<SEC-DOCUMENT>0001206774-20-003073.txt : 20201117
<SEC-HEADER>0001206774-20-003073.hdr.sgml : 20201117
<ACCEPTANCE-DATETIME>20201117070059
ACCESSION NUMBER:		0001206774-20-003073
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20201117
DATE AS OF CHANGE:		20201117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSCAT INC
		CENTRAL INDEX KEY:			0000099302
		STANDARD INDUSTRIAL CLASSIFICATION:	INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825]
		IRS NUMBER:				160874418
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0328

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-250135
		FILM NUMBER:		201319243

	BUSINESS ADDRESS:	
		STREET 1:		35 VANTAGE POINT DRIVE
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14624
		BUSINESS PHONE:		5853527777

	MAIL ADDRESS:	
		STREET 1:		35 VANTAGE POINT DRIVE
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14624

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRANSMATION INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>transcat3828291-s3.htm
<DESCRIPTION>REGISTRATION STATEMENT FOR SPECIFIED TRANSACTIONS BY CERTAIN ISSUERS
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<DIV>


<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">As filed with the Securities and Exchange Commission on November 17, 2020</FONT></B></P>

<P style="TEXT-ALIGN: right"><B><FONT size=2 face="Times New Roman">Registration No. 333-</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face="Times New Roman">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR></FONT></B><B><FONT size=3 face="Times New Roman">Washington, D.C. 20549<BR></FONT></B><FONT size=2 face="Times New Roman">___________________</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face="Times New Roman">FORM S-3</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face="Times New Roman">REGISTRATION STATEMENT<BR></FONT></B><B><FONT size=3 face="Times New Roman">UNDER THE SECURITIES ACT OF 1933<BR></FONT></B><FONT size=2 face="Times New Roman">___________________</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face="Times New Roman">TRANSCAT, INC.<BR></FONT></B><FONT size=2 face="Times New Roman">(Exact name of registrant as specified in its charter)</FONT></P>

<TABLE style=" BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">Ohio</FONT></B></TD>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">16-0874418</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=center><FONT size=2 face="Times New Roman">(State or other jurisdiction of incorporation or organization)</FONT></TD>

   <TD width="50%" noWrap align=center><FONT size=2 face="Times New Roman">(I.R.S. Employer Identification Number)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 100%; white-space: nowrap; text-align: center; padding-top: 10pt">



   <div style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">35 Vantage Point Drive<BR>Rochester, New York 14624<BR>(585) 352-7777</FONT></B></div><FONT size=2 face="Times New Roman">(Address, including zip code, and telephone number, including area code, of registrant&#8217;s principal executive offices)</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">Lee D. Rudow, President and Chief Executive Officer<BR>Transcat, Inc.<BR></FONT></B><B><FONT size=2 face="Times New Roman">35 Vantage Point Drive<BR>Rochester, New York 14624<BR>(585) 352-7777<BR></FONT></B><FONT size=2 face="Times New Roman">(Name, address, including zip code and telephone number, including area code, of agent for service)<BR>___________________</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">COPIES TO:</FONT></P>

<TABLE style=" BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">James M. Jenkins, Esq.</FONT></B></TD>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">Kayla E. Klos, Esq.</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">General Counsel and VP of Corporate Development</FONT></B></TD>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">Harter Secrest &amp; Emery LLP</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">Transcat, Inc.</FONT></B></TD>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">50 Fountain Plaza, Suite 1000</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">35 Vantage Point Drive</FONT></B></TD>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">Buffalo, NY 14202</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">Rochester, New York 14624</FONT></B></TD>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">(716) 853-1616</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">(585) 352-7777</FONT></B></TD>

   <TD width="50%" noWrap align=left></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">___________________</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Approximate date of commencement of proposed sale to the public: </FONT></B><FONT size=2 face="Times New Roman">From time to time after the effective date of this registration statement.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. &#9744;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. &#9746;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">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. &#9744; </FONT><FONT size=2 face="Times New Roman"></FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">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. &#9744;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. &#9744;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">If this Form is a post-effective amendment to a
registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional
classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. &#9744;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;).</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="width: 4%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Large accelerated filer&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left">&#9744;</TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Accelerated filer</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&#9746;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Non-accelerated filer</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&#9744;</TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Smaller reporting company&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&#9746;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Emerging growth company</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&#9744;</TD></TR></TABLE>

<div style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">___________________</FONT></div>
<P STYLE="text-align: center"><B><FONT size=2 face="Times New Roman">CALCULATION OF REGISTRATION FEE</FONT></B></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 84%; white-space: nowrap; text-align: left; border-top: Black 2pt double"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-top: Black 2pt double">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD STYLE="border-top: Black 2pt double; width: 3%; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-top: Black 2pt double">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD STYLE="border-top: Black 2pt double; width: 3%; white-space: nowrap; text-align: center"><B><FONT size=2 face="Times New Roman">Proposed maximum</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-top: Black 2pt double">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD STYLE="border-top: Black 2pt double; width: 3%; white-space: nowrap; text-align: center"><B><FONT size=2 face="Times New Roman">Proposed maximum</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-top: Black 2pt double">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD STYLE="border-top: Black 2pt double; width: 3%; white-space: nowrap; text-align: center"><B><FONT size=2 face="Times New Roman">Amount of</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="84%" noWrap align=center><B><FONT size=2 face="Times New Roman">Title of each class of securities</FONT></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="CENTER" STYLE="text-align: center"><B><FONT size=2 face="Times New Roman">Amount to be</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="CENTER" STYLE="text-align: center"><B><FONT size=2 face="Times New Roman">offering price</FONT></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="CENTER" STYLE="text-align: center"><B><FONT size=2 face="Times New Roman">aggregate offering</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="CENTER" STYLE="text-align: center"><B><FONT size=2 face="Times New Roman">registration</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 84%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face="Times New Roman">to be registered</FONT></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: center"><B><FONT size=2 face="Times New Roman">registered </FONT></B><B><FONT size=2 face="Times New Roman"><SUP>(1)</SUP></FONT></B></TD>

   <TD width="1%" noWrap align=right><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: center"><B><FONT size=2 face="Times New Roman">per unit <SUP>(1)</SUP></FONT></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: center"><B><FONT size=2 face="Times New Roman">price <SUP>(1)(2)</SUP></FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 3%; white-space: nowrap; text-align: center"><B><FONT size=2 face="Times New Roman">fee <SUP>(3)</SUP></FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="84%" noWrap align=left><FONT size=2 face="Times New Roman">Common stock, par value $0.50 per share <SUP>(4)</SUP></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="84%" noWrap align=left><FONT size=2 face="Times New Roman">Warrants <SUP>(5)</SUP></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="84%" noWrap align=left><FONT size=2 face="Times New Roman">Purchase Contracts <SUP>(6)</SUP></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="84%" noWrap align=left><FONT size=2 face="Times New Roman">Debt Securities <SUP>(7)</SUP></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="84%" noWrap align=left><FONT size=2 face="Times New Roman">Units <SUP>(8)</SUP></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="width: 84%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">Total</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double; text-align: center"><FONT size=2 face="Times New Roman">$75,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double; text-align: center"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double; text-align: center"><FONT size=2 face="Times New Roman">$75,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double; text-align: center"><FONT size=2 face="Times New Roman">$8,182.50 <SUP>(3)</SUP></FONT></TD></TR></TABLE>

<BR>

<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 15pt; text-align: left; vertical-align: top; padding-left: 15pt"><FONT size=1 face="Times New Roman">(1)</FONT></TD>

   <TD STYLE="width: 99%; text-align: left; text-align: justify"><FONT size=2 face="Times New Roman">Information as to each class of security has been omitted pursuant to General Instruction II.D of Form S-3 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 15pt; text-align: left; vertical-align: top; padding-left: 15pt"><FONT size=1 face="Times New Roman">(2) </FONT></TD>

   <TD STYLE="width: 99%; text-align: left; text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Estimated for the sole purpose of computing the registration fee in accordance with Rule 457(o) under the Securities Act and exclusive of accrued interest, distributions and dividends, if any.</FONT></P></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 15pt; text-align: left; vertical-align: top; padding-left: 15pt"><FONT size=1 face="Times New Roman">(3)</FONT></TD>

   <TD STYLE="width: 99%; text-align: left; text-align: justify"><FONT size=2 face="Times New Roman">On December 20, 2017, we filed a shelf registration statement on
Form S-3 (File No. 333-222188) that was declared effective on January 5, 2018 (the &ldquo;Expiring S-3 Registration Statement&rdquo;)
to register securities with a maximum aggregate offering price of $50,000,000, and paid a $6,225 registration fee in connection
therewith. Pursuant to Rule 457(p) under the Securities Act, the registrant is offsetting the registration fee due under this registration
statement by $6,225, which represents the portion of the registration fee previously paid with respect to $50,000,000 of unsold
securities previously registered on the Expiring S-3 Registration Statement. Accordingly, the amount of the registration fee is
$1,957.50.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 15pt; text-align: left; vertical-align: top; padding-left: 15pt"><FONT size=1 face="Times New Roman">(4)</FONT></TD>

   <TD STYLE="width: 99%; text-align: left; text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Such indeterminate principal amount of common stock as may, from time to time, be issued (i) at indeterminate prices or (ii) without separate consideration upon conversion, redemption, exercise or exchange of securities registered hereunder, to the extent any such securities are, by their terms, convertible into or exchangeable for other securities registered hereunder, or as shall be issuable pursuant to anti-dilution provisions.</FONT></P></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 15pt; text-align: left; vertical-align: top; padding-left: 15pt"><FONT size=1 face="Times New Roman">(5)</FONT></TD>

   <TD STYLE="width: 99%; text-align: left; text-align: justify"><FONT size=2 face="Times New Roman">Warrants may be sold separately or together with our common stock and/or debt securities, in one or more series. Includes an indeterminate number of our shares of common stock and/or an indeterminate amount of debt securities to be issuable upon the exercise of warrants for such securities.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 15pt; text-align: left; vertical-align: top; padding-left: 15pt"><FONT size=1 face="Times New Roman">(6)</FONT></TD>

   <TD STYLE="width: 99%; text-align: left; text-align: justify"><FONT size=2 face="Times New Roman">Such indeterminate number of purchase contracts as may, from time to time, be issued at indeterminate prices obligating holders to purchase from or sell to us, and obligating us to sell or purchase from the holders, a specific number of our shares of common stock and/or amount of debt securities at a future date or dates.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 15pt; text-align: left; vertical-align: top; padding-left: 15pt"><FONT size=1 face="Times New Roman">(7)</FONT></TD>

   <TD STYLE="width: 99%; text-align: left; text-align: justify"><FONT size=2 face="Times New Roman">Such indeterminate principal amount of debt securities as may, from time to time, be issued (i) at indeterminate prices or (ii) without separate consideration upon conversion, redemption, exercise or exchange of securities registered hereunder, to the extent any such securities are, by their terms, convertible into or exchangeable for other securities registered hereunder, or as shall be issuable pursuant to anti-dilution provisions. If any debt securities are issued at an original issue discount, then the principal amount of such debt securities shall be in such amount as shall result in an aggregate initial offering price not to exceed $75,000,000, less the aggregate dollar amount of all securities previously issued hereunder.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">&nbsp;</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<BR>



<TABLE style=" BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 15pt; padding-left: 15pt"><FONT size=1 face="Times New Roman">(8)</FONT></TD>

   <TD STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Such indeterminate number of units as may, from time to time, be issued at indeterminate prices, each representing ownership of one or more of the securities described herein.</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">___________________</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman" color=red>The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</FONT></B></P>

<P style="TEXT-ALIGN: right"><B><FONT size=2 face="Times New Roman" color=red>SUBJECT TO COMPLETION, dated November 17, 2020</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">PROSPECTUS</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=5 face="Times New Roman">$75,000,000</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=5 face="Times New Roman">Transcat, Inc.</FONT></B></P>

<P align=center>
<IMG border=0 src="transcat3828291-s31x4x1.jpg"> </P>

<div style="TEXT-ALIGN: center"><B><FONT size=3 face="Times New Roman">Common Stock<BR>Warrants<BR>Purchase Contracts<BR>Debt Securities<BR>Units</FONT></B></div>

<div style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">___________________</FONT></div>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We may offer and sell from time to time up to $75,000,000 of shares of common stock; warrants to purchase other securities; purchase contracts; senior or subordinated debt securities, which may consist of notes, debentures, or other evidences of indebtedness and which may be convertible into our common stock or other securities; and units consisting of any combination of the above securities.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This prospectus provides you with a general description of the securities listed above. Each time we offer any securities pursuant to this prospectus, we will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus. This prospectus may not be used to offer or sell our securities without a prospectus supplement describing the method and terms of the offering. You should read this prospectus and any prospectus supplement together with the information described under the heading &#8220;Incorporation of Certain Information by Reference&#8221; before you make your investment decision.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We may offer these securities in amounts and at prices and on terms determined at the time of offering. The securities may be sold directly to you, through agents or through underwriters and dealers. If agents, underwriters or dealers are used to sell the securities, we will name them and describe their compensation in the accompanying prospectus supplement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Our common stock is traded on the Nasdaq Global Market under the symbol &#8220;TRNS.&#8221; As of November 4, 2020, the aggregate market value of our outstanding common stock held by non-affiliates, or public float, was approximately $210,467,165, based on 7,434,646 shares of outstanding common stock, of which approximately 511,384 were held by affiliates, and a price of $30.40 per share, which was the last reported sale price of our common stock on Nasdaq on November 4, 2020.</FONT></P>

<div STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Investing in our securities involves risk. You should carefully read the information included and incorporated by reference into this prospectus for a discussion of the factors you should carefully consider in determining whether to invest in our securities, including the discussion of risks described under &#8220;Risk Factors&#8221; on page 4 of this prospectus.</FONT></B></div>

<div style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">___________________</FONT></B></div><BR>


<DIV STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</FONT></B></div>

<div style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">___________________</FONT></B></div>

<P STYLE="text-align: center"><FONT size=2 face="Times New Roman">The date of this prospectus is November 17, 2020.</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">TABLE OF CONTENTS</FONT></B></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">ABOUT THIS PROSPECTUS</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">1</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">2</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">TRANSCAT, INC.</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">3</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">RISK FACTORS</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">4</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">WHERE YOU CAN FIND MORE INFORMATION</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">5</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">5</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">THE SECURITIES WE MAY OFFER</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">6</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">DESCRIPTION OF COMMON STOCK</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">6</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">DESCRIPTION OF WARRANTS</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">8</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">DESCRIPTION OF PURCHASE CONTRACTS</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">10</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">DESCRIPTION OF DEBT SECURITIES</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">10</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">DESCRIPTION OF UNITS</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">17</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">USE OF PROCEEDS</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">18</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">PLAN OF DISTRIBUTION</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">19</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">LEGAL MATTERS</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">21</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">EXPERTS</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">21</FONT></TD></TR></TABLE>

<BR>

<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<!-- PART 2-->
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ABOUT THIS PROSPECTUS</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This prospectus is part of a registration statement we filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;), using a &#8220;shelf&#8221; registration process. We may sell any combination of the securities described in this prospectus from time to time in one or more offerings. You should carefully read this prospectus and any prospectus supplement together with the additional information described under the heading &#8220;Where You Can Find More Information.&#8221; We have not authorized anyone to provide you with different or additional information.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Each time we sell securities pursuant to this prospectus, we will provide a prospectus supplement that contains specific information about the terms of that offering, including the specific amounts, prices and terms of the securities offered. If this prospectus is inconsistent with the prospectus supplement, you should rely upon the prospectus supplement. In addition, the prospectus supplement may also add, update or change the information contained in this prospectus.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If you are in a jurisdiction where offers to sell, or solicitations of offers to purchase, the securities offered by this document are unlawful, or if you are a person to whom it is unlawful to direct these types of activities, then the offer presented in this document does not extend to you.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">You should assume that the information in this prospectus or any prospectus supplement, as well as the information incorporated by reference in this prospectus or any prospectus supplement, is accurate only as of the date of the documents containing the information, unless the information specifically indicates that another date applies. Our business, financial condition, results of operations and prospects may have changed since those dates.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Wherever references are made in this prospectus to information that will be included in a prospectus supplement, to the extent permitted by applicable law, rules or regulations, we may instead include such information or add, update or change the information contained in this prospectus by means of a post-effective amendment to the registration statement of which this prospectus is a part, through filings we make with the SEC that are incorporated by reference in this prospectus or by any other method as may then be permitted under applicable law, rules or regulations.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Unless the context otherwise requires, references in this prospectus to &#8220;Transcat,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; refer to Transcat, Inc. and its subsidiaries, unless the context clearly indicates otherwise.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">___________________</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Unless indicated in the applicable prospectus supplement, we have not taken any action that would permit us to publicly sell these securities in any jurisdiction outside the United States. If you are an investor outside the United States, you should inform yourself about, and comply with, any restrictions as to the offering of the securities and the distribution of this prospectus.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">1</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This prospectus contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, estimates, beliefs, assumptions and predictions of future events and are identified by words such as &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;projects,&#8221; &#8220;intends,&#8221; &#8220;could,&#8221; &#8220;may,&#8221; and other similar words. Forward-looking statements are not statements of historical fact and thus are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or those expressed in such forward-looking statements.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management&#8217;s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this prospectus, any prospectus supplement, and our Annual Report on Form 10-K for the fiscal year ended March 28, 2020 (the &#8220;Form 10-K&#8221;), which is incorporated by reference into this prospectus. Factors that might cause such differences include, but are not limited to:</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">any adverse impact as a result of the COVID-19 pandemic;</FONT></TD></TR>

<TR>
   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the highly competitive nature of the industries in which we compete and in the nature of our two business segments;</FONT></TD></TR>

<TR>
   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">cybersecurity risks including any breach in security of our information systems, the occurrence of a cyber incident or deficiency in cyber security;</FONT></TD></TR>

<TR>
   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the risk of significant disruptions in our information technology systems;</FONT></TD></TR>

<TR>
   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">our inability to recruit, train and retain quality employees, skilled technicians and senior management;</FONT></TD></TR>

<TR>
   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">fluctuations in our operating results;</FONT></TD></TR>

<TR>
   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">competition in the rental market;</FONT></TD></TR>

<TR>
   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the volatility of our stock price and the relatively low trading volume of our common stock;</FONT></TD></TR>

<TR>
   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">our ability to adapt our technology;</FONT></TD></TR>

<TR>
   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">our reliance on our enterprise resource planning system;</FONT></TD></TR>

<TR>
   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">risks related to our acquisition strategy and the integration of the businesses we acquire;</FONT></TD></TR>

<TR>
   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">volatility in our customers&#8217; industries, changes in vendor rebate programs;</FONT></TD></TR>

<TR>
   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">our vendors abilities to provide desired inventory;</FONT></TD></TR>

<TR>
   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the risks related to current and future indebtedness;</FONT></TD></TR>

<TR>
   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">foreign currency rate fluctuations; and</FONT></TD></TR>

<TR>
   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the impact of general economic conditions on our business.</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advise that various factors, including those described above, could affect our financial performance and could cause our actual results or circumstances for future periods to differ materially from those anticipated or projected. See also Item 1A, Risk Factors, in the Form 10-K, which is incorporated herein by reference, for further information. Except as required by law, we do not undertake, and specifically disclaim any obligation to publicly release any revisions to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">2</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">TRANSCAT, INC.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We are a leading provider of accredited calibration and laboratory instrument services and a value-added distributor of professional grade test, measurement and control instrumentation. We are focused on providing services and products to highly regulated industries, particularly the life science industry, which includes pharmaceutical, biotechnology, medical device and other FDA-regulated businesses. Additional industries served include FAA-regulated businesses, including aerospace and defense industrial manufacturing; energy and utilities, including oil and gas and alternative energy; and other industries that require accuracy in their processes, confirmation of the capabilities of their equipment, and for which the risk of failure is very costly.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We conduct our business through two operating segments: service (&#8220;Service&#8221;) and distribution (&#8220;Distribution&#8221;). Through our Service segment, we offer calibration, repair, inspection, analytical qualifications, preventative maintenance, consulting and other related services, a majority of which are processed through our proprietary asset management system, CalTrak&#174; (&#8220;CalTrak&#174;&#8221;) and our online customer portal, C3&#174;. Our Service model is flexible, and we cater to our customers&#8217; needs by offering a variety of services and solutions including permanent and periodic on-site services, mobile calibration services, pickup and delivery and in-house services. As of the end of fiscal year 2020 which ended March 28, 2020 (&#8220;fiscal year 2020&#8221;), we operated twenty-two calibration service centers strategically located across the United States, Puerto Rico, and Canada. We also serve our customers on-site at their facilities for daily, weekly or longer-term periods. In addition, we have several imbedded customer-site locations that we refer to as &#8220;client-based labs,&#8221; where we provide calibration services, and in some cases other related services, exclusively for the customer and where we reside and work every day. We also have a fleet of mobile calibration laboratories that can provide service at customer sites which may not have the space or utility capabilities we require to service their equipment.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Through our Distribution segment, we sell and rent national and proprietary brand instruments to customers globally. Through our website, in-house sales team and printed and digital marketing materials, we offer access to more than 150,000 test, measurement and control instruments, including products from approximately 500 leading brands. Most instruments we sell and rent require calibration service to ensure that they maintain the most precise measurements. By having the capability to calibrate these instruments at the time of sale and at regular post-sale intervals, we can give customers a value-added service that we believe most of our competitors are unable to provide. Calibrating before shipping means the customer can place their instruments into service immediately upon receipt, reducing downtime. Other value-added options we offer through our Distribution segment include equipment kitting (which is especially valued in the power generation sector), equipment rentals and used equipment sales.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Our commitment to quality goes beyond the services and products we deliver. Our sales, customer service and support teams provide expert advice, application assistance and technical support to our customers. Since calibration is an intangible service, our customers rely on us to uphold high standards and provide integrity in our people and processes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Transcat was incorporated in Ohio in 1964. Our executive offices are located at 35 Vantage Point Drive, Rochester, New York 14624. We trade on the Nasdaq Global Market under the ticker symbol &#8220;TRNS.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify"><B><U><FONT size=2 face="Times New Roman">Our Strategy</FONT></U></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Our two operating segments are highly complementary in that their offerings are of value to customers within the same industries. Our strategy is to leverage the complementary nature of our operating segments in ways that add value for all customers who select Transcat as their source for test and measurement equipment and/or calibration and laboratory instrument services. We strive to differentiate ourselves within the markets we serve and build barriers to competitive entry by offering a broad range of products and services and by integrating our product and service offerings in a value-added manner to benefit our customers&#8217; operations.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">During fiscal year 2020, we continued to commit capital, people and leadership investments to advance our &#8220;Operational Excellence&#8221; initiative. These initiatives are resulting in increased productivity and operational efficiency and further differentiation from our competitors as we leverage technology and process improvements to improve our effectiveness and our customers&#8217; experiences. Our Operational Excellence is a multi-year, ever-evolving program that we believe will deliver certain short-term benefits but is focused on the use of technology and process improvements to create an infrastructure to support our strategic goals over a longer timeframe.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">3</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Within the Service segment, our strategy is to drive double-digit revenue growth through both organic expansion and acquisitions. We expect to achieve mid-to-high single digit organic revenue growth in this segment. We have adopted an integrated sales model to drive sales and capitalize on the cross-selling opportunities between our two segments, especially leveraging our Distribution relationships to develop new Service relationships. We leverage these relationships with our unique value proposition which resonates strongly with customers who rely on accredited calibration services and/or laboratory instrument services to maintain the integrity of their processes and/or meet the demands of regulated business environments. Our customer base values our superior quality programs and requires precise measurement capability in their processes to minimize risk, waste and defects. We execute this strategy by leveraging our quality programs, metrology expertise, multiple locations, qualified technicians, breadth of capabilities, and on-site and depot service options. Together, this allows us to meet the most rigorous quality demands of our most highly regulated customers while simultaneously being nimble enough to meet their business needs.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We expect to continue to grow our Service business organically by taking market share from other third-party providers and original equipment manufacturers (&#8220;OEMs&#8221;), as well as by targeting the outsourcing of in-house calibration labs as multi-year client-based lab contracts. We believe an important element in taking market share is our ability to expand into new technical capabilities that are in demand by our current and target customer base.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The other component to our Service growth strategy is acquisitions. There are three drivers of our acquisition strategy: geographic expansion, increased capabilities and infrastructure leverage. The majority of our acquisition opportunities have been in the $500 thousand to $10 million annual revenue range, and we are disciplined in our approach to selecting target companies. One focus of our Operational Excellence initiative is to strengthen our acquisition integration process, allowing us to capitalize on acquired sales and cost synergies at a faster pace.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Our Distribution segment strategy is to be the premier distributor and rental source of leading test and measurement equipment while also providing cross-selling opportunities for our Service segment. Through our vendor relationships we have access to more than 150,000 products, which we market to our existing and prospective customers both with and without value-added service options that are unique to Transcat. In addition to offering pre-shipment value-added services, we offer our customers the options of renting selected test and measurement equipment or buying used equipment, furthering our ability to answer all of our customers&#8217; test and measurement equipment needs. We continuously evaluate our offerings and add new in-demand vendors and products. In recent years we have expanded the number of SKUs that we stock and the number of SKUs that are sold with pre-shipment calibrations and have increased our focus on digital marketing to capitalize on the ever-growing B2B ecommerce trend. Our equipment rental business continues to grow, and with it used equipment sales. Having new, used and rental equipment further differentiates us from our Service segment competitors.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We see these various methods of meeting our Distribution customers&#8217; needs as a way to differentiate ourselves and to diversify this segment&#8217;s customer base from its historically niche market. This differentiation and diversification strategy has been deliberately instituted in recent years as a means to mitigate the effect of price-driven competition and to lessen the impact that any particular industry or market will have on the overall performance of this segment.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We believe our combined Service and Distribution segment offerings, experience, technical expertise and integrity create a unique and compelling value proposition for our customers, and we intend to continue to grow our business through organic revenue growth and business acquisitions. We consider the attributes of our Service segment which include higher gross margins and recurring revenue streams from customers in regulated industries to be more compelling and scalable than our legacy Distribution segment. For this reason, we expect our Service segment to be the primary source of revenue and earnings growth in future fiscal years.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">RISK FACTORS</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Investing in our securities involves risks. Before making an investment decision, you should carefully consider the specific risks, if any, set forth under the caption &#8220;Risk Factors&#8221; in the applicable prospectus supplement and under the caption &#8220;Risk Factors&#8221; in our filings with the SEC, which are incorporated by reference into this prospectus. See &#8220;Where You Can Find More Information.&#8221;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">4</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">WHERE YOU CAN FIND MORE INFORMATION</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We file annual, quarterly and current reports, proxy statements and other information with the SEC. Our filings with the SEC are available to the public through the SEC's internet site at www.sec.gov. Our annual, quarterly and current reports and amendments to those reports, if any, are also available via the internet at our website, www.transcat.com, by following the links to &#8220;Investor Relations&#8221; and &#8220;SEC Filings.&#8221; All internet addresses provided in this prospectus are for informational purposes only and are not intended to be hyperlinks. In addition, the information on, or accessible through, our internet site, or any other internet site described herein, is not a part of, and is not incorporated or deemed to be incorporated by reference in, this prospectus, and you should not consider it to be a part of this prospectus. In addition, you may request copies of these filings, including the documents listed below under the heading &#8220;Incorporation of Certain Information by Reference,&#8221; at no cost, by calling us at (585) 352-7777 or by writing to us at: Transcat, Inc., Attn: Corporate Secretary, 35 Vantage Point Drive, Rochester, New York 14624.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We have filed with the SEC a registration statement under the Securities Act relating to the offering of these securities. The registration statement, including the attached exhibits, contains additional relevant information about us and the securities. This prospectus does not contain all of the information set forth in the registration statement. You may review a copy of the registration statement and the documents incorporated by reference herein through the SEC&#8217;s internet web site referred to above.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">THIS PROSPECTUS INCORPORATES DOCUMENTS BY REFERENCE THAT ARE NOT PRESENTED IN OR DELIVERED WITH THIS PROSPECTUS. YOU SHOULD RELY ONLY ON THE INFORMATION CONTAINED IN THIS PROSPECTUS AND IN THE DOCUMENTS THAT WE HAVE INCORPORATED BY REFERENCE INTO THIS PROSPECTUS. WE HAVE NOT AUTHORIZED ANYONE TO PROVIDE YOU WITH INFORMATION THAT IS DIFFERENT FROM OR IN ADDITION TO THE INFORMATION CONTAINED IN THIS DOCUMENT AND INCORPORATED BY REFERENCE INTO THIS PROSPECTUS.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The SEC allows us to incorporate by reference into this prospectus certain information we file with it, which means that we can disclose important information by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus. Because we are incorporating by reference future filings with the SEC, this prospectus is continually updated and those future filings may modify or supersede some of the information included or incorporated in this prospectus. We incorporate by reference the documents listed below and all documents subsequently filed with the SEC (excluding any portions of any Form 8-K that are not deemed &#8220;filed&#8221; pursuant to the General Instructions of Form 8-K) pursuant to Section 13(a), 14 or 15(d) of the Exchange Act, after the date of this prospectus and prior to the date this offering is terminated or we issue all of the securities under this prospectus:</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">Our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/99302/000120677420001786/trns3767761-10k.htm" STYLE="-sec-extract: exhibit">Form 10-K</A> for the fiscal year ended March 28, 2020, filed with the SEC on June 8, 2020, including the information specifically incorporated by reference into the Form 10-K from our definitive proxy statement for the 2020 Annual Meeting of Stockholders filed on July 23, 2020.<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">Our Quarterly Reports on Form 10-Q for the quarters ended <A HREF="http://www.sec.gov/Archives/edgar/data/99302/000120677420002297/transcat3788651-10q.htm" STYLE="-sec-extract: exhibit">June 27, 2020</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/99302/000120677420003015/transcat3825151-10q.htm" STYLE="-sec-extract: exhibit">September 26, 2020</A>, filed with the SEC on August 5, 2020, and November 4, 2020, respectively.<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">Our Current Reports on Form 8-K filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/99302/000120677420001596/transcat3758751-8k.htm" STYLE="-sec-extract: exhibit">May 8, 2020</A> (as amended by our Current Report on Form 8-K/A filed on <A HREF="http://www.sec.gov/Archives/edgar/data/99302/000120677420001607/transcat3758752-8ka.htm" STYLE="-sec-extract: exhibit">May 11, 2020</A>), <A HREF="http://www.sec.gov/Archives/edgar/data/99302/000120677420001685/transcat3763611-8k.htm" STYLE="-sec-extract: exhibit">May 22, 2020</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/99302/000120677420002201/transcat3785191-8k.htm" STYLE="-sec-extract: exhibit">July 22, 2020</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/99302/000120677420002233/transcat3788311-8k.htm" STYLE="-sec-extract: exhibit">July 30, 2020</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/99302/000120677420002746/transcat380571-8k.htm" STYLE="-sec-extract: exhibit">September 10, 2020</A>, and <A HREF="https://www.sec.gov/Archives/edgar/data/99302/000120677420003052/transcat3829291-8k.htm" STYLE="-sec-extract: exhibit">November 10, 2020</A>.<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">The description of our common stock, par value $0.50 per share, contained in Amendment Number 1 to our Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/99302/0000950152-98-000716.txt" STYLE="-sec-extract: exhibit">Form S-3</A> (Registration No. 333-42345), filed with the SEC on February 5, 1998, and any amendment or report filed for the purpose of updating such description (including <A HREF="http://www.sec.gov/Archives/edgar/data/99302/000120677419001847/trns3599941-ex41.htm" STYLE="-sec-extract: exhibit">Exhibit 4.1</A> to our Annual Report on Form 10-K filed with the SEC on June 7, 2019).</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Nothing in this prospectus shall be deemed to incorporate information furnished, but not filed, with the SEC, including pursuant to Item 2.02 or Item 7.01 of Form 8-K and any corresponding information or exhibit furnished under Item 9.01 of Form 8-K.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">5</FONT></P>

<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<!-- PART 3-->
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Information in this prospectus supersedes related information in the documents listed above and information in subsequently filed documents supersedes related information in both this prospectus and the incorporated documents.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">To obtain copies of these filings, see &#8220;Where You Can Find More Information&#8221; in this prospectus.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">THE SECURITIES WE MAY OFFER</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This prospectus contains a summary of the common stock, warrants, purchase contracts, debt securities and units that we may offer under this prospectus. The particular material terms of the securities offered by a prospectus supplement will be described in that prospectus supplement. The descriptions herein and in the applicable prospectus supplement do not contain all of the information that you may find useful or that may be important to you. However, this prospectus, the prospectus supplement and the pricing supplement, if applicable, contain the material terms and conditions for each security. The prospectus supplement will also contain information, where applicable, about material U.S. federal income tax considerations relating to the offered securities, and the securities exchange, if any, on which the offered securities will be listed. You should read these documents as well as the documents filed as exhibits to or incorporated by reference to this registration statement. Capitalized terms used in this prospectus that are not defined will have the meanings given them in these documents.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">DESCRIPTION OF COMMON STOCK</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Introduction</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The following section describes the material features and rights of our common stock. The summary does not purport to be exhaustive and is qualified in its entirety by reference to our Articles of Incorporation, as amended (the &#8220;Articles&#8221;) and our Code of Regulations, as amended (the &#8220;Code of Regulations&#8221;), each of which is filed as an exhibit to the Registration Statement of which this prospectus is a part, and to applicable sections of the Ohio General Corporation Law (the &#8220;OGCL&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">General</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We are authorized to issue up to 30,000,000 shares of common stock. Each share of common stock entitles the holder to the same rights, and is the same in all respects, as each other share of common stock. Holders of common stock are entitled to: (i) one vote per share on all matters requiring a shareholder vote; (ii) a ratable distribution of dividends, if and when, declared by the board of directors (the &#8220;Board&#8221;); and (iii) in the event of a liquidation, dissolution or winding up of us, to share ratably in all assets remaining available for distribution to them after payment of liabilities. Holders of common stock, as such, have no conversion, preemptive or other subscription rights, and there are no redemption provisions applicable to the common stock. The shares of common stock, when issued in the manner described in this prospectus, will be fully paid and nonassessable.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Dividends</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Our credit agreement, as amended, limits our ability to pay cash dividends to $3.0 million in any fiscal year. We have not declared any cash dividends since our inception and have no current plans to pay any dividends in the foreseeable future.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Transfer Agent &amp; Registrar</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The transfer agent and registrar for our common stock is Computershare.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Listing</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Our common stock is listed on the Nasdaq Global Market under the trading symbol &#8220;TRNS.&#8221;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">6</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Anti-takeover Effects of Certain Provisions in our Articles of Incorporation, Code of Regulations and the OGCL</FONT></B></P>

<P style="TEXT-ALIGN: justify"><I><U><FONT size=2 face="Times New Roman">Articles of Incorporation and Code of Regulations</FONT></U></I></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Some provisions of our Articles and Code of Regulations may be deemed to have an anti-takeover effect and may collectively operate to delay, defer or prevent a tender offer, a proxy contest or takeover attempt that a shareholder might consider in his or her best interest, including those attempts that might result in a premium over the market price for the shares held by our shareholders. These provisions are intended to discourage certain types of coercive takeover practices and inadequate takeover bids. This also encourages persons seeking to acquire control of us to negotiate with us first. As a result, shareholders who might desire to participate in such transactions may not have an opportunity to do so. In addition, these provisions will also render the removal of our Board or management more difficult. The following discussion is a summary of certain material provisions of our Articles and Code of Regulations, copies of which are filed as exhibits to the Registration Statement of which this prospectus is a part.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Our Articles require the affirmative vote of the holders of at least 75% of the capital stock of the Company entitled to vote in order to authorize: (i) any merger or consolidation of the Company with any other corporation if such transaction would otherwise by law require a vote of the shareholders; (ii) any combination or majority share acquisition with or by any corporation if such transaction would otherwise by law require a vote of the shareholders; or (iii) any lease, sale, exchange, transfer or other disposition of all or substantially all of the assets of the Company to any other person or entity; if, in any such event, such other corporation, person or entity is the beneficial owner of ten percent or more of the outstanding capital stock of the Company entitled to vote thereon. Notwithstanding the forgoing, such restrictions do not apply if the Company&#8217;s Board of Directors approves a memorandum of understanding with the other corporation, person or entity prior to the time it becomes the owner of ten percent or more of the outstanding shares of the Company&#8217;s capital stock.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Additionally, the affirmative vote of the holders of at least 75% of the capital stock of the Company entitled to vote is required to amend, alter or repeal any of the foregoing provisions of our Articles.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Finally, the Board is divided into three classes, and our Code of Regulations state that the members of each class are elected for a term of three years and only one class of directors is elected annually. Thus, it would take at least two annual elections to replace a majority of our Board.</FONT></P>

<P style="TEXT-ALIGN: justify"><I><U><FONT size=2 face="Times New Roman">Ohio General Corporation Law</FONT></U></I></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Certain provisions of the OGCL make a change in control of an Ohio corporation more difficult. Below is a summary of the Ohio anti-takeover statutes.</FONT></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=2 face="Times New Roman">Ohio Control Share Acquisition Statute</FONT></I></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The OGCL provides that certain notice and informational filings, and special shareholder meeting and voting procedures, must occur prior to the acquisition of an issuer&#8217;s shares that would entitle the acquirer to exercise or direct the voting power of the issuer in the election of directors within any of the following ranges: (i) one-fifth or more but less than one-third of such voting power, (ii) one-third or more but less than a majority of such voting power; or (iii) a majority or more of such voting power.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Ohio Control Share Acquisition Statute does not apply to a corporation if its articles of incorporation or code of regulations so provide. We have not opted out of the application of the Ohio Control Share Acquisition Statute.</FONT></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=2 face="Times New Roman">Ohio Merger Moratorium Statute</FONT></I></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Chapter 1704 of the OGCL addresses a range of business combinations and other transactions (including mergers, consolidations, asset sales, loans, disproportionate distributions of property and disproportionate issuances or transfers of shares or rights to acquire shares) between an Ohio corporation and an &#8220;Interested Shareholder&#8221; who, alone or with others, may exercise or direct the exercise of at least 10% of the voting power of the corporation in the election of directors. The Ohio Merger Moratorium Statute prohibits such transactions between the corporation and an Interested Shareholder for a period of three years after a person becomes an Interested Shareholder, unless, prior to such date, the directors approved either the business combination or other transaction or approved the acquisition that caused the person to become an Interested Shareholder.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">7</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">After the three-year period, transactions between the corporation and the Interested Shareholder are permitted if:</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the transaction is approved by the holders of shares with at least two-thirds of the voting power of the corporation in the election of directors or the approval of the holders of a majority of the voting shares held by persons other than an Interested Shareholder; or</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the business combination results in shareholders, other than the Interested Shareholder, receiving the higher of the highest amount paid in the past by the Interested Shareholders for the corporation&#8217;s shares or the amount that would be due to the shareholders if the corporation were to dissolve.</FONT></TD></TR></TABLE>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Ohio Merger Moratorium Statute does not apply to a corporation if its articles of incorporation or code of regulations so provide. We have not opted out of the application of the Ohio Merger Moratorium Statute.</FONT></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=2 face="Times New Roman">Ohio Anti-Greenmail Statute</FONT></I></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Pursuant to the Ohio Anti-Greenmail Statute, a public corporation formed in Ohio may recover profits that a shareholder makes from the sale of the corporation&#8217;s securities within 18 months after making a proposal to acquire control or publicly disclosing the possibility of a proposal to acquire control. The corporation may not, however, recover from a person who proves either: (i) that his sole purpose in making the proposal was to succeed in acquiring control of the corporation and there were reasonable grounds to believe that he would acquire control of the corporation; or (ii) that his purpose was not to increase any profit or decrease any loss in the shares. Also, before the corporation may obtain any recovery, the aggregate amount of the profit realized by such person must exceed $250,000. Any shareholder may bring an action on behalf of the corporation if a corporation refuses to bring an action to recover these profits. The party bringing such an action may recover his attorneys&#8217; fees if the court having jurisdiction over such action orders recovery of any profits.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Ohio Anti-Greenmail Statute does not apply to a corporation if its articles of incorporation or code of regulations so provide. We have not opted out of the application of the Ohio Anti-Greenmail Statute.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">DESCRIPTION OF WARRANTS</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We may issue warrants to purchase our common stock and/or debt securities, in one or more series. We may offer warrants separately or together with one or more additional warrants, common stock, debt securities or any combination of those securities, as described in the appropriate prospectus supplement, and the warrants may be attached to or separate from those securities. If we issue warrants as part of a unit, the accompanying prospectus supplement will specify whether those warrants may be separated from the other securities in the unit prior to the warrants&#8217; expiration date. Below is a description of certain general terms and provisions of the warrants that we may offer. Further terms of the warrants will be described in the prospectus supplement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The applicable prospectus supplement will contain, where applicable, the terms of and other information relating to the warrants. If warrants for the purchase of debt securities are offered, the prospectus supplement will describe the following terms, to the extent applicable:</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the offering price and the aggregate number of warrants offered;</FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the currencies in which the warrants are being offered;</FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the designation, aggregate principal amount, currencies, denominations and terms of the series of debt securities that can be purchased if a holder exercises a warrant;</FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the designation and terms of any series of debt securities with which the warrants are being offered and the number of warrants offered with each such debt security;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">8</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the date on and after which the holder of the warrants can transfer them separately from the related series of debt securities;</FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the terms of any rights to redeem or call the warrants;</FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the date on which the right to exercise the warrants begins and the date on which that right expires;</FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">w<FONT size=2 face="Times New Roman">hether
   the warrants will be issued in fully registered form or bearer form, in definitive or global form or in any</FONT><FONT size=2 face="Times New Roman">
   combination of these forms, although, in any case, the form of a warrant included in a unit will correspond to the </FONT><FONT size=2 face="Times New Roman">form
   of the unit and of any security included in that unit;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">federal income tax consequences of holding or exercising the warrants; and</FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">any other specific terms, preferences, rights or limitations of, or restrictions on, the warrants.</FONT></TD></TR></TABLE>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Until any warrants for the purchase of debt securities are exercised, the holder of the warrants will not have any of the rights of holders of the debt securities that can be purchased upon exercise, including any rights to receive payments of principal, premium or interest on the underlying debt securities or to enforce covenants in the applicable indenture.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If warrants for the purchase of shares of common stock are offered, the prospectus supplement will describe the following terms, to the extent applicable:</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the specific designation and aggregate number of, and the price at which we will issue, the warrants;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the currency or currency units in which the offering price, if any, and the exercise price are payable;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the date on which the right to exercise the warrants will begin and the date on which that right will expire or, if you may not continuously exercise the warrants throughout that period, the specific date or dates on which you may exercise the warrants;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">any applicable anti-dilution provisions;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">any applicable redemption or call provisions;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the circumstances under which the warrant exercise price may be adjusted;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">whether the
   warrants will be issued in fully registered form or bearer form, in definitive or global form or in any combination of these
   forms, although, in any case, the form of a warrant included in a unit will correspond to the form of the unit and of any
   security included in that unit;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">any applicable material United States federal income tax consequences;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the identity of the warrant agent for the warrants and of any other depositaries, execution or paying agents, transfer agents, registrars or other agents;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the proposed listing, if any, of the warrants or any securities purchasable upon exercise of the warrants on any securities exchange;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the designation and terms of the common stock purchasable upon exercise of the warrants;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">if applicable, the designation and terms of the common stock with which the warrants are issued and the number of warrants issued with each security;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">if applicable, the date from and after which the warrants and the related common stock will be separately transferable;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">the number of shares of common stock purchasable upon exercise of a warrant and the price at which those shares may be purchased;</FONT></FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">9</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">i</FONT>f applicable, the minimum or maximum amount of the warrants that may be exercised at any one time;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">information with respect to book-entry procedures, if any;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">whether the warrants are to be sold separately or with other securities as parts of units; and</FONT></FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">any additional terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.</FONT></TD></TR></TABLE>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Until any warrants to purchase shares of common stock are exercised, holders of the warrants will not have any rights of holders of the underlying shares of common stock, including any rights to receive dividends or to exercise any voting rights, except to the extent provided in the prospectus supplement relating to a particular issue of warrants.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Unless otherwise provided in the prospectus supplement relating to a particular issue of warrants, each series of warrants will be issued under a separate warrant agreement to be entered into between us and a bank or trust company, as warrant agent. The warrant agent will act solely as our agent in connection with the warrants. The warrant agent will not have any obligation or relationship of agency or trust for or with any holders or beneficial owners of warrants. This summary of certain provisions of the warrants is not complete, and is subject to modification in any prospectus supplement for any issuance of warrants. For the terms of a particular series of warrants, you should refer to the prospectus supplement for that series of warrants and the warrant agreement and form of warrant certificate for that particular series.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">DESCRIPTION OF PURCHASE CONTRACTS</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We may issue purchase contracts, including purchase contracts issued as part of a unit with one or more other securities, for the purchase or sale of our common stock and/or debt securities. The price per share of such securities may be fixed at the time the purchase contracts are issued or may be determined by reference to a specific formula contained in the purchase contracts. We may issue purchase contracts in such amounts and in as many distinct series as we wish.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The applicable prospectus supplement may contain, where applicable, the following information about the purchase contracts issued under it:</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">whether the purchase contracts obligate the holder to purchase or sell, or both, our equity and/or debt securities, and the nature and amount of those securities, or method of determining those amounts;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">whether the purchase contracts are to be prepaid or not;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">whether the purchase contracts are to be settled by delivery, or by reference or linkage to the value, performance or level of our securities;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">any acceleration, cancellation, termination or other provisions relating to the settlement of the purchase contracts;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">United States federal income tax considerations relevant to the purchase contracts; and</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">whether the purchase contracts will be issued in fully registered global form.</FONT></TD></TR></TABLE>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The applicable prospectus supplement will describe the terms of any purchase contracts. The preceding description and any description of purchase contracts in the applicable prospectus supplement does not purport to be complete and is subject to and is qualified in its entirety by reference to the purchase contract agreement and, if applicable, collateral arrangements and depositary arrangements relating to such purchase contracts.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">DESCRIPTION OF DEBT SECURITIES</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The following description, together with the additional information we include in any applicable prospectus supplement, summarizes certain general terms and provisions of the debt securities that we may offer in one or more series under this prospectus. When we offer to sell a particular series of debt securities, we will describe the specific terms of the series in a supplement to this prospectus. We will also indicate in the supplement to what extent the general terms and provisions described in this prospectus apply to a particular series of debt securities.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">10</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We may issue debt securities either separately, or together with, or upon the conversion or exercise of or in exchange for, other securities described in this prospectus. Debt securities may be our senior, senior subordinated or subordinated obligations and, unless otherwise specified in a supplement to this prospectus, the debt securities will be our direct, unsecured obligations.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We will issue the debt securities under the indenture that we will enter into with a national banking association or other eligible party, as trustee. The indenture will be qualified under the Trust Indenture Act of 1939, as amended, or the Trust Indenture Act. We have filed the form of indenture as an exhibit to the registration statement of which this prospectus is a part, and supplemental indentures and forms of debt securities containing the terms of the debt securities being offered will be filed as exhibits to the registration statement of which this prospectus is a part or will be incorporated by reference from reports that we file with the SEC.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The following summary of material provisions of the debt securities and the indenture is subject to, and qualified in its entirety by reference to, all of the provisions of the indenture applicable to a particular series of debt securities. The summary is not complete. The form of the indenture has been filed as an exhibit to the registration statement and you should read the indenture for provisions that may be important to you. We urge you to read the applicable prospectus supplements and any related free writing prospectuses related to the debt securities that we may offer under this prospectus, as well as the complete indenture that contains the terms of the debt securities.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">General</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We can issue an unlimited amount of debt securities under the indenture that may be in one or more series with the same or various maturities, at par, at a premium, or at a discount. The terms of each series of debt securities will be established by or pursuant to a resolution of our board of directors and set forth in an officer&#8217;s certificate or a supplemental indenture. The particular terms of each series of debt securities will be described in a prospectus supplement relating to such series (including any pricing supplement or term sheet), including the following terms, if applicable:</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the title and ranking of the debt securities (including the terms of any subordination provisions);</FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">&nbsp;</FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">the price or prices (expressed as a percentage of the principal amount) at which we will sell the debt securities;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">the aggregate principal amount of the debt securities being offered and any limit on the aggregate principal amount of such series of debt securities;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">whether any of our direct or indirect subsidiaries will guarantee the debt securities, including the terms of subordination, if any, of such guarantees;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">the date or dates on which the principal of the securities of the series is payable;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">the interest rate, if any, and the method for calculating the interest rate;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">the dates from which interest will accrue, the interest payment dates and the record dates for the interest payments;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">the
   place or places where principal of, and any interest on, the debt securities will be payable (and the method of such
   payment), where the securities of such series may be surrendered for registration of transfer or exchange, and where notices
   and demands to us in respect of the debt securities may be delivered;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">any mandatory or optional redemption terms;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">any obligation we have to redeem or purchase the debt securities pursuant to any sinking fund or analogous provisions or at the option of a holder of debt securities and the period or periods within which, the price or prices at which and the terms and conditions upon which securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 30pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">any dates, if any, on which and the price or prices at which we will repurchase debt securities at the option of the holders of debt securities and other detailed terms and provisions of such repurchase obligations;</FONT></FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">11</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<!-- PART 4-->
<BR>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the denominations in which the debt securities will be issued;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">whether the debt securities will be issued in the form of certificated debt securities or global debt securities;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the currency of denomination of the debt securities, which may be U.S. dollars or any foreign currency, and if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the designation of the currency, currencies or currency units in which payment of the principal of, and any interest on, the debt securities will be made;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">if payments of principal of, any interest on, the debt securities will be made in one or more currencies or currency units other than that or those in which the debt securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the manner in which the amounts of payment of principal of, or any interest on, the debt securities will be determined, if these amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">any provisions relating to any security provided for the debt securities;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">any addition to, deletion of or change in the events of default described in this prospectus or in the indenture with respect to the debt securities and any change in the acceleration provisions described in this prospectus or in the indenture with respect to the debt securities;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">any addition to, deletion of or change in the covenants described in this prospectus or in the indenture with respect to the debt securities;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents appointed with respect to the debt securities;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the provisions, if any, relating to conversion or exchange of any series of debt securities, including if applicable, the conversion or exchange price and period, the securities or other property into which the debt securities will be convertible, provisions as to whether conversion or exchange will be mandatory, at the option of the holders thereof or at our option, the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such series of debt securities are redeemed; and<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">any other terms of the series of debt securities that may supplement, modify or delete any provision of the indenture as it applies to that series, including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of the debt securities.</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We may issue debt securities that provide for an amount less than their stated principal amount to be due and payable upon maturity or a declaration of acceleration of their maturity following an event of default pursuant to the terms of the indenture. We will provide you with information on the federal income tax considerations and other special considerations applicable to any of these debt securities in the applicable prospectus supplement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If we denominate the purchase price of any of the debt securities in a foreign currency or currencies or a foreign currency unit or units, or if the principal of and any premium and interest on any series of debt securities is payable in a foreign currency or currencies or a foreign currency unit or units, we will provide you with information on the restrictions, elections, general tax considerations, specific terms and other information with respect to that issue of debt securities and such foreign currency or currencies or foreign currency unit or units in the applicable prospectus supplement.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">12</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Transfer and Exchange</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Each debt security will be represented by either one or more global securities registered in the name of The Depository Trust Company, or the depositary, or a nominee of the depositary (we will refer to any such debt security as a &#8220;global debt security&#8221;), or a certificate issued in definitive registered form (we will refer to any debt security represented by a certificate as a &#8220;certificated debt security&#8221;) as set forth in the applicable prospectus supplement. Except as set forth below, global debt securities will not be issuable in certificated form.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Certificated Debt Securities</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">You may transfer or exchange certificated debt securities at any office we maintain for this purpose in accordance with the terms of the indenture. No service charge will be made for any transfer or exchange of certificated debt securities, but we may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with a transfer or exchange.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">You may effect the transfer of certificated debt securities and the right to receive the principal of, premium and interest on certificated debt securities only by surrendering the certificate representing those certificated debt securities and either reissuance by us or the trustee of the certificate to the new holder or the issuance by us or the trustee of a new certificate to the new holder.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Global Debt Securities and Book-Entry System</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Each global debt security will be deposited with, or on behalf of, the depositary, and registered in the name of the depositary or a nominee of the depositary. Beneficial interests in global debt securities will not be issuable in certificated form unless (i) the depositary has notified us that it is unwilling or unable to continue as depositary for such global debt security or has ceased to be qualified to act as such as required by the indenture and we fail to appoint a successor depositary within 90 days of such event, (ii) we determine, in our sole discretion, not to have such securities represented by one or more global securities or (iii) any other circumstances shall exist, in addition to or in lieu of those described above, as may be described in the applicable prospectus supplement. Unless and until a global debt security is exchanged for certificated debt securities under the limited circumstances described in the previous sentence, a global debt security may not be transferred except as a whole by the depositary to its nominee or by the nominee to the depositary, or by the depositary or its nominee to a successor depositary or to a nominee of the successor depositary.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Covenants</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We will set forth in the applicable prospectus supplement any restrictive covenants applicable to any issue of debt securities.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">No Protection in the Event of a Change of Control</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Unless we state otherwise in the applicable prospectus supplement, the debt securities will not contain any provisions which may afford holders of the debt securities protection in the event we have a change in control or in the event of a highly leveraged transaction (whether or not such transaction results in a change in control) which could adversely affect holders of debt securities.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Consolidation, Merger and Sale of Assets</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We may not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of our assets to any person (a &#8220;successor person&#8221;) unless:</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">we are the surviving corporation or the successor person (if other than us) is a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes our obligations on the debt securities and under the indenture; and<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">immediately after giving effect to the transaction, no default or event of default, shall have occurred and be continuing.</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">13</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding the above, any of our subsidiaries may consolidate with, merge into or transfer all or part of its properties to Transcat.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Events of Default</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;Event of Default&#8221; means with respect to any series of debt securities, any of the following:</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">default in the payment of any interest upon any debt 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 the payment is deposited by us with the trustee or with a paying agent prior to the expiration of the 30-day period);<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">default in the payment of principal of any security of that series at its maturity;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">default in the performance or breach of any covenant by us in the indenture (other than defaults described above or defaults relating to a covenant that has been included in the indenture solely for the benefit of a series of debt securities other than that series), which default continues uncured for a period of 60 days after we receive written notice from the trustee, or we and the trustee receive written notice from the holders of not less than 25% in principal amount of the outstanding debt securities of that series as provided in the indenture;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">certain voluntary or involuntary events of bankruptcy, insolvency or reorganization of Transcat; and<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">any other event of default provided with respect to a series of debt securities, including any events of default relating to guarantors, if any, or subsidiaries that is described in the applicable prospectus supplement.</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">No event of default with respect to a particular series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization) necessarily constitutes an event of default with respect to any other series of debt securities. The occurrence of certain events of default or an acceleration under the indenture may constitute an event of default under certain indebtedness of ours or our subsidiaries outstanding from time to time.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If an event of default with respect to any series of debt securities at the time outstanding occurs and is continuing (other than an event of default resulting from certain events of bankruptcy, insolvency or reorganization), then the trustee or the holders of not less than 25% in principal amount of the outstanding debt securities of that series may, by a notice in writing to us (and to the trustee if given by the holders), declare to be due and payable immediately the principal of (or, if the debt securities of that series are discount securities, that portion of the principal amount as may be specified in the terms of that series) and accrued and unpaid interest, if any, on all debt securities of that series. In the case of an event of default resulting from certain events of bankruptcy, insolvency or reorganization, the principal amount (or such specified amount) of and accrued and unpaid interest, if any, on all outstanding debt securities will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holder of outstanding debt securities. At any time after a declaration of acceleration with respect to debt securities of any series has been made, but before a judgment or decree for payment of the money due has been obtained by the trustee, the holders of a majority in principal amount of the outstanding debt securities of that series, by written notice to us and the trustee, may rescind and annul such declaration of acceleration and its consequences if all events of default, other than the non-payment of accelerated principal and interest, if any, with respect to debt securities of that series, have been cured or waived as provided in the indenture. We refer you to the prospectus supplement relating to any series of debt securities that are discount securities for the particular provisions relating to acceleration of a portion of the principal amount of such discount securities upon the occurrence of an event of default.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The indenture provides that the trustee will be under no obligation to perform any duty or exercise any of its rights or powers under the indenture unless the trustee receives indemnity satisfactory to it against any cost, liability or expense which might be incurred by it in performing such duty or exercising such right of power. Subject to certain rights of the trustee, the holders of a majority in principal amount of the outstanding debt securities of any series will 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 debt securities of that series.</FONT></P>



<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">14</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">No holder of any debt security of any series will have any right to institute any proceeding, judicial or otherwise, with respect to the indenture or for the appointment of a receiver or trustee, or for any remedy under the indenture, unless:</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">that holder has previously given to the trustee written notice of a continuing event of default with respect to debt securities of that series;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the holders of not less than 25% in principal amount of the outstanding debt securities of that series have made written request to the trustee to institute the proceedings in respect of such event of default in its own name as trustee under the indenture;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">such holder or holders have offered to the trustee indemnity or security satisfactory to the trustee against the costs, expenses and liabilities which might be incurred by the trustee in compliance with such request;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the trustee has failed to institute any such proceeding for 60 days after its receipt of such notice, request and offer of indemnity; and<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">no direction inconsistent with such written request has been given to the trustee during such 60-day period by holders of a majority in principal amount of the outstanding debt securities of that series.</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding any other provision in the indenture, the holder of any debt security will have an absolute and unconditional right to receive payment of the principal of, and any interest on, that debt security on or after the due dates expressed in that debt 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The indenture requires us, within 120 days after the end of our fiscal year, to furnish to the trustee a statement as to compliance with the indenture from our principal executive officer, principal financial officer or principal accounting officer. If a default or event of default occurs and is continuing with respect to the debt securities of any series and if it is actually known to a responsible officer of the trustee, the trustee shall mail to each holder of the debt securities of that series notice of a default or event of default within 60 days after it occurs or, if later, after a responsible officer of the trustee has knowledge of such default or event of default. The indenture provides that the trustee may withhold notice to the holders of debt securities of any series of any default or event of default (except in payment on any debt securities of that series) with respect to debt securities of that series if the trustee determines in good faith that withholding notice is in the interest of the holders of those debt securities.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Modification and Waiver</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We and the trustee may modify and amend or supplement the indenture or the debt securities of one or more series without the consent of any holder of any debt security:</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">to add guarantees with respect to debt securities of a series or secure debt securities of a series;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">to surrender any of our rights or powers under the indenture;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">to add covenants or events of default for the benefit of the holders of any series of debt securities;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">to comply with the applicable procedures of the applicable depositary;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">to cure any ambiguity, defect or inconsistency;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">to comply with covenants in the indenture described above under the heading &#8220;Consolidation, Merger and Sale of Assets&#8221;;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">to provide for uncertificated securities in addition to or in place of certificated securities;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">to make any change that does not materially adversely affect the rights of any holder of debt securities;<BR>&nbsp;</FONT></TD></TR>



<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">to provide for the issuance of and establish the form and terms and conditions of debt securities of any series as permitted by the indenture;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">to effect the appointment of a successor trustee with respect to the debt securities of any series and to add to or change any of the provisions of the indenture to provide for or facilitate administration by more than one trustee;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">to comply with requirements of the SEC in order to effect or maintain the qualification of the indenture under the Trust Indenture Act; and<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">for certain other reasons set forth in any prospectus supplement.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">15</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>






<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We may also modify and amend the indenture with the consent of the holders of at least a majority in principal amount of the outstanding debt securities of each series affected by the modifications or amendments. We may not make any modification or amendment without the consent of the holders of each affected debt security then-outstanding if that amendment will:</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">reduce the principal amount of debt securities whose holders must consent to an amendment, supplement or waiver;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">reduce the rate of or extend the time for payment of interest (including default interest) on any debt security;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">reduce the principal of, or change the fixed maturity of, any debt security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation with respect to any series of debt securities;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">reduce the principal amount of discount securities payable upon acceleration of maturity;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">waive a default in the payment of the principal of, or interest, if any, on any debt security (except a rescission of acceleration of the debt securities of any series by the holders of at least a majority in principal amount of the then-outstanding debt securities of that series and a waiver of the payment default that resulted from such acceleration);<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">make the principal of, or any interest on, any debt security payable in currency other than that stated in the debt security;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">make any change to certain provisions of the indenture relating to, among other things, the right of holders of debt securities to receive payment of the principal of, and any interest on, those debt securities and to institute suit for the enforcement of any such payment;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">make any change to certain provisions of the indenture relating to waivers or amendments; or<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 30pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">waive a redemption payment with respect to any debt security, provided that such redemption is made at our option.</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Except for certain specified provisions, the holders of at least a majority in principal amount of the outstanding debt securities of any series may, on behalf of the holders of all debt securities of that series, by written notice to the trustee, waive our compliance with provisions of the indenture or the debt securities with respect to such series. The holders of a majority in principal amount of the outstanding debt securities of any series may, on behalf of the holders of all the debt securities of such series, waive any past default under the indenture with respect to that series and its consequences, except a default in the payment of the principal of, or any interest on, any debt security of that series; provided, however, that the holders of a majority in principal amount of the outstanding debt securities of any series may rescind an acceleration and its consequences, including any related payment default that resulted from the acceleration.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Defeasance of Debt Securities and Certain Covenants in Certain Circumstances</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Legal Defeasance</FONT></I><FONT size=2 face="Times New Roman">. The indenture provides that, unless otherwise provided by the terms of the applicable series of debt securities, we may be discharged from any and all obligations in respect of the debt securities of any series (subject to certain exceptions). We will be so discharged upon the deposit with the trustee, in trust, of money and/or U.S. government obligations or, in the case of debt securities denominated in a single currency other than U.S. dollars, government obligations of the government that issued or caused to be issued such currency, that, through the payment of interest and principal in accordance with their terms, will provide money in an amount sufficient in the opinion of a nationally recognized firm of independent public accountants or investment bank to pay and discharge each installment of principal and interest, if any, on and any mandatory sinking fund payments in respect of the debt securities of that series on the stated maturity of those payments in accordance with the terms of the indenture and those debt securities.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">16</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This discharge may occur only if, among other things, we have delivered to the trustee an opinion of counsel stating that we have received from, or there has been published by, the United States Internal Revenue Service a ruling or, since the date of execution of the indenture, there has been a change in the applicable United States federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the holders of the debt securities of that series will not recognize income, gain or loss for United States federal income tax purposes as a result of the deposit, defeasance and discharge and will be subject to United States federal income tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit, defeasance and discharge had not occurred.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Defeasance of Certain Covenants</FONT></I><FONT size=2 face="Times New Roman">. The indenture provides that, unless otherwise provided by the terms of the applicable series of debt securities, upon compliance with certain conditions, (i) we may omit to comply with the covenant described under the heading &#8220;Consolidation, Merger and Sale of Assets&#8221; and certain other covenants set forth in the indenture, as well as any additional covenants which may be set forth in the applicable prospectus supplement; and (ii) any omission to comply with those covenants will not constitute a default or an event of default with respect to the debt securities of that series (&#8220;covenant defeasance&#8221;).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The conditions include (i) depositing with the trustee money and/or U.S. government obligations or, in the case of debt securities denominated in a single currency other than U.S. dollars, government obligations of the government that issued or caused to be issued such currency, that, through the payment of interest and principal in accordance with their terms, will provide money in an amount sufficient in the opinion of a nationally recognized firm of independent public accountants or investment bank to pay and discharge each installment of principal of, and interest, if any, on and any mandatory sinking fund payments in respect of the debt securities of that series on the stated maturity of those payments in accordance with the terms of the indenture and those debt securities; and (ii) delivering to the trustee an opinion of counsel to the effect that the holders of the debt securities of that series will not recognize income, gain or loss for United States federal income tax purposes as a result of the deposit and related covenant defeasance and will be subject to United States federal income tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit and related covenant defeasance had not occurred.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Governing Law</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The indenture and the debt securities, including any claim or controversy arising out of or relating to the indenture or the securities, will be governed by the laws of the State of New York (without regard to the conflicts of laws provisions thereof other than Section 5-1401 of the General Obligations Law).</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">DESCRIPTION OF UNITS</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We may issue units comprised of one or more of the other classes of securities described in this prospectus in any combination. Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security. The units may be issued under unit agreements to be entered into between us and a unit agent, as detailed in the prospectus supplement relating to the units being offered. The unit agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred separately, at any time or at any time before a specified date.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The applicable prospectus supplement may describe:</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately;</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">17</FONT></P>

<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<!-- PART 5-->

<BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units;<BR>&nbsp;</FONT></P></TD></TR>
<TR>
   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">the terms of the unit agreement governing the units;<BR>&nbsp;</FONT></P></TD></TR>
<TR>
   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">United States federal income tax considerations relevant to the units; and<BR>&nbsp;</FONT></P></TD></TR>
<TR>
   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">whether the units will be issued in fully registered or global form.</FONT></P></TD></TR></TABLE>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The preceding description and any description of units in the applicable prospectus supplement does not purport to be complete and is subject to and is qualified in its entirety by reference to the form of unit certificate and unit agreement, if any, which will be filed with the SEC in connection with the offering of such units, and, if applicable, collateral arrangements and depositary arrangements relating to such units.</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">USE OF PROCEEDS</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We intend to use the net proceeds from the sale of the securities for general corporate purposes unless otherwise indicated in the prospectus supplement relating to a specific issue of securities. Our general corporate purposes may include the acquisition of companies, businesses or assets; repayment and refinancing of debt; capital expenditures; and working capital. The prospectus supplement with respect to an offering of securities may identify different or additional uses for the proceeds of such offering.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The precise amounts and the timing of our use of the net proceeds will depend upon market conditions, the availability of other funds and other factors. Until we use the net proceeds from the sale of any of the securities for general corporate purposes, we expect to either reduce our indebtedness or invest in investment grade, interest-bearing securities.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">18</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">PLAN OF DISTRIBUTION</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We may sell our securities in any of the following ways:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">to or through underwriters;<BR>&nbsp;</FONT></P></TD></TR>
<TR>
   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">through agents;<BR>&nbsp;</FONT></P></TD></TR>
<TR>
   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">through broker-dealers (acting as agent or principal);<BR>&nbsp;</FONT></P></TD></TR>
<TR>
   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">directly by us to purchasers, through a specific bidding or auction process or otherwise; or<BR>&nbsp;</FONT></P></TD></TR>
<TR>
   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">through a combination of any such methods of sale.</FONT></P></TD></TR></TABLE>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The securities may be distributed at a fixed price or prices, which may be changed, market prices prevailing at the time of sale, including at-the-market offerings as defined in Rule 415(a)(4) under the Securities Act, at prices related to the prevailing market prices, or negotiated prices.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Each time that we use this prospectus to sell our securities, we will also provide a prospectus supplement that contains the specific terms of such offering. The prospectus supplement will set forth the terms of the offering of such securities, including:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">the name or names of any underwriters, dealers or agents and the type and amounts of securities underwritten or purchased by each of them;<BR>&nbsp;</FONT></P></TD></TR>
<TR>
   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">the public offering price of the securities and the net proceeds to us and any discounts, commissions or concessions allowed or reallowed or paid to underwriters, dealers or agents;<BR>&nbsp;</FONT></P></TD></TR>
<TR>
   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">any exchange on which the securities will be issued; and<BR>&nbsp;</FONT></P></TD></TR>
<TR>
   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">all other items constituting underwriting compensation.</FONT></P></TD></TR></TABLE>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We may also issue the securities as a dividend or distribution or in a subscription rights offering to our stockholders, in each case subject to applicable restrictive covenants contained in agreements and instruments governing our debt at the time of such dividend, distribution or offering. Any such dividend, distribution or subscription rights may or may not be transferable by stockholders. The applicable prospectus supplement will describe the specific terms of the dividend, distribution or subscription rights, including the terms of the dividend, distribution or subscription rights offering, the terms, procedures and limitations relating to the exchange and exercise of the dividend, distribution or subscription rights and, if applicable, the material terms of any standby underwriting or purchase arrangement entered into by us in connection with the offering of common stock, other class of securities or units through the issuance of a dividend, distribution or subscription rights.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Sale Through Underwriters, Agents or Dealers</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If we use underwriters in the sale of any securities on a firm commitment basis, the securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. The securities may be either offered to the public through underwriting syndicates represented by managing underwriters, or directly by underwriters. Generally, the underwriters&#8217; obligations to purchase the securities will be subject to certain conditions precedent. The underwriters will be obligated to purchase all of the securities if they purchase any of the securities. We may also engage underwriters on a best efforts basis.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We may sell the securities through agents from time to time. The prospectus supplement will name any agent involved in the offer or sale of our securities and any commissions we pay to them. Generally, any agent will be acting on a best efforts basis for the period of its appointment.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">19</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">To the extent that we make sales to or through one or more underwriters or agents in at-the-market offerings, we will do so pursuant to the terms of a distribution agreement between us and the underwriters or agents. If we engage in at-the-market sales pursuant to a distribution agreement, we will issue and sell shares of our common stock to or through one or more underwriters or agents, which may act on an agency basis or on a principal basis. During the term of any such agreement, we may sell shares on a daily basis in exchange transactions or otherwise as we agree with the underwriters or agents. The distribution agreement will provide that any shares of our common stock sold will be sold at prices related to the then prevailing market prices for our common stock. Therefore, exact figures regarding proceeds that will be raised or commissions to be paid cannot be determined at this time and will be described in a prospectus supplement. Pursuant to the terms of the distribution agreement, we also may agree to sell, and the relevant underwriters or agents may agree to solicit offers to purchase, blocks of our common stock or other securities. The terms of each such distribution agreement will be set forth in more detail in a prospectus supplement to this prospectus. If any underwriter or agent acts as principal, or broker dealer acts as underwriter, it may engage in certain transactions that stabilize, maintain or otherwise affect the price of our securities. We will describe any such activities in the prospectus supplement relating to the transaction.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">In the sale of the securities, underwriters or agents may receive compensation from us in the form of underwriting discounts or commissions and may also receive compensation from purchasers of the securities, for whom they may act as agents, in the form of discounts, concessions or commissions. Underwriters may sell the securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Discounts, concessions and commissions may be changed from time to time. Dealers and agents that participate in the distribution of the securities may be deemed to be underwriters under the Securities Act, and any discounts, concessions or commissions they receive from us and any profit on the resale of securities they realize may be deemed to be underwriting compensation under applicable federal and state securities laws.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We may authorize underwriters, dealers or agents to solicit offers by certain purchasers to purchase our securities at the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. The contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement will set forth any commissions or discounts we pay for solicitation of these contracts.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Agents and underwriters may be entitled to indemnification by us against certain civil liabilities, including liabilities under the Securities Act, or to contribution with respect to payments which the agents or underwriters may be required to make in respect thereof. Agents and underwriters may be customers of, engage in transactions with, or perform services for us in the ordinary course of business.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 then 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 securities. The third party in such sale transactions will be an underwriter and will be identified in the applicable prospectus supplement (or a post-effective amendment).</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Until the distribution of the securities is completed, rules of the SEC may limit the ability of any underwriters and selling group members to bid for and purchase the securities. As an exception to these rules, underwriters are permitted to engage in some transactions that stabilize the price of the securities. Such transactions consist of bids or purchases for the purpose of pegging, fixing or maintaining the price of the securities.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Underwriters may engage in overallotment. If an underwriter creates a short position in offered securities by selling more securities than are set forth on the cover page of the applicable prospectus supplement, the underwriters may reduce that short position by purchasing the securities in the open market.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The lead underwriters may also impose a penalty bid on other underwriters and selling group members participating in an offering. This means that if the lead underwriters purchase securities in the open market to reduce the underwriters' short position or to stabilize the price of the securities, they may reclaim the amount of any selling concession from the underwriters and selling group members who sold those securities as part of the offering.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">20</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Any person participating in the distribution of common stock registered under the registration statement that includes this prospectus will be subject to applicable provisions of the Securities Act, Exchange Act, and the applicable SEC rules and regulations, including, among others, Regulation M, which may limit the timing of purchases and sales of any of our common stock by any such person. Furthermore, Regulation M may restrict the ability of any person engaged in the distribution of our common stock to engage in market-making activities with respect to our common stock. These restrictions may affect the marketability of our common stock and the ability of any person or entity to engage in market-making activities with respect to our common stock.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If more than 10% of the net proceeds of any offering of securities made under this prospectus will be received by Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) members participating in the offering, or affiliates or associated persons of such FINRA members, the offering will be conducted in accordance with FINRA Rule 5110.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Direct Sales and Electronic Auctions</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We may sell the securities offered through this prospectus directly. In this case, no underwriters or agents would be involved.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We may also make sales through the Internet or through other electronic means. Since we may from time to time elect to offer securities directly to the public, with or without the involvement of agents, underwriters or dealers, utilizing the Internet or other forms of electronic bidding or ordering systems for the pricing and allocation of such securities, you should pay particular attention to the description of that system we will provide in a prospectus supplement.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Such electronic system may allow bidders to directly participate, through electronic access to an auction site, by submitting conditional offers to buy that are subject to acceptance by us, and which may directly affect the price or other terms and conditions at which such securities are sold. These bidding or ordering systems may present to each bidder, on a so-called "real-time" basis, relevant information to assist in making a bid, such as the clearing spread at which the offering would be sold, based on the bids submitted, and whether a bidder's individual bids would be accepted, prorated or rejected. Any such matters will be described in the applicable prospectus supplement.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Upon completion of such an electronic auction process, securities may be allocated based on prices bid, terms of bid or other factors. The final offering price at which securities would be sold and the allocation of securities among bidders may be based in whole or in part on the results of the Internet or other electronic bidding process or auction.</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">LEGAL MATTERS</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The validity of the securities offered hereby will be passed upon for us by Harter Secrest &amp; Emery LLP, Buffalo, N.Y.</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">EXPERTS</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The consolidated financial statements of Transcat, Inc. as of March 28, 2020 and March 30, 2019, and for each of the years in the two-year period ended March 28, 2020, have been incorporated by reference herein, in reliance upon the reports of Freed Maxick CPAs, P.C., independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">21</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<BR>
<BR>


<P style="TEXT-ALIGN: center"><B><FONT size=5 face="Times New Roman">$75,000,000</FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=5 face="Times New Roman">Transcat, Inc.</FONT></B></P>
<DIV align=center>
<TABLE style="WIDTH: 1%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 border=0>

<TR vAlign=bottom>
   <TD width="100%" align=center><B><FONT size=2 face="Times New Roman">
   <IMG border=0 src="transcat3828291-s35x5x1.jpg"></FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="100%" align=center><B><FONT size=2 face="Times New Roman">&nbsp;</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="100%" align=center><B><FONT size=2 face="Times New Roman">Common Stock</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="100%" align=center><B><FONT size=2 face="Times New Roman">Warrants</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="100%" noWrap align=center><B><FONT size=2 face="Times New Roman">Purchase Contracts</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="100%" align=center><B><FONT size=2 face="Times New Roman">Debt Securities</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="100%" align=center><B><FONT size=2 face="Times New Roman">Units</FONT></B></TD></TR>
<TR>
   <TD>&nbsp;</TD></TR>
<TR>
   <TD>&nbsp;</TD></TR>
<TR>
   <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
   <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="100%" align=center><B><FONT size=2 face="Times New Roman">Prospectus</FONT></B></TD></TR>
<TR>
   <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
   <TD>&nbsp;</TD></TR>
<TR>
   <TD>&nbsp;</TD></TR>
<TR>
   <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="100%" noWrap align=center><B><FONT size=2 face="Times New Roman">November 17, 2020</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="100%" noWrap align=center>&nbsp;<B><FONT size=2 face="Times New Roman"></FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="100%" noWrap align=center>&nbsp;<B><FONT size=2 face="Times New Roman"></FONT></B></TD></TR></TABLE></DIV>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">No dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the Securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">PART II<BR>INFORMATION NOT REQUIRED IN PROSPECTUS</FONT></B></P>
<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Item 14. Other Expenses of Issuance and Distribution.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The expenses (other than underwriting compensation) to be incurred by us in connection with the issuance and distribution of our securities being registered hereby are:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Securities and Exchange Commission filing fee</FONT></TD>
   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">8,182.50</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><SUP>(1)</SUP>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Accounting fees and expenses</FONT></TD>
   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: left"></TD>
   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">*</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Legal fees and expenses</FONT></TD>
   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: left"></TD>
   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">*</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Printing fees</FONT></TD>
   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: left"></TD>
   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">*</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Miscellaneous</FONT></TD>
   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: left"></TD>
   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">*</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="width: 95%; white-space: nowrap; text-align: center; padding-left: 15pt; text-align: left"><B><FONT size=2 face="Times New Roman">Total expenses</FONT></B></TD>
   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Times New Roman">$ </FONT></TD>
   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">*</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"></TD></TR></TABLE>
<BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"><SUP>(1)</SUP></FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">See Footnote (3) to the &#8220;Calculation of Registration Fee&#8221; table on the cover page of this registration statement.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">*</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Estimated expenses are not presently known. The foregoing sets forth the general categories of expenses (other than any underwriting discounts and commissions) that we anticipate we will incur in connection with the offering of our securities under this registration statement. An estimate of the various expenses in connection with the issuance and distribution of our securities being offered will be included in the applicable prospectus supplement.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Item 15. Indemnification of Directors and Officers.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We are incorporated under the Ohio General Corporation Law (the &#8220;OGCL&#8221;). Article VI of our Code of Regulations provides that we shall indemnify our directors and officers to the fullest extent authorized by the OGCL. With respect to indemnification of directors and officers, Section 1701.13 of the OGCL provides that a corporation may indemnify or agree 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, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, trustee, officer, employee, member, manager or agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture, trust or other enterprise, against expenses, including attorneys&#8217; 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, if he had no reasonable cause to believe his conduct was unlawful. Under this provision of the OGCL, the termination of any action, suit or proceeding by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act 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, he had reasonable cause to believe that his conduct is unlawful.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Furthermore, the OGCL provides that a corporation may indemnify or agree 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, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, trustee, officer, employee, member, manager, or agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture, trust or other enterprise, against expenses, including attorneys&#8217; fees, actually and reasonably incurred by him 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, except that no indemnification shall be made in respect of: (i) any claim, issue or matter as to which such person is 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 of common pleas or the court in which such action or suit was brought determines, 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 indemnify for such expenses as the court of common pleas or such other court shall deem proper; or (ii) any action or suit in which the only liability asserted against a director is pursuant to OGCL Section 1701.95 (relating to unlawful loans, dividends, and distributions of assets).</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">II-1</FONT></P>
<HR align=center width="100%" noShade size="2">


<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<!-- PART 6-->

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">In addition, Section 1701.13(E)(5)(a) requires a corporation to pay any expenses, including attorneys&#8217; fees, of a director in defending an action, suit, or proceeding referred to above as they are incurred, in advance of the final disposition of the action, suit, or proceeding, upon receipt of an undertaking by or on behalf of the director in which he agrees to both (i) repay such amount if it is proved by clear and convincing evidence that his action or failure to act involved an act or omission undertaken with deliberate intent to cause injury to the corporation or undertaken with reckless disregard for the best interests of the corporation and (ii) reasonably cooperate with the corporation concerning the action, suit, or proceeding. Section 1701.13(E)(7) and (F)(2) further authorizes a corporation to enter into contracts regarding indemnification and to purchase and maintain insurance on behalf of any director, trustee, officer, employee or agent for any liability asserted against him or arising out of his status as such. The Company presently maintains insurance policies that provide coverage for our directors and officers in certain situations where we cannot directly indemnify such directors or officers.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act, and is therefore unenforceable.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">II-2</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Item 16. Exhibits and Financial Statement Schedules.</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">EXHIBIT INDEX</FONT></B></P>

<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman">Exhibit No.</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 96%; white-space: nowrap; text-align: center"><B><FONT size=2 face="Times New Roman">Description</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><B><FONT size=2 face="Times New Roman">**</FONT></B></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">1.1</FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><FONT size=2 face="Times New Roman">Form of Underwriting Agreement</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/0000891839-95-000018.txt" STYLE="-sec-extract: exhibit">3.1(a)</A></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/0000891839-95-000018.txt" STYLE="-sec-extract: exhibit">Articles of Incorporation, as amended, are incorporated herein by reference from Exhibit 4(a) to the Company&#8217;s Registration Statement on Form S-8 (Registration No. 33-61665) filed on August 8, 1995.</A></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000095015299008756/0000950152-99-008756.txt" STYLE="-sec-extract: exhibit">3.1(b)</A></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><FONT size=2 face="Times New Roman"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000095015299008756/0000950152-99-008756.txt" STYLE="-sec-extract: exhibit">Certificate of Amendment to the Articles is incorporated herein by reference from Exhibit 3(i) to the Company&#8217;s Quarterly Report on Form 10-Q for the quarter ended September 30, 1999.</A></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000119312512276871/d284998dex31.htm" STYLE="-sec-extract: exhibit">3.1(c)</A></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000119312512276871/d284998dex31.htm" STYLE="-sec-extract: exhibit">Certificate of Amendment to the Articles is incorporated herein by reference from Exhibit 3.1 to the Company&#8217;s Annual Report on Form 10-K for the year ended March 31, 2012.</A></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000120677415003416/exhibit3-1.htm" STYLE="-sec-extract: exhibit">3.1(d)</A></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><FONT size=2 face="Times New Roman"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000120677415003416/exhibit3-1.htm" STYLE="-sec-extract: exhibit">Certificate of Amendment to the Articles is incorporated herein by reference from Exhibit 3.1 to the Company&#8217;s Quarterly Report on Form 10-Q for the quarter ended September 26, 2015.</A></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000120677419001640/trns3587121-ex31.htm" STYLE="-sec-extract: exhibit">3.2</A></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000120677419001640/trns3587121-ex31.htm" STYLE="-sec-extract: exhibit">Code of Regulations, as amended through May 1, 2019, are incorporated herein by reference from Exhibit 3.1 to the Company&#8217;s Current Report on Form 8-K filed on May 3, 2019.</A></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">4.1</FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><FONT size=2 face="Times New Roman">Form of Common Stock Certificate is incorporated herein by reference from Exhibit 4 to Amendment No. 1 to the Company&#8217;s Registration Statement on Form S-1 (Registration No. 2-27910) filed on December 22, 1967.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman">**</FONT></B></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">4.2</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Form of Warrant Agreement (including Form of Warrant Certificate) with respect to Warrants to Purchase Common Stock or Units.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">**</FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">4.3</FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><FONT size=2 face="Times New Roman">Form of Warrant Agreement (including Form of Warrant Certificate) with respect to Warrants to Purchase Debt Securities.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman">**</FONT></B></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">4.4</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Form of Purchase Contract Agreement</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><A HREF="transcat3828291-ex45.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">*</FONT></A></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><A HREF="transcat3828291-ex45.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">4.5</FONT></A></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><A HREF="transcat3828291-ex45.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">Form of Indenture</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">**</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">4.6</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Form of Global Note</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">**</FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">4.7</FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><FONT size=2 face="Times New Roman">Form of Unit Agreement (including Form of Unit Certificate)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><A HREF="transcat3828291-ex51.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">*</FONT></A></TD>

   <TD vAlign=top width="1%" noWrap align=left><A HREF="transcat3828291-ex51.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">5.1</FONT></A></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><A HREF="transcat3828291-ex51.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">Opinion of Harter Secrest &amp; Emery LLP</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><A HREF="transcat3828291-ex231.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">*</FONT></A></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><A HREF="transcat3828291-ex231.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">23.1</FONT></A></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><A HREF="transcat3828291-ex231.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">Consent of Freed Maxick CPAs, P.C.</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><A HREF="transcat3828291-ex51.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">*</FONT></A></TD>

   <TD vAlign=top width="1%" noWrap align=left><A HREF="transcat3828291-ex51.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">23.2</FONT></A></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><A HREF="transcat3828291-ex51.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">Consent of Harter Secrest &amp; Emery LLP (included in Exhibit 5.1 filed herewith)</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><A HREF="#powerofattorney" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">*</FONT></A></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><A HREF="#powerofattorney" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">24.1</FONT></A></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><A HREF="#powerofattorney" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">Power of Attorney (included in the signature page of this Registration Statement)</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="vertical-align: top; width: 96%; text-align: justify; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">***&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">25.1</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD VALIGN="TOP" WIDTH="96%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Form T-1 Statement of Eligibility of Trustee under the Indenture.</FONT></TD></TR></TABLE>
<DIV>____________________</DIV><BR>
<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">*</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Filed herewith.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">**</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">To be subsequently filed by an amendment to the Registration Statement or by a Current Report on Form 8-K and incorporated herein by reference.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">***&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">To be filed separately under the electronic form type 305(b)(2) of the Trust Indenture Act of 1939, as amended.</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">II-3</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Item 17. Undertakings.</FONT></B></P>

<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(a)</FONT></TD>

   <TD WIDTH="99%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">The undersigned registrant hereby undertakes:</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD WIDTH="99%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"></FONT></P></TD></TR></TABLE>

<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD WIDTH="98%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD WIDTH="98%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"></FONT></P></TD></TR></TABLE>

<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(i)</FONT></TD>

   <TD WIDTH="97%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD WIDTH="97%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"></FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(ii)</FONT></TD>

   <TD WIDTH="97%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">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; and</FONT></P></TD></TR>

<TR>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD WIDTH="97%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(iii)</FONT></TD>

   <TD WIDTH="97%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">To include any material information with respect to the plan of
   distribution not previously disclosed in the registration statement or any material change to
   such information in the registration statement.</FONT></P></TD></TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: justify"><I><FONT size=2 face="Times New Roman">provided, however</FONT></I><FONT size=2 face="Times New Roman">, that paragraphs (a)(1)(i), (ii) and (iii) do not apply if 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 Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</FONT></P>

<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD WIDTH="98%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </FONT><I><FONT size=2 face="Times New Roman">bona fide </FONT></I><FONT size=2 face="Times New Roman">offering thereof.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD WIDTH="98%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD WIDTH="98%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD WIDTH="98%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD WIDTH="98%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD WIDTH="98%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE>

<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face="Times New Roman">(i)</FONT></TD>

   <TD WIDTH="96%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall
   be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the
   registration statement; and</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="2%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD WIDTH="96%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face="Times New Roman">(ii)</FONT></TD>

   <TD WIDTH="96%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">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. </FONT><I><FONT size=2 face="Times New Roman">Provided, however, </FONT></I><FONT size=2 face="Times New Roman">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.</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">II-4</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD WIDTH="98%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">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:</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD WIDTH="98%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"></FONT></P></TD></TR></TABLE>

<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face="Times New Roman">(i)</FONT></TD>

   <TD WIDTH="96%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="2%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD WIDTH="96%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face="Times New Roman">(ii)</FONT></TD>

   <TD WIDTH="96%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">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;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD WIDTH="96%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face="Times New Roman">(iii)</FONT></TD>

   <TD WIDTH="96%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">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</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD WIDTH="96%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face="Times New Roman">(iv)</FONT></TD>

   <TD WIDTH="96%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Any other communication that is an offer in the offering made by the
   undersigned registrant to the purchaser.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD WIDTH="96%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE>

<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face="Times New Roman">(b)</FONT></TD>

   <TD WIDTH="98%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">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 Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee
   benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1943) that is incorporated by
   reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered
   therein, and the offering of such securities at that time shall be deemed to be the initial </FONT><I><FONT size=2 face="Times New Roman">bona
   fide </FONT></I><FONT size=2 face="Times New Roman">offering thereof.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="2%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD WIDTH="98%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face="Times New Roman">(c)</FONT></TD>

   <TD WIDTH="98%" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">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 Securities Act of 1933 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 of whether such indemnification by it is against public policy as
   expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">II-5</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">SIGNATURES</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rochester, State of New York, on this 17<SUP>th </SUP>day of November 2020.</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="90%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD width="9%" noWrap align=left><B><FONT size=2 face="Times New Roman">TRANSCAT, INC.</FONT></B></TD></TR>

<TR>

   <TD width="90%"></TD>

   <TD width="1%"></TD>

   <TD width="9%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="90%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="9%" noWrap align=left><FONT size=2 face="Times New Roman">/s/ Lee D. Rudow</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="90%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="9%" noWrap align=left><FONT size=2 face="Times New Roman">Lee D. Rudow</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="90%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="9%" noWrap align=left><FONT size=2 face="Times New Roman">President and Chief Executive Officer</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman"><A NAME="powerofattorney"></A>POWER OF ATTORNEY</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints each of Lee D. Rudow and James M. Jenkins, each of them acting individually, as his or her true and lawful attorney-in-fact and agent with full powers of substitution and resubstitution, to act for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this registration statement (including post-effective amendments and registration statements filed pursuant to Rule 462 under the Securities Act of 1933, as amended, and otherwise), and any other documents in connection therewith, and to file the same, with all exhibits thereto, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or his or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof. Each of the undersigned has executed this power of attorney as of the date indicated.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">II-6</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><B><FONT size=2 face="Times New Roman">Signatures</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><B><FONT size=2 face="Times New Roman">Title</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><B><FONT size=2 face="Times New Roman">Date</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">/s/ Lee D. Rudow</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Director, President and Chief Executive Officer</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">November 17, 2020</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Lee D. Rudow</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">(Principal Executive Officer)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">/s/ Mark Doheny</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Vice President - Finance, Chief Financial Officer and Treasurer</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">November 17, 2020</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Mark Doheny</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">(Principal Financial Officer)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">/s/ Scott D. Deverell</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Controller and Principal Accounting Officer</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">November 17, 2020</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Scott D. Deverell</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">(Principal Accounting Officer)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">/s/ Gary J. Haseley</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Chairman of the Board of Directors</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">November 17, 2020</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Gary J. Haseley</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">/s/ Oksana Dominach</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">November 17, 2020</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Oksana Dominach</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">/s/ Charles P. Hadeed</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">November 17, 2020</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Charles P. Hadeed</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">/s/ Richard J. Harrison&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">November 17, 2020</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Richard J. Harrison</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">/s/ Paul D. Moore</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">November 17, 2020</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Paul D. Moore</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">/s/ Angela J. Panzarella</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">November 17, 2020</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Angela J. Panzarella</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">/s/ Carl E. Sassano</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">November 17, 2020</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Carl E. Sassano</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">/s/ John T. Smith</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">November 17, 2020</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">John T. Smith</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 68%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 15%; white-space: nowrap; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">II-7</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



</DIV>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>2
<FILENAME>transcat3828291-ex45.htm
<DESCRIPTION>FORM OF INDENTURE
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<P style="TEXT-ALIGN: right"><B><FONT size=2 face="Times New Roman">Exhibit 4.5<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR></FONT></B></P>

<TABLE style="BORDER-COLLAPSE: collapse; LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="37%" align=center><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD width="26%" align=center><B><FONT size=2 face="Times New Roman">TRANSCAT, INC.</FONT></B></TD>

   <TD width="37%" align=center><B><FONT size=2 face="Times New Roman"></FONT></B></TD></TR>

<TR>

   <TD width="37%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%">&nbsp;</TD>

   <TD width="37%"></TD></TR>

<TR>

   <TD width="37%"></TD>

   <TD width="26%">&nbsp;</TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD rowSpan=2 width="37%" align=center>

   <P><B><FONT size=2 face="Times New Roman"></FONT></B></P></TD>

   <TD rowSpan=2 width="26%" align=center>

   <P><B><FONT size=2 face="Times New Roman">INDENTURE</FONT></B></P>

   <P><FONT size=2 face="Times New Roman">Dated as of ______, 2020</FONT></P></TD>

   <TD rowSpan=2 width="37%" align=center>

   <P><B><FONT size=2 face="Times New Roman"></FONT></B></P></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD width="37%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%">&nbsp;</TD>

   <TD width="37%"></TD></TR>

<TR>

   <TD width="37%"></TD>

   <TD width="26%">&nbsp;</TD>

   <TD width="37%"></TD>

   <TD></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=center>

   <P><B><FONT size=2 face="Times New Roman"></FONT></B></P></TD>

   <TD rowSpan=2 width="26%" align=center>

   <P><B><FONT size=2 face="Times New Roman">[Trustee],</FONT></B></P>

   <P><FONT size=2 face="Times New Roman">Trustee</FONT></P></TD>

   <TD width="37%" align=center>

   <P><B><FONT size=2 face="Times New Roman"></FONT></B></P></TD></TR></TABLE><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">TABLE OF CONTENTS</FONT></B></P>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD width="98%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">Page</FONT></TD></TR>


<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 99%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">1</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Definitions</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">1</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Other Definitions</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">3</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.3</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Incorporation by Reference of Trust Indenture Act</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">4</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.4</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Rules of Construction</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">4</FONT></TD></TR>

<TR>

   <TD COLSPAN="3" STYLE="width: 100%; background-color: Silver">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">ARTICLE II. THE SECURITIES</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">4</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Issuable in Series</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">4</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Establishment of Terms of Series of Securities</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">5</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Execution and Authentication</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">6</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Registrar and Paying Agent</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">7</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.5</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Paying Agent to Hold Money in Trust</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">8</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.6</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Securityholder Lists</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">8</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.7</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Transfer and Exchange</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">8</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.8</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Mutilated, Destroyed, Lost and Stolen Securities</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">8</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.9</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Outstanding Securities</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">9</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Treasury Securities</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">9</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Temporary Securities</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">9</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Cancellation</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">10</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Defaulted Interest</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">10</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.14</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Global Securities</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">10</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.15</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">CUSIP Numbers</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">11</FONT></TD></TR>

<TR>

   <TD COLSPAN="3" STYLE="width: 100%; background-color: Silver">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">ARTICLE III. REDEMPTION</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">11</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Notice to Trustee</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">11</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Selection of Securities to be Redeemed</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">11</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Notice of Redemption</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">11</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Effect of Notice of Redemption</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">12</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Deposit of Redemption Price</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">13</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Securities Redeemed in Part</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">13</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 99%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">ARTICLE IV. COVENANTS</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">13</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Payment of Principal and Interest</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">13</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">SEC Reports</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">13</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Compliance Certificate</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">13</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Stay, Extension and Usury Laws</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">14</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.5</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Corporate Existence</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">14</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 99%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">ARTICLE V. SUCCESSORS</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">14</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">When Company May Merge, Etc.</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">14</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Successor Corporation Substituted</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">14</FONT></TD></TR>

<TR>

   <TD COLSPAN="3" STYLE="width: 100%; background-color: Silver">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">ARTICLE VI. DEFAULTS AND REMEDIES</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">15</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Events of Default</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">15</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Acceleration of Maturity; Rescission and Annulment</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">16</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Collection of Indebtedness and Suits for Enforcement by Trustee</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">16</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Trustee May File Proofs of Claim</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">17</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Trustee May Enforce Claims Without Possession of Securities</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">17</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Application of Money Collected</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">17</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.7</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Limitation on Suits</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">18</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.8</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Unconditional Right of Holders to Receive Principal and Interest</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">18</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.9</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Restoration of Rights and Remedies</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">18</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.10</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Rights and Remedies Cumulative</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">18</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.11</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Delay or Omission Not Waiver</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">19</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">i</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.12</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Control by Holders</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">19</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.13</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Waiver of Past Defaults</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">19</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.14</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Undertaking for Costs</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">19</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">ARTICLE VII. TRUSTEE</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">20</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Duties of Trustee</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">20</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Rights of Trustee</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">21</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Individual Rights of Trustee</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">22</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Trustee&#8217;s Disclaimer</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">22</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.5</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Notice of Defaults</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">22</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.6</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Reports by Trustee to Holders</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">22</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.7</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Compensation and Indemnity</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">22</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.8</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Replacement of Trustee</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">23</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.9</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Successor Trustee by Merger, Etc.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">24</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Eligibility; Disqualification</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">24</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.11</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Preferential Collection of Claims Against Company</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">24</FONT></TD></TR>

<TR>

   <TD COLSPAN="3" STYLE="width: 100%; background-color: Silver">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">24</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Satisfaction and Discharge of Indenture</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">24</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Application of Trust Funds; Indemnification</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">25</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Legal Defeasance of Securities of any Series</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">25</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.4</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Covenant Defeasance</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">26</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.5</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Repayment to Company</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">27</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.6</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Reinstatement</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">27</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 99%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">ARTICLE IX. AMENDMENTS AND WAIVERS</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">28</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Without Consent of Holders</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">28</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">With Consent of Holders</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">28</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.3</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Limitations</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">29</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.4</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Compliance with Trust Indenture Act</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">29</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.5</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Revocation and Effect of Consents</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">29</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.6</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Notation on or Exchange of Securities</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">30</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.7</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Trustee Protected</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">30</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 99%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">ARTICLE X. MISCELLANEOUS</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">30</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Trust Indenture Act Controls</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">30</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Notices</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">30</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.3</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Communication by Holders with Other Holders</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">31</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.4</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Certificate and Opinion as to Conditions Precedent</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">31</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.5</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Statements Required in Certificate or Opinion</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">31</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.6</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Rules by Trustee and Agents</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">32</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.7</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Legal Holidays</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">32</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.8</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">No Recourse Against Others</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">32</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.9</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Counterparts</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">32</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.10</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Governing Law; Jury Trial Waiver</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">32</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.11</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">No Adverse Interpretation of Other Agreements</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">32</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.12</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Successors</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">32</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.13</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Severability</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">32</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.14</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Table of Contents, Headings, Etc.</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">33</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.15</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Securities in a Foreign Currency</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">33</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.16</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Judgment Currency</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">33</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.17</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Force Majeure</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">33</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.18</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">U.S.A. Patriot Act</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">34</FONT></TD></TR>

<TR>

   <TD COLSPAN="3" STYLE="width: 100%; background-color: Silver">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">ARTICLE XI. SINKING FUNDS</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">34</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Applicability of Article</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">34</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.2</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Satisfaction of Sinking Fund Payments with Securities</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">34</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3</FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Redemption of Securities for Sinking Fund</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">34</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">ii</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT size=4 face="Times New Roman">TRANSCAT, INC.</FONT></B></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Reconciliation and tie between Trust Indenture Act of 1939 and<BR>Indenture, dated as of ______, 2020</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">&#167; 310(a)(1)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">7.10</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(a)(2)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">7.10</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(a)(3)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(a)(4)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(a)(5)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">7.10</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(b)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">7.10</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">&#167; 311(a)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">7.11</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(b)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">7.11</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(c)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">&#167; 312(a)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">2.6</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(b)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">10.3</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(c)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">10.3</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">&#167; 313(a)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">7.6</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(b)(1)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">7.6</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(b)(2)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">7.6</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(c)(1)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">7.6</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(d)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">7.6</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">&#167; 314(a)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">4.2, 10.5</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(b)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(c)(1)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">10.4</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(c)(2)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">10.4</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(c)(3)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(d)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(e)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">10.5</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(f)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">&#167; 315(a)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">7.1</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(b)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">7.5</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(c)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">7.1</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(d)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">7.1</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(e)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">6.14</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">&#167; 316(a)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">2.10</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(a)(1)(A)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">6.12</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(a)(1)(B)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">6.13</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(b)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">6.8</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">&#167; 317(a)(1)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">6.3</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(a)(2)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">6.4</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(b)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">2.5</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">&#167; 318(a)</FONT></TD>

   <TD width="98%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">10.1</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 98%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman"></FONT></TD></TR></TABLE>


<DIV style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.</FONT></DIV>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">iii</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: right"><B><FONT size=2 face="Times New Roman">Exhibit 4.5</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Indenture dated as of ______, 2020 between Transcat, Inc., a company incorporated under the laws of the State of Ohio (&#8220;</FONT><I><FONT size=2 face="Times New Roman">Company</FONT></I><FONT size=2 face="Times New Roman">&#8221;), and [Trustee], as trustee (&#8220;</FONT><I><FONT size=2 face="Times New Roman">Trustee</FONT></I><FONT size=2 face="Times New Roman">&#8221;).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE I.<BR></FONT></B><B><FONT size=2 face="Times New Roman">DEFINITIONS AND INCORPORATION BY REFERENCE</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 1.1 Definitions.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Additional Amounts</FONT></I><FONT size=2 face="Times New Roman">&#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 herein or therein and which are owing to such Holders.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Affiliate</FONT></I><FONT size=2 face="Times New Roman">&#8221; of any specified person means any other person directly or indirectly controlling or controlled by or under 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Agent</FONT></I><FONT size=2 face="Times New Roman">&#8221; means any Registrar, Paying Agent or Notice Agent.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Board of Directors</FONT></I><FONT size=2 face="Times New Roman">&#8221; means the board of directors of the Company or any duly authorized committee thereof.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Board Resolution</FONT></I><FONT size=2 face="Times New Roman">&#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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Business Day</FONT></I><FONT size=2 face="Times New Roman">&#8221; means, unless otherwise provided by Board Resolution, Officer&#8217;s Certificate or supplemental indenture hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York (or in connection with any payment, the place of payment) on which banking institutions are authorized or required by law, regulation or executive order to close.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Capital Stock</FONT></I><FONT size=2 face="Times New Roman">&#8221; means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Company</FONT></I><FONT size=2 face="Times New Roman">&#8221; means the party named as such above until a successor, which duly assumes the obligations under the Indenture, replaces it and thereafter means the successor.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Company Order</FONT></I><FONT size=2 face="Times New Roman">&#8221; means a written order signed in the name of the Company by an Officer.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Corporate Trust Office</FONT></I><FONT size=2 face="Times New Roman">&#8221; means the office of the Trustee at which at any particular time its corporate trust business related to this Indenture shall be principally administered.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Default</FONT></I><FONT size=2 face="Times New Roman">&#8221; means any event which is, or after notice or passage of time or both would be, an Event of Default.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Depositary</FONT></I><FONT size=2 face="Times New Roman">&#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 Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, &#8220;Depositary&#8221; as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series.</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Discount Security</FONT></I><FONT size=2 face="Times New Roman">&#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 6.2.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Dollars</FONT></I><FONT size=2 face="Times New Roman">&#8221; and &#8220;</FONT><I><FONT size=2 face="Times New Roman">$</FONT></I><FONT size=2 face="Times New Roman">&#8221; means the currency of The United States of America.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Exchange Act</FONT></I><FONT size=2 face="Times New Roman">&#8221; means the Securities Exchange Act of 1934, as amended.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Foreign Currency</FONT></I><FONT size=2 face="Times New Roman">&#8221; means any currency or currency unit issued by a government other than the government of The United States of America.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Foreign Government Obligations</FONT></I><FONT size=2 face="Times New Roman">&#8221; means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">GAAP</FONT></I><FONT size=2 face="Times New Roman">&#8221; means accounting principles generally accepted in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Global Security</FONT></I><FONT size=2 face="Times New Roman">&#8221; or &#8220;</FONT><I><FONT size=2 face="Times New Roman">Global Securities</FONT></I><FONT size=2 face="Times New Roman">&#8221; means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Holder</FONT></I><FONT size=2 face="Times New Roman">&#8221; or &#8220;</FONT><I><FONT size=2 face="Times New Roman">Securityholder</FONT></I><FONT size=2 face="Times New Roman">&#8221; means a person in whose name a Security is registered.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Indenture</FONT></I><FONT size=2 face="Times New Roman">&#8221; means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Interest</FONT></I><FONT size=2 face="Times New Roman">&#8221; means, with respect to any Security, any interest on such Security, and with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Maturity</FONT></I><FONT size=2 face="Times New Roman">,&#8221; when used with respect to any Security, means the date on which the principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Officer</FONT></I><FONT size=2 face="Times New Roman">&#8221; means the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary, and any Vice President of the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Officer&#8217;s Certificate</FONT></I><FONT size=2 face="Times New Roman">&#8221; means a certificate signed by any Officer and delivered to the Trustee.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Opinion of Counsel</FONT></I><FONT size=2 face="Times New Roman">&#8221; means a written opinion of legal counsel. The counsel may be an employee of or counsel to the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Person</FONT></I><FONT size=2 face="Times New Roman">&#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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Principal</FONT></I><FONT size=2 face="Times New Roman">&#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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Responsible Officer</FONT></I><FONT size=2 face="Times New Roman">&#8221; means any officer of the Trustee in its Corporate Trust Office having responsibility for administration of this Indenture and also means, 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 and who shall have direct responsibility for the administration of this Indenture.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">2</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">SEC</FONT></I><FONT size=2 face="Times New Roman">&#8221; means the Securities and Exchange Commission.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Securities</FONT></I><FONT size=2 face="Times New Roman">&#8221; means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Series</FONT></I><FONT size=2 face="Times New Roman">&#8221; or &#8220;</FONT><I><FONT size=2 face="Times New Roman">Series of Securities</FONT></I><FONT size=2 face="Times New Roman">&#8221; means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Stated Maturity</FONT></I><FONT size=2 face="Times New Roman">&#8221; when used with respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest is due and payable.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Subsidiary</FONT></I><FONT size=2 face="Times New Roman">&#8221; of any specified person means any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of that person or a combination thereof.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">TIA</FONT></I><FONT size=2 face="Times New Roman">&#8221; means the Trust Indenture Act of 1939 (15 U.S. Code &#167;&#167; 77aaa-77bbbb) as in effect on the date of this Indenture; </FONT><U><FONT size=2 face="Times New Roman">provided</FONT></U><FONT size=2 face="Times New Roman">, </FONT><U><FONT size=2 face="Times New Roman">however</FONT></U><FONT size=2 face="Times New Roman">, 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Trustee</FONT></I><FONT size=2 face="Times New Roman">&#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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">U.S. Government Obligations</FONT></I><FONT size=2 face="Times New Roman">&#8221; means securities which are direct obligations of, or guaranteed by, The United States of America for the payment of which its full faith and credit is pledged and which 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, </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 1.2 Other Definitions.</FONT></B></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 96%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">TERM</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">DEFINED IN<BR>SECTION</FONT> <FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" noWrap align=left><I><FONT size=2 face="Times New Roman">&#8220;Bankruptcy Law&#8221;</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">6.1</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" noWrap align=left><I><FONT size=2 face="Times New Roman">&#8220;Custodian&#8221;</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">6.1</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" noWrap align=left><I><FONT size=2 face="Times New Roman">&#8220;Event of Default&#8221;</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">6.1</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" noWrap align=left><I><FONT size=2 face="Times New Roman">&#8220;Judgment Currency&#8221;</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">10.16</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" noWrap align=left><I><FONT size=2 face="Times New Roman">&#8220;Legal Holiday&#8221;</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">10.7</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" noWrap align=left><I><FONT size=2 face="Times New Roman">&#8220;mandatory sinking fund payment&#8221;</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">11.1</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" noWrap align=left><I><FONT size=2 face="Times New Roman">&#8220;Market Exchange Rate&#8221;</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">10.15</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" noWrap align=left><I><FONT size=2 face="Times New Roman">&#8220;New York Banking Day&#8221;</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">10.16</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" noWrap align=left><I><FONT size=2 face="Times New Roman">&#8220;Notice Agent&#8221;</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">2.4</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" noWrap align=left><I><FONT size=2 face="Times New Roman">&#8220;optional sinking fund payment&#8221;</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">11.1</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" noWrap align=left><I><FONT size=2 face="Times New Roman">&#8220;Paying Agent&#8221;</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">2.4</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" noWrap align=left><I><FONT size=2 face="Times New Roman">&#8220;Registrar&#8221;</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">2.4</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>
   <TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" noWrap align=left><I><FONT size=2 face="Times New Roman">&#8220;Required Currency&#8221;</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">10.16</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" noWrap align=left><I><FONT size=2 face="Times New Roman">&#8220;successor person&#8221;</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">5.1</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">3</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 1.3 Incorporation by Reference of Trust Indenture Act.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Commission</FONT></I><FONT size=2 face="Times New Roman">&#8221; means the SEC.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">indenture securities</FONT></I><FONT size=2 face="Times New Roman">&#8221; means the Securities.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">indenture security holder</FONT></I><FONT size=2 face="Times New Roman">&#8221; means a Securityholder.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;indenture to be qualified&#8221; </FONT></I><FONT size=2 face="Times New Roman">means this Indenture.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;indenture trustee&#8221; </FONT></I><FONT size=2 face="Times New Roman">or </FONT><I><FONT size=2 face="Times New Roman">&#8220;institutional trustee&#8221; </FONT></I><FONT size=2 face="Times New Roman">means the Trustee.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">obligor</FONT></I><FONT size=2 face="Times New Roman">&#8221; on the indenture securities means the Company and any successor obligor upon the Securities.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 1.4 Rules of Construction.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Unless the context otherwise requires:</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) a term has the meaning assigned to it;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) &#8220;</FONT><I><FONT size=2 face="Times New Roman">or</FONT></I><FONT size=2 face="Times New Roman">&#8221; is not exclusive;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) words in the singular include the plural, and in the plural include the singular; and</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) provisions apply to successive events and transactions.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE II.<BR>THE SECURITIES</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 2.1 Issuable in Series.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 or determined in the manner provided in a Board Resolution, supplemental indenture hereto or Officer&#8217;s Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer&#8217;s Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">4</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!-- Ex 4.5 PART 2-->
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 2.2 Establishment of Terms of Series of Securities.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture hereto or Officer&#8217;s Certificate:</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.1 the title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking (including the terms of any subordination provisions) of the Series;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.2 the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.3 any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.4 the date or dates on which the principal of the Securities of the Series is payable;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.5 the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.6 the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered, and the method of such payment, if by wire transfer, mail or other means;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.7 if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.8 the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.9 the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.10 if other than denominations of $2,000 and integral multiples of $1,000 in excess thereof, the denominations in which the Securities of the Series shall be issuable;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.11 the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.12 if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">5</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.13 the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.14 the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities of the Series will be made;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.15 if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.16 the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.17 the provisions, if any, relating to any security provided for the Securities of the Series;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.18 any addition to, deletion of 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 6.2;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.19 any addition to, deletion of or change in the covenants set forth in Article IV or V which applies to Securities of the Series;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.20 any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.21 the provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the conversion or exchange price, the conversion or exchange period, the securities or other property into which the Securities will be convertible, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.22 any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of Securities of that Series; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.2.23 whether any of the Company&#8217;s direct or indirect Subsidiaries will guarantee the Securities of that Series, including the terms of subordination, if any, of such guarantees.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 hereto or Officer&#8217;s Certificate referred to above.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 2.3 Execution and Authentication.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Two Officers shall sign the Securities for the Company by manual or facsimile signature.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">6</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 Officer&#8217;s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of its authentication.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 Officer&#8217;s Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in conclusively relying on: (a) the Board Resolution, supplemental indenture hereto or Officer&#8217;s Certificate delivered pursuant to Section 2.2 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 Officer&#8217;s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Trustee shall have the right, but not the obligation, 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 be taken lawfully; or (b) if the Trustee in good faith determines that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 of the Company.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 2.4 Registrar and Paying Agent.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (&#8220;</FONT><I><FONT size=2 face="Times New Roman">Paying Agent</FONT></I><FONT size=2 face="Times New Roman">&#8221;), where Securities of such Series may be surrendered for registration of transfer or exchange (&#8220;</FONT><I><FONT size=2 face="Times New Roman">Registrar</FONT></I><FONT size=2 face="Times New Roman">&#8221;) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (&#8220;</FONT><I><FONT size=2 face="Times New Roman">Notice Agent</FONT></I><FONT size=2 face="Times New Roman">&#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, Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company may also from time to time designate one or more co-registrars, additional paying agents or additional notice agents and may from time to time rescind such designations; </FONT><U><FONT size=2 face="Times New Roman">provided</FONT></U><FONT size=2 face="Times New Roman">, </FONT><U><FONT size=2 face="Times New Roman">however</FONT></U><FONT size=2 face="Times New Roman">, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 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, additional paying agent or additional notice agent. The term &#8220;</FONT><I><FONT size=2 face="Times New Roman">Registrar</FONT></I><FONT size=2 face="Times New Roman">&#8221; includes any co-registrar; the term &#8220;</FONT><I><FONT size=2 face="Times New Roman">Paying Agent</FONT></I><FONT size=2 face="Times New Roman">&#8221; includes any additional paying agent; and the term &#8220;</FONT><I><FONT size=2 face="Times New Roman">Notice Agent</FONT></I><FONT size=2 face="Times New Roman">&#8221; includes any additional notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company hereby appoints the Trustee as the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">7</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 2.5 Paying Agent to Hold Money in Trust.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 in writing 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 of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company 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. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying Agent for the Securities.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 2.6 Securityholder Lists.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 &#167; 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten 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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 2.7 Transfer and Exchange.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6)</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 fifteen 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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 2.8 Mutilated, Destroyed, Lost and Stolen Securities.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefore a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">8</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 2.9 Outstanding Securities.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by the Registrar, 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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company) 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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company may purchase or otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 6.2.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 2.10 Treasury Securities.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 any Affiliate of the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in conclusively 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. Securities so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee&#8217;s right to deliver any such request, demand, authorization, direction, notice, consent or waiver with respect to the Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 2.11 Temporary Securities.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company Order 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.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">9</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 2.12 Cancellation.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent, if not the Trustee, shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement, conversion or cancellation and shall dispose of such canceled Securities (subject to the record retention requirement of the Exchange Act and the Trustee) in accordance with its customary procedures and deliver a certificate of such cancellation to the Company upon written request of the Company. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 2.13 Defaulted Interest.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If the Company defaults in a payment of interest on a Series of Securities, it may pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least 10 days before the special record date, the Company shall mail to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 2.14 Global Securities.</FONT></B></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.14.1 </FONT><B><FONT size=2 face="Times New Roman">Terms of Securities</FONT></B><FONT size=2 face="Times New Roman">. A Board Resolution, a supplemental indenture hereto or an Officer&#8217;s 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 Depositary for such Global Security or Securities.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.14.2 </FONT><B><FONT size=2 face="Times New Roman">Transfer and Exchange</FONT></B><FONT size=2 face="Times New Roman">. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officer&#8217;s Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Except as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.14.3 </FONT><B><FONT size=2 face="Times New Roman">Legend</FONT></B><FONT size=2 face="Times New Roman">. Any Global Security issued hereunder shall bear a legend in substantially the following form:</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depositary or a nominee of the Depositary. This Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.&#8221;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.14.4 </FONT><B><FONT size=2 face="Times New Roman">Acts of Holders</FONT></B><FONT size=2 face="Times New Roman">. The Depositary, 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.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">10</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.14.5 </FONT><B><FONT size=2 face="Times New Roman">Payments</FONT></B><FONT size=2 face="Times New Roman">. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2.14.6 </FONT><B><FONT size=2 face="Times New Roman">Consents, Declaration and Directions</FONT></B><FONT size=2 face="Times New Roman">. The Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary or by the applicable procedures of such Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 2.15 CUSIP Numbers.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company in issuing the Securities may use &#8220;CUSIP&#8221; numbers (if then generally in use), and, if so, the Trustee shall use &#8220;CUSIP&#8221; numbers in notices of redemption as a convenience to Holders; </FONT><U><FONT size=2 face="Times New Roman">provided</FONT></U><FONT size=2 face="Times New Roman"> that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Trustee shall have no liability for any defect in the &#8220;CUSIP&#8221; numbers as they appear on any Security, notice or elsewhere. The Company will promptly notify the Trustee in writing of any change in the &#8220;CUSIP&#8221; numbers.</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE III.<BR>REDEMPTION</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 3.1 Notice to Trustee.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 in writing of the redemption date and the principal amount of Series of Securities to be redeemed. The Company shall give the notice to the Trustee at least 15 days before the redemption date, unless a shorter period is satisfactory to the Trustee.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 3.2 Selection of Securities to be Redeemed.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer&#8217;s Certificate, if less than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee deems fair and appropriate, including selecting </FONT><I><FONT size=2 face="Times New Roman">pro rata</FONT></I><FONT size=2 face="Times New Roman">, by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject, in the case of Global Securities, to the applicable rules and procedures of the Depositary. The Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities of the Series that have denominations larger than $2,000. Securities of the Series and portions of them it selects shall be in amounts of $2,000 or integral multiples of $1,000 in excess thereof or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized 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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 3.3 Notice of Redemption.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer&#8217;s Certificate, at least 15 days but not more than 60 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.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">11</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The notice shall identify the Securities of the Series to be redeemed and shall state:</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) the redemption date;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) the redemption price;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) the name and address of the Paying Agent and, if applicable, the conversion Agent;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) for convertible Securities, the conversion price;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) if any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed and that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon cancellation of the original Security;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) that Securities of the Series (or portion thereof) called for redemption must be surrendered to the Paying Agent to collect the redemption price;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless the Company defaults in the deposit of the redemption price;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(h) the CUSIP number, if any, and state that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in the SEC&#8217;s notice or printed on the Securities; and</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(i) any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(j) At the Company&#8217;s request, the Trustee shall give the notice of redemption in the Company&#8217;s name and at its expense, provided, however, that the Company has delivered to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer&#8217;s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 3.4 Effect of Notice of Redemption.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Once notice of redemption is mailed as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer&#8217;s Certificate for a Series, 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 other than Securities or portions of Securities called for redemption which have been delivered by the Company to the Registrar for cancellation. The Paying Agent shall return to the Company any money not required for that purpose because of conversion of Securities. The Paying Agent shall return to the Company any money not required for that purpose because of conversion of Securities.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Unless the Company shall default in the payment of Securities (and accrued interest) called for redemption, interest on such Securities shall cease to accrue after the redemption date. Convertible Securities called for redemption shall cease to be convertible after the close of business on the Business Day immediately preceding the redemption date (unless the redemption date is also a record date for an interest payment, in which event they may be converted through the redemption date), unless the Company shall default in the payment of such Securities on the redemption date, in which event the Securities shall remain convertible until paid (together with accrued interest).</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Failure to give notice of any defect in the notice to any Holder shall not affect the validity of notice to any Holder other than Securities or portions of Securities called for redemption which have been delivered by the Company to the Registrar for cancellation.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">12</FONT></P>
<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!-- Ex 4.5 PART 3-->

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 3.5 Deposit of Redemption Price.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">On or before 10:00 a.m., New York City time, on 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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 3.6 Securities Redeemed in Part.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE IV.<BR>COVENANTS</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 4.1 Payment of Principal and Interest.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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. On or before 10:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture. Principal and interest shall be considered paid on the date due if the Paying Agent holds in accordance with this Indenture on that date money sufficient to pay all principal and interest then due and the Paying Agent is not prohibited from paying such money to the Holders on such date pursuant to the terms of this Indenture.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 4.2 SEC Reports.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA &#167; 314(a). Reports, information and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee as of the time of such filing via EDGAR for purposes of this Section 4.3; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed via EDGAR.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Delivery of reports, information and documents to the Trustee under this Section 4.3 are for informational purposes only and the Trustee&#8217;s receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including the Company&#8217;s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer&#8217;s Certificates).</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 4.3 Compliance Certificate.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officer&#8217;s Certificate from its principal executive officer, principal financial officer or principal accounting officer 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/her 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 the Officer may have knowledge).</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">13</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 4.4 Stay, Extension and Usury Laws.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 4.5 Corporate Existence.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 rights (charter and statutory); provided, however, that the Company shall not be required to preserve any such right 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.</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE V.<BR>SUCCESSORS</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 5.1 When Company May Merge, Etc.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its assets to, any person (a &#8220;</FONT><I><FONT size=2 face="Times New Roman">successor person</FONT></I><FONT size=2 face="Times New Roman">&#8221;) unless:</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) the Company is the surviving corporation or the successor person (if other than the Company) is a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company&#8217;s obligations on the Securities and under this Indenture; and</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officer&#8217;s Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with Section 5.1 of this Indenture.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither an Officer&#8217;s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 5.2 Successor Corporation Substituted.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Upon any consolidation or merger, or any conveyance, transfer, or lease of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such conveyance, transfer, or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the Securities with the same effect as if such successor person has been named as the Company herein; </FONT><U><FONT size=2 face="Times New Roman">provided</FONT></U><FONT size=2 face="Times New Roman">, </FONT><U><FONT size=2 face="Times New Roman">however</FONT></U><FONT size=2 face="Times New Roman">, that the predecessor Company in the case of a conveyance or transfer (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">14</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE VI.<BR>DEFAULTS AND REMEDIES</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 6.1 Events of Default.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">Event of Default</FONT></I><FONT size=2 face="Times New Roman">,&#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 Officer&#8217;s Certificate, it is provided that such Series shall not have the benefit of said Event of Default:</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) 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 10:00 a.m., New York City time, on the 30<SUP>th </SUP>day of such period); or</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) default in the payment of principal of any Security of that Series at its Maturity; or</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) default in the performance or breach of any covenant of the Company in this Indenture (other than defaults pursuant to paragraphs (a) or (b) above or pursuant to a covenant that has been included in this Indenture solely for the benefit of Series of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a &#8220;Notice of Default&#8221; hereunder; or</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) the Company pursuant to or within the meaning of any Bankruptcy Law:</FONT></P>
<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt; padding-left: 30pt"><FONT size=2 face="Times New Roman">(i)</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">commences a voluntary case,<BR>&nbsp;</FONT></P></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt; padding-left: 30pt"><FONT size=2 face="Times New Roman">(ii)</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">consents to the entry of an order for relief against it in an involuntary case,<BR>&nbsp;</FONT></P></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt; padding-left: 30pt"><FONT size=2 face="Times New Roman">(iii)</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">consents to the appointment of a Custodian of it or for all or substantially all of its property, or<BR>&nbsp;</FONT></P></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt; padding-left: 30pt"><FONT size=2 face="Times New Roman">(iv)</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">makes a general assignment for the benefit of its creditors.</FONT></P></TD></TR></TABLE>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:</FONT></P>
<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt; padding-left: 30pt"><FONT size=2 face="Times New Roman">(i)</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">is for relief against the Company in an involuntary case,<BR>&nbsp;</FONT></P></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt; padding-left: 30pt"><FONT size=2 face="Times New Roman">(ii)</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">appoints a Custodian of the Company or for all or substantially all of its property, or<BR>&nbsp;</FONT></P></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt; padding-left: 30pt"><FONT size=2 face="Times New Roman">(iii)</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">orders the liquidation of the Company,</FONT></P></TD></TR></TABLE>
<P STYLE="margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">and the order or decree remains unstayed and in effect for 60 days; or</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) 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 Officer&#8217;s Certificate, in accordance with Section 2.2.18.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The term &#8220;</FONT><I><FONT size=2 face="Times New Roman">Bankruptcy Law</FONT></I><FONT size=2 face="Times New Roman">&#8221; means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term &#8220;</FONT><I><FONT size=2 face="Times New Roman">Custodian</FONT></I><FONT size=2 face="Times New Roman">&#8221; means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">15</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company will, so long as any of the Securities are outstanding, deliver to the Trustee, within 30 days of becoming aware of any Default or Event of Default, an Officer&#8217;s Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 6.2 Acceleration of Maturity; Rescission and Annulment.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (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) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall </FONT><I><FONT size=2 face="Times New Roman">ipso facto </FONT></I><FONT size=2 face="Times New Roman">become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">At any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">No such rescission shall affect any subsequent Default.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 6.3 Collection of Indebtedness and Suits for Enforcement by Trustee.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company covenants that if</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) default is made in the payment of principal of any Security at the Maturity thereof, or</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) default is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security,</FONT></P>
<P style="TEXT-ALIGN: justify"><I><FONT size=2 face="Times New Roman">then, </FONT></I><FONT size=2 face="Times New Roman">the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">16</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 6.4 Trustee May File Proofs of Claim.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relating 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,</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) 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</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same,</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">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 7.7.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 6.5 Trustee May Enforce Claims Without Possession of Securities.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 6.6 Application of Money Collected.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Any money or property 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 or property 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:</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">First: To the payment of all amounts due to the Trustee under Section 7.7; and</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Second: 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</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Third: To the Company.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">17</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 6.7 Limitation on Suits.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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, unless</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by the Trustee in compliance with such request;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series;</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">it being understood, intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee 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 of the applicable Series; provided, however, that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 6.8 Unconditional Right of Holders to Receive Principal and Interest.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 Maturity of such Security, including the Stated Maturity 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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 6.9 Restoration of Rights and Remedies.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 6.10 Rights and Remedies Cumulative.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, 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, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">18</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 6.11 Delay or Omission Not Waiver.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 6.12 Control by Holders.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) such direction shall not be in conflict with any rule of law or with this Indenture,</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction,</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) subject to the provisions of Section 6.1, 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, and</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 6.13 Waiver of Past Defaults.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 6.14 Undertaking for Costs.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 10% 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 Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date).</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">19</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE VII.<BR>TRUSTEE</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 7.1 Duties of Trustee.</FONT></B></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) 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 such person&#8217;s own affairs.</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) Except during the continuance of an Event of Default:</FONT></P>
<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(i)</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">The Trustee need perform only those duties that are specifically set forth in this Indenture and no others.<BR>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(ii)</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">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 Officer&#8217;s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; </FONT><U><FONT size=2 face="Times New Roman">however</FONT></U><FONT size=2 face="Times New Roman">, in the case of any such Officer&#8217;s Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer&#8217;s Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).</FONT></P></TD></TR></TABLE>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:</FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(i)</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">This paragraph does not limit the effect of paragraph (b) of this Section.<BR>
&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(ii)</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts.<BR>
&nbsp;</FONT></P></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">(iii)</FONT></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify">

   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">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 in accordance with Section 6.12.</FONT></P></TD></TR></TABLE>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power.</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) The Trustee shall not be liable for interest on any money received by it. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">20</FONT></P>
<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!-- Ex 4.5 PART 4-->
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured to the Trustee in its satisfaction.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(h) The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as are set forth in paragraphs (e), (f) and (g) of this Section and in Section 7.2, each with respect to the Trustee.</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 7.2 Rights of Trustee.</FONT></B></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) The Trustee may rely on and shall be protected in acting or refraining from acting upon any document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) Before the Trustee acts or refrains from acting, it may require an Officer&#8217;s 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 Officer&#8217;s Certificate or Opinion of Counsel.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) 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, provided that the Trustee&#8217;s conduct does not constitute willful misconduct or negligence.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) 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 without willful misconduct or negligence, and in reliance thereon.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee 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.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(h) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities of a particular Series and this Indenture.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(i) In no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(j) The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do so.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">21</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(k) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(l) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(m) The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture.</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 7.3 Individual Rights of Trustee.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. However, the Trustee is also subject to Sections 7.10 and 7.11.</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 7.4 Trustee&#8217;s Disclaimer.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company&#8217;s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 7.5 Notice of Defaults.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 60 days after it occurs or, if later, after a Responsible Officer of the Trustee has 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, the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is in the interests of Securityholders of that Series.</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 7.6 Reports by Trustee to Holders.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Within 60 days after May 15 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 reporting date, in accordance with, and to the extent required under, TIA &#167; 313.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each national securities exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on any national securities exchange or of any delisting thereof.</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 7.7 Compensation and Indemnity.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time agree 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 incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee&#8217;s agents and counsel.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company shall indemnify each of the Trustee and any predecessor Trustee (including the cost of defending itself) against any cost, expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder, unless and to the extent that the Company is materially prejudiced thereby. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one 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 will not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">22</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through willful misconduct or negligence.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 of and interest on particular Securities of that Series.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(d) or (e) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The provisions of this Section shall survive the termination of this Indenture or the resignation or removal of the Trustee.</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 7.8 Replacement of Trustee.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series if:</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) the Trustee fails to comply with Section 7.10;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) 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;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) a Custodian or public officer takes charge of the Trustee or its property; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) the Trustee becomes incapable of acting.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 7.7, 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 7.8, the Company&#8217;s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">23</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 7.9 Successor Trustee by Merger, Etc.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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, if such successor corporation is eligible and qualified under Section 7.10.</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 7.10 Eligibility; Disqualification.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Indenture shall always have a Trustee who satisfies the requirements of TIA &#167; 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 &#167; 310(b).</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 7.11 Preferential Collection of Claims Against Company.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Trustee is subject to TIA &#167; 311(a), excluding any creditor relationship listed in TIA &#167; 311(b). A Trustee who has resigned or been removed shall be subject to TIA &#167; 311(a) to the extent indicated.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE VIII.<BR>SATISFACTION AND DISCHARGE; DEFEASANCE</FONT></B></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 8.1 Satisfaction and Discharge of Indenture.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute instruments acknowledging satisfaction and discharge of this Indenture, when</FONT></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt; padding-left: 30pt"><FONT size=2 face="Times New Roman">(a)</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" COLSPAN="2" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">either<BR>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt; padding-left: 30pt"><FONT size=2 face="Times New Roman">(i)</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" COLSPAN="2" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.8) have been delivered to the Trustee for cancellation; or<BR>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt; padding-left: 30pt"><FONT size=2 face="Times New Roman">(ii)</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" COLSPAN="2" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">all such Securities not theretofore delivered to the Trustee for cancellation<BR>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt; padding-left: 30pt"></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD VALIGN="TOP" WIDTH="98%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">have become due and payable, or<BR>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt; padding-left: 30pt"></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD VALIGN="TOP" WIDTH="98%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">will become due and payable at their Stated Maturity within one year, or<BR>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt; padding-left: 30pt"></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD VALIGN="TOP" WIDTH="98%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or<BR>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt; padding-left: 30pt"></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD VALIGN="TOP" WIDTH="98%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">are deemed paid and discharged pursuant to Section 8.3, as applicable;</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">and the Company, in the case of (1), (2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount of money or U.S. Government Obligations 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;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">24</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) the Company has delivered to the Trustee an Officer&#8217;s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive.</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 8.2 Application of Trust Funds; Indemnification.</FONT></B></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) Subject to the provisions of Section 8.5, all money or U.S. Government Obligations deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 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 8.3 or 8.4, 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 8.3 or 8.4.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Section 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Section 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, 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.</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 8.3 Legal Defeasance of Securities of any Series.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2, 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 any Series on the 91st 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, upon receipt of a Company Order, execute instruments acknowledging the same), except as to:</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) 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 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;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">25</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) the rights, powers, trust and immunities of the Trustee hereunder and the Company&#8217;s obligations in connection therewith;</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">provided that, the following conditions shall have been satisfied:</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee 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 (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars 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 Trustee), not later than one 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 or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) 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;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) 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 91st day after such date;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) the Company shall have delivered to the Trustee an Officer&#8217;s 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;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(h) the Company shall have delivered to the Trustee an Officer&#8217;s Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(i) the Company shall have delivered to the Trustee an Officer&#8217;s 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 8.4 Covenant Defeasance.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, and 5.1 as well as any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer&#8217;s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer&#8217;s Certificate delivered pursuant to Section 2.2.18 and designated as an Event of Default 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:</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">26</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee 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 (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars 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 Trustee), not later than one 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 or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) 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;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) 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;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) The Company shall have delivered to the Trustee an Opinion of Counsel to the effect 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 covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and covenant defeasance had not occurred;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) The Company shall have delivered to the Trustee an Officer&#8217;s Certificate stating the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) The Company shall have delivered to the Trustee an Officer&#8217;s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with.</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 8.5 Repayment to Company.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Subject to applicable abandoned property law, the Trustee and 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.</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 8.6 Reinstatement.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with Section 8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture with respect to the Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.1; </FONT><U><FONT size=2 face="Times New Roman">provided</FONT></U><FONT size=2 face="Times New Roman">, </FONT><U><FONT size=2 face="Times New Roman">however</FONT></U><FONT size=2 face="Times New Roman">, that if the Company has made any payment of principal of or interest on or any Additional Amounts with respect to any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">27</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE IX.<BR>AMENDMENTS AND WAIVERS</FONT></B></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 9.1 Without Consent of Holders.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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:</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) to add guarantees with respect to any Series of Securities or secure any Series of Securities;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) to surrender any of the Company&#8217;s rights or powers under this Indenture;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) to add covenants or Events of Default for the benefit of the Securityholders of any Series of Securities;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) to comply with the applicable procedures of the Depositary;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) to cure any ambiguity, defect or inconsistency; </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) to comply with Article V;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) to provide for uncertificated Securities in addition to or in place of certificated Securities;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(h) to make any change that does not materially adversely affect the rights of any Securityholder;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(i) to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(j) 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; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(k) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 9.2 With Consent of Holders.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture 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 any Series by written notice to the Trustee (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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 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.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">28</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!-- Ex 4.5 PART 5-->


<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 9.3 Limitations.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Without the consent of each Securityholder affected, an amendment or waiver may not:</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) reduce the rate of or extend the time for payment of interest (including default interest) on any Security;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) 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;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) 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);</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) make any change in Sections 6.8, 6.13 or 9.3 (this sentence); or</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(h) waive a redemption payment with respect to any Security, provided that such redemption is made at the Company&#8217;s option.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 9.4 Compliance with Trust Indenture Act.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 9.5 Revocation and Effect of Consents.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Until an amendment is set forth in a supplemental indenture or a 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 written notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 (h) of Section 9.3. 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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously given or take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">29</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 9.6 Notation on or Exchange of Securities.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities of that Series that reflect the amendment or waiver.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 9.7 Trustee Protected.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 receive, and (subject to Section 7.1) shall be fully protected in conclusively relying upon, an Officer&#8217;s Certificate or an Opinion of Counsel or both complying with Section 10.4 and stating that the supplemental indenture is the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to customary exceptions. The Trustee shall sign all supplemental indentures upon delivery of such an Officer&#8217;s Certificate or Opinion of Counsel or both, except that the Trustee need not sign any supplemental indenture that adversely affects its rights.</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE X.<BR>MISCELLANEOUS</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.1 Trust Indenture Act Controls.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.2 Notices.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person or mailed by first-class mail:</FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD COLSPAN="2" STYLE="width: 100%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT><FONT size=2 face="Times New Roman">if to the Company:</FONT></TD></TR>
<TR>
   <TD STYLE="width: 1%; text-align: left; padding-left: 15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" align=left><FONT size=2 face="Times New Roman">Transcat, Inc.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">35 Vantage Point Drive</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Rochester, New York 14624</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Attention: Chief Financial Officer</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Telephone: (585) 352-7777</FONT></TD></TR>
<TR>
   <TD STYLE="width: 1%; text-align: left; padding-left: 15pt"></TD>
   <TD width="99%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="2" STYLE="width: 100%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT><FONT size=2 face="Times New Roman">with a copy to:</FONT></TD></TR>
<TR>
   <TD STYLE="width: 1%; text-align: left; padding-left: 15pt">&nbsp;</TD>
   <TD width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Harter Secrest &amp; Emery LLP</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">50 Fountain Plaza, Suite 1000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Buffalo, New York 14202</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Attention: Kayla E. Klos</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Telephone: (716) 853-1616</FONT></TD></TR>
<TR>
   <TD STYLE="width: 1%; text-align: left; padding-left: 15pt"></TD>
   <TD width="99%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="2" STYLE="width: 100%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT><FONT size=2 face="Times New Roman">if to the Trustee:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left>_________</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left>_________</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left>_________</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Attention: </FONT>_________</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Telephone: </FONT>_________</TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">30</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If the Company mails a notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.3 Communication by Holders with Other Holders.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Securityholders of any Series may communicate pursuant to TIA &#167; 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 &#167; 312(c).</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.4 Certificate and Opinion as to Conditions Precedent.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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:</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) an Officer&#8217;s 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</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.5 Statements Required in Certificate or Opinion.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 &#167; 314(a)(4)) shall comply with the provisions of TIA &#167; 314(e) and shall include:</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) a statement that the person making such certificate or opinion has read such covenant or condition;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) 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;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) 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</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">31</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.6 Rules by Trustee and Agents.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.7 Legal Holidays.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Unless otherwise provided by Board Resolution, Officer&#8217;s Certificate or supplemental indenture hereto for a particular Series, a &#8220;</FONT><I><FONT size=2 face="Times New Roman">Legal Holiday</FONT></I><FONT size=2 face="Times New Roman">&#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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.8 No Recourse Against Others.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">A director, officer, employee or stockholder (past or present), 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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.9 Counterparts.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.10 Governing Law; Jury Trial Waiver.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW).</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.11 No Adverse Interpretation of Other Agreements.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.12 Successors.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.13 Severability.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">32</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.14 Table of Contents, Headings, Etc.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.15 Securities in a Foreign Currency.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer&#8217;s Certificate delivered pursuant to Section 2.2 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 more than one currency, 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 determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer&#8217;s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be at the spot rate for the purchase of the designated currency as published in The Financial Times in the &#8220;Currency Rates&#8221; section (of, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source as may be selected in good faith by the Company) on any date of determination. 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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">All decisions and determinations provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.16 Judgment Currency.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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;</FONT><I><FONT size=2 face="Times New Roman">Required Currency</FONT></I><FONT size=2 face="Times New Roman">&#8221;) into a currency in which a judgment will be rendered (the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Judgment Currency</FONT></I><FONT size=2 face="Times New Roman">&#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;</FONT><I><FONT size=2 face="Times New Roman">New York Banking Day</FONT></I><FONT size=2 face="Times New Roman">&#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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.17 Force Majeure.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">33</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 10.18 U.S.A. Patriot Act.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE XI.<BR>SINKING FUNDS</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 11.1 Applicability of Article.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by the terms of such Securities pursuant to Section 2.2 and except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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;</FONT><I><FONT size=2 face="Times New Roman">mandatory sinking fund payment</FONT></I><FONT size=2 face="Times New Roman">&#8221; and any other amount provided for by the terms of Securities of such Series is herein referred to as an &#8220;</FONT><I><FONT size=2 face="Times New Roman">optional sinking fund payment</FONT></I><FONT size=2 face="Times New Roman">.&#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 11.2. 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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 11.2 Satisfaction of Sinking Fund Payments with Securities.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 repurchased by the Company or 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 Trustee, together with an Officer&#8217;s Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, </FONT><U><FONT size=2 face="Times New Roman">provided</FONT></U><FONT size=2 face="Times New Roman">, </FONT><U><FONT size=2 face="Times New Roman">however</FONT></U><FONT size=2 face="Times New Roman">, that the Trustee or such 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 Trustee or such Paying Agent upon delivery by the Company to the Trustee 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.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">34</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">Section 11.3 Redemption of Securities for Sinking Fund.</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer&#8217;s 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 an Officer&#8217;s Certificate specifying the amount of the next </FONT><FONT size=2 face="Times New Roman">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 11.2, 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 30 days (unless otherwise indicated in the Board Resolution, Officer&#8217;s 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 3.2 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 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[</FONT><I><FONT size=2 face="Times New Roman">Signature page follows</FONT></I><FONT size=2 face="Times New Roman">]</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">35</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.</FONT></P>
<DIV align=right>
<TABLE style="WIDTH: 50%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 border=0>

<TR vAlign=bottom>
   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">TRANSCAT, INC.</FONT></TD></TR>
<TR>
   <TD width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Name:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Its:</FONT></TD></TR>
<TR>
   <TD width="100%" colSpan=2>&nbsp;</TD></TR>
<TR>
   <TD width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">[Trustee], as Trustee</FONT></TD></TR>
<TR>
   <TD width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Name:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Its:</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">36</FONT></P>
<HR align=center width="100%" noShade size="2">







</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>transcat3828291-ex51.htm
<DESCRIPTION>OPINION OF HARTER SECREST & EMERY LLP
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<P style="TEXT-ALIGN: right"><B><FONT size=2 face="Times New Roman">Exhibit 5.1</FONT></B></P>

<P align=center><IMG BORDER="0" SRC="transcat3828291-ex51x1x1.jpg"></P>

<BR>
<BR>
<P align=center><FONT size=2 face="Times New Roman">November 17, 2020</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Transcat, Inc.<BR></FONT><FONT size=2 face="Times New Roman">35 Vantage Point Drive<BR>
Rochester, New York 14624</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Re:</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">Registration Statement on Form S-3</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Ladies and Gentlemen:</FONT></P>

<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">We have acted as counsel to Transcat, Inc., an Ohio corporation (the &#8220;</FONT><B><I><FONT size=2 face="Times New Roman">Company</FONT></I></B><FONT size=2 face="Times New Roman">&#8221;), in connection with its filing of a Registration Statement on Form S-3 (the &#8220;</FONT><B><I><FONT size=2 face="Times New Roman">Registration Statement</FONT></I></B><FONT size=2 face="Times New Roman">&#8221;) with the Securities and Exchange Commission (the &#8220;</FONT><B><I><FONT size=2 face="Times New Roman">SEC</FONT></I></B><FONT size=2 face="Times New Roman">&#8221;) pursuant to the Securities Act of 1933, as amended (the &#8220;</FONT><B><I><FONT size=2 face="Times New Roman">Securities Act</FONT></I></B><FONT size=2 face="Times New Roman">&#8221;) with respect to the registration and public offering by the Company, from time to time, pursuant to Rule 415 under the Securities Act, of up to $75,000,000 in the aggregate amount of any combination of the following:</FONT></P>

<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(i)</FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD WIDTH="97%" STYLE="text-align: left">

   <P STYLE="text-align: left"><FONT size=2 face="Times New Roman">shares of common stock, $0.50 par value, of the Company (&#8220;Common Stock&#8221;);</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap></TD>

   <TD WIDTH="97%" STYLE="text-align: left">

   <P STYLE="text-align: left"><FONT size=2 face="Times New Roman">&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(ii)</FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD WIDTH="97%" STYLE="text-align: left">

   <P STYLE="text-align: left"><FONT size=2 face="Times New Roman">debt securities of the Company, in one or more series whether senior or subordinated (&#8220;Debt Securities&#8221;);</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD WIDTH="97%" STYLE="text-align: left">

   <P STYLE="text-align: left"><FONT size=2 face="Times New Roman">&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(iii)</FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD WIDTH="97%" STYLE="text-align: left">

   <P STYLE="text-align: left"><FONT size=2 face="Times New Roman">warrants to purchase Common Stock or Debt Securities of the Company (&#8220;Warrants&#8221;);</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD WIDTH="97%" STYLE="text-align: left">

   <P STYLE="text-align: left"><FONT size=2 face="Times New Roman">&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(iv)</FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD WIDTH="97%" STYLE="text-align: left">

   <P STYLE="text-align: left"><FONT size=2 face="Times New Roman">purchase contracts of the Company (&#8220;Purchase Contracts&#8221;), obligating the holders thereof to purchase from or sell to the Company, or the Company to sell to or purchase from the holders, Common Stock, Debt Securities or other securities at a future date or dates; and</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD WIDTH="97%" STYLE="text-align: left">

   <P STYLE="text-align: left"><FONT size=2 face="Times New Roman">&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(v)</FONT></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD WIDTH="97%" STYLE="text-align: left">

   <P STYLE="text-align: left"><FONT size=2 face="Times New Roman">units comprised of one or more of the securities described above in any combination (the &#8220;Units&#8221;).</FONT></P></TD></TR></TABLE>

<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The Common Stock, Debt Securities, Warrants, Purchase Contracts and Units are collectively referred to herein as the &#8220;</FONT><B><I><FONT size=2 face="Times New Roman">Securitie</FONT></I></B><FONT size=2 face="Times New Roman">s.&#8221;</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P align=center><IMG border=0 src="transcat3828291-ex51x2x1.jpg"></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Transcat, Inc.<BR>November 17, 2020<BR>Page 2</FONT></P>

<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">As such counsel, and for purposes of our opinion set forth below, we have reviewed such documents and made such examination of law as we have deemed appropriate to give the opinions set forth below. We have relied, without independent verification, on certificates of public officials and, as to matters of fact material to the opinions set forth below, on certificates of officers of the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">For purposes of the opinions set forth below, without limiting any other exceptions or qualifications set forth herein, we have assumed that, (a) at the time the Securities are issued the Company will be validly existing and in good standing and (b) after the issuance of any Securities offered pursuant to the Registration Statement, the total number of issued shares of Common Stock, together with the total number of shares of such stock issuable upon the exercise, exchange, conversion or settlement, as the case may be, of any exercisable, exchangeable or convertible security (including without limitation any Debt Security, Warrant, Purchase Contract or Unit), as the case may be, then outstanding, will not exceed the total number of authorized shares of Common Stock under the Company&#8217;s articles of incorporation as then in effect (the &#8220;</FONT><B><I><FONT size=2 face="Times New Roman">Charter</FONT></I></B><FONT size=2 face="Times New Roman">&#8221;).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">For purposes of the opinions set forth below, we refer to the following as the &#8220;</FONT><B><I><FONT size=2 face="Times New Roman">Future Authorization and Issuance</FONT></I></B><FONT size=2 face="Times New Roman">&#8221; of Securities:</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0><TR><TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; color: #000000;">&#9679;</FONT></TD><TD vAlign=top width="99%"><font face="times new roman" style="color: #000000;"><FONT size=2 face="Times New Roman">with respect to any of the Securities, (a) the authorization by the Company of the amount,</FONT> <FONT size=2 face="Times New Roman">terms and issuance of such Securities (the &#8220;</FONT><B><I><FONT size=2 face="Times New Roman">Authorization</FONT></I></B><FONT size=2 face="Times New Roman">&#8221;), (b) the issuance of such</FONT> <FONT size=2 face="Times New Roman">Securities in accordance with the Authorization therefor upon receipt by the Company of</FONT> <FONT size=2 face="Times New Roman">the consideration (which, in the case of shares of Common Stock, is not less than the par</FONT> <FONT size=2 face="Times New Roman">value of such shares) to be paid therefor in accordance with the Authorization, (c) any</FONT> <FONT size=2 face="Times New Roman">definitive purchase, underwriting or similar agreement with respect to any Securities</FONT> <FONT size=2 face="Times New Roman">offered will have been duly authorized and validly executed and delivered by the</FONT> <FONT size=2 face="Times New Roman">Company and the other party or parties thereto, and, if applicable, (d) certificates</FONT> <FONT size=2 face="Times New Roman">representing such Securities have been duly executed, countersigned, registered and</FONT> <FONT size=2 face="Times New Roman">delivered either, (i) in accordance with the applicable definitive purchase, underwriting or</FONT> <FONT size=2 face="Times New Roman">similar agreement, or (ii) upon conversion or exercise of any other Security, in</FONT> <FONT size=2 face="Times New Roman">accordance with the terms of such Security or the instrument governing such Security</FONT> <FONT size=2 face="Times New Roman">providing for such conversion or exercise;</FONT></font></TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                               <TR>
<TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top">&nbsp;</TD><TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR><TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; color: #000000;">&#9679;</FONT></TD><TD vAlign=top width="99%"><font face="times new roman" style="color: #000000;"><FONT size=2 face="Times New Roman">with respect to Debt Securities, (a) the qualification of the trustee to act as trustee under</FONT> <FONT size=2 face="Times New Roman">the indenture or a supplemental indenture relating to such Debt Security, (b) the</FONT> <FONT size=2 face="Times New Roman">authorization, execution and delivery of the indenture or a supplemental indenture</FONT> <FONT size=2 face="Times New Roman">relating to such Debt Securities by the Company and the trustee thereunder, (c) the</FONT> <FONT size=2 face="Times New Roman">establishment of the terms of such Debt Securities by the Company in conformity with</FONT> <FONT size=2 face="Times New Roman">the applicable indenture or supplemental indenture and applicable law, (d) any such Debt</FONT> <FONT size=2 face="Times New Roman">Securities and any indenture, supplemental indenture or other agreement related thereto</FONT> <FONT size=2 face="Times New Roman">will be governed by New York law and will not include any provision that is</FONT> <FONT size=2 face="Times New Roman">unenforceable and (e) the execution, authentication and issuance of such Debt Securities in accordance with the applicable indenture or supplemental indenture and applicable law; and</FONT></font></TD></TR></table>

<BR>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P align=center><IMG border=0 src="transcat3828291-ex51x2x1.jpg"></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Transcat, Inc.<BR>November 17, 2020<BR>Page 3</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0><TR><TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; color: #000000;">&#9679;</FONT></TD><TD vAlign=top width="99%"><font face="times new roman" style="color: #000000;"><FONT size=2 face="Times New Roman">with respect to Warrants, Purchase Contracts or Units, (a) the authorization, execution</FONT> <FONT size=2 face="Times New Roman">and delivery by the Company and the other parties thereto of any agreement under which</FONT> <FONT size=2 face="Times New Roman">such Warrants, Units or Purchase Contracts are to be issued and (b) the establishment of</FONT> <FONT size=2 face="Times New Roman">the terms of such Warrants, Units or Purchase Contracts, and the execution and delivery</FONT> <FONT size=2 face="Times New Roman">of such Warrants, Units or Purchase Contracts, in conformity with any applicable</FONT> <FONT size=2 face="Times New Roman">agreement under which such Warrants, Units or Purchase Contracts are to be issued and</FONT> <FONT size=2 face="Times New Roman">applicable law, (c) any such Warrants, Units or Purchase Contracts and any warrant</FONT> <FONT size=2 face="Times New Roman">agreement related thereto will be governed by New York law and will not include any</FONT> <FONT size=2 face="Times New Roman">provision that is unenforceable, and (d) any Securities issuable upon conversion,</FONT> <FONT size=2 face="Times New Roman">exchange, redemption or exercise of such Warrants, Units or Purchase Contracts being</FONT> <FONT size=2 face="Times New Roman">offered will be duly authorized, created and, if appropriate, reserved for issuance upon</FONT> <FONT size=2 face="Times New Roman">such conversion, exchange, redemption, or exercise.</FONT></font></TD></TR></table>

<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Based upon the foregoing, and subject to the additional qualifications set forth below, we are of the opinion that:</FONT></P>

<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">1.</FONT></TD>

   <TD WIDTH="99%" STYLE="text-align: left">

   <P STYLE="text-align: left"><FONT size=2 face="Times New Roman">Upon the Future Authorization and Issuance of shares of Common Stock, such shares of Common Stock will be validly issued, fully paid and nonassessable.</FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top; white-space: nowrap">&nbsp;</TD>
   <TD STYLE="padding-right: 8pt; vertical-align: top; white-space: nowrap">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">2.</FONT></TD>

   <TD WIDTH="99%" STYLE="text-align: left">

   <P STYLE="text-align: left"><FONT size=2 face="Times New Roman">Upon the Future Authorization and Issuance of Debt Securities, such Debt Securities will be valid and binding obligations of the Company.</FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top; white-space: nowrap">&nbsp;</TD>
   <TD STYLE="padding-right: 8pt; vertical-align: top; white-space: nowrap">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">3.</FONT></TD>

   <TD WIDTH="99%" STYLE="text-align: left">

   <P STYLE="text-align: left"><FONT size=2 face="Times New Roman">Upon the Future Authorization and Issuance of Warrants, such Warrants will be valid and binding obligations of the Company.</FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top; white-space: nowrap">&nbsp;</TD>
   <TD STYLE="padding-right: 8pt; vertical-align: top; white-space: nowrap">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">4.</FONT></TD>

   <TD WIDTH="99%" STYLE="text-align: left">

   <P STYLE="text-align: left"><FONT size=2 face="Times New Roman">Upon the Future Authorization and Issuance of Purchase Contracts, such Purchase Contracts will be valid and binding obligations of the Company.</FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top; white-space: nowrap">&nbsp;</TD>
   <TD STYLE="padding-right: 8pt; vertical-align: top; white-space: nowrap">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">5.</FONT></TD>

   <TD WIDTH="99%" STYLE="text-align: left">

   <P STYLE="text-align: left"><FONT size=2 face="Times New Roman">Upon the Future Authorization and Issuance of Units, such Units will be valid and binding obligations of the Company.</FONT></P></TD></TR></TABLE>

<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">The opinions expressed above are subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general application affecting the rights and remedies of creditors and to general principles of equity.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">We express no opinion as to the law of any jurisdiction other than the law of the State of New York, and the applicable provisions of the Ohio General Corporation Law, in each case as currently in effect, and we are expressing no opinion as to the effect of the laws of any other jurisdiction.</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P align=center><IMG border=0 src="transcat3828291-ex51x2x1.jpg"></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Transcat, Inc.<BR>November 17, 2020<BR>Page 4</FONT></P>

<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">This opinion letter has been prepared in accordance with the customary practice of lawyers who regularly give, and lawyers who regularly advise opinion recipients concerning, opinions of the type contained herein.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">This opinion letter deals only with the specified legal issues expressly addressed herein, and you should not infer any opinion that is not explicitly addressed herein from any matter stated in this letter.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">We consent to the use of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act and the rules and regulations thereunder. This opinion is rendered to you as of the date hereof and we assume no obligation to advise you or any other person hereafter with regard to any change after the date hereof in the circumstances or the law that may bear on the matters set forth herein even though the changes may affect the legal analysis or legal conclusion or other matters in this letter.</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 50%; white-space: nowrap; text-align: left; padding-bottom: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 50%; white-space: nowrap; text-align: left; padding-bottom: 8pt"><FONT size=2 face="Times New Roman">Very truly yours,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">
   <IMG border=0 src="transcat3828291-ex51x4x1.jpg"></FONT></TD></TR></TABLE>

<BR>

<HR align=center width="100%" noShade size="2">


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>transcat3828291-ex231.htm
<DESCRIPTION>CONSENT OF FREED MAXICK CPAS, P.C.
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<P style="TEXT-ALIGN: right"><B><FONT size=2 face="Arial">Exhibit 23.1</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Arial">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Arial">We consent to the incorporation by reference in this Registration Statement (No. 333- ______) on Form S-3 and related Prospectus of Transcat, Inc. of our report dated June 8, 2020, relating to the consolidated financial statements as of and for the years ended March 28, 2020 and March 30, 2019 and the effectiveness of internal control over financial reporting of Transcat, Inc. for the year ended March 28, 2020, appearing in the Annual Report on Form 10-K of Transcat, Inc. for the year ended March 28, 2020.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Arial">We also consent to the reference to our firm under the caption &#8220;Experts&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Arial">/s/ Freed Maxick CPAs, P.C.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Arial">Rochester, New York<BR>November 17, 2020</FONT></P>

<HR noshade align="center" width="100%" size=2>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>transcat3828291-ex51x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 transcat3828291-ex51x1x1.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !; -\# 2(  A$! Q$!_\0
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M4*68@*<?J)_P6WXU7P@1U_X8*_X*@_D/A]\!ORZ\GV]A7X5?\$B]+\1>)O\
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M1A-$\0?$'Q5XH;0M(\+6O@A;O7_$C7GD7 N_"CZQ(GH_@?X2^/KG_@AI\8/
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M8J<=B1BOV(_X)P?L@_&O]FOQ=\<?$/Q4\/?"7P9H/C3P5^S3\.OAIX,^%'Q
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M1O& MK>T^&NI^,=/\.^%-"\3:EJ&M:AX/UOP_8Z=\.I*4G';^OQ)<$W=W_\
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M%HNI7\,)/]E7EO:"Y;1;RU3S#XA_&W]N3P!^WA^Q5^RK_P -+^$=7\,?MS_
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M>';B2X@E>70]7FTK2;C5=(D8V&H2Z=ITUW;RM:6K1@'[OEU&,G&>!G('Y]*
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M? 6CHGB,MJ?C+PU8^!?&MYK_ (8LA-K6CVOA#Q/<:C96\.@ZH]J7J_R0_P#
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MMY=0SZUIT=R7KZ^Y2\OWDO\ Y +1_FE_X O_ ),^.-3_ ."1/[+^N^!?VCO
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MRQ\3/@QXH^&T6EW*>#[_ .+WQ6\5_LW^)O'?QF\ +?:A=WO@BW\>3? &"_\
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M3^)OPW^*W_"V/B)KU_X/_:G_ &D?V@-9^'?B#XB_$W5/@S?Z?\=/%?QW\1:
MGAOX777BV;P=X6\=?#D?%K2I--UVTT:71-2O;'Q;>77A]-;\0:)XC\*8EO\
ML3_'+3/VMK'XS^%/B?X1^'WPV_X77JOQ>\4:9X,\2_M'F;QWIFL>&]3T+5?
M^M_ 7Q?\8_%?[,>C>)?$,E[:S^+/CEX3\$:)XLU<VE]?:5X4\.^(M=OM=C_4
MNB@ HHHH **** "BBB@ HHHH ****  \ _Y_'\*^?OCO^T?\/OV>;#2M3^(
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IPY(756O3I4(5).:F^:%&G&SBE!<KYBBBB@P"BBB@ HHHH **** /_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>transcat3828291-ex51x2x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 transcat3828291-ex51x2x1.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  = +$# 2(  A$! Q$!_\0
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M)T+Q%K=KX-ET;P_K%_9='_P\)^!MS\7/B_\ !30?#'Q[\8^-/@/JC:5\5)?
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MEZG97%SI$5MJ&FZA9W]C-<VEQ%,WIL?PUT6*1)%USX@DQNKA7^)7CR6-BI#
M/')X@9)$.,,CJ4=2592"17C7[*W[*_AS]E;P]XV\/^&O%&HZ[:>-_%MOXKET
MJ'POX"^'O@CPK)9^&-!\*Q:;X$^''PQ\,^$O!7A2TU"WT"+7/$<NGZ3]KU_Q
65J6K:M<S16LNGZ9IOU/0 4444 ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>transcat3828291-ex51x4x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 transcat3828291-ex51x4x1.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  ^ 0$# 2(  A$! Q$!_\0
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M:7(DDN^KO?3L*VE^M[:?X4[Z^=U\C] ?,D_YZ/\ ]]-_C1YDG_/1_P#OIO\
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MF\"_#BR\-IH,,\5EJ?BF[OA=V-IV.D>#K#]KW]O[Q1\1/%KZQ>_"7]@*\LO
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MWB/7?"7@>_U@%?L\'B7Q'X9\+^-=>TG3&&\S7>E^%M:ND(4)9ODLO\MOQ?\
MV\/^"QGQ(_X*K?"+_@EI\/\ Q]^QE\!O$GBKX4ZG\9/CIXW^"_@SXC_M+_\
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M9^S1XYTG5%/B@P0V'@W4OBK;:GHUQX:\)R:?<:=9>(;G5M7L].@_:GP3\.?
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MXL>'_%MCX0N?B?X?\=7^NS?L^ZCXM\-KK&H^/;77(]#TS4;K0/#>A66F?;=
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M33:\K;WT??1#A9-N6JMJM'%J^J=G?5+1+6[Z'YQ?L#?'_P =_ R]_P""DO\
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M_ O5M;MWL[KQC?>.X_B/-H-K_IGA#6]9\2^)M3NOZ\_\_C_G/\O>C_Z_^?\
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M/\:M1\!ZEXCLED0(=.L9?A_\/OAWI$6G*1O2&31YI4<G;.%)4^Q\?3Z?Y_\
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**** "BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>transcat3828291-s31x4x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 transcat3828291-s31x4x1.jpg
M_]C_X  02D9)1@ ! 0$ 70!=  #_[@ .061O8F4 9      !_]L 0P ! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$!_]L 0P$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!_\  $0@
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M=_\ !%'_ (*>:Y^S]\:=/^!G[0GQ.\2ZG\!OB2MCH'A)M:OKW6=#^&/Q#O\
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MP<90C**4O:KWI*2=]DG:VC9\]4\1X*C"I3P"J3:O."J2?+[UOY596UU;T/\
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M+X2T_P 1_$[]IC3?AS\9OBE=P?V9XKT:YO?!/@_Q!X>\(^+OB)>>';]_@/\
M#3QIXAU?2X]3C^(NM-H7P7%O M;A;-<%E\\=3Q=+%8=5IUX4^5T]4FDN=IJ\
MEJ[6L[WL?191Q5'-L!6Q5+"RA4HU_8\DG)1DFU:2ERNZ5];-WZ6/VKT7Q/X;
M\26D%_X>U_1]=L;DLMO>:/J5GJ5K.R;_ #%BN+.::)VC,<BR*KDQM&ZN%9&
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MCGQY;21,B/*FX%>BAG!4<9_P7"^,WPY^'O\ P3\^-/@OQ/KUA8^*_C!:Z/\
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M8;UXI%-V;R_5O):U9;H_YU%N\=Q):W2S""WNIU9+A4>-$CEEAQ]FB*[U13-
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M;T.\N!%?^!?B)JFERQZE=^ M=LI+_2-<MBUW,EEJ+7EM:O<V<$#^*K'+([)
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MHK>\X*+B[6>J<M;'Z+G>:K,^&<ES!4Z55SJ.%=5-7%02YDHZ^\K[Z].[(_\
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M,QCM)[9X7:2![.&YO;NUU*2"13;7-_9)=;K&6.!Y'2>&9K6[M4_O]_X)>_\
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MO_8K?!K_ -5?X<KT#_@WE_Y2/:3_ -D*^,'_ *!X7KS_ /X+S_\ *4'XZ_\
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M744D>EWT]UFU^VQ11MX?AGCDBN-&EU6"1)!)L$=S)97BE2\EHD3P22_W>?\
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M#]FO]B#XUP_';X4_$+XR:]XIB\'^*/!SZ1\0-2\#:UX>N+;Q')HTOVU[;1_
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M2T4+3FM]K?K>R2Z[;+:VNNY+A%N[5VFGN]UMU_#9]2/R_?\ 3_Z](8SV?'_
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MJDTN:ZE&#T2:BVY:6MJC^WS4_P!MK]EW0?B3I7P=U7XY?"ZQ^*^O7.FV6A^
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M%N22J5(M6Z6C)1:LWNOG8_)G]CC_ ()V:S^SK^P1XE_8F\;?$72?&X\7Z?\
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' "BBB@#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>transcat3828291-s35x5x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 transcat3828291-s35x5x1.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !6 24# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#] O\ @I[_
M ,%HOVU?V3OVY_CG^S]\)=2^$L'P^\ R?#C_ (1^'Q1X,.L:[M\4_"3P#XQU
M7[5J U[3PZ#6O$>H_9RR!HX!%&N H6OS_?\ X.,?^"CH_P"8U\ QC@D_#1\9
M/0''C'O]!]3GCZ-_X*V?\$U/V[_C_P#\%"?VAOBW\&_V==:\=_#/Q6_PK/AO
MQ5;>*_ NDVNK'0?@MX!\.:S_ *'KGBZPU'_0-<T?4]+).EC<<LI9"K'\*_VB
M_P!EC]H/]DW6-(T#]H?X8ZC\,M9\4Z=_:_AS3;_5M&U\:MH5I_R&=7-[H^H7
MN3I]_@8/0@]\BOZCX/X?X&S7*N'\*\LX=QF:8C*Z$\7+$9C"GB98N7M95%6A
M&O%PJ**@I0Y&XVB]&VC\6SW&\78+,LQ?MZU+!+$SEAI*HU&.'DDH)-1Y>CLK
M_B?J-_Q$8_\ !1WG_B>_ /\ \-IQ]?\ D</7CMWR#Q5Q/^#BS_@HZ>/[:^ 9
MSSD_#,_B.?&.<>AX]L9&/PPDN(K5YOW)\JSMO[8@/(^U_9;P:.+/'UZ=>@'<
MU^C/A;_@DQ_P4:\<>&]"\8^$/V7O$>L^&/%.BZ3K_AS5[;Q;\-K:UU70M=LE
MUG2-7-E>>,;2_P W]A>C((XR.F:^FQO"'A_E3<<SRKAC#VO9SS&E%MQ5VH+Z
MQ%S>FJ5[7\V<.$SSB7&24<%BL9B9Z.<4U+D2TWY;1O9WOH?</BG_ (."O^"B
MVE:7\.+RSUWX%QWWBSP'?>);RSD^&32QS2Z7X[\<Z'>:G#/_ ,)EBWL3I'AR
MPMTM^/\ B8F8\-(Q/$C_ (.,O^"CHY.M? / Y.?AH?YGQETK\S/VHO@[\4OV
M>==^'_P@^,_AR]\%?$+0OAO8R:]X1O[FWN)-.;7?B/\ %#Q)IL_VK2[V\MK@
MW&C7>G2J'8QL6 <XS7S0'D>XL;&UBFGN[NYM[6VAMFM8[B>XN)DAAB@DOYK>
MRCFDD=5B:\N(+5'96N)XH0\B\F$X%X Q>"CFL<JC+"U*EXSA)_5>6$]XR4W>
M@XINI.[Y81G*]DFLL5Q-Q!@LQ^KUL16562A'D=712J<L+6Y;:2E&^FGXG[CR
M_P#!QA_P4?8$KK?[/Z'&5,OPY6WC!QD&2>7QCY4,?0O+*1'&N6<;5-=9X0_X
M.2_V_-'U*#5/$.D_L_>-?#.^.#4+&_\ AUXTTB[A)=1/-I.I^$_%5S#J4B1[
MS;Q+!-YT@5!#(2$/R!#_ ,$>O^"F%M ^HVW[)GB6>/3K:'4O,;QU\,A/J-S%
M=6MNEC%:6OBJYN8I;G2[U7C^S6\\X=_W,,DN$;\^?'?PZ\=?!SQ?J7@/XF^%
M?&7@GQSX;M(K368/$VG-I'BI+26[+Z7<^(-''_$GTV"^OBFG:+?:%@:JIB:]
MX=B=\%PAX?YWC:^69;E'"\ZD(U.:I1S9U))<DWS0BL1I))-P2O>487O>Q6+S
M3C3*VL;4J8JK2G**46W.DTYJ#<E;?5V:LK-^I_I"_P#!.O\ ;R\+?\% O@=!
M\6?#ND3^"=?T;5[KPG\0_AYJ&M:)XBO_  OXDLXH[FWN;35M!)L=7\+^)-/F
MAU?PMXDMF;3]6LWNK *NIZ1?8_01Q(-H63H.!P < \9[]._)^HS7^:E_P3%_
M;7\2?L0?M,^"O$YU2\B^$WC7Q#X9^&_QC\-64]W:Z4?"'C?Q5H?A>#Q*NC#%
MH-8\&ZOJ=GJ99^;'1K'Q3$GSS#'^D%'>M>VJ2QI)/;[H%2>!TB^U+OMWFOH7
M61%2VF%S'>DK,H/D,,OG:W\W<?<)/A/.ZV&A4YL!7JMX2;YK1@TK4Y3M:4HM
MJ]FWKJDE<_4.&N(*F<Y>I5:*ABL/']["RCSN,G%O=N[2OKUZ:FGK$]W%ITIM
M)EAO-OFQ>9(D4<AMR+A[9II4>.W6[CC>U-SL8V_G>>HWQBOY,O\ @I7_ ,%[
MOC+\&_VDM;^"_P"R/J7PRF\*?#".;PWXV\8^,M N?%,OBWXC6]XR^*]'T%H/
M$.GV%A8?#-UL/#&K7+0YUKQ;>^)[2 K'X5CCK]!?^"U?_!16?]CCX!#X<_#K
MQ2-+_:+^-.GZCHWA&^"LMWX!\'Z5/!IWCSXSW&G11O(+C3+&ZFT_PQIXF 3Q
M%=Z3KP+"P=*_@DE<SW$EXSS2SWL%M=RW$L]U,]S:7!G.G7-_))\DFM7\$"ZI
MJ$;<1OJ!(Y4&ON/"3PYI9W*IF_$M"K5RY58+!4+.,,7^^A&2C*T6XQ5[-)J3
M;6JNSP.-N)JF71AAL%5=/$RW<9-.-XWM=:;M)KO]Q_3;^Q/_ ,%S_P!O;X\?
MM7_L]_";XA:[\&6^'_Q(^).D>"_$W]A^ 4TK4?(U.2TE7R]7E\1ZF-+4VD=V
M#>?V=>%)7C3R?W@DC[C_ (*%_P#!;?\ ;C_9G_;%^-?P.^&NI?":V\#> ];T
MBS\.MXA\"Q>(-5N=/U'P?X:\1B8:E#XBTXZB';5S']I>SLMGFC_1B2K1_B%_
MP3!_Y2(?L;$\_P#%^/!__H=UG\Z]2_X++,1_P4X_:PV,RY\6^!MNR3RG)'P?
M^';(5(X8HRK)M''R9'3C[O$\!\*2X[IY92R24,$N'Y8OZNE+E=>&95*;FUS7
M;E2M2D[[I6V/%H<1YS_JUB<3*O.6)^M4Z5.JY+GA&<7=)M6?9=59[Z'WU^SY
M_P ''/[5VD?&;P#=_M*I\._$'P&N]>L]$^(X\'>!I/#NI^'_  _KKF.Y\>6'
MB3_A(-4AGG\ E!J>L^');>-+OPXNMZB]PDNEQ9_M0\ >,]*\>>%?#_C'P_J]
MKKWA[Q/HNE:WH6NV$HET_7=,UBQMM1TS6-+DB)B;2M5TZZM+^PDSYK1SNK$[
M#G_*&M6EED@:&'[7<VU]::U;6TB%I9(]*N$FU+3[B,'_ $ZVU8!9OLO'[ZUM
M[@?\>]?U/?\ ! C_ (*+/IU[H7["/Q7\4:RNA:GJVJ:I^SAXJ\4:E<Z9?:E>
M@WWBG6_@I>SVB^9;RVZ17NN>&;N1E@N],\.ZCX6=97\01QO\;XH>'F%PF&I9
MMP_@*F#HX:K&.,H1<G"5)Q;E/D5V[-)NVZN]%%WZ^$>*\1&H\#F]2M5E7=Z-
M>:NN:Z2@Y;*-I.^JV6]S^J#]HOQUXF^''P5^,OCOPE);_P#"2>"_A-X[\5>'
MUO+:.ZL+;6="\,:KJNG7FHPM/;FYM(;JSB,MFDH>Y7<H*@$G^(:V_P"#B_\
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M&I>%=$U'POH_@"7Q'':PV_B#Q'X4\:WENKPW:2R?ANTR/)+<PMN\R&W:1MN
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MKXC\'?#KPC_PG^HZM_PC?P?\"$_VW,=!7Q]XC\0R:!X]T#0/#WY5_P#!%?\
MX)W_ +9'[,G[9D_Q0^/WP'USX;^ YO@G\0='L_%.K^(/A7JGVOQEJGC#X?\
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M/VLBY749-.6TNK^.<^?#=231RY=34!6.,DH3O[GKEB<DYXZDG/H>F.H_5_\
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M:APMEE'+L5E<:2E1Q=3VE24834547,XW<8:22<M7=[)+5V_S\?A#_P $6O\
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MUSP!'HEOJDMCX7\!>,-4U[3;JYO4NI?$&DJ6>VDC/V/^UY^VO^U)\)?VF_\
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DN&5#@#(5@/3(_H.GI116L=EZ+\BAU%%%, HHHH **** /__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
