstanding.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable,
      the Company in its discretion may, instead of issuing a new Security, pay such Security.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient
      to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security
      shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and
      remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.09&#160; &#160;&#160; <u>Outstanding
          Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those
      canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding until the Trustee receives proof
      satisfactory to it that the replaced Security is held by a bona fide purchaser.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds on the Maturity of
      Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A Security does not cease to be outstanding because the Company or an Affiliate holds the Security.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In determining whether the Holders of the requisite principal amount of outstanding Securities have given any
      request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and
      payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.10&#160; &#160;&#160; <u>Treasury
          Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any
      request, demand, authorization, direction, notice, consent or waiver Securities of a Series owned by the Company or an Affiliate shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on
      any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.11&#160; &#160;&#160; <u>Temporary
          Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate
      temporary securities upon a Company Order (&#8220;Temporary Securities&#8221;). Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without
      unreasonable delay, the Company shall prepare and the Trustee upon written request shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall
      have the same rights under this Indenture as the definitive Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.12&#160; &#160;&#160; <u>Cancellation</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent
      shall forward to the Trustee or its agent any Securities surrendered to them for transfer,</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">exchange, payment or conversion. The Trustee and no one else shall cancel, in accordance with its standard procedures, all Securities
      surrendered for transfer, exchange, payment, conversion or cancellation and shall deliver the cancelled Securities to the Company. No Security shall be authenticated in exchange for any Security cancelled pursuant to this Section 2.12.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company may, to the extent permitted by law, purchase Securities in the open market or by tender offer at any
      price or by private agreement. Any Securities purchased or otherwise acquired by the Company or any of its Subsidiaries prior to the final maturity of such Securities may, to the extent permitted by law, be reissued or resold or may, at the option of
      the Company, be surrendered to the Trustee for cancellation. Any Securities surrendered for cancellation may not be reissued or resold and shall be promptly cancelled by the Trustee, and the Company may not hold or resell such Securities or issue any
      new Securities to replace any such Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.13&#160; &#160;&#160; <u>Defaulted
          Interest</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the Company defaults in a payment of interest on a Series of Securities, it shall pay defaulted interest, plus,
      to the extent permitted by law, any interest payable on the defaulted interest at the Default Rate, to the persons who are Security holders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At
      least [&#160; &#160; ] days before the record date, the Company shall mail to the Trustee and the Paying Agent and to each Securityholder of the Series a notice that states the record date, the payment date and the amount of interest to be paid. The Company
      may pay defaulted interest in any other lawful manner.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.14&#160; &#160;&#160; <u>Global Securities</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>A Board Resolution, a supplemental indenture hereto or an Officers&#8217; Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the
        form of one or more Global Securities and the Depository for such Global Security or Securities.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding
        any provisions to the contrary contained in Section 2.07 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.07 of the Indenture for Securities registered in the names of Holders other than the
        Depository for such Security or its nominee only if (A) such Depository notifies the Company that it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency
        registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository within 90 days of such event, (B) the Company executes and delivers to the Trustee an Officers&#8217; Certificate to the effect that such Global
        Security shall be so exchangeable or (C) an Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Except as provided in this Section 2.14(b), a Global Security may not be transferred except as a whole by the Depository with respect to such
        Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor
        Depository.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Securities issued in exchange for a Global Security or any portion thereof shall be issued in definitive, fully registered form, without
        interest coupons, shall have an aggregate principal amount equal to that of such Global Security or portion thereof to be so exchanged, shall be registered in such names and be in such authorized denominations as the Depository shall designate and
        shall bear the applicable legends provided for herein. Any Global Security to be exchanged in whole shall be surrendered by the Depository to the Trustee, as Registrar. With regard</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">to any Global Security to be exchanged in part, either such Global Security shall be so surrendered for exchange
      or, if the Registrar is acting as custodian for the Depository or its nominee with respect to such Global Security, the principal amount thereof shall be reduced by an amount equal to the portion thereof to be so exchanged, by means of an appropriate
      adjustment made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate and deliver the Security issuable on such exchange to or upon the order of the Depository or an authorized representative thereof.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(iv)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The registered Holder may grant proxies and otherwise authorize any Person, including participants in the Depository and persons that may hold
        interests through participants in the Depository, to take any action which a Holder is entitled to take under this Indenture or the Securities.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(v)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>In the event of the occurrence of any of the events specified in 2.14(b)(i), the Company will promptly make available to the Trustee a reasonable supply of Certificated
        Securities in definitive, fully registered form, without interest coupons. If (A) an event described in Section 2.14(b)(i)(A) or (B) occurs and definitive Certificated Securities are not issued promptly to all beneficial owners or (B) the Registrar
        receives from a beneficial owner instructions to obtain definitive Certificated Securities due to an event described in Section 2.14(b)(i)(C) and definitive Certificated Securities are not issued promptly to any such beneficial owner, the Company
        expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 6.07 hereof, the right of any beneficial owner of Securities to pursue such remedy with respect to the portion of the Global Security that
        represents such beneficial owner&#8217;s Securities as if such definitive certificated Securities had been issued.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(vi)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding any provision to the contrary in this Indenture, so long as a Global Security remains outstanding and is held by or on behalf
        of the Depository, transfers of a Global Security, in whole or in part, or of any beneficial interest therein, shall only be made in accordance with Section 2.07, this Section 2.14(b) and the rules and procedures of the Depository for such Global
        Security to the extent applicable to such transaction and as in effect from time to time.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Any Global Security issued hereunder shall bear a legend in substantially the following form:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered
      in the name of the Depository or a nominee of the Depository. This Security is exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances described in the Indenture, and
      may not be transferred except as a whole by the Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a
      nominee of such a successor Depository.&#8221;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or
        other action which a Holder is entitled to give or take under the Indenture.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02, payment of the principal of and interest, if any, on any
        Global Security shall be made to the Holder thereof at their registered office.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>At all times the Securities are held in book-entry form with a Depository, (i) the Trustee may deal with such Depository as the authorized representative of the Holders, (ii)
        the rights of the Holders shall be exercised only through the Depository and shall be limited to those established by law and agreement between the Holders and the Depository and/or direct participants of the Depository, (iii) the Depository will
        make book-entry transfers among the direct participants of the Depository and will receive and transmit distributions of principal and interest on the Securities to such direct participants; and (iv) the direct participants of the Depository shall
        have no rights under this Indenture, or any supplement hereto, under or with respect to any of the Securities held on their behalf by the Depository, and the Depository may be treated by the Trustee and its agents, employees, officers and directors
        as the absolute owner of the Securities for all purposes whatsoever.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 2.15&#160; &#160;&#160; <u>CUSIP Numbers</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company in issuing the Securities may use &#8220;CUSIP&#8221;, &#8220;CCN&#8221;, &#8220;ISIN&#8221; or other identification numbers (if then
      generally in use), and, if so, the Trustee shall use &#8220;CUSIP&#8221;, &#8220;CCN&#8221;, &#8220;ISIN&#8221; or such other identification numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the
      correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be
      affected by any defect in or omission of such numbers.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE III<br>
      <br>
      REDEMPTION</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 3.01&#160; &#160;&#160; <u>Notice to Trustee</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company may, with respect to any series of Securities, reserve the right to redeem and pay the Series of
      Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company
      wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee and Registrar in writing of the redemption date and the principal
      amount of Series of Securities to be redeemed. The Company shall give the notice at least [&#160; &#160; ] days before the redemption date (or such shorter notice as may be acceptable to the Trustee and Registrar).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 3.02&#160; &#160;&#160; <u>Selection of
          Securities to be Redeemed</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers&#8217;
      Certificate, if less than all the Securities of a Series are to be redeemed, the Registrar shall select the Securities of the Series to be redeemed in accordancewith its customary procedures. The Registrar shall make the selection from Securities of
      the Series outstanding not previously called for redemption. The Registrar may select for redemption portions of the principal of Securities of the Series that have denominations larger than $1,000. Securities of the Series and portions of them it
      selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.02(g), the minimum principal denomination for each Series and integral multiples
      thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 3.03&#160; &#160;&#160; <u>Notice of
          Redemption</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an
      Officers&#8217; Certificate, at least [&#160; &#160; ] days but not more than [&#160; &#160; ] days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The notice shall identify the Securities of the Series to be redeemed and shall state:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the redemption date;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the redemption price;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the name and address of the Paying Agent;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">At the Company&#8217;s written request, the Trustee shall distribute the notice of redemption prepared by the Company in
      the Company&#8217;s name and at its expense.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 3.04&#160; &#160;&#160; <u>Effect of Notice
          of Redemption</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Once notice of redemption is mailed or published as provided in Section 3.03, Securities of a Series called for
      redemption become due and payable on the redemption date and at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to
      the redemption date.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 3.05&#160; &#160;&#160; <u>Deposit of
          Redemption Price</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On or before the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the
      redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 3.06&#160; &#160;&#160; <u>Securities
          Redeemed in Part</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security
      of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE IV<br>
      <br>
      COVENANTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.01&#160; &#160;&#160; <u>Payment of
          Principal and Interest</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and
      punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless otherwise provided under the terms of a particular Series of Securities:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an installment of principal or interest shall be considered paid on the date it is due if the Paying Agent (other than the Company) holds by [&#160; &#160; ] [a].m., New York City time,
        on that date money, deposited by the Company or an Affiliate thereof, sufficient to pay such installment. The Company shall (in immediately available funds), to the fullest extent permitted by law, pay interest on overdue principal and overdue
        installments of interest at the rate borne by the Securities per annum; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>payment of the principal of and interest on the Securities shall be made at the office or agency of the Company maintained for that purpose in [&#160; &#160; ] (which shall initially be
        [&#160; &#160; ], the Paying Agent) in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; <font style="font-style: italic;">provided, however</font>, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address appears in the register; <font style="font-style: italic;">provided, further</font>, that a Holder with an aggregate principal amount in excess of $[&#160; &#160; &#160; &#160; ] will be paid by wire transfer in immediately available funds at the election of
        such Holder if such Holder has provided wire transfer instructions to the Company at least [&#160; &#160; ] Business Days prior to the payment date.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.02&#160; &#160;&#160; <u>SEC Reports</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">So long as any Securities are outstanding, the Company shall (i) file with the SEC within the time periods
      prescribed by its rules and regulations and (ii) furnish to the Trustee and the Holders of the Securities within [&#160; &#160; ] days after the date on which the Company would be required to file the same with the SEC pursuant to its rules and regulations
      (giving effect to any grace period provided by Rule 12b-25 under the Exchange Act), all quarterly and annual financial information required to be furnished or filed with the SEC pursuant to Section 13 and Section 15(d) of the Exchange Act and, with
      respect to the annual consolidated financial statements only, a report thereon by the Company&#8217;s independent auditors. The Company also shall comply with the other provisions of TIA Section 314(a).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Delivery of such reports, information and documents to the Trustee is for informational purposes only, and the
      Trustee&#8217;s receipt of such 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 its covenants hereunder (as to which the
      Trustee is entitled to rely exclusively on Officers&#8217; Certificates). The Company shall not be required to file any report or other information with the SEC if the SEC does not permit such filing, although such reports shall be furnished to the
      Trustee. Documents filed by the Company with the SEC via the SEC&#8217;s EDGAR system (or any successor thereto) will be deemed furnished to the Trustee and the Holders of the Securities as of the time such documents are filed via EDGAR (or such
      successor).</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <br>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.03&#160; &#160;&#160; <u>Compliance
          Certificate</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall deliver to the Trustee, within [&#160; &#160; ] days after the end of each fiscal year of the Company, an
      officers certificate signed by two of the Company&#8217;s officers stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to
      determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his knowledge the Company has kept, observed,
      performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred,
      describing all such Defaults or Events of Default of which he may have knowledge in reasonable detail and the efforts to remedy the same). For purposes of this Section 4.03, compliance shall be determined without regard to any grace period or
      requirement of notice provided pursuant to the terms of this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall deliver to the Trustee, within [&#160; &#160; ] days after the occurrence thereof, written notice in the
      form of an Officers&#8217; Certificate of any Event of Default described in Section 6.01(e), (f), (g) or (h) and any event of which it becomes aware that with the giving of notice or the lapse of time would become such an Event of Default, its status and
      what action the Company is taking or proposes to take with respect thereto. For the avoidance of doubt, a breach of a covenant under an Instrument that is not a payment default and that has not given rise to a right of acceleration under such
      Instrument shall not trigger the requirement to provide notice under this paragraph.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.04&#160; &#160;&#160; <u>Stay, Extension
          and Usury Laws</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead,
      or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities;
      and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the
      Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.05&#160; &#160;&#160; <u>Corporate
          Existence</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full
      force and effect its corporate existence and the corporate, partnership or other existence of each Subsidiary in accordance with the respective organizational documents of each Subsidiary and the rights (charter and statutory), licenses and
      franchises of the Company and its Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any Subsidiary, if the Board of Directors
      shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.06&#160; &#160;&#160; <u>Taxes</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall, and shall cause each of its Subsidiaries to, pay prior to delinquency all taxes, assessments and
      governmental levies, except as contested in good faith and by appropriate proceedings.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.07&#160; &#160;&#160; <u>Additional
          Interest Notice</u><font style="font-style: italic;">.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In the event that the Company is required to pay additional interest to Holders of Securities pursuant to Section
      6.02(b) hereof, the Company shall provide a direction or order in the form of a written notice to the Trustee (and if the Trustee is not the Paying Agent, the Paying Agent) of the Company&#8217;s obligation to pay such additional interest no later than [&#160;
      &#160; ] Business Days prior to date on which any such additional interest is scheduled to be paid. Such notice shall set forth the amount of additional interest to be paid by the Company on such payment date and direct the Trustee (or, if the Trustee is
      not the Paying Agent, the Paying Agent) to make payment to the extent it receives funds from the Company to do so. The Trustee shall not at any time be under any duty or responsibility to any Holder to determine whether additional interest is
      payable, or with respect to the nature, extent, or calculation of the amount of additional interest owed, or with respect to the method employed in such calculation of additional interest.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 4.08&#160; &#160;&#160; <u>Further
          Instruments and Acts</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company will execute and deliver such further instruments and do such further acts as may be reasonably
      necessary or proper to carry out more effectively the purposes of this Indenture.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE V<br>
      <br>
      SUCCESSORS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 5.01&#160; &#160;&#160; <u>When Company May
          Merge, Etc.</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall not consolidate with, enter into a binding share exchange, or merge into any other Person in a
      transaction in which it is not the surviving entity, or sell, assign, convey, transfer or lease or otherwise dispose of all or substantially all of its properties and assets to any Person (a &#8220;successor person&#8221;), unless:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the successor person (if any) is a corporation, partnership, trust or other entity organized and validly existing under the laws of [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ],
        [&#160; &#160; ], the United States, any state of the United States or the District of Columbia and expressly assumes by a supplemental indenture executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the
        principal of, and any interest on, all Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed or observed;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee, prior to the consummation of the proposed transaction, an Officers&#8217; Certificate to the foregoing effect and an Opinion of
        Counsel stating that the proposed transaction and such supplemental indenture comply with this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 5.02&#160; &#160;&#160; <u>Successor
          Corporation Substituted</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all
      of the assets of the Company in accordance with Section 5.01, the successor person formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be
      substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor company in the case of a sale,
      lease,</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">conveyance or other disposition of all or substantially all of the assets of the Company shall not be released from the obligation to
      pay the principal of and interest, if any, on the Securities.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE VI<br>
      <br>
      DEFAULTS AND REMEDIES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.01&#160; &#160;&#160; <u>Events of Default</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;Event of Default,&#8221; wherever used herein with respect to securities of any Series, means any one of the following
      events, unless in the establishing Board Resolution, supplemental indenture or Officers&#8217; Certificate, it is provided that such Series shall not have the benefit of said Event of Default:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire
        amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days); or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>default in the payment of any principal of any Security of that Series at its Maturity; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>default in the deposit of any sinking fund payment, when and as due in respect of any Security of that Series; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company fails to perform or comply with any of its other covenants or agreements contained in the Securities or in this Indenture (other than a covenant or agreement a
        default in whose performance or whose breach is specifically dealt with in clauses (a), (b) or (c) of this Section 6.01) and the default continues for 60 days after notice is given as specified below;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any indebtedness under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company or any Subsidiary or under any mortgage, indenture or
        instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by, or any other payment obligation of, the Company or any Subsidiary (an &#8220;Instrument&#8221;) with a principal amount then,
        individually or in the aggregate, outstanding in excess of $[&#160; &#160; &#160; &#160; ], whether such indebtedness now exists or shall hereafter be created, is not paid at Maturity or when otherwise due or is accelerated, and such indebtedness is not discharged, or
        such default in payment or acceleration is not cured or rescinded, within a period of 30 days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at
        least [&#160; &#160; ]% in aggregate principal amount of the outstanding Securities of that Series a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such default to be cured or waived or
        such acceleration to be rescinded or annulled and stating that such notice is a &#8220;Notice of Default&#8221; hereunder. A payment obligation (other than indebtedness under any bond, debenture, note or other evidence of indebtedness for money borrowed by the
        Company or any Subsidiary or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company or any Subsidiary) shall not be deemed to have
        matured, come due, or been accelerated to the extent that it is being disputed by the relevant obligor or obligors in good faith. For the avoidance of doubt, the Maturity of an Instrument is the Maturity as set forth in that Instrument, as it may
        be amended from time to time in accordance with the terms of that Instrument;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company or any Subsidiary fails to pay one or more final and non-appealable judgments entered by a court or courts of competent jurisdiction, the aggregate uninsured or
        unbonded portion of which is in excess of $[&#160; &#160; &#160; &#160; ], if the judgments are not paid, discharged, waived or stayed within [&#160; &#160; ] days;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company or any Subsidiary of the Company, pursuant to or within the meaning of any Bankruptcy Law:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>commences a voluntary case or proceeding;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>consents to the entry of an order for relief against it in an involuntary case or proceeding;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>consents to the appointment of a Custodian of it or for all or substantially all of its property; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(iv)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>makes a general assignment for the benefit of its creditors; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(v)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>or generally is unable to pay its debts as the same become due; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>(h) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>is for relief against the Company or any of its Subsidiaries in an involuntary case or proceeding;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>appoints a Custodian of the Company or any of its Subsidiaries for all or substantially all of the property of the Company or any such Subsidiary; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>orders the liquidation of the Company or any of its Subsidiaries;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">and the case of each of clause (i), (ii) and (iii), the order or decree remains unstayed and in effect for [&#160; &#160; ]
      consecutive days; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental
        indenture hereto or an Officers&#8217; Certificate, in accordance with Section 2.02(i).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A default under clause (d) above is not an Event of Default until the Trustee notifies the Company, or the Holders
      of at least [&#160; &#160; ]% in aggregate principal amount of the Securities then outstanding notify the Company and the Trustee, in writing of the default, and the Company does not cure the default within 60 days after receipt of such notice. The notice
      given pursuant to this Section 6.01 must specify the default, demand that it be remedied and state that the notice is a &#8220;Notice of Default.&#8221; When any default under this Section 6.01 is cured, it ceases.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee shall not be charged with knowledge of any Event of Default unless written notice thereof shall have
      been given to a Trust Officer at the Corporate Trust Office of the Trustee by the Company, a Paying Agent, any Holder or any agent of any Holder.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.02&#160; &#160;&#160; <u>Acceleration of
          Maturity; Rescission and Annulment</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>If an Event of Default (other than an Event of Default specified in clause (g) or (h) of Section 6.01) occurs and is continuing with respect to any Securities of any Series,
        then in every such case, the Trustee may, by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Securities of that Series (or, if any Securities of that Series are Discount Securities, such portion of the
        principal amount as may be specified in the terms of such Securities) then outstanding may, by notice to the Company and the Trustee, declare all unpaid principal of, and accrued and unpaid interest on to the date of acceleration, the Securities of
        that Series then outstanding (if not then due and payable) to be due and payable upon any such declaration, and the same shall become and be immediately due and payable. If an Event of Default specified in clause (g) or (h) of Section 6.01 occurs,
        all unpaid principal of the Securities then outstanding, and all accrued and unpaid interest thereon to the date of acceleration, shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the
        Trustee or any Holder. The Holders of a majority in aggregate principal amount of the Securities of that Series then outstanding by notice to the Trustee may rescind an acceleration of such Securities of that Series and its consequences if (a) all
        existing Events of Default, other than the nonpayment of the principal of the Securities which has become due solely by such declaration of acceleration, have been cured or waived; (b) to the extent the payment of such interest is lawful, interest
        (calculated at the Default Rate) on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; (c) the rescission would not conflict with any judgment or decree of
        a court of competent jurisdiction; and (d) all payments due to the Trustee and any predecessor Trustee under Section 7.07 have been made. No such rescission shall affect any subsequent default or impair any right consequent thereto.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding any of provision of this Article 6, at the election of the Company in its sole discretion, the sole remedy under this Indenture for an Event of Default relating
        to the failure to comply with Section 4.02, and for any failure to comply with the requirements of Section 314(a)(1) of the TIA, will consist, for the 180 days after the occurrence of such an Event of Default, exclusively of the right to receive
        additional interest on the Securities at a rate equal to 0.50% per annum of the aggregate principal amount of the Securities then outstanding up to, but not including, the 181st day thereafter (or, if applicable, the earlier date on which the Event
        of Default relating to Section 4.02 is cured or waived). Any such additional interest will be payable in the same manner and on the same dates as the stated interest payable on the Securities. In no event shall additional interest accrue under the
        terms of this Indenture at a rate in excess of 0.50% per annum, in the aggregate, for any violation or default caused by the failure of the Company to be current in respect of its Exchange Act reporting obligations. If the Event of Default is
        continuing on the 181st day after an Event of Default relating to a failure to comply with Section 4.02, the Securities will be subject to acceleration as provided in this Section 6.02. The provisions of this Section 6.02(b) will not affect the
        rights of Holders in the event of the occurrence of any other Events of Default.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In order to elect to pay additional interest as the sole remedy during the first 180 days after the occurrence of
      an Event of Default relating to the failure to comply with Section 4.02 in accordance with the immediately preceding paragraph, the Company shall notify all Holders and the Trustee and Paying Agent of such election on or before the close of business
      on the fifth Business Day after the date on which such Event of Default otherwise would occur. Upon a failure by the Company to timely give such notice or pay additional interest, the Securities will be immediately subject to acceleration as
      otherwise provided in this Section 6.02.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.03&#160; &#160;&#160; <u>Collection of
          Indebtedness and Suits for Enforcement by Trustee</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in
      its discretion proceed to protect and enforce its rights and the rights of the Holders of</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any
      such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If an Event of Default in the payment of principal, interest, if any, specified in clause (a) or (b) of Section
      6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or another obligor on the Securities for the whole amount of principal, and accrued interest remaining unpaid, if
      any, together with, to the extent that payment of such interest is lawful, interest on overdue principal, on overdue installments of interest, if any, in each case at the Default Rate, and such further amount as shall be sufficient to cover the costs
      and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.04&#160; &#160;&#160; <u>Trustee May File
          Proofs of Claim</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
      adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of
      the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and
      empowered, by intervention in such proceeding or otherwise,</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be
        necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial
        proceeding, and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any custodian, receiver, assignee, trustee,
        liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to
        the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on
      behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.05&#160; &#160;&#160; <u>Trustee May
          Enforce Claims Without Possession of Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the
      Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery
      of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such
      judgment has been recovered.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.06&#160; &#160;&#160; <u>Application of
          Money Collected</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or
      dates fixed by the Trustee and, in case of the distribution of such money on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully
      paid: and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">First</font>: To
      the payment of all amounts due the Trustee under Section 7.07;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Second</font>: To
      the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the
      amounts due and payable on such Securities for principal and interest, respectively; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Third</font>: To
      the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.07&#160; &#160;&#160; <u>Limitation on
          Suits</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise,
      with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder (except actions for payment of overdue principal and interest), unless:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Holders of not less than [&#160; &#160; ]% in principal amount of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in
        respect of such Event of Default in its own name as Trustee hereunder;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such Holder or Holders have offered to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee for [&#160; &#160; ] days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>no direction inconsistent with such written request has been given to the Trustee during such [&#160; &#160; ]-day period by the Holders of a majority in principal amount of the
        outstanding Securities of that Series; it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
        the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable
        benefit of all such Holders.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.08&#160; &#160;&#160; <u>Unconditional
          Right of Holders to Receive Principal and Interest</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is
      absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date) and to institute
      suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.09&#160; &#160;&#160; <u>Restoration of
          Rights and Remedies</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and
      such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the
      Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.10&#160; &#160;&#160; <u>Rights and
          Remedies Cumulative</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen
      Securities in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
      cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
      assertion or employment of any other appropriate right or remedy.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.11&#160; &#160;&#160; <u>Delay or Omission
          Not Waiver</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing
      upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised
      from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.12&#160; &#160;&#160; <u>Control by
          Holders</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to
      direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such direction shall not be in conflict with any rule of law or with this Indenture,</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>subject to the provisions of Section 6.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer
        of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability or would be unduly prejudicial to the rights of another Holder or the Trustee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.13&#160; &#160;&#160; <u>Waiver of Past
          Defaults</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Subject to Section 9.02, the Holders of not less than a majority in principal amount of the outstanding Securities
      of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such
      Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">24</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall
      cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 6.14&#160; &#160;&#160; <u>Undertaking for
          Costs</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to
      have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any
      party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys&#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 Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or
      group of Holders, holding in the aggregate more than [&#160; &#160; ]% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security
      on or after the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date).</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE VII<br>
      <br>
      TRUSTEE</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.01&#160; &#160;&#160; <u>Duties of Trustee</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill
        in their exercise as a prudent person would exercise or use under the circumstances in the conduct of his own affairs.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Except during the continuance of an Event of Default:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee need perform only those duties that are specifically set forth in this Indenture and no implied duties, covenants or obligations shall be deemed to be imposed upon
        the Trustee.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
        opinions expressed therein, upon Officers&#8217; Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officers&#8217; Certificates or Opinions of Counsel which by
        any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers&#8217; Certificates and Opinions of Counsel to determine whether or not they conform on their face to the requirements of this
        Indenture.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may not be relieved from liability for its own its own negligent action, its own negligent failure to act or willful misconduct, except that:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>This paragraph does not limit the effect of paragraph (b) of Section 7.01 herein.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any
        Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the
        Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may refuse to perform any duty or exercise any right or power unless it receives an indemnity satisfactory to it against any loss, liability or expense.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not
        be segregated from other funds except to the extent required by law.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>No provision of this Indenture shall require the Trustee to risk or expend its own funds or otherwise incur liability, financial or otherwise, in the performance of any of its
        duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk is not reasonably assured to it.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Paying Agent, the Registrar and any authenticating agent shall be entitled to the same rights, indemnities, protections and immunities afforded to the Trustee.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall have no duty to monitor the performance or compliance of the Company with its obligations hereunder or any under supplement hereto, nor shall it have any
        liability in connection with the malfeasance or nonfeasance by the Company. The Trustee shall have no liability in connection with compliance by the Company with statutory or regulatory requirements related to this Indenture, any supplement or any
        Securities issued pursuant hereto or thereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.02&#160; &#160;&#160; <u>Rights of Trustee</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may conclusively rely on and shall be fully protected in acting or refraining from acting as a result of its reasonable belief that any resolution, certificate,
        statement, instrument, opinion, report, notice, request, consent, order, direction, approval or other paper or document was genuine and had been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in
        the document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it sees fit.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Before the Trustee acts or refrains from acting, it may require an Officers&#8217; Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it
        takes or omits to take in good faith in reliance on such Officers&#8217; Certificate or Opinion of Counsel.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may act through agents and shall not be responsible for the misconduct or negligence of, or for the supervision of, any agent appointed with due care. No Depository
        shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depository.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect
        of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by or pursuant to this Indenture at the request, order or direction of any of the
        Holders of Securities, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.03&#160; &#160;&#160; <u>Individual Rights
          of Trustee</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and may
      otherwise deal with the Company or an Affiliate with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.04&#160; &#160;&#160; <u>Trustee&#8217;s
          Disclaimer</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities and the
      recitals contained herein and in the Securities shall be taken as statements of the Company and not of the Trustee, and the Trustee has no responsibility for such recitals. The Trustee shall not be accountable for the Company&#8217;s use or application of
      the proceeds from the Securities or for monies paid over to the Company pursuant to this Indenture, and it shall not be responsible for any statement in the Securities other than its authentication.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.05&#160; &#160;&#160; <u>Notice of
          Defaults</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if a
      Responsible Officer of the Trustee has knowledge or receives written notice of such event, the Trustee shall mail to each Securityholder of the Securities of that Series, notice of a Default or Event of Default within [&#160; &#160; ] days after it occurs or,
      if later, after a Responsible Officer of the Trustee has actual knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, including any
      additional interest that may become payable pursuant to Section 6.02(b), the Trustee may withhold the notice so long as the Trustee in good faith determines that withholding the notice is in the interests of Securityholders of that Series.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.06&#160; &#160;&#160; <u>Reports by
          Trustee to Holders</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Within [&#160; &#160; ] days after [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ] in each year, the Trustee shall transmit by
      mail to all Securityholders, as their names and addresses appear on the register kept by the Registrar, a brief report dated as of such [&#160; &#160; ], in accordance with, and to the extent required under, TIA Section 313.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and
      each stock exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.07&#160; &#160;&#160; <u>Compensation and
          Indemnity</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall pay to the Trustee from time to time such compensation for its services as shall be agreed upon
      in writing. The Trustee&#8217;s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances
      incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee&#8217;s agents, counsel and other persons not regularly in its employ.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company shall indemnify, defend and hold harmless the Trustee and its officers, directors, employees,
      representatives and agents, from and against and reimburse the Trustee for any and all claims, expenses, obligations, liabilities, losses, damages, injuries (to person, property, or natural resources), penalties, stamp or other similar taxes,
      actions, suits, judgments, reasonable costs and expenses (including reasonable attorney&#8217;s and agent&#8217;s fees and expenses) of whatever kind or nature regardless of their merit, demanded, asserted or claimed against the Trustee directly or indirectly
      relating to, or arising from, claims against the Trustee by reason of its participation in the transactions contemplated hereby, including without limitation all reasonable costs required to be associated with claims for damages to persons or
      property, and reasonable attorneys&#8217; and consultants&#8217; fees and expenses and court costs except to the extent caused by the Trustee&#8217;s negligence or willful misconduct. The provisions of this Section 7.07 shall survive the termination of this Agreement
      or the earlier resignation or removal of the Trustee. The Company shall defend any claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel.
      The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld or delayed. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company need not reimburse any expense or indemnify against any loss liability incurred by the Trustee or by
      any officer, director, employee, shareholder or agent of the Trustee through negligence or bad faith.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">To secure the Company&#8217;s payment obligations in this Section, the Trustee shall have a lien prior to the Securities
      of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities of that Series.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(f) or (g)
      occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.08&#160; &#160;&#160; <u>Replacement of
          Trustee</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the
      successor Trustee&#8217;s acceptance of appointment as provided in this Section.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company. The
      Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more
      Series if:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee fails to comply with Section 7.10;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">28</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>(c) a Custodian or public officer takes charge of the Trustee or its property; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee becomes incapable of acting.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company
      shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee
      appointed by the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If a successor Trustee with respect to the Securities of any one or more Series does not take office within [&#160; &#160; ]
      days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least [&#160; &#160; ]% in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the
      appointment of a successor Trustee.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the
      Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.07, and subject to the payment of any and all amounts then due and owing to
      the retiring Trustee, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as
      Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company&#8217;s obligations under Section 7.07
      hereof shall continue for the benefit of the retiring trustee with respect to expenses and liabilities incurred by it prior to such replacement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.09&#160; &#160;&#160; <u>Successor Trustee
          by Merger, etc.</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate
      trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee herein.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.10&#160; &#160;&#160; <u>Eligibility;
          Disqualification</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5).
      The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA Section 310(b).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 7.11&#160; &#160;&#160; <u>Preferential
          Collection of Claims Against Company</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A
      Trustee who has resigned or been removed shall be subject to TTA Section 311(a) to the extent indicated.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">29</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE VIII<br>
      <br>
      SATISFACTION AND DISCHARGE; DEFEASANCE</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 8.01&#160; &#160;&#160; <u>Satisfaction and
          Discharge of Indenture</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this
      Section 8.01), and the Trustee, on the demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>either</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered
        to the Trustee for cancellation; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>all such Securities not theretofore delivered to the Trustee for cancellation have become due and payable, or</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z13b58e4d4b114e5da572727ad0aae403" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>have become due and payable, or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z64edb2af087a4794b4dff2dc649d091b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>will become due and payable at their Stated Maturity within [&#160; &#160; ], or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zeaa06da98d604f39b357e4a6845a612c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>are to be called for redemption within [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ] under arrangements satisfactory to the Trustee for the giving of notice of
                  redemption by the Trustee in the name, and at the expense, of the Company, or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za35682bb55f048bfbb9b3f169c725ad9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>are deemed paid and discharged pursuant to section 8.03, as applicable; and the Company, in the case of (1), (2) or (3) above, has deposited or caused to be
                  deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and
                  interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company has paid or caused to be paid all other sums payable hereunder by the Company; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company has delivered to the Trustee an Officers&#8217; Certificate and an Opinion of Counsel, each meeting the applicable requirements of Sections 10.04 and 10.05 and each
        stating that all conditions precedent herein relating to the satisfaction and discharge of this Indenture have been complied with and the Trustee receives written demand from the Company to discharge.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee
      under Section 7.07, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.04, 2.07, 2.08, 8.01 8.02 and 8.05 shall survive.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">30</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 8.02&#160; &#160;&#160; <u>Application of
          Trust Funds; Indemnification</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Subject to the provisions of Section 8.05, all money deposited with the Trustee pursuant to Section 8.01, all money and U.S. Government Obligations or Foreign Government
        Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04,
        shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may
        determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections
        8.03 or 8.04.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Company shall pay and shall indemnify the Trustee and the Agents against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign
        Government Obligations deposited pursuant to Sections 8.03 or 8.04 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall, in accordance with the terms of this Indenture, deliver or pay to the Company from time to time, upon Company Request and at the expense of the Company any
        U.S. Government Obligations or Foreign Government Obligations or money held by it pursuant to this Indenture as provided in Sections 8.03 or 8.04 which, in the opinion of a nationally recognized firm of independent certified public accountants,
        expressed in a written certification thereof and delivered to the Trustee together with such Company Request, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S.
        Government Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 8.03&#160; &#160;&#160; <u>Legal Defeasance
          of Securities of any Series</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless this Section 8.03 is otherwise specified, pursuant to Section 2.02(s), to be inapplicable to Securities of
      any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of such Series on the [&#160; &#160; ] day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of
      this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the company, shall, at Company Request, execute proper instruments acknowledging the same), except as to:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of
        principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such
        Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the provisions of Sections 2.04, 2.07, 2.08, 2.14, 8.02, 8.03 and 8.05; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the rights, powers, trust and immunities of the Trustee hereunder; provided that, the following conditions shall have been satisfied:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have deposited or caused to be deposited irrevocably with the Paying Agent as trust funds in trust for the purpose of making the following payments,
        specifically pledged</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">31</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">as security for and dedicated solely to the benefit of the Holders of such Securities in the case of Securities of such Series
      denominated in Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency
      (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax
      liability will be imposed on such Paying Agent), not later than [&#160; &#160; ] day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a
      written certification thereof delivered to the Trustee and the Paying Agent, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on all the Securities of such Series on
      the dates such installments of interest or principal are due;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or
        by which it is bound;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the
        [&#160; &#160; ] day after such date;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee an Officers&#8217; Certificate and an Opinion of Counsel to the effect that (i) the Company has received from, or there has been
        published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of
        Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the
        same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee an Officers&#8217; Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of the
        Securities of such Series over any other creditors of the company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such deposit shall not result in the trust arising from such deposit constituting an investment company (as defined in the Investment Company Act of 1940, as amended), or such
        trust shall be qualified under such Act or exempt from regulation thereunder; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(j)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee an Officers&#8217; Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the
        defeasance contemplated by this Section have been complied with.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 8.04&#160; &#160;&#160; <u>Covenant
          Defeasance</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless this Section 8.04 is otherwise specified pursuant to Section 2.02(s) to be inapplicable to Securities of any
      Series, on and after the [&#160; &#160; ] day after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set forth under Sections 4.02, 4.03, 4.04, 4.05, 4.06, and 5.01 as well as
      any additional covenants contained in a supplemental indenture hereto for a particular Series of Securities or a Board Resolution or an Officers&#8217; Certificate delivered pursuant to Section 2.02(s) (and the failure to comply with any such covenants
      shall not constitute</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">32</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">a Default or Event of Default under Section 6.01) and the occurrence of any event described in clause (e) of Section 6.01 shall not
      constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been satisfied:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>With reference to this Section 8.04, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.02(c)) with the Paying Agent as trust funds
        in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall
        then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which
        through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Paying Agent), not later than [&#160; &#160; ] day before the due
        date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Paying Agent, to pay principal and
        interest, if any, on and any mandatory sinking fund in respect of the Securities of such Series on the dates such installments of interest or principal are due;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or
        by which it is bound;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the
        [&#160; &#160; ] day after such date;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the company shall have delivered to the Trustee an Opinion of Counsel confirming that Holders of the Securities of such Series will not recognize income, gain or loss for
        federal income tax purposes as a result of such deposit and defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not
        occurred; the Company shall have delivered to the Trustee an Officers&#8217; Certificate stating the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or
        with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Company shall have delivered to the Trustee an Officers&#8217; Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to
        the defeasance contemplated by this Section have been complied with.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 8.05&#160; &#160;&#160; <u>Repayment to
          Company</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Paying Agent shall pay to the Company upon request any money held by them for the payment of principal and
      interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person and all liability of the
      Paying Agent with respect to that money shall cease.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">33</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE IX<br>
      <br>
      AMENDMENTS AND WAIVERS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.01&#160; &#160;&#160; <u>Without Consent
          of Holders</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Subject to Section 9.02 and Section 9.03, the Company and the Trustee may amend or supplement this Indenture or the
      Securities of one or more Series without the consent of any Securityholder:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to cure any ambiguity, defect or inconsistency;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to comply with Article V;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to provide for uncertificated Securities in addition to or in place of certificated Securities;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to make any change that does not adversely affect the rights of any Securityholder;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of
        the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; to comply with requirements of the TIA and any rules promulgated under the TIA; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to add to the covenants of the Company for the equal and ratable benefit of the Holders or to surrender any right, power or option conferred upon the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any amendment or supplement made solely to conform the provisions of this Indenture or the Securities of any Series
      to the description thereof contained in the final prospectus relating to such Series will be deemed not to adversely affect the rights of any Holder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.02&#160; &#160;&#160; <u>With Consent of
          Holders</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Subject to Section 9.03, the Company and the Trustee may enter into a supplemental indenture with the written
      consent of the Holders of at least a majority in principal amount of the outstanding Securities of all Series affected by such supplemental indenture, taken together as one class (including consents obtained in connection with a tender offer or
      exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights
      of the Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of all Series affected by such waiver by notice to the Trustee, taken together as one
      class (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">It shall not be necessary for the consent of the Holders of Securities under this Section 9.02 to approve the
      particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">34</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">becomes effective, the Company shall mail to the Holders of Securities affected thereby a notice briefly describing the supplemental
      indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.03&#160; &#160;&#160; <u>Limitations</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Without the consent of each Securityholder affected, an amendment or waiver may not:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>change the amount of Securities whose Holders must consent to an amendment, supplement or waiver, except to increase any such amount or to provide that certain provisions of
        this Indenture cannot be modified, amended or waived without the consent of the Holder of each outstanding Security affected thereby;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>reduce the amount of interest, or change the interest payment time, on any Security;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>waive a redemption payment or alter the redemption provisions (other than any alteration that would not materially adversely affect the legal rights of any Holder under this
        Indenture) or the price at which the Company is required to offer to purchase the Securities;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous
        obligation;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>reduce the principal amount payable of any Security upon Maturity;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series
        by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>change the place or currency of payment of principal of or interest, if any, on any Security other than that stated in the Security;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>impair the right of any Holder to receive payment of principal or, or interest on, the Securities of such Holder on or after the due dates therefor;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>impair the right to institute suit for the enforcement of any payment on, or with respect to, any Security;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(j)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>make any change in Sections 10.15 or 10.16;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(k)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>change the ranking of the Securities; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(l)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>make any other change which is specified in a Board Resolution, a supplemental indenture hereto or an Officers&#8217; Certificate as a limitation under this Section.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For the avoidance of doubt, any amendment or waiver shall always be subject to the consent of the Company.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">35</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.04&#160; &#160;&#160; <u>Compliance with
          Trust Indenture Act</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental
      indenture hereto that complies with the TIA as then in effect.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.05&#160; &#160;&#160; <u>Revocation and
          Effect of Consents</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent
      by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder&#8217;s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent
      Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or
      waiver unless it is of the type described in any of clauses (a) through (g) of Section 9.03 in that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a
      Security that evidences the same debt as the consenting Holder&#8217;s Security.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.06&#160; &#160;&#160; <u>Notation on or
          Exchange of Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If an amendment, supplement or waiver changes the terms of a Security, the Trustee may require the Holder of the
      Security to deliver it to the Trustee and the Trustee may place an appropriate notation on the Security about the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company shall issue and the
      Trustee shall authenticate upon request new Securities of that Series that reflect the changed terms.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.07&#160; &#160;&#160; <u>Trustee Protected</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article
      or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel or an Officer&#8217;s Certificate, or both stating
      that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects its rights,
      duties or indemnities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 9.08&#160; &#160;&#160; <u>Effect of
          Supplemental Indenture</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance
      therewith, and each such supplemental indenture shall form part of this Indenture for all purposes with respect to the relevant Series; and every Holder of Securities of the relevant Series theretofore or thereafter authenticated and delivered
      hereunder shall be bound thereby.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">36</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE X<br>
      <br>
      MISCELLANEOUS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.01&#160; &#160;&#160; <u>Trust Indenture
          Act Controls</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or
      deemed to be included in this Indenture by the TIA, such required or deemed provision shall control.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.02&#160; &#160;&#160; <u>Notices</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any notice or communication by the Company, the Trustee, the Paying Agent or the Registrar to another is duly given
      if in writing and delivered in person or mailed by first-class mail:</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">if to the Company:</div>
    <div style="margin-left: 108pt; margin-bottom: 12pt;">[&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ]<br>
      Attn: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]<br>
      Fax: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">if to the Trustee:</div>
    <div style="margin-left: 108pt; margin-bottom: 12pt;">[&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ]<br>
      Attn: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]<br>
      Fax: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">if to the Registrar or Paying Agent:</div>
    <div style="margin-left: 108pt; margin-bottom: 12pt;">[&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ]<br>
      Attn: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]<br>
      Fax: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">with copy to:</div>
    <div style="margin-left: 108pt; margin-bottom: 12pt;">[&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ]<br>
      Attn: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]<br>
      Fax: [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company, the Trustee and each Agent by notice to each other may designate additional or different addresses for
      subsequent notices or communications.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any notice or communication to a Securityholder shall be mailed by first-class mail to his address shown on the
      register kept by the Registrar. Failure to mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If a notice or communication is mailed or published in the manner provided above, within the time prescribed, it is
      duly given, whether or not the Securityholder receives it.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the company mails a notice or communication to Securityholders, it will mail a copy to the Trustee and each
      Agent at the same time.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">37</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Whenever a notice is required to be given by the Company, such notice may be given by the Trustee or Registrar on
      the Company&#8217;s behalf (and the Company will make any notice it is required to give to Holders available on its website).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.03&#160; &#160;&#160; <u>Communication by
          Holders with Other Holders</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that
      Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.04&#160; &#160;&#160; <u>Certificate and
          Opinion as to Conditions Precedent</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company
      shall furnish to the Trustee:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an Officers&#8217; Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been
        complied with; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an Opinion of Counsel stating that, in the opinion of counsel, all such conditions precedent (including any covenants, compliance with which constitutes a condition precedent)
        have been complied with.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.05&#160; &#160;&#160; <u>Statements
          Required in Certificate or Opinion</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture
      (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a statement that the person making such certificate or opinion has read such covenant or condition;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not
        such covenant or condition has been complied with; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">provided, however</font>,
      that with respect to matters of fact an Opinion of Counsel may rely on an Officers&#8217; Certificate or certificates of public officials.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.06&#160; &#160;&#160; <u>Record Date for
          Vote or Consent of Holders</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company (or, in the event deposits have been made pursuant to Section 11.02, the Trustee) may set a record date
      for purposes of determining the identity of Holders entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture, which record date shall not be more</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">38</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">than [&#160; &#160;&#160; ] days prior to the date of the commencement of solicitation of such action. Notwithstanding the provisions of Section
      9.05, if a record date is fixed, those persons who were Holders of Securities at the close of business on such record date (or their duly designated proxies), and only those persons, shall be entitled to take such action by vote or consent or to
      revoke any vote or consent previously given, whether or not such persons continue to be Holders after such record date.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.07&#160; &#160;&#160; <u>Rules by Trustee
          and Agents</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any
      Agent may make reasonable rules and set reasonable requirements for its functions.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.08&#160; &#160;&#160; <u>Legal Holidays</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless otherwise provided by Board Resolution, Officers&#8217; Certificate or supplemental indenture for a particular
      Series, a &#8220;Legal Holiday&#8221; is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for
      the intervening period.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.09&#160; &#160;&#160; <u>No Recourse
          Against Others</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any
      obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The
      waiver and release are part of the consideration for the issue of the Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.10&#160; &#160;&#160; <u>Counterparts</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts,
      each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.11&#160; &#160;&#160; <u>Governing Laws
          and Submission to Jurisdiction</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK EXCLUDING ANY RULE OF LAW
      THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company agrees that any legal suit, action or proceeding arising out of or based upon this Indenture may be
      instituted in any federal or state court sitting in New York City, and, to the fullest extent permitted by law, waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the
      non-exclusive jurisdiction of such court in any suit, action or proceeding. The Company, as long as any Securities remain outstanding or the parties hereto have any obligation under this Indenture, shall have an authorized agent in the United States
      upon whom process may be served in any such legal action or proceeding. Service of process upon such agent and written notice of such service mailed or delivered to it shall to the extent permitted by law be deemed in every respect effective service
      of process upon it in any such legal action or proceeding and, if it fails to maintain such agent, any such process or summons may be served by mailing a copy thereof by registered mail, or a form of mail substantially equivalent thereto, addressed
      to it at its address as provided for notices hereunder. The Company hereby appoints Seward &amp; Kissel LLP, One Battery Park Plaza, New York, NY, 10004, as its</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">39</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">agent for such purposes, and covenants and agrees that service of process in any legal action or proceeding may be made upon it at
      such office of such agent.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.12&#160; &#160;&#160; <u>No Adverse
          Interpretation of Other Agreements</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a
      Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.13&#160; &#160;&#160; <u>Successors</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the
      Trustee in this Indenture shall bind its successor.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.14&#160; &#160;&#160; <u>Severability</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the
      validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.15&#160; &#160;&#160; <u>Table of
          Contents, Headings, Etc.</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been
      inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.16&#160; &#160;&#160; <u>Securities in a
          Foreign Currency or in ECU</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers&#8217; Certificate
      delivered pursuant to Section 2.02 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of
      Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars (including ECUs), then the
      principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes
      of this Section 10.16, &#8220;Market Exchange Rate&#8221; shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York; provided, however, in the case of ECUs, Market Exchange
      Rate shall mean the rate of exchange determined by the Commission of the European Union (or any successor thereto) as published in the Official Journal of the European Union (such publication or any successor publication, the &#8220;Journal&#8221;). If such
      Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, without liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of ECUs, the rate of exchange as
      published in the Journal, as of the most recent available date, or quotations or, in the case of ECUs, rates of exchange from one or more major banks in The City of New York or in the country of issue of the currency in question or, in the case of
      ECUs, in Luxembourg or such other quotations or, in the case of ECUs, rates of exchange as the Trustee, upon consultation with the Company, shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal
      amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">40</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination
      provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.17&#160; &#160;&#160; <u>Judgment
          Currency</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the
      purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the &#8220;Required Currency&#8221;) into a currency in which a judgment will be
      rendered (the &#8220;Judgment Currency&#8221;), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on
      which final unappealable judgment is entered, unless such day is not a New York Banking Day, then, the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York
      the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be
      discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result
      in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the
      Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this
      Indenture. For purposes of the foregoing, &#8220;New York Banking Day&#8221; means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to
      close.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 10.18&#160; &#160;&#160; <u>Compliance with
          Applicable Anti-Terrorism and Money Laundering Regulations</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to
      banking institutions, including those relating to the funding of terrorist activities and money laundering (&#8220;Applicable Law&#8221;), the Trustee is required to obtain, verify and record certain information relating to individuals and entities which
      maintain a business relationship with the Trustee. Accordingly, each of the parties agree to provide to the Trustee, upon its request from time to time such identifying information and documentation as may be available for such party in order to
      enable the Trustee to comply with the Applicable Law.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ARTICLE XI<br>
      <br>
      <br>
      SINKING FUNDS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 11.01&#160; &#160;&#160; <u>Applicability of
          Article</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a
      Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein
      referred to as a &#8220;mandatory sinking fund payment&#8221; and any other amount provided for</div>
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    <div style="text-align: justify; margin-bottom: 12pt;">by the terms of Securities of such 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 11.02. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of
      the securities of such Series.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 11.02&#160; &#160;&#160; <u>Satisfaction of
          Sinking Fund Payments with Securities</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of
      any Series to be made pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund
      redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to
      any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such
      Securities shall be received by the Registrar, together with an Officers&#8217; Certificate with respect thereto, not later than [&#160; &#160; ] days prior to the date on which the Registrar begins the process of selecting Securities for redemption, and shall be
      credited for such purpose by the Registrar at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or
      credit of Securities in lieu of cash payments pursuant to this Section 11.02, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $[&#160; &#160; &#160; &#160; ], the Registrar need not call
      Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the
      Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Paying Agent upon delivery by the Company to the Registrar of Securities of that Series purchased by the
      Company having an unpaid principal amount equal to the cash payment required to be released to the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 11.03&#160; &#160;&#160; <u>Redemption of
          Securities for Sinking Fund</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Not less than [&#160; &#160; ] days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or
      Officers&#8217; Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee and the Paying Agent an Officers&#8217; Certificate specifying the amount
      of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering
      and crediting of Securities of that Series pursuant to Section 11.02., and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein
      specified. Not less than [&#160; &#160; ] days (unless otherwise indicated in the Board Resolution, Officers&#8217; Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall
      select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 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
      3.03. Such notice having been duly given, the redemption of such Securities shall stated in Sections 3.04, 3.05 and 3.06.</div>
    <div style="text-align: center; margin-bottom: 12pt;">[<font style="font-style: italic;">The remainder of this page is
        intentionally left blank</font>]</div>
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    <div style="margin-bottom: 12pt;"><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first
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          <td style="width: 38.46%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
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          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 45.19%; vertical-align: top;" colspan="2">
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 45.19%; vertical-align: top;" colspan="2">
            <div style="text-align: justify;">as Trustee</div>
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Name:</div>
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Its:</div>
          </td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">
            <div style="text-align: justify;">By:</div>
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          <td style="width: 38.46%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Name:</div>
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Its:</div>
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 45.19%; vertical-align: top;" colspan="2">
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">
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          <td style="width: 38.46%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Its:</div>
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
          <td style="width: 7.98%; vertical-align: top;">&#160;</td>
          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">By:</div>
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          <td style="width: 9.33%; vertical-align: top;">&#160;</td>
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          <td style="width: 37.5%; vertical-align: top;">&#160;</td>
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  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">43</font></div>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>d8423540_ex5-1.htm
<TEXT>
<html>
  <head>
    <title></title>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 5.1</div>
    <div style="text-align: justify;"><img width="622" height="113" src="image0.jpg"></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zce4800abd5fb4932afdfa5afe21a85d5">

        <tr>
          <td style="width: 72.19%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">1 May 2020</div>
          </td>
          <td style="width: 27.81%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Ref.&#160; 29404.0040/JPL</div>
          </td>
        </tr>
        <tr>
          <td style="width: 72.19%; vertical-align: top;">
            <div>&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">By Email and by Hand</div>
            <div>&#160;</div>
          </td>
          <td style="width: 27.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.19%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">SFL Corporation Ltd.</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Par-la-Ville Place</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">14 Par-la-Ville Road</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Hamilton HM 08</div>
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Bermuda</div>
            <div>&#160;</div>
          </td>
          <td style="width: 27.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.19%; vertical-align: top;">&#160;</td>
          <td style="width: 27.81%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">Dear Sirs,</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;"><u>SFL Corporation Ltd.</u></div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Registration Statement on Form F-3</u></div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdea585a2dd9741aabab64d27e65b03ac">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Subject of Opinion</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">We are lawyers duly qualified to practise in Bermuda.&#160; This opinion as to the laws of Bermuda is addressed to you in connection with the preparation and filing
      with the Securities and Exchange Commission (the &#8220;<font style="font-weight: bold;">Commission</font>&#8221;) of a registration statement on Form F-3 (such registration statement as amended and supplemented from time to time), including the exhibits thereto
      (the &#8220;<font style="font-weight: bold;">Registration Statement</font>&#8221;), under the Securities Act of 1933, as amended (the &#8220;<font style="font-weight: bold;">Act</font>&#8221;) and the rules and regulations promulgated thereunder, in respect of SFL
      Corporation Ltd., a company incorporated under the laws of Bermuda (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) and SFL Finance Corporation Ltd., a wholly-owned subsidiary of the Company incorporated under the laws of the Republic of the
      Marshall Islands (&#8220;<font style="font-weight: bold;">SFL Finance Sub</font>&#8221;). The Registration Statement relates to the registration and offering by the Company or SFL Finance Sub (as applicable) in one or more public offerings of an indeterminate
      number of (i) the Company&#8217;s securities, which may include the Company&#8217;s common shares of par value US$0.01 each (&#8220;<font style="font-weight: bold;">Common Shares</font>&#8221;), the Company&#8217;s preferred shares (&#8220;<font style="font-weight: bold;">Company
        Preferred Shares</font>&#8221;), warrants to purchase the Company&#8217;s securities (&#8220;<font style="font-weight: bold;">Warrants</font>&#8221;), the Company&#8217;s debt securities, which may be guaranteed by SFL Finance Sub (&#8220;<font style="font-weight: bold;">Debt
        Securities</font>&#8221;), purchase contracts to purchase the Company&#8217;s securities (&#8220;<font style="font-weight: bold;">Purchase Contracts</font>&#8221;), rights to purchase the Company&#8217;s&#160;&#160; securities (the &#8220;<font style="font-weight: bold;">Rights</font>&#8221;), units
      comprised of any of the foregoing securities (&#8220;<font style="font-weight: bold;">Units</font>&#8221;) and guarantees by the Company, including with respect to the SFL Finance Sub Preferred Shares (as defined below) (the &#8220;<font style="font-weight: bold;">Guarantees</font>&#8221;
      and, together with the Common Shares, Company Preferred Shares, Warrants, Debt Securities, Purchase Contracts, Rights and Units, the &#8220;<font style="font-weight: bold;">Company</font>&#160;<font style="font-weight: bold;">Securities</font>&#8221;) and (ii) SFL
      Finance Sub&#8217;s securities, which may include SFL Finance Sub&#8217;s preferred shares (the &#8220;<font style="font-weight: bold;">SFL Finance Sub Preferred Shares</font>&#8221;), SFL Finance Sub&#8217;s debt securities and guarantees by SFL Finance Sub, including with
      respect to certain of the Company&#8217;s securities (together with the Company Securities, the &#8220;<font style="font-weight: bold;">Securities</font>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf6b512a8ecb54e118c5e7080dfba7d2c">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Documents<font style="color: #000000;"> Examined</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">For the purposes of this opinion we have examined and relied upon the following (collectively, the &#8220;<font style="font-weight: bold;">Documents</font>&#8221;):</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
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    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf0bfd5378b4e4d56af72c214ba624d3b">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">2.1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">a copy of the draft Registration Statement and the form of prospectus included therein (the &#8220;<font style="font-weight: bold;">Prospectus</font>&#8221;);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd38b46329c7a4aeb85e9a68c03cc6bcc">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">2.2.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the form of indenture to be entered into by the Company (filed as Exhibit 4.6 to the Registration Statement) (the &#8220;<font style="font-weight: bold;">Senior Indenture</font>&#8221;);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd6a2a0310d684d0b90a4866c48d0dbf5">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">2.3.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the form of subordinated indenture to be entered into by the Company (filed as Exhibit 4.7 to the Registration Statement) (the &#8220;<font style="font-weight: bold;">Subordinated Indenture</font>&#8221;
                  and, collectively with the Senior Indenture, the &#8220;<font style="font-weight: bold;">Indentures</font>&#8221;);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f67d7d9e6c1476aa2e9e815b41c411c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">2.4.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">a copy of the following documents for the Company, as certified by the Secretary thereof on 30 April 2020:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaa226f191ca142b09abd320e94134edd">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Certificate of Incorporation and Certificate of Incorporation on Change of Name;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f5c414fd6fb448582618db1a2a1d2f1">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Memorandum of Association;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2c05d930cdb843d6b7d58a307f5c7c69">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Bye-laws;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c8bf508a80445f1b5b4aa5264da8c66">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Resolutions passed by the Board of Directors of the Company on 29 April 2020 (the &#8220;<font style="font-weight: bold;">Resolutions</font>&#8221;);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8f55dd44b1c54aa08c90ea4f7406d75a">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Tax Assurance;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z246b078d4e3544e2995c166bf2765a50">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Register of Directors and Officers; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zee78229ec4f14629a99bd014486dad92">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">Register of Members.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8fdcb218cf664e7f89fbd43c082ae2e6">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">2.5.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">a certificate issued by an Officer of the Company dated 29 April 2020 (the &#8220;<font style="font-weight: bold;">Director&#8217;s Certificate</font>&#8221;);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5d016e29cff649889ecfdb07c1c7b2f6">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">2.6.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">a Certificate of Compliance issued by the Bermuda Registrar of Companies (&#8220;<font style="font-weight: bold;">ROC</font>&#8221;) in respect of the Company dated 27 April 2020; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z845b82c6f5f94322b8d8c18330060b86">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">2.7.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">such other documents as we have deemed necessary in order to render this opinion.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">A reference to a document does not include any other instrument or agreement whether or not specifically referred to therein or attached as an exhibit or
      schedule thereto. Except as stated in this paragraph 2, we have not examined any contract, instrument or other document entered into by, or affecting, the Company or any corporate records of the Company and have not made any other enquiries
      concerning the Company.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z59e3c11c19cf46b9882c701fc10995e1">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Searches</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">We have also relied upon our search of the documents of public record relating to the Bermuda Companies maintained and provided by the ROC on 30 April 2020 (the<font style="font-weight: bold;">&#160;</font>&#8220;<font style="font-weight: bold;">Search</font>&#8221;). We have not been able to conduct a search of the Cause Book maintained by the Registrar of the Supreme Court of Bermuda, given that physical searches of the Cause
      Book are not possible as the Supreme Court Registry is closed until at least 4 May 2020.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">Page 2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6b330a319c74481fb1b1cf18251d258a">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">4.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Opinion Limited to Bermuda Law</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000; font-family: 'Times New Roman', serif;">We have made no investigation of the laws of any jurisdiction other than Bermuda and this opinion is given only with respect to Bermuda law as
      applied by the courts of Bermuda at the date thereof and is governed by, and should be construed in accordance with, those laws. This opinion is limited to the matters stated herein and does not extend to, and is not intended to be extended by
      implication to, any other matters. We give this opinion on the basis that it will not give rise to any legal proceedings with respect thereto in any jurisdiction other than Bermuda.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za588d15c88234870afb86ee5bd46979b">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">5.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Assumptions</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000; font-family: 'Times New Roman', serif;">In giving this opinion we have assumed:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf833439481c544e08f54811cc8d343ca">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the authenticity, accuracy and completeness of all Documents (including, without limitation, public records) submitted to us as originals and the conformity to authentic original documents
                  of all Documents submitted to us as certified, conformed, notarised or photo static copies;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z82ddef5a69744b0a8f5987d507f0bfd0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.2.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the genuineness of all seals, signatures and markings on the Documents<font style="color: #000000;">;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z198d94322fe947f89efe8d3baa8dc49e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.3.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the authority, capacity and power of each of the persons signing the Documents (other than the Company)<font style="color: #000000;">;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf0fa42df43e7454da28f555d990f8d14">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.4.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">that any representation, warranty or statement of fact or law, other than the laws of Bermuda, made in any of the Documents, is true, accurate and complete;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd036510d59fe4afb9f2d375b685d4eaa">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.5.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">that each of the Documents which was received by electronic means is complete, intact and in conformity with the transmission as sent;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f9b5c61a76c4eeabee99e475db4eb3a">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.6.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would have any implication in relation to the opinions expressed
                  herein;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd14b0f548bbe44d4a09bada33a2310fc">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.7.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would be contravened by any actions taken by the Company in connection
                  with the Registration Statement or which would have any implication in relation to the opinion expressed herein and that, in so far as any obligation under, or action to be taken under, the Registration Statement is required to be
                  performed or taken in any jurisdiction outside Bermuda, the performance of such obligation or the taking of such action will constitute a valid and binding obligation of each of the parties thereto under the laws of that jurisdiction and
                  will not be illegal by virtue of the laws of that jurisdiction;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7795098dd5d44d989871fedaa6ec15f3">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.8.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">that the information disclosed by the Search has not been materially altered and that the Search did not fail to disclose any material information which had been delivered for filing or
                  registration, but was not disclosed or did not appear on the public files at the time of the Search<font style="color: #000000;">;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6be3c5eb01134b3eaee405f957ab6599">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.9.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">that no litigation, administrative or other proceeding of or before any governmental authority of Bermuda is pending against or affecting the Company;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z550425b88c0f40b5847a06af190b42f6">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.10.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">that the Company has not passed a voluntary winding-up resolution and that no petition has been presented to or order made by a court for the winding-up or dissolution of the Company;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">Page 3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze693aeb9a58a413a8d9431369f3e8913">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.11.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the Registration Statement, when filed with the Commission, and the Indentures, when executed and delivered, will not differ in any material way from the drafts thereof which we have
                  examined for the purposes of this opinion;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbc20f4ca6f5a4378a10fdcf4d25d86cc">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.12.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">there will be no amendment or addendum to or repeal of the Resolutions before the Securities are issued;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z168806100cd74eeea836653488fcf57e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.13.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the definitive terms of the Securities, other than Common Shares, to be offered pursuant to the Registration Statement will have been established in accordance with the Resolutions and
                  applicable law;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z526c16d85fb8486e93e4044ea7938f9e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.14.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">any Securities issuable upon conversion, exchange or exercise of any Security to be offered, will be duly authorised, created and, if appropriate, reserved for issuance upon such
                  conversion, exchange or exercise;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcf2bb7bb41984461aed50ffc11e6b893">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.15.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">any Securities consisting of Common Shares or Company Preferred Shares, including Common Shares or Company Preferred Shares issuable upon conversion, exchange or exercise of any Security
                  to be offered, or issued as part of a Unit, will be duly authorised and issued, and the certificates evidencing the same will be duly executed and delivered, against receipt of the consideration approved by the Company which will be no
                  less than the par value, if any, thereof;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z117b25099bd84001b587c8749b70d686">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.16.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;"><font style="color: #000000;">that all necessary corporate action will be taken to authorise and approve any issuance of Securities (including, if Company Preferred Shares are to be
                    issued, all necessary corporate action will be taken by </font>the<font style="color: #000000;"> shareholders of the Company to divide the Company&#8217;s shares into a class of Company Preferred Shares and all necessary corporate action
                    will be taken by the shareholders or the Board of Directors of the Company to establish one or more series of Company Preferred Shares and fix the designation, powers, preferences, rights, qualifications, limitations and restrictions
                    thereof);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zadbee8c75c674d98ac25086be4933acd">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.17.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the Registration Statement and the Prospectus, and any amendments thereto, will have become effective;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4ee1a01907be4729994c2df69650655a">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.18.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">one or more prospectus supplements will have been filed with the Commission describing the Securities to be offered thereby;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8b192cfe04944be29d3182176cecce68">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">5.19.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">all Securities will be issued in compliance with all matters of, and the validity and enforceability thereof under, applicable U.S. federal and state securities laws and other laws (other
                  than the laws of Bermuda, in respect of which we are opining);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf4cb8f6fdf604112934e6b0fcdfa066c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.20.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">prior to the date of issuance of any Securities, all necessary approvals of the Bermuda Monetary Authority (save in the case of the issuance of the Common Shares) will have been obtained
                  with respect to the issue and free transferability of the Securities to be issued;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za2de199e61ca4d5aa1c420fb57052d33">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.21.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">that the Company will comply, to the extent applicable, with the requirements of Part III of the Companies Act 1981 entitled &#8220;Prospectuses and Public Offers&#8221;;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5de2050151d74aacb3eb5e9440ef4a1a">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.22.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">with respect to the issuance and sale of any Debt Securities, that (i) with respect to any Senior Debt Securities, the Senior Indenture will have been duly executed and delivered by the
                  Company and the trustee named therein, (ii) with respect to any Subordinated Debt Securities, the Subordinated Indenture will have been duly executed and delivered by the Company and the trustee named therein;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">Page 4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z661c3e6c60444655af6f843f90786f93">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.23.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">with respect to all Debt Securities, when issued, will be executed, authenticated, issued and delivered (a) against receipt of the consideration therefor approved by the Company and (b) as
                  provided in the indenture with respect thereto;&#160;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zebcf164ce12a4585bf115520354d37d1">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.24.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">with respect to the issuance and sale of any series of Company Preferred Shares, that an appropriate certificate of designations, or similar instrument setting forth the preferential,
                  qualified or special rights, privileges or conditions with respect to such series of Company Preferred Shares will have been duly and validly authorised and adopted by the Company;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z22536550c94442589bbc7cb1182fd9b9">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.25.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">with respect to the issuance and sale of any Warrants, that (i) a warrant agreement with respect to such Warrants will have been executed and delivered by the Company and the warrant
                  agent, (ii) the Warrants will have been duly executed and delivered by the Company and duly executed by any warrant agent appointed by the Company, and (iii) the Warrants will have been issued and delivered by the Company against receipt
                  of the consideration therefor approved by the Company;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z48ded858a6074711977694bb6107af41">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.26.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">with respect to the issuance and sale of any Purchase Contracts, that (i) a purchase agreement with respect to such Purchase Contracts will have been executed and delivered by the parties
                  thereto, and (ii) the Purchase Contracts will have been duly executed and delivered in accordance with the purchase agreement upon payment of the consideration therefor provided for therein;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z85034e28ac034899b39fc62e8ba43b43">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.27.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">with respect to the issuance and sale of any Units, that (i) a purchase agreement with respect to such Units will have been executed and delivered by the parties thereto, and (ii) the
                  Units, if in certificated form, will have been duly executed and delivered in accordance with the purchase agreement upon payment of the consideration therefor provided for therein; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcd8304ebb2d2492c8bc54b71517470f5">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">5.28.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">with respect to the issuance and sale of any Rights, that (i) a purchase agreement with respect to such Rights will have been executed and delivered by the parties thereto, and (ii) the
                  Rights, if in certificated form, will have been duly executed and delivered in accordance with the purchase agreement upon payment of the consideration therefor provided for therein.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zceabd58502924cfeaa52de9c648dd44b">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">6.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Opinion</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">Based upon and subject to the foregoing and subject to the reservations set out below and to any matters not disclosed to us, we are of the opinion that:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7d2dd1c16c8444d590d905aa783b381d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">6.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the Company is duly incorporated for an indefinite period as an exempted limited company, and is validly existing and in &#8216;good standing&#8217; under the laws of Bermuda;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z993f91be2d4a40c99e07cad435cebbf0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;"><font style="color: #000000;">the </font>Common Shares and the Company Preferred Shares have been duly authorised and any Securities consisting of Common Shares or Company Preferred
                  Shares, including any Common Shares or Company Preferred Shares issuable on conversion, exercise or exchange of other Securities, or issued as part of a Unit<font style="color: #000000;">, when issued, sold and paid for as contemplated in
                    conformity with the Resolutions and the Prospectus or any prospectus supplement, will be validly issued, fully paid and non-assessable</font>;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">Page 5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdd4be9a7246b4c72bf9d8ad28c94d75d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">6.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">any Securities consisting of Debt Securities, Warrants, Purchase Contracts, Units or Rights have been duly authorised and will constitute legal, valid and binding obligations of the
                  Company and will be, in the case of Debt Securities, entitled to benefits provided by the applicable Indenture;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z370449d2020645dd9a27ef9053d1dd56">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">6.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">the Guarantees will constitute a validly issued and binding obligation of the Company when: (i) the Registration Statement, as finally amended (including any necessary post-effective
                  amendments), shall have become effective under the Act; (ii) a prospectus supplement with respect to the Guarantees shall have been filed with the Commission in compliance with the Act and the rules and regulations promulgated thereunder;
                  (iii) the board of directors of the Company, or a duly authorised committee thereof, shall have duly adopted final resolutions, in compliance with the Companies Act 1981 and the Company&#8217;s Bye-laws, approving the form, and authorising the
                  issuance, of the Guarantees and such Guarantees have been executed by a signatory of the Company duly authorised by such board, or committee, resolutions to do so, and (iv) the securities of SFL Finance Sub to which the Guarantees relate
                  have been duly issued; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3bf81d31a0af4b6d87cbcfcb5a0ac377">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">6.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">so far as can be ascertained from the Director&#8217;s Certificate, the Company is not engaged in or threatened with any action, suit, or proceeding before any court in Bermuda.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zafbda238cf514e89a3087935dad5b0d0">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">7.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Reservations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000; font-family: 'Times New Roman', serif;">We have the following reservations:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5f9a36642ef5489b8e8c16aa137756cf">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">7.1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif;">we have relied upon a remote search of public records on file at the offices of the ROC, but we note that the records disclosed by this search may not be complete or up to date;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb6d14720da9444fe95a60e93640380d0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">7.2.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">any reference in this opinion to securities being &#8220;non-assessable&#8221; means, in relation to fully-paid securities of the Company and subject to any contrary provision in any
                  agreement in writing between the Company and the holder of securities, that: no security holder shall be obliged to contribute further amounts to the capital of the Company, either in order to complete payment for their securities, to
                  satisfy claims of creditors of the Company, or otherwise; and no security holder shall be bound by an alteration of the Memorandum of Association or Bye-Laws of the Company after the date on which he became a security holder, if and so
                  far as the alteration requires him to take, or subscribe for additional securities, or in any way increases his liability to contribute to the share capital of, or otherwise to pay money to, the Company;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8f26d0d805154f4cba3127f8732b0d77">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">7.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">with respect to the opinions given herein, we have relied upon statements and representations made to us in the Director&#8217;s Certificate provided to us by an authorised
                  officer of the Company. We have made no independent verification of the matters referred to in such certificate, and we qualify such opinions to the extent that the statements or representations made in the certificate are not accurate in
                  any respect; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf012b01de9fc4e049c7c3edb597823ac">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">7.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-family: 'Times New Roman', serif;">any reference in this opinion to the Company being &#8220;in good standing&#8221; means having paid all fees and taxes and having made all filings required by the laws of Bermuda in
                  order to maintain the valid existence of the Company pursuant to such laws.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">Page 6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd0225571a8e4405291d2d4f7f3c291f1">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">8.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Disclosure</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000; font-family: 'Times New Roman', serif;">This opinion is addressed to the Company and, save as referred to herein, is neither to be transmitted to any other person, nor relied upon by
      any other person or for any other purpose, nor quoted, nor referred to in any public document, nor filed with any governmental agency or person without our prior written consent, except as may be required by law.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement and to the references to our firm, under the captions &#8220;Legal
      Matters&#8221; in the prospectus attached thereto, without admitting that we are &#8220;experts&#8221;, within the meaning of the Act or the rules and regulations of the Commission thereunder, with respect to any part of the Registration Statement.&#160; In giving such
      consent, we do not hereby admit that we are in the category of persons whose consent is required under section 7 of the Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000; font-family: 'Times New Roman', serif;">This opinion speaks as of its date and is strictly limited to the matters stated in it and we assume no obligation to review or update this
      opinion if applicable law or the existing facts or circumstances should change.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Yours faithfully,</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">/s/ MJM Limited</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">MJM&#160; LIMITED</div>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">Page 7</font></div>
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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>5
<FILENAME>d8423540_ex5-2.htm
<TEXT>
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  <head>
    <title></title>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 5.2</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="zb0908122c2634df89cbdca861494bd40" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 21.07%; vertical-align: top;">&#160;</td>
          <td style="width: 55.1%; vertical-align: top;" colspan="2">
            <div style="text-align: center; font-size: 14pt; font-variant: small-caps;">Seward &amp; Kissel llp</div>
            <div style="text-align: center;">ONE BATTERY PARK PLAZA</div>
            <div style="text-align: center;">NEW YORK, NEW YORK&#160; 10004</div>
          </td>
          <td style="width: 23.83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 21.07%; vertical-align: top;">&#160;</td>
          <td style="width: 55.1%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 23.83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 21.07%; vertical-align: top;"><br>
          </td>
          <td style="width: 55.1%; vertical-align: top;" colspan="2">
            <div style="text-align: center;">TELEPHONE:&#160; (212)&#160; 574-1200</div>
            <div style="text-align: center;">FACSIMILE:&#160; (212) 480-8421</div>
            <div style="text-align: center;">WWW.SEWKIS.COM</div>
          </td>
          <td style="width: 23.83%; vertical-align: top;">
            <div style="text-align: center; font-size: 8pt;">901 K STREET, NW</div>
            <div style="text-align: center; font-size: 8pt;">WASHINGTON, D.C. 20001</div>
            <div style="text-align: center; font-size: 8pt;">TELEPHONE:&#160; (202) 737-8833</div>
            <div style="text-align: center; font-size: 8pt;">FACSIMILE:&#160; (202) 737-5184</div>
          </td>
        </tr>
        <tr>
          <td style="width: 21.07%; vertical-align: top;">&#160;</td>
          <td style="width: 55.1%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 23.83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 21.07%; vertical-align: top;">&#160;</td>
          <td style="width: 27.55%; vertical-align: top;">&#160;</td>
          <td style="width: 27.55%; vertical-align: top;">&#160;</td>
          <td style="width: 23.83%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
  </div>
  <div> <br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: right; margin-left: 234pt; margin-bottom: 18pt;">May 1, 2020</div>
    <div style="margin-bottom: 12pt;">SFL Corporation Ltd.<br>
      Par-la-Ville Place<br>
      14 Par-la-Ville Road<br>
      Hamilton HM 08<br>
      Bermuda</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z6a62b8c6d19d41f9a8834c677da1975e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">Re:</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">SFL Corporation Ltd.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Ladies and Gentlemen:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">We have acted as counsel to SFL Corporation Ltd. (&#8220;SFL Parent&#8221;), a company incorporated under the laws of the Islands of Bermuda, and SFL Finance Corporation Ltd., a wholly-owned
      finance subsidiary of SFL Parent incorporated under the laws of the Republic of the Marshall Islands on December 3, 2019 (&#8220;SFL Finance Sub&#8221;) in connection with SFL Parent&#8217;s and SFL Finance Sub&#8217;s registration statement on Form F-3, as filed with the
      U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;), as thereafter amended or supplemented (the &#8220;Registration Statement&#8221;), relating to the registration under the U.S. Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and offering by
      SFL Parent or SFL Finance Sub (as applicable) in one or more public offerings (the &#8220;Offering&#8221;) of an indeterminate number of (i) SFL Parent&#8217;s securities, which may include SFL Parent&#8217;s common shares, par value $1.00 per share, (the &#8220;Common Shares&#8221;),
      SFL Parent&#8217;s preferred shares (the &#8220;SFL Parent Preferred Shares&#8221;), SFL Parent&#8217;s debt securities (the &#8220;SFL Parent Debt Securities&#8221;), warrants to purchase SFL Parent&#8217;s securities (the &#8220;Warrants&#8221;), rights to purchase SFL Parent&#8217;s securities (the
      &#8220;Rights&#8221;), purchase contracts to purchase SFL Parent&#8217;s securities (the &#8220;Purchase Contracts&#8221;), and units comprised of any of the foregoing securities (the &#8220;Units&#8221;)&#160; and guarantees of SFL Parent, including with respect to the SFL Finance Sub Preferred
      Shares and the SFL Finance Sub Debt Securities (as defined below) (the &#8220;SFL Parent Guarantees,&#8221; and, together with the Common Shares, SFL Parent Preferred Shares, the SFL Parent Debt Securities, the Warrants, the Rights, the Purchase Contracts and
      the Units, the &#8220;SFL Parent Securities&#8221;); and (ii) SFL Finance Sub&#8217;s securities, which may include SFL Finance Sub&#8217;s preferred shares (the &#8220;SFL Finance Sub Preferred Shares&#8221;), SFL Finance Sub&#8217;s debt securities (the &#8220;SFL Finance Sub Debt Securities&#8221;),
      and guarantees of SFL Finance Sub with respect to the SFL Parent Debt Securities (the &#8220;SFL Finance Sub Guarantees,&#8221; and together with the SFL Finance Sub Preferred Shares and SFL Finance Sub Debt Securities, the &#8220;SFL Finance Sub Securities,&#8221; and, the
      SFL Finance Sub Securities together with the SFL Parent Securities shall be referred to herein as the &#8220;Securities&#8221;).</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;">
      <div>May 1, 2020</div>
      <div style="margin-bottom: 24pt;">Page 2</div>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">We have examined originals or copies, certified or otherwise identified to our satisfaction, of (i) the Registration Statement, (ii) the prospectus of SFL Parent and SFL Finance
      Sub included in the Registration Statement (the &#8220;Prospectus&#8221;), and (iii) such corporate documents and records of SFL Parent and SFL Finance Sub (as applicable) and such other instruments, certificates and documents as we have deemed necessary or
      appropriate as a basis for the opinions hereinafter expressed.&#160;In such examinations, we have assumed the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies or
      drafts of documents to be executed, the genuineness of all signatures and the legal competence or capacity of persons or entities to complete the execution of documents.&#160;As to various questions of fact that are material to the opinions hereinafter
      expressed, we have relied upon statements or certificates of public officials, directors and officers of SFL Parent and SFL Finance Sub (as applicable) and others.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">We have further assumed for the purposes of this opinion, without investigation, that (i) all documents contemplated by the Prospectus and any related supplement thereto to be
      executed in connection with the Offering will have been duly authorized, executed and delivered by each of the parties thereto, (ii) the terms of the Offering will comply in all respects with the terms, conditions and restrictions set forth in the
      Prospectus and any related supplement thereto and all of the instruments, agreements and other documents relating thereto or executed in connection therewith, (iii) that the board of directors of SFL Parent and SFL Finance Sub (as applicable) will
      have taken all actions necessary to authorize the issuance and sale of the Securities, and (iv) that the specific terms of the Securities to be established subsequent to the date hereof will have been determined in accordance with all board
      resolutions or other authorization requirements, will comply with all applicable laws, and will not conflict with any instrument or agreement binding on SFL Parent or SFL Finance Sub (as applicable) or any restriction imposed by any court or
      governmental body having jurisdiction over SFL Parent or SFL Finance Sub (as applicable).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">Based upon and subject to the foregoing, and having regard to such other legal considerations which we deem relevant, we are of the opinion that under the laws of the State of
      New York:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">1.<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>With respect to the Warrants, Rights and Purchase Contracts (together the
      &#8220;Subscription Securities&#8221;), when the Subscription Securities have been issued and delivered in accordance with the terms of the applicable warrant agreement, rights agreement, purchase contract, or similar agreement approved by SFL Parent, as
      contemplated in the Prospectus or prospectus supplement related thereto, and upon payment of the consideration therefor or provided for therein and in any applicable definitive purchase, underwriting or similar agreement approved by SFL Parent, then
      the Subscription Securities will constitute valid and legally binding obligations of SFL Parent in accordance with the terms thereof.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;">
      <div style="margin-bottom: 10pt;">
        <div>May 1, 2020</div>
        <div style="margin-bottom: 24pt;">Page 3<br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">2.<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>With respect to the SFL Parent Debt Securities to be issued in one or more series
      under an indenture (the &#8220;SFL Parent Indenture&#8221;) to be entered into by SFL Parent and a trustee (the &#8220;Trustee&#8221;), when the Trustee is qualified to act as trustee under the SFL Parent Indenture, the SFL Parent Indenture has been duly qualified, the SFL
      Parent Debt Securities have been duly executed, authenticated, issued and delivered in accordance with the provisions of the SFL Parent Indenture and the other applicable agreements approved by SFL Parent and as contemplated in the Prospectus or
      prospectus supplement related thereto, upon payment of the consideration thereof or provided for therein, and in any applicable definitive purchase, underwriting or similar agreement approved by SFL Parent, the SFL Parent Debt Securities will
      constitute valid and legally binding obligations of SFL Parent in accordance with the terms thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">3.<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>With respect to the Units, when the Units have been issued and delivered in
      accordance with the terms of the applicable agreement(s) approved by SFL Parent, and as contemplated in the Prospectus or prospectus supplement related thereto, upon payment of the consideration thereof or provided for therein and in any applicable
      definitive purchase, underwriting or similar agreement approved by SFL Parent, then the Units, except in the case of an equity security of SFL Parent forming part of a Unit, will constitute valid and legally binding obligations of SFL Parent in
      accordance with the terms thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">4.<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>When (a) the terms of any particular series of SFL Finance Sub Preferred Shares have
      been established in accordance with SFL Finance Sub&#8217;s Articles of Incorporation, as amended from time to time, and applicable corporate proceedings authorizing the issuance and sale of SFL Finance Sub Preferred Shares, (b) a statement of designations
      or amendment to SFL Finance Sub&#8217;s Articles of Incorporation, as amended from time to time, conforming with Marshall Islands law regarding the SFL Finance Sub Preferred Shares has been filed with and accepted by the Registrar of Corporations of the
      Republic of the Marshall Islands and (c) the SFL Finance Sub Preferred Shares constituting a portion of the Securities, and any SFL Finance Sub Preferred Shares underlying any SFL Finance Sub Debt Securities constituting Securities, have been issued,
      sold and paid for as contemplated in the Prospectus, the SFL Finance Sub Preferred Shares will be validly issued, fully paid and non-assessable.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">5.<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>With respect to the SFL Finance Sub Debt Securities, when the applicable indenture
      relating to such SFL Finance Sub Debt Securities (the &#8220;<u>SFL Parent Indenture</u>&#8221;) has been duly qualified and the SFL Finance Sub has taken all necessary action to approve the issuance and terms of the SFL Finance Sub Debt Securities and the terms
      of the offering thereof and related matters and the SFL Finance Sub Debt Securities have been duly executed, authenticated, issued and delivered in accordance with the provisions of the SFL Parent Indenture and the other applicable agreements
      approved by the SFL Finance Sub and as contemplated in the Prospectus or prospectus supplement related thereto, and upon payment of the consideration thereof or provided for therein, the SFL Finance Sub Debt Securities will be legally issued and will
      constitute valid and legally binding obligations of the SFL Finance Sub, enforceable against the SFL Finance Sub in accordance with their terms, except as the enforcement thereof (i) may be limited by any applicable bankruptcy, insolvency,
      reorganization, fraudulent conveyance, fraudulent transfer, fraudulent obligation, moratorium or other similar laws affecting generally the enforceability of creditors&#8217; rights and remedies or the collection of debtor&#8217;s obligations from time to time
      in effect, and (ii) is subject to general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law, including the application of principles of good faith, fair dealing, course of dealing,
      course of performance, commercial reasonableness, materiality, unconscionability and conflict with public policy and other similar principles; or other law relating to or affecting creditors&#8217; rights generally and general principles of equity.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;">May 1, 2020
      <div style="margin-bottom: 10pt;">
        <div style="margin-bottom: 24pt;">Page 4<br>
        </div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">6.<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>With respect to the SFL Finance Sub Guarantees, when (i) the SFL Parent Indentures
      have been duly qualified under the Trust Indenture Act of 1939, as amended; (ii) SFL Parent and SFL Finance Sub, as applicable, have taken all necessary action to approve the issuance and terms of such SFL Parent Debt Securities and any SFL Finance
      Sub Guarantees, the terms of the Offering and related matters; and (iii) such SFL Parent Debt Securities and SFL Finance Sub Guarantees have been duly executed, authenticated, issued and delivered in accordance with the provisions of the applicable
      SFL Parent Indenture and the applicable definitive purchase, underwriting or similar agreement approved by SFL Parent and SFL Finance Sub (as applicable) and upon payment of the consideration therefore or provided for therein, such SFL Finance Sub
      Guarantees will be legally issued and will constitute valid and legally binding obligations of SFL Finance Sub, enforceable against the SFL Finance Sub, in accordance with their terms, except as such enforcement may be subject to any applicable
      bankruptcy, insolvency, reorganization, fraudulent conveyance or other law relating to or affecting creditors' rights generally and general principles of equity.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">The foregoing opinions are subject, in each case, to applicable insolvency, bankruptcy, reorganization, moratorium, fraudulent transfer, fraudulent conveyance or other similar
      laws affecting generally the enforceability of creditors&#8217; rights from time to time in effect and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, including application of principles of
      good faith, fair dealing, commercial reasonableness, materiality, unconscionability and conflict with public policy and other similar principles.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">This opinion is limited to the laws of the State of New York as in effect on the date hereof.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, and to the reference to us under the heading &#8220;Legal Matters&#8221; in the Prospectus,
      without admitting we are &#8220;experts&#8221; within the meaning of the Securities Act or the rules and regulations of the Commission promulgated thereunder with respect to any part of the Registration Statement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
    </div>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>Very truly yours,</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>/s/ Seward &amp; Kissel LLP</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>6
<FILENAME>d8423540_ex8-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right; font-weight: bold;">Exhibit 8.1<br>
  </div>
  <div><font style="font-weight: bold;"> </font><br>
  </div>
  <div>
    <div style="margin-bottom: 12pt;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zf114b232bf934ca58901ad4eedeb450a">

          <tr>
            <td style="width: 21.07%; vertical-align: top;">&#160;</td>
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              <div style="text-align: center; font-size: 14pt; font-variant: small-caps;">Seward &amp; Kissel llp</div>
              <div style="text-align: center;">ONE BATTERY PARK PLAZA</div>
              <div style="text-align: center;">NEW YORK, NEW YORK&#160; 10004</div>
            </td>
            <td style="width: 23.83%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.07%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 55.1%; vertical-align: top;">&#160;</td>
            <td style="width: 23.83%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 21.07%; vertical-align: top;"><br>
            </td>
            <td colspan="2" style="width: 55.1%; vertical-align: top;">
              <div style="text-align: center;">TELEPHONE:&#160; (212)&#160; 574-1200</div>
              <div style="text-align: center;">FACSIMILE:&#160; (212) 480-8421</div>
              <div style="text-align: center;">WWW.SEWKIS.COM</div>
            </td>
            <td style="width: 23.83%; vertical-align: top;">
              <div style="text-align: center; font-size: 8pt;">901 K STREET, NW</div>
              <div style="text-align: center; font-size: 8pt;">WASHINGTON, D.C. 20001</div>
              <div style="text-align: center; font-size: 8pt;">TELEPHONE:&#160; (202) 737-8833</div>
              <div style="text-align: center; font-size: 8pt;">FACSIMILE:&#160; (202) 737-5184</div>
            </td>
          </tr>
          <tr>
            <td style="width: 21.07%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 55.1%; vertical-align: top;">&#160;</td>
            <td style="width: 23.83%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt;">
      <div style="text-align: right; margin-left: 234pt; margin-bottom: 18pt;">May 1, 2020</div>
    </div>
    <div style="margin-bottom: 12pt;">SFL Corporation Ltd.<br>
      14 Par-la-Ville Road<br>
      Hamilton HM 08<br>
      Bermuda</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1045de3cea5b41938c4711b45eb18412">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">Re:</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>SFL Corporation Ltd.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">Ladies and Gentlemen:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">You have requested our opinion regarding certain United States federal income tax matters relating to SFL Corporation Ltd. (the &#8220;Company&#8221;) and the holders of shares of the
      Company&#8217;s common stock.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">In formulating our opinion as to these matters, we have examined such documents as we have deemed appropriate, including the Registration Statement and amendments to such
      Registration Statement filed by the Company on Form F-3 with the Securities and Exchange Commission (the &#8220;Commission&#8221;) pursuant to the Securities Act of 1933, as amended, through the date hereof (the &#8220;Registration Statement&#8221;) and the prospectus of
      the Company included in the Registration Statement. We also have obtained such additional information as we have deemed relevant and necessary from representatives of the Company.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">Capitalized terms not defined herein have the meanings ascribed to them in the Registration Statement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">Based on the facts as set forth in the Registration Statement and the Company&#8217;s annual report on Form 20-F for the fiscal year ended December 31, 2019 (the &#8220;Annual Report&#8221;),
      which is incorporated by reference into the Registration Statement, and in particular, on the representations, covenants, assumptions, conditions and qualifications described in the Annual Report under (i)&#160;the risk factors entitled &#8220;There is a risk
      that U. S. tax authorities could treat us as a &#8216;passive foreign investment company,&#8217; which would have adverse U.S. federal income tax consequences to U.S. shareholders,&#8221; and &#8220;We may have to pay tax on U.S. source income, which would reduce our
      earnings&#8221; and (ii) Item&#160;10E of the Annual Report entitled &#8220;Taxation&#8212;U.S. Taxation,&#8221; we hereby confirm that the opinions with respect to United States federal income tax considerations expressed in the discussions in the sections listed in (i)&#160;and
      (ii)&#160;are the opinions of Seward &amp; Kissel LLP and accurately state our view as to the tax matters discussed therein.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div>May 1, 2020</div>
    <div style="margin-bottom: 24pt;">Page 2</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">Our opinions and the tax discussion as set forth in the Registration Statement are based on the current provisions of the U.S. Internal Revenue Code of 1986, as amended, the
      Treasury Regulations promulgated thereunder, published pronouncements of the Internal Revenue Service which may be cited or used as precedents, and case law, any of which may be changed at any time with retroactive effect. No opinion is expressed on
      any matters other than those specifically referred to above by reference to the Registration Statement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement without admitting we are &#8220;experts&#8221; within the meaning of the Securities Act of 1933,
      as amended, or the rules and regulations of the Commission thereunder with respect to any part of the Registration Statement.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z7baa8913f1524e57bea82bd052c541aa">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Very truly yours,</div>
            <div style="text-align: justify;"> <br>
            </div>
            <div style="text-align: justify; margin-top: 12pt;">/s/ Seward &amp; Kissel LLP<br>
            </div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 10pt;"><br>
    </div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>7
<FILENAME>d8423540_ex23-3.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; margin-bottom: 24pt; font-weight: bold;">Exhibit 23.3</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
    <div style="text-align: justify; margin-bottom: 24pt;">We consent to the incorporation by reference in this Registration Statement on Form F-3 of our report dated March 27, 2020, relating to the consolidated financial statements of SFL Corporation Ltd.
      and its subsidiaries (the &#8220;Company&#8221;) and the effectiveness of the Company&#8217;s internal control over financial reporting, appearing in the Company&#8217;s Annual Report on Form 20-F for the year ended December 31, 2019. We also consent to the reference to us
      under the heading &#8220;Experts&#8221; in this Registration Statement.</div>
    <div style="margin-bottom: 12pt;">Very truly yours,</div>
    <div style="margin-bottom: 12pt;"><u>/s/ MSPC</u><br>
      MSPC</div>
    <div style="margin-bottom: 12pt;">Certified Public Accountants and Advisors,<br>
      A Professional Corporation</div>
    <div style="margin-bottom: 12pt;">New York, New York<br>
      May 1, 2020</div>
  </div>
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</TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
