<SEC-DOCUMENT>0000919574-22-007186.txt : 20221229
<SEC-HEADER>0000919574-22-007186.hdr.sgml : 20221229
<ACCEPTANCE-DATETIME>20221229171903
ACCESSION NUMBER:		0000919574-22-007186
CONFORMED SUBMISSION TYPE:	F-3
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20221229
DATE AS OF CHANGE:		20221229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EUROSEAS LTD.
		CENTRAL INDEX KEY:			0001341170
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		F-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-269066
		FILM NUMBER:		221499564

	BUSINESS ADDRESS:	
		STREET 1:		4 MESSOGIOU & EVROPIS STREET
		CITY:			151 25 MAROUSSI
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		011 30 210 6105110

	MAIL ADDRESS:	
		STREET 1:		4 MESSOGIOU & EVROPIS STREET
		CITY:			151 25 MAROUSSI
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
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<TYPE>F-3
<SEQUENCE>1
<FILENAME>d9903613_f-3.htm
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    <div style="text-align: center;">As filed with the Securities and Exchange Commission on December 29, 2022</div>
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            <div style="text-align: right;">Registration Statement No. 333 &#8211;<u>________</u></div>
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    <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center;">Washington, D.C. 20549</div>
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    <div style="text-align: center; font-weight: bold;">FORM F-3</div>
    <div style="text-align: center; font-weight: bold;">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</div>
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    <div style="text-align: center; font-weight: bold;">EUROSEAS LTD.</div>
    <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
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            <div style="text-align: center; font-weight: bold;">Republic of the Marshall Islands</div>
            <div style="text-align: center;">(State or other jurisdiction of</div>
            <div style="text-align: center;">incorporation or organization)</div>
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          <td style="width: 33.33%; vertical-align: top;">&#160;</td>
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            <div style="text-align: center; font-weight: bold;">N/A</div>
            <div style="text-align: center;">(I.R.S. Employer</div>
            <div style="text-align: center;">Identification No.)</div>
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            <div style="text-align: center; font-weight: bold;">Euroseas Ltd.</div>
            <div style="text-align: center; font-weight: bold;">4 Messogiou &amp; Evropis Street</div>
            <div style="text-align: center; font-weight: bold;">151 24 Maroussi, Greece</div>
            <div style="text-align: center; font-weight: bold;">001 30 211 1804005</div>
            <div style="text-align: center;">(Address and telephone number of Registrant's principal executive offices)</div>
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            <div style="text-align: center; font-weight: bold;">Seward &amp; Kissel LLP</div>
            <div style="text-align: center; font-weight: bold;">Attention:&#160; Anthony Tu-Sekine, Esq.</div>
            <div style="text-align: center; font-weight: bold;">901 K Street NW</div>
            <div style="text-align: center; font-weight: bold;">Washington, D.C. 20001</div>
            <div style="text-align: center; font-weight: bold;">(202) 661-7150</div>
            <div style="text-align: center;">(Name, address and telephone number of agent for service)</div>
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    <div style="text-align: center;">Copies to:</div>
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            <div style="text-align: center; font-weight: bold;">Anthony Tu-Sekine, Esq.</div>
            <div style="text-align: center;">Seward &amp; Kissel LLP</div>
            <div style="text-align: center;">901 K Street NW</div>
            <div style="text-align: center;">Washington, D.C. 20001</div>
            <div style="text-align: center;">(202) 661-7150</div>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Approximate date of commencement of proposed sale to the public:</font>&#160; From time to time after this registration statement becomes effective as determined by market
      conditions and other factors.</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. &#9633;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. &#8999;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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. &#9633;</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">If this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities
      Act, check the following box. &#9633;</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under
      the Securities Act, check the following box. &#9633;</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</div>
    <div style="text-indent: 36pt; margin-left: 360pt;">Emerging growth company &#9633;</div>
    <div><br>
    </div>
    <div>If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
      accounting standards&#8224; provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9633;</div>
    <div><br>
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    <div style="text-indent: 500.1pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">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 or until the registration statement shall become effective on such date as the Securities and
      Exchange Commission, acting pursuant to said Section 8(a), may determine.</div>
    <div style="text-indent: 500.1pt;"><br>
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    <div style="text-align: center;">PROSPECTUS (subject to completion dated December 29, 2022)</div>
    <div><br>
    </div>
    <div style="text-align: center;">$400,000,000</div>
    <div><br>
    </div>
    <div style="text-align: center;">Common Shares, Preferred Shares, Debt Securities, Warrants and Units</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><img src="image00001.jpg"></div>
    <div><br>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Through this prospectus, we may periodically offer:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">(1)&#160;our common shares,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">(2)&#160;our preferred shares,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">(3)&#160;our debt securities,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">(4)&#160;our warrants, and</div>
    <div style="text-align: justify; text-indent: 36pt;">(5)&#160;our units.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">We may also offer securities of the types listed above that are convertible or exchangeable into one or more of the securities listed above.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">The aggregate offering price of all securities issued and sold under this prospectus may not exceed $400,000,000. The securities issued and sold under this prospectus may be
      offered directly or through underwriters, agents or dealers. The names of any underwriters, agents or dealers will be included in a supplement to this prospectus. The prices and other terms of the securities issued and sold under this prospectus will
      be determined at the time of their offering and will be described in a supplement to this prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">Our common shares are currently listed on the Nasdaq Capital Market under the symbol "ESEA".</div>
    <div style="text-align: justify; margin-bottom: 6pt; font-weight: bold;">An investment in these securities involves risks.&#160; See the section entitled "Risk Factors" on page 6, and other risk factors contained in the applicable prospectus supplement and
      in the documents incorporated by reference herein and therein.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
      PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</div>
    <div style="text-align: center;">The date of this prospectus is December 29, 2022.</div>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">TABLE OF CONTENTS</div>
    <div style="text-align: right; margin-bottom: 12pt;"><u>Page</u></div>
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            <div>PROSPECTUS SUMMARY</div>
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          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1</div>
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            <div>RISK FACTORS</div>
          </td>
          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">6</div>
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          <td style="width: 95.33%; vertical-align: top;">
            <div>USE OF PROCEEDS</div>
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          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">7</div>
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          <td style="width: 95.33%; vertical-align: top;">
            <div>OUR CAPITALIZATION</div>
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          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">8</div>
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            <div>DIVIDEND POLICY</div>
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          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">9</div>
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          <td style="width: 95.33%; vertical-align: top;">
            <div>PLAN OF DISTRIBUTION</div>
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          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">10</div>
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            <div>DESCRIPTION OF CAPITAL STOCK</div>
          </td>
          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">12</div>
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          <td style="width: 95.33%; vertical-align: top;">
            <div>DESCRIPTION OF PREFERRED SHARES</div>
          </td>
          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">16</div>
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          <td style="width: 95.33%; vertical-align: top;">
            <div>DESCRIPTION OF WARRANTS</div>
          </td>
          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">17</div>
          </td>
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          <td style="width: 95.33%; vertical-align: top;">
            <div>DESCRIPTION OF DEBT SECURITIES</div>
          </td>
          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">18</div>
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          <td style="width: 95.33%; vertical-align: top;">
            <div>DESCRIPTION OF UNITS</div>
          </td>
          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">24</div>
          </td>
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          <td style="width: 95.33%; vertical-align: top;">
            <div>TAX CONSIDERATIONS</div>
          </td>
          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">25</div>
          </td>
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          <td style="width: 95.33%; vertical-align: top;">
            <div>EXPENSES</div>
          </td>
          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">32</div>
          </td>
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          <td style="width: 95.33%; vertical-align: top;">
            <div>EXPERTS</div>
          </td>
          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">32</div>
          </td>
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          <td style="width: 95.33%; vertical-align: top;">
            <div>LEGAL MATTERS</div>
          </td>
          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">32</div>
          </td>
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          <td style="width: 95.33%; vertical-align: top;">
            <div>WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
          </td>
          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">32</div>
          </td>
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          <td style="width: 95.33%; vertical-align: top;">
            <div>GLOSSARY OF SHIPPING TERMS</div>
          </td>
          <td style="width: 4.67%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">34</div>
          </td>
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    <div style="text-align: center; font-weight: bold;">ABOUT THIS PROSPECTUS</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">As permitted under the rules of the U.S. Securities and Exchange Commission, or the Commission, this prospectus incorporates important business information about us that is contained in documents
      that we have previously filed with the Commission but that are not included in or delivered with this prospectus. You may obtain copies of these documents, without charge, from the website maintained by the Commission at www.sec.gov, as well as other
      sources. You may also obtain copies of the incorporated documents, without charge, upon written or oral request to Euroseas Ltd., 4 Messogiou &amp; Evropis Street, 151 24 Maroussi, Greece, +30-211-1804005. See "Where You Can Find Additional
      Information."</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">You should rely only on the information contained or incorporated by reference in this prospectus. We have not authorized any person to provide information other than that provided in this prospectus
      and the documents incorporated by reference. We are not making an offer to sell common shares in any state or other jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this prospectus is
      accurate as of any date other than the date on the front of this prospectus regardless of its time of delivery, and you should not consider any information in this prospectus or in the documents incorporated by reference herein to be investment,
      legal or tax advice. We encourage you to consult your own counsel, accountant and other advisors for legal, tax, business, financial and related advice regarding an investment in our securities.</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Unless otherwise indicated or unless the context requires otherwise, all references in this prospectus to "Euroseas," the "Company," "we," "us," "our," or similar references, mean Euroseas Ltd. and,
      where applicable, its consolidated subsidiaries.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">ENFORCEABILITY OF CIVIL LIABILITIES</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Euroseas Ltd. is a Marshall Islands corporation and our principal executive offices are located outside the United States in Maroussi, Greece. A majority of our directors, officers and the experts
      named in the prospectus reside outside the United States. In addition, a substantial portion of our assets and the assets of our directors, officers and experts are located outside the United States. As a result, you may have difficulty serving legal
      process within the United States upon us or any of these persons. You may also have difficulty enforcing, both in and outside the United States, judgments you may obtain in United States courts against us or these persons in any action, including
      actions based upon the civil liability provisions of United States federal or state securities laws. Furthermore, there is substantial doubt that the courts of the Marshall Islands or Greece would enter judgments in original actions brought in those
      courts predicated on United States federal or state securities laws.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Euroseas Ltd. desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe
      harbor legislation.&#160; This prospectus contains forward-looking statements. These forward-looking statements include information about possible or assumed future results of our operations or our performance. Words such as "expects," "intends," "plans,"
      "believes," "anticipates," "estimates," and variations of such words and similar expressions are intended to identify the forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are
      reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant
      uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements include, but are not limited to, statements
      regarding:</div>
    <div><br>
    </div>
    <div>
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          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>our future operating or financial results;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5fedbc82fef342a2a7a2b7e69a81ece8">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>future, pending or recent acquisitions, joint ventures, business strategy, areas of possible expansion, and expected capital spending or operating expenses;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z296c35b1d12346b6981f736727f27cb4">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>container shipping industry trends, including charter rates and factors affecting vessel supply and demand;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z62629762f30a47dca77e31dc67d4ba22">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>fluctuations in our stock price as a result of volatility in securities markets;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6bb11499e2534bfd9ac6db8334e5829e">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance (&#8220;ESG&#8221;) policies;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5d58bd7c77cc42919f1564eac11fe854">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>our financial condition and liquidity, including our ability to obtain additional financing in the future to fund capital expenditures, acquisitions and other general corporate activities;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z062b4719eecd40cebec1cb2b02307928">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>availability of crew, number of off-hire days, drydocking requirements and insurance costs;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd16da9d18bf745578b57ef39f4524acf">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>our expectations about the availability of vessels to purchase or the useful lives of our vessels;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ii</font></div>
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    </div>
    <div>
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          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>our expectations relating to dividend payments and our ability to make such payments;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb985b8d78f15425b946e0712983bf81e">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>our ability to leverage to our advantage our manager's relationships and reputations in the container shipping industry;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbf259ff51ebf416d9a23142d5e5e1017">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>changes in seaborne and other transportation patterns;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z94369b47aff1489ea0ca8caa8d6aaef1">

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            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>changes in governmental rules and regulations or actions taken by regulatory authorities;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd160c9144b7e470e95400e99e8079c41">

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            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>potential liability from future litigation;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfc8c66698e3c44d3a24dc8a2bbc7dbea">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>global and regional political conditions;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8652da1f35ad417aa535eb3cd8171962">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>acts of terrorism and other hostilities, including piracy;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3b117e693f3c4a4d9b21e90d1a5b6dd9">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>the severity and duration of natural disasters or public health emergencies, including the spread&#160; of coronavirus (&#8220;COVID-19&#8221;), including possible delays due to the quarantine of vessels and crew, as well as government-imposed shutdowns;
                and</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z19172ccf661f4b68bb5b3a8c92921b27">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>other factors discussed in the section titled "Risk Factors."</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">WE CAUTION READERS OF THIS PROSPECTUS AND ANY PROSPECTUS SUPPLEMENT NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THEIR DATES.&#160; WE
      UNDERTAKE NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PROSPECTUS OR ANY PROSPECTUS SUPPLEMENTS, OR THE DOCUMENTS TO WHICH WE REFER YOU IN THIS PROSPECTUS OR ANY PROSPECTUS SUPPLEMENT, TO REFLECT ANY
      CHANGE IN OUR EXPECTATIONS WITH RESPECT TO SUCH STATEMENTS OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY STATEMENT IS BASED.&#160; THESE FORWARD LOOKING STATEMENTS ARE NOT GUARANTEES OF OUR FUTURE PERFORMANCE, AND ACTUAL RESULTS AND
      FUTURE DEVELOPMENTS MAY VARY MATERIALLY FROM THOSE PROJECTED IN THE FORWARD LOOKING STATEMENTS.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Unless otherwise indicated, all references to "dollars" and "$" in this prospectus are to United States dollars and financial information presented in this prospectus that is derived from financial
      statements incorporated by reference is prepared in accordance with accounting principles generally accepted in the United States.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">This prospectus is part of a registration statement that we filed with the Commission using a shelf registration process.&#160; Under the shelf registration process, we may sell the common shares,
      preferred shares, debt securities, warrants and units described in this prospectus in one or more offerings up to a total dollar amount of $400,000,000. This prospectus only provides you with a general description of the securities we may offer. Each
      time we offer securities, we will provide you with a supplement to this prospectus that will describe the specific information about the securities being offered and the specific terms of that offering. The prospectus supplement may also add, update
      or change the information contained in this prospectus.&#160; If there is any inconsistency between the information in this prospectus and any prospectus supplement, you should rely on the prospectus supplement. Before purchasing any securities, you
      should read carefully both this prospectus and any prospectus supplement, together with the additional information described below.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">This prospectus does not contain all the information provided in the registration statement that we filed with the Commission.&#160; For further information about us or the securities offered hereby, you
      should refer to the registration statement, which you can obtain from the Commission as described below under "Where You Can Find Additional Information."</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">iii</font></div>
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    </div>
    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">PROSPECTUS SUMMARY</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic;">This section summarizes some of the information and consolidated financial statements that appear later in this prospectus or in documents incorporated by reference herein. As an
      investor or prospective investor, you should review carefully the risk factors and the more detailed information and financial statements that appear later in this prospectus or in documents incorporated by reference herein. In this prospectus,
      references to "Euroseas," "Company," "we," "our," "ours" and "us" refer to Euroseas Ltd., and its subsidiaries, unless otherwise stated or the context requires.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic;">We use the term "deadweight tons," or dwt, in describing the capacity of our vessels. Dwt, expressed in metric tons, each of which is equivalent to 1,000 kilograms, refers to the
      maximum weight of cargo and supplies that a vessel can carry. We use the term "twenty foot equivalent unit," or teu, the international standard measure of containers, in describing the capacity of our containerships. For the definition of certain
      shipping terms used in this prospectus, see the "Glossary of Shipping Terms" on page 34 of this prospectus.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">Our Company</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Euroseas Ltd. is a Marshall Islands company incorporated under the Business Corporations Act of the Marshall Islands, or BCA, on May 5, 2005. We are a provider of worldwide
      ocean-going transportation services. On May 30, 2018, the Company spun-off its drybulk fleet (excluding M/V Monica P, a handymax drybulk carrier, which was agreed to be sold at the time) into EuroDry Ltd. (&#8220;EuroDry&#8221;), a separate publicly listed
      company also listed on the Nasdaq Capital Market (the &#8220;Spin-off&#8221;). Shareholders of the Company received one EuroDry share for every five shares of the Company they held. As a result of the Spin-off and the subsequent sale of M/V Monica P, the Company
      has become a pure containership company and the only publicly listed company concentrating on the feeder and intermediate containership sector. Our containerships transport dry and refrigerated containerized cargoes, mainly manufactured products and
      perishables. As of December 22, 2022, our fleet consisted of eighteen containerships. The total cargo carrying capacity of the eighteen containerships is 737,404 dwt or 58,871 teu. Following the agreement to sell one of our containerships to be
      delivered to its buyers in the beginning of January 2023, our fleet will consist of seventeen containerships with a total cargo carrying capacity of 666,038 dwt or 53,261 teu. We also have nine feeder containership vessels under construction,
      expected to be delivered in 2023 and 2024. After the delivery of these newbuilding vessels, our fleet will consist of 26 vessels with a total carrying capacity of 956,246 dwt or 75,461 teu.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We actively manage the deployment of our fleet which is typically employed between short time charters, which generally last from several days to several months, and medium or
      long term time charters, which can last up to several years.&#160; As of December 22, 2022, all our container vessels are under contract, except for one vessel undergoing repairs, which has since been agreed to be sold.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Vessels operating on medium and long term time charters provide more predictable cash flows but can yield lower profit margins than vessels operating in the short term charter
      market during periods characterized by favorable market conditions. Vessels operating in the short term charter market generate revenues that are less predictable but may enable us to achieve increased profit margins during periods of high vessel
      rates although we are exposed to the risk of declining vessel rates, which may have a materially adverse impact on our financial performance.&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We are constantly evaluating opportunities to increase the number of our vessels deployed on medium and longer term time charters upon expiration of our existing charters;
      however, we only expect to enter into longer term time charters if we can obtain contract terms that satisfy our criteria. We carefully evaluate the length and rate of the time charter contract at the time of fixing or renewing a contract,
      considering market conditions, trends and expectations.</div>
    <div style="text-align: justify; text-indent: 36pt;">We constantly evaluate vessel purchase opportunities to expand our fleet accretive to our earnings and cash flow. Additionally, we will consider selling certain of our vessels when favorable sales
      opportunities present themselves. If, at the time of sale, the carrying value is less than the sales price, we will realize a gain on sale, which will increase our earnings, but if, at the time of sale, the carrying value of a vessel is more than the
      sales price, we will realize a loss on sale, which will negatively impact our earnings.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">Our Fleet</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">As of December 22, 2022, the profile and deployment of our fleet is the following:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zd77d74016ba94956a6a5591e834d3f54">

        <tr>
          <td style="width: 24.26%; vertical-align: middle; background-color: rgb(51, 51, 51); color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold; margin-left: 9pt;">Name</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; background-color: rgb(51, 51, 51); color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Type</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; background-color: rgb(51, 51, 51); color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Dwt</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; background-color: rgb(51, 51, 51); color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">TEU</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; background-color: rgb(51, 51, 51); color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Year Built</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; background-color: rgb(51, 51, 51); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;"><font style="color: rgb(255, 255, 255);">Employment(*)</font></div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; background-color: rgb(51, 51, 51); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;<font style="color: rgb(255, 255, 255);">TCE&#160;Rate ($/day)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt;">&#160;</div>
            <div style="font-weight: bold; margin-left: 9pt;">Container Carriers</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">MARCOS V (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Intermediate</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">72,968</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">6,350</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2005</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">TC until Dec-24</div>
            <div style="text-align: center;">plus 12 months</div>
            <div style="text-align: center;">option</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$42,200</div>
            <div style="text-align: center;">option $15,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt;">AKINADA BRIDGE (**)</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Intermediate</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">71,366</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">5,610</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2001</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">-</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">
              <div style="line-height: 10.25pt; font-family: 'Times New Roman',serif; font-size: 9pt;">Agreed to be sold</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">SYNERGY BUSAN (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Intermediate</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">50,726</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">4,253</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2009</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">TC until Aug-24</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$25,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt;">SYNERGY ANTWERP (+)</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Intermediate</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">50,726</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">4,253</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2008</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">TC until Dec-23</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$18,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">SYNERGY OAKLAND (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Intermediate</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">50,787</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">4,253</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2009</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">TC until May-26</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$42,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt;">SYNERGY KEELUNG (+)</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Intermediate</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">50,969</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">4,253</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2009</div>
          </td>
          <td style="width: 17.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">TC until Feb-23</div>
          </td>
          <td style="width: 18.04%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">&#160;$14,500</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">EMMANUEL P (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Intermediate</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">50,796</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">4,250</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2005</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">TC until Mar-25</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$19,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt;">RENA P (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Intermediate</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">50,796</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">4,250</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2007</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">TC until Apr-24</div>
            <div style="text-align: center;">then until Feb-25</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$20,250</div>
            <div style="text-align: center;">then CONTEX (***)</div>
            <div style="text-align: center;">basis ($13,000 floor and $21,000 ceiling)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">EM KEA (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">42,165</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">3,100</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2007</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">TC until May-23</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$22,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt;">EM ASTORIA (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">35,600</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2,788</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2004</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">TC until Feb-23</div>
            <div style="text-align: center;">then until Feb-24</div>
            <div style="text-align: center;">then until Feb-25</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$65,000</div>
            <div style="text-align: center;">$50,000</div>
            <div style="text-align: center;">$20,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">EVRIDIKI G (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">34,677</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2,556</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2001</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
            <div style="text-align: center;">TC until Feb-25</div>
            <div style="text-align: center;">&#160;</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$40,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt;">EM CORFU (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">34,654</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2,556</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2001</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">TC until Feb-25</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$40,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">DIAMANTIS P (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">30,360</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2,008</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1998</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">TC until Oct-24</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$27,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt;">EM SPETSES (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">23,224</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">&#160;&#160;1,740</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2007</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">TC until Aug-24</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">&#160;$29,500</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">JONATHAN P (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">23,357</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1,740</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2006</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">TC until Sep-24</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$26,662<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(****)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt;">EM HYDRA (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">23,351</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">1,740</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2005</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">TC until Apr-23</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$20,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">JOANNA (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">22,301</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1,732</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1999</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">TC until May-23</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$14,500</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt;">AEGEAN&#160;EXPRESS (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">18,581</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">1,439</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">1997</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">TC until Apr-25</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$41,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold; margin-left: 27pt;">&#160;Total Container Carriers on the water</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-weight: bold;">18</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-weight: bold;">737,404</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-weight: bold;">58,871</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 18.04%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="ze695c5d922034781a15b73f574fae210">

        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold; margin-left: 9pt;"><u>Vessels under construction</u></div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Type</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Dwt</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">TEU</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">To be delivered</div>
          </td>
          <td style="width: 17.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Employment (*)</div>
          </td>
          <td style="width: 18.04%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">TCE rate ($/day)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">GREGOS (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">37,237</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2,800</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Q1 2023</div>
          </td>
          <td style="width: 17.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">TC until Mar-26</div>
          </td>
          <td style="width: 18.04%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$48,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt;">TERATAKI (*)</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">37,237</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2,800</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Q2 2023</div>
          </td>
          <td style="width: 17.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">TC until June-26</div>
          </td>
          <td style="width: 18.04%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$48,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">TENDER SOUL</div>
          </td>
          <td style="width: 13.06%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">37,237</div>
          </td>
          <td style="width: 9.33%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2,800</div>
          </td>
          <td style="width: 7.47%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Q4 2023</div>
          </td>
          <td style="width: 17.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18.04%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt;">LEONIDAS Z</div>
          </td>
          <td style="width: 13.06%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">37,237</div>
          </td>
          <td style="width: 9.33%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2,800</div>
          </td>
          <td style="width: 7.47%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Q1 2024</div>
          </td>
          <td style="width: 17.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 18.04%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">MONICA</div>
          </td>
          <td style="width: 13.06%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">22,262</div>
          </td>
          <td style="width: 9.33%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1,800</div>
          </td>
          <td style="width: 7.47%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Q1 2024</div>
          </td>
          <td style="width: 17.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18.04%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt;">STEPHANIA K</div>
          </td>
          <td style="width: 13.06%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">22,262</div>
          </td>
          <td style="width: 9.33%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">1,800</div>
          </td>
          <td style="width: 7.47%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Q2 2024</div>
          </td>
          <td style="width: 17.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 18.04%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">PEPI STAR</div>
          </td>
          <td style="width: 13.06%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">22,262</div>
          </td>
          <td style="width: 9.33%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1,800</div>
          </td>
          <td style="width: 7.47%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Q2 2024</div>
          </td>
          <td style="width: 17.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18.04%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt;">DEAR PANEL</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">37,237</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2,800</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Q4 2024</div>
          </td>
          <td style="width: 17.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 18.04%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">SYMEON P</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Feeder</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">37,237</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2,800</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Q4 2024</div>
          </td>
          <td style="width: 17.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18.04%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 24.26%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold; margin-left: 27pt;">&#160;Total Vessels under construction</div>
          </td>
          <td style="width: 13.06%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">9</div>
          </td>
          <td style="width: 10.42%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">290,208</div>
          </td>
          <td style="width: 9.33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">22,200</div>
          </td>
          <td style="width: 7.47%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">&#160;</div>
          </td>
          <td style="width: 17.42%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 18.04%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 6pt;">Notes:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z86be6948a1a1423ba1548e2a7f286316">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(*)(+)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>TC denotes time charter. Charter duration indicates the earliest redelivery date; all dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest
              redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc0bf5f7325b7441cad807a15f1618d09">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(**)</td>
          <td style="width: auto; vertical-align: top;">
            <div>
              <div style="line-height: 11.4pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">The Company has agreed to sell M/V Akinada Bridge at a gross price of $14.2 million. The vessel is expected to be delivered to its buyers
                  in the beginning of January 2023.</font></div>
            </div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z74b75dce33f648f8a574708f6c3032cf">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">
            <div>(***)</div>
          </td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The CONTEX (Container Ship Time Charter Assessment Index) has been published by the Hamburg and Bremen Shipbrokers' Association (VHBS) since October 2007. The CONTEX is a company-independent index of time charter rates for containerships.
              It is based on assessments of the current day charter rates of six selected containership types, which are representative of their size categories: Type 1,100 TEU and Type 1,700 TEU with a charter period of one year, and the Types 2,500,
              2,700, 3,500 and 4,250 TEU all with a charter period of two years.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 2.25pt;" class="DSPFListTable" id="zec78a948e0fc434bb93dcf1b84140b49">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(****)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Rate is net of commissions (which are typically 5-6.25%).</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt;"> </div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We plan to expand our fleet by investing in vessels in the containership market under favorable market conditions. We also intend to take advantage of the cyclical nature of the market by buying and
      selling ships when we believe favorable opportunities exist.&#160; We employ our vessels, typically, in time charter contracts of various durations.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="text-align: center; font-weight: bold;">Management of Our Fleet</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The operations of our vessels are managed by Eurobulk Ltd., or Eurobulk, an affiliated company. Eurobulk manages our fleet under a Master Management Agreement with us and
      separate management agreements with each ship-owning company. Eurobulk was founded in 1994 by members of the Pittas family and is a reputable ship management company with strong industry relationships and experience in managing vessels. Under our
      Master Management Agreement, Eurobulk is responsible for providing us with: (i) executive services associated with us being a public company; (ii) other services to our subsidiaries and commercial management services, which include obtaining
      employment for our vessels and managing our relationships with charterers; and (iii) technical management services, which include managing day-to-day vessel operations, performing general vessel maintenance, ensuring regulatory and classification
      society compliance, supervising the maintenance and general efficiency of vessels, arranging our hire of qualified officers and crew, arranging and supervising drydocking and repairs, arranging insurance for vessels, purchasing stores, supplies,
      spares and new equipment for vessels, appointing supervisors and technical consultants and providing technical support and shoreside personnel who carry out the management functions described above and certain accounting services.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Master Management Agreement with Eurobulk compensates Eurobulk with an annual fee and a daily management fee per vessel managed. Our Master Management Agreement, which we
      initially entered into in 2008, was amended and restated as of January 1, 2018 and its term was extended until January 1, 2023.&#160; The Master Management Agreement can be terminated by Eurobulk only for cause or under other limited circumstances, such
      as sale of the Company or Eurobulk or the bankruptcy of either party. The Master Management Agreement will automatically be extended after the initial period for an additional five-year period unless terminated on or before the 90th day preceding the
      initial termination date. Pursuant to the Master Management Agreement, vessels we might acquire in the future will enter into a separate management agreement with Eurobulk<font style="font-size: 12pt;">&#160;</font>with a term and rate as specified in the
      Master Management Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under the amended and restated Master Management Agreement, as of January 1, 2018, in exchange for providing us with the services described above, we paid Eurobulk an annual fee
      of $2,000,000 annually and a management fee of 685 Euros per vessel per day for any operating vessel and 50% (i.e., 342.5 Euros) of that amount for any vessel laid-up.&#160; As of January 1, 2022, the daily management fee increased to 720 Euros per vessel
      per day (and 360 Euros per vessel per day for laid-up vessels) to reflect inflation in Greece during 2021; it had remained unchanged at 685 Euros in 2018, 2019, 2020 and 2021; the daily management fee is to be adjusted annually for inflation in
      Greece every January 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>. In the case of newbuilding vessel contracts, the same management fee of 720 Euros becomes effective when construction of the vessels actually begins. On May 30, 2018, the Company signed an addendum with Eurobulk
      according to which effective May 30, 2018, the fixed cost was adjusted from $2,000,000 to $1,250,000 as a result of the Spin-off. On November 15, 2019, the Company signed an addendum adjusting the fixed annual cost to $2,000,000 to compensate
      Eurobulk Ltd. for the increase in the fleet and certain management services provided by Synergy Marine Ltd., a company controlled by Andreas Papathomas and which became affiliated with the Company post-acquisition, as a result of his appointment to
      the Board of Directors of the Company in November 2019. There was no adjustment for inflation to the annual fee to date and, hence, we continue to pay an annual fee of $2,000,000.</div>
    <div style="text-align: center; font-weight: bold;">Our Competitive Strengths</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We believe that we possess the following competitive strengths:</div>
    <div>
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              <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-style: italic;">Experienced Management Team</font>. Our management team has significant experience in all aspects of commercial, technical, operational and financial
                areas of our business. Aristides J. Pittas, our Chairman and Chief Executive Officer, holds a dual graduate degree in Naval Architecture and Marine Engineering and Ocean Systems Management from the Massachusetts Institute of Technology. He
                has worked in various technical, shipyard and ship management capacities and since 1991 has focused on the ownership and operation of vessels carrying dry cargoes. Dr. Anastasios Aslidis, our Chief Financial Officer, holds a Ph.D. in Ocean
                Systems Management also from the Massachusetts Institute of Technology and has over 30 years of experience in investment and risk management in the maritime industry. He was a partner in a Boston-based international maritime consulting firm
                since 1989 prior to joining our company.</div>
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              <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-style: italic;">Cost Efficient Vessel Operations</font>. We believe that because of the efficiencies afforded to us through Eurobulk, the strength of our management team
                and the quality of our fleet, we are, and will continue to be, a reliable, low cost vessel operator, without compromising our high standards of performance, reliability and safety. Despite the average age of our fleet being approximately 17
                years on December 22, 2022, our total vessel operating expenses, including management fees and general and administrative expenses but excluding drydocking expenses were $7,212 per day for the year ended December 31, 2021. We consider this
                amount to be among the lowest of the publicly listed containerships shipping companies in the United States. Our technical and operating expertise allows us to efficiently manage and transport a wide range of cargoes with a flexible trade
                route profile, which helps reduce ballast time between voyages and minimize off-hire days. Our professional, well-trained masters, officers and onboard crews further help us to control costs and ensure consistent vessel operating
                performance. We actively manage our fleet and strive to maximize utilization and minimize maintenance expenditures for operational and commercial utilization. For the year ended December 31, 2021 our operational fleet utilization was 98.5%,
                up from 98.0% in the same period of 2020, while our commercial utilization rate increased from 97.5% in 2020 to 100% in 2021. Our total fleet utilization rate in 2021 was 98.5% compared to 95.5% in 2020.</div>
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    <div><br>
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                <div style="text-align: justify;"><font style="font-style: italic;">Strong Relationships with Customers and Financial Institutions</font>. We believe that we, Eurobulk and the Pittas family have developed strong industry relationships and
                  gained acceptance with charterers, lenders and insurers because of long-standing reputation for safe and reliable service and financial responsibility through various shipping cycles. Through Eurobulk, we offer reliable service and cargo
                  carrying flexibility that enables us to attract customers and obtain repeat business. We also believe that the established customer base and reputation of ourselves, Eurobulk and the Pittas family help us to secure favorable employment
                  for our vessels with well-known charterers.</div>
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    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">Our Business Strategy</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Our business strategy is focused on providing consistent shareholder returns by carefully timing and structuring acquisitions of containerships and by reliably, safely and competitively operating our
      vessels through Eurobulk. We continuously evaluate purchase and sale opportunities, as well as long term employment opportunities for our vessels.&#160;Key elements of the above strategy are:</div>
    <div>
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              <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-style: italic;">Renew and Expand our Fleet</font>. We expect to grow our fleet in a disciplined manner through timely and selective acquisitions of quality vessels. We
                perform in-depth technical review and financial analysis of each potential acquisition and only purchase vessels as market opportunities present themselves. We focus on purchasing well-maintained secondhand vessels, newbuildings or
                newbuilding resales based on the evaluation of each investment option at the time it is made.&#160; On May 30, 2018, we spun-off our drybulk fleet into EuroDry. As a result of the spin-off, we became a pure containership company. Since August
                2019, we acquired twelve secondhand vessels and sold five vessels resulting in a fleet of eighteen vessels as of December 22, 2022. In 2021 and 2022, we placed orders for the construction of nine vessels, three with a carrying capacity of
                1,800 teu and six with capacity of 2,800 teu, all Eco design fuel efficient containerships which are scheduled to be delivered during 2023 and 2024.</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-style: italic;">Maintain Balanced Employment</font>. We intend to employ our fleet on either longer term time charters, i.e. charters with duration of more than a year,
                or shorter-term time charters. We seek longer term time/spot charter employment to obtain adequate cash flow to cover as much as possible of our fleet&#8217;s recurring costs, consisting of vessel operating expenses, management fees, general and
                administrative expenses, interest expense and drydocking costs for the upcoming 12-month period. When we expect charter rates to improve we try to increase the percentage of our fleet employed in shorter term contracts (allowing us to take
                advantage of higher rates in the future), while when we expect the market to weaken or when the market is near historically high levels we try to increase the percentage of our fleet employed in longer term contracts (allowing us to take
                advantage of higher current rates). We believe this balanced employment strategy will provide us with more predictable operating cash flows and sufficient downside protection, while allowing us to participate in the potential upside of the
                spot charter market during periods of rising charter rates. As of December 22, 2022, on the basis of our existing time charters, 100% of our vessel capacity for the remainder of 2022 and approximately 78% in 2023 and approximately 55% in
                2024 are under time charter contracts, which will ensure employment of a portion of our fleet, partly protect us from market fluctuations and increase our ability to make principal and interest payments on our debt and pay dividends to our
                shareholders.</div>
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              <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-style: italic;">Optimize Use of Financial Leverage</font>. We intend to use bank debt to partly fund our vessel acquisitions and increase financial returns for our
                shareholders. We actively assess the level of debt we incur in light of our ability to repay that debt based on the level of cash flow generated from our balanced chartering strategy and efficient operating cost structure. Our bank debt
                repayment schedule as of September 30, 2022 calls for a reduction of approximately 7% of our debt during the fourth quarter of 2022 and an additional reduction of about 48% during 2023, excluding any new debt that we assumed or may assume.
                During the third quarter of 2022, we increased our debt by $19.25 million to finance two of our vessels acquired without debt financing. As our debt is being repaid we expect that our ability to raise or borrow additional funds more cheaply
                in order to grow our fleet and generate better returns for our shareholders will increase. We plan to finance approximately 55-65% of the cost of our newbuilding program with new debt.</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-style: italic;">Environmental, Social and Governance (ESG) Practices</font>. We actively manage a broad range of ESG initiatives, taking into consideration their
                expected impact on the sustainability of our business over time, and the potential impact of our business on society and the environment. Regarding environmental initiatives, in 2022 we are implementing technical and operational measures
                that we expect will result in energy savings and a reduced carbon footprint for our vessels. Moreover, we pay considerable attention to our human resources both on our vessels and ashore, proven by a variety of practices, including
                worldwide training on safety and management systems, and medical insurance for all employees. Our current ESG report can be found on our website.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
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    </div>
    <div style="text-align: center; font-weight: bold;">Corporate Information</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Euroseas Ltd. is a holding company existing under the laws of the Marshall Islands. We maintain our principal executive offices at 4 Messogiou &amp; Evropis Street, 151 24 Maroussi, Greece. Our
      telephone number at that address is +30-211-1804005.&#160; Our website address is http://www.euroseas.gr.&#160; The information on our website is not a part of this prospectus.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-weight: bold;">Recent Developments</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">From June 2022 until December 22, 2022, the Company repurchased and cancelled 238,335 common shares, under its share repurchase program for an aggregate consideration of
      approximately $5.0 million.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On November 14, 2022, the Board of Directors declared a cash dividend of $0.50 per Euroseas Ltd. common share paid on December 16, 2022 to shareholders of record on December 9,
      2022.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">
      <div style="text-align: left;">On December 29, 2022, the Company announced that it agreed to sell M/V Akinada Bridge at a gross price of $14.2 million. The vessel is expected to be delivered to its buyers in the beginning of January 2023. The
        estimated gain on the sale of the vessel is $5.3 million.</div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">The Securities We May Offer</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We may use this prospectus to offer, through one or more offerings, up to $400,000,000 of our common shares (including related preferred stock purchase rights), preferred shares,
      debt securities, warrants and units. We may also offer securities of the types listed above that are convertible or exchangeable into one or more of the securities listed above. A prospectus supplement will describe the specific types, amounts,
      prices, and detailed terms of any of these offered securities and may describe certain risks in addition to those set forth below associated with an investment in the securities. Terms used in the prospectus supplement will have the meanings
      described in this prospectus, unless otherwise specified.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">RISK FACTORS</div>
    <div style="text-align: justify; font-style: italic;">An investment in our securities involves a high degree of risk.&#160; You should carefully consider the risks discussed under the heading "Item 3. Key Information&#8212;D. Risk Factors" in our Annual Report on
      Form 20-F for the year ended December 31, 2021 and the other documents we have incorporated by reference in this prospectus that summarize the risks that may materially affect our business before making an investment in our securities.&#160; Please see
      "Where You Can Find Additional Information &#8211; Information Incorporated by Reference." In addition, you should also consider carefully the risks set forth under the heading "Risk Factors" in any prospectus supplement before investing in any securities
      offered by this prospectus. The occurrence of one or more of those risk factors could adversely impact our business, financial condition, results of operations, the price of our common stock or our ability to pay dividends.</div>
    <div><br>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">USE OF PROCEEDS</div>
    <div style="text-align: justify; text-indent: 36pt;">Unless we specify otherwise in any prospectus supplement, we intend to use the net proceeds from the sale of securities that we may offer by this prospectus to make vessel acquisitions and for
      capital expenditures, repayment of indebtedness, working capital, and general corporate purposes.&#160;</div>
    <div><br>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
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    <div style="text-align: center; margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">OUR CAPITALIZATION</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 11pt;">A prospectus supplement will include information on the Company&#8217;s consolidated capitalization.</div>
    <div><br>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DIVIDEND POLICY</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A description of our dividend policy can be found in Item 8.A "Financial Information &#8211; Consolidated Statements and Other Financial Information &#8211; Dividend Policy" of our Annual
      Report on Form 20-F for the year ended December 31, 2021, incorporated by reference in this prospectus. On May 23, 2022, we announced the reinstatement of the Company&#8217;s common stock dividend plan, declaring a quarterly dividend of $0.50 per share for
      the first quarter of 2022 paid on June 15, 2022 to shareholders of record as of June 9, 2022. On August 10, 2022, we announced the declaration of another quarterly dividend of $0.50 per share for the second quarter of 2022 paid on September 16, 2022
      to shareholders of record as of September 9, 2022. On November 14, 2022, we announced the declaration of another quarterly dividend of $0.50 per share for the third quarter of 2022, paid on December 16, 2022 to shareholders of record as of December
      9, 2022.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">PLAN OF DISTRIBUTION</div>
    <div style="text-align: justify; text-indent: 36pt;">We may sell or distribute the securities included in this prospectus through underwriters, through agents, to dealers, in private transactions, at market prices prevailing at the time of sale, at
      prices related to market prices, at a fixed price or prices subject to change, at varying prices determined at the time of sale (which may be above or below market prices prevailing at the time of sale) or at negotiated prices.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In addition, we may sell some or all of our securities included in this prospectus through:</div>
    <div><br>
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              <div style="margin-left: 72pt;">o</div>
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              <div style="text-align: justify;">a block trade in which a broker-dealer may resell a portion of the block, as principal, in order to facilitate the transaction;</div>
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    <div><br>
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              <div style="margin-left: 72pt;">o</div>
            </td>
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              <div>purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account;</div>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z89d7eaa5b4014c01a36cdecc51c6ebd8">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>ordinary brokerage transactions and transactions in which a broker solicits purchasers; or</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z89462cf1bcd64ab2b9b5489a6f222534">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>trading plans entered into by us pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are in place at the time of an offering pursuant to this prospectus and any applicable prospectus
                supplement hereto that provide for periodic sales of our securities on the basis of parameters described in such trading plans.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In addition, we may enter into options or other types of transactions that require us to deliver our securities to a broker-dealer, who will then resell or transfer the securities under this
      prospectus. We may enter into hedging transactions with respect to our securities. For example, we may:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb93f047ae28429fa88bdfe6ca5d7cc5">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>enter into transactions involving short sales of our common shares by broker-dealers;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zab6a023c140142f0829b14a6986acca2">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>sell common shares short and deliver the shares to close out short positions;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7771a25913f24a1284a589a6894ba9bf">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>enter into options or other types of transactions that require us to deliver common shares to a broker-dealer, who will then resell or transfer the common shares under this prospectus; or</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf9ec4fe5043943e1b9c8ceab9cc1c061">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>loan or pledge the common shares to a broker-dealer, who may sell the loaned shares or, in the event of default, sell the pledged shares</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus
      supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities
      pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities received from us in settlement of those derivatives to close out any related open borrowings of stock. The
      third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be identified in the applicable prospectus supplement (or a post-effective amendment). In addition, we may otherwise loan or pledge
      securities to a financial institution or other third party that in turn may sell the securities short using this prospectus. Such financial institution or other third party may transfer its economic short position to investors in our securities or in
      connection with a concurrent offering of other securities.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Any broker-dealers or other persons acting on our behalf that participate with us in the distribution of the securities may be deemed to be underwriters and any commissions received or profit
      realized by them on the resale of the securities may be deemed to be underwriting discounts and commissions under the Securities Act of 1933, as amended, or the Securities Act. As of the date of this prospectus, we are not a party to any agreement,
      arrangement or understanding between any broker or dealer and us with respect to the offer or sale of the securities pursuant to this prospectus.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">At the time that any particular offering of securities is made, to the extent required by the Securities Act, a prospectus supplement will be distributed, setting forth the terms of the offering,
      including the aggregate number of securities being offered, the purchase price of the securities, the initial offering price of the securities, the names of any underwriters, dealers or agents, any discounts, commissions and other items constituting
      compensation from us and any discounts, commissions or concessions allowed or reallowed or paid to dealers. Furthermore, we, our executive officers, our directors and major shareholders may agree, subject to certain exemptions, that for a certain
      period from the date of the prospectus supplement under which the securities are offered, we and they will not, without the prior written consent of an underwriter, offer, sell, contract to sell, pledge or otherwise dispose of any of our common
      shares or any securities convertible into or exchangeable for common shares. However, an underwriter, in its sole discretion, may release any of the securities subject to these lock-up agreements at any time without notice. We expect an underwriter
      to exclude from these lock-up agreements securities exercised and/or sold pursuant to trading plans entered into by us pursuant to Rule 10b5-1 under the Exchange Act, that are in place at the time of an offering pursuant to this prospectus and any
      applicable prospectus supplement hereto that provide for periodic sales of our securities on the basis of parameters described in such trading plans.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Underwriters or agents could make sales in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an at-the-market offering as defined in Rule 415
      promulgated under the Securities Act, which includes sales made directly on or through the Nasdaq Capital Market, the existing trading market for our shares of common stock, or sales made to or through a market maker other than on an exchange.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">At the time that any particular offering of common shares is made, to the extent required by the Securities Act, a prospectus or prospectus supplement or, if appropriate, a post-effective amendment,
      will be distributed, setting forth the terms of the offering, including the aggregate number of common shares being offered, the purchase price of the common shares, the public offering price of the common shares, the names of any underwriters,
      dealers or agents and any applicable discounts or commission.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In order to comply with the securities laws of some states, if applicable, our common shares may be sold in these jurisdictions only through registered or licensed brokers or dealers.&#160; In addition,
      in some states our common shares may not be sold unless they have been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Underwriters or agents could make sales in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an at-the-market offering as defined in Rule 415
      promulgated under the Securities Act, which includes sales made directly on or through the Nasdaq Capital Market, the existing trading market for our common shares, or sales made to or through a market maker other than on an exchange.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We will bear the costs relating to the securities offered and sold by us under this registration statement.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF CAPITAL STOCK</div>
    <div style="text-align: justify;">The following description of our capital stock, together with the additional information we include in any applicable prospectus supplements, summarizes the material terms and provisions of the capital stock offered
      under this prospectus.&#160; For the complete terms of our capital stock, please refer to our amended and restated articles of incorporation that are filed as an exhibit to our Annual Report on Form 20-F for the year ended December 31, 2010 filed on May
      27, 2011, which are incorporated by reference herein; the articles of amendment to our amended and restated articles of incorporation that are filed as an exhibit to our Report on Form 6-K filed on January 9, 2020, which are incorporated by reference
      herein; our bylaws, as amended, that are filed as exhibits to our Annual Report on Form 20-F for the year ended December 31, 2009 filed on May 28, 2010, which are incorporated by reference herein; and the Amended and Restated Statement of Designation
      for the Series B Convertible Perpetual Preferred Shares, filed as an exhibit to our Report on Form 6-K filed on February 1, 2021 and incorporated by reference herein; and the Statement of Designation for the Series C Participating Preferred Stock,
      filed as an exhibit to our Report on Form 6-K filed on May 28, 2019 and incorporated by reference herein. The Marshall Islands Business Corporations Act, or BCA, may also affect the terms of these securities.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Authorized Capitalization</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Common Shares</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">As of the date of this prospectus, we are authorized to issue up to 200,000,000 shares of common stock, par value $0.03 per share, of which there are 7,116,206 shares issued and outstanding. Each
      outstanding share of common stock is entitled to one vote, either in person or by proxy, on all matters that may be voted upon by their holders at meetings of the shareholders. Holders of our common stock (i) have equal ratable rights to dividends
      from funds legally available therefore, if declared by the Board of Directors; (ii) are entitled to share ratably in all of our assets available for distribution upon liquidation, dissolution or winding up; and (iii) do not have preemptive,
      subscription or conversion rights or redemption or sinking fund provisions. All issued shares of our common stock when issued will be fully paid for and non-assessable.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Preferred Shares</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">As of the date of this prospectus, we are authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share, of which there are currently no shares issued and outstanding. The
      preferred stock may be issued in one or more series and our Board of Directors, without further approval from our shareholders, is authorized to fix the dividend rights and terms, conversion rights, voting rights, redemption rights, liquidation
      preferences and other rights and restrictions relating to any series. Issuances of preferred stock, while providing flexibility in connection with possible financings, acquisitions and other corporate purposes, could, among other things, adversely
      affect the voting power of the holders of our common stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">For a full description of the terms of our Series B Preferred Shares, please see the Amended and Restated Statement of Designation for the Series B Preferred Shares, filed as an exhibit to our Report
      on Form 6-K filed on February 1, 2021.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Share History</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">All share numbers shown below reflect the 1-for-8 reverse stock split of December 19, 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On August 2, 2019, we issued 687,500 common shares to Containers Trinity Shareholders Ltd as partial consideration for the m/v EM Hydra; and 246,479 common shares to Diamantis Shareholders Ltd as
      partial consideration for the m/v Diamantis P.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On August 7, 2019, we issued 1,882,922 common shares to Containers Trinity Shareholders Ltd as partial consideration for the m/v EM Spetses and m/v EM Kea.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">During October 2019, we issued and sold 144,727 common shares for net proceeds of approximately $0.9 million through an at-the-market offering under the equity distribution agreement with Maxim Group
      LLC on October 30, 2018 to sell up to $10 million of our common shares through an at-the-market offering.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On November 4, 2019, our board of directors awarded 15,444 common shares to our directors, officers and key employees of Eurobulk, half of which vested on July 1, 2020 and the remainder of which
      vested on July 1, 2021.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On November 8, 2019, we issued and sold 528,169 common shares to Synergy Holdings Ltd for net proceeds of $3.0 million through a private placement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On November 22, 2019, we issued and sold 528,169 common shares to Eurobulk Marine Holdings Inc. for net proceeds of $3.0 million through a private placement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On August 3, 2020, we issued and sold 200,000 shares of common stock under our at-the-market offering for net proceeds of approximately $0.7 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On November 5, 2020, our board of directors awarded 45,900 common shares to our directors, officers and key employees of Eurobulk, half of which vested on November 16, 2021 and the remainder of which
      vested on November 16, 2022.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On November 16, 2020, the Company issued 161,357 shares to Synergy Holdings Ltd. as a result of a contingent payment agreed upon on November 7, 2019 as part of the agreement for the acquisition of
      the vessels M/V "Synergy Busan", M/V "Synergy Keelung", M/V "Synergy Oakland" and M/V "Synergy Antwerp".</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On November 24, 2020, the Company received notice from Colby Trading Ltd (&#8220;Colby&#8221;), which had provided the Company with a loan of $2.5 million in September 2019, whereby Colby
      exercised its right to convert the outstanding balance of the loan of $1.875 million into common shares of the Company as per the terms of the loan. As a result, the Company issued 702,247 common shares to Colby.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On January 29, 2021, we sold 74,301 shares of common stock under our at-the-market offering for approximately $0.65 million of net proceeds.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On February 12, 2021, we sold 8,600 shares of common stock under our at-the-market offering for approximately $0.09 million net proceeds.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On June 30, 2021, the Company converted the 6,365 Series B preferred shares into common stock by issuing 453,044 shares covering the full redemption of the remaining Preferred
      Shares for a total amount of $6,365,059.</div>
    <div style="text-align: justify; text-indent: 36pt;">On November 19, 2021, our board of directors awarded 49,650 common shares to our directors, officers and key employees of Eurobulk, half of which vested on July 1, 2022 and the remainder of which
      will vest on July 1, 2023.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On November 3, 2022, our board of directors awarded 60,000 common shares to our directors, officers and key employees of Eurobulk, half of which will vest on November 16, 2023 and the remainder of
      which will vest on November 15, 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">As of December 22, 2022, we had repurchased 238,335 shares of our common stock in the open market for approximately $5.0 million under our share repurchase plan of up to $20 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Share Repurchase Program</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On May 23, 2022, our Board of Directors approved a share repurchase program (the &#8220;Program&#8221;) to purchase up to an aggregate of $20.0 million of our common shares. The Board will review the Program
      after a period of twelve months. Share repurchases will be made from time to time for cash in open market transactions pursuant to Rule 10b-18 of the Exchange Act at prevailing market prices and/or in privately negotiated transactions. The timing and
      amount of purchase under the Program will be determined by management based upon market conditions and other factors. The Program does not require the Company to purchase any specific number or amount of shares and may be suspended or reinstated at
      any time at the Company&#8217;s discretion and without notice. We will cancel common shares repurchased as part of the Program. As of December 22, 2022, we have repurchased the following common shares:</div>
    <div><br>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="zbd05514fbb694af48fec0681cf95dd1a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div>&#160;</div>
            <div style="font-weight: bold;">Period</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: right; font-weight: bold;">Total Number of Shares Purchased</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Average Price Paid per Share </font><font style="font-size: 8pt; font-weight: bold;">(</font><font style="font-size: 8pt;">1</font><font style="font-size: 8pt; font-weight: bold;">)</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: right; font-weight: bold;">Total Number of Shares Purchased as part of Publicly Announced Plans or Programs</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: right; font-weight: bold;">Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div>June 27-December 22, 2022</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>238,335</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>21.1276</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>238,335</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>14,964,553</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: center; font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-weight: bold;">225,360</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>N/A</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>N/A</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0e7e78c3a8964d698edf07c621fdef3c">

          <tr>
            <td style="width: 49.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">(1)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">The average price paid per share does not include commissions paid for each transaction.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The repurchased shares were cancelled and removed from the Company&#8217;s share capital as of December 22, 2022.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Directors</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our directors are elected by a plurality of the votes cast at a meeting of the shareholders by the holders of shares entitled to vote in the election. Cumulative voting may not
      be used to elect directors.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Board of Directors must consist of at least three directors, such number to be determined by the Board of Directors by a majority vote of the entire Board of Directors from
      time to time. Shareholders may change the number of our directors only by an affirmative vote of the holders of the majority of the outstanding shares of capital stock entitled to vote generally in the election of directors.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">13</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Board of Directors is divided into three classes as set out below in &#8220;Classified Board of Directors.&#8221; Each director is elected to serve until the third succeeding annual
      meeting after his election and until his successor shall have been elected and qualified, except in the event of his death, resignation or removal.</div>
    <div style="text-align: justify; font-weight: bold;">Shareholder Meetings</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under our bylaws, as amended, annual shareholder meetings will be held at a time and place selected by our Board of Directors. The meetings may be held in or outside of the
      Marshall Islands. Special meetings may be called at any time by the Board of Directors, the Chairman of the Board or by the President. Notice of every annual and special meeting of shareholders must be given to each shareholder of record entitled to
      vote at least 15 but no more than 60 days before such meeting.</div>
    <div style="text-align: justify; font-weight: bold;">Dissenters' Rights of Appraisal and Payment</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under the BCA, our shareholders have the right to dissent from various corporate actions, including any merger or consolidation or sale of all or substantially all of our assets
      not made in the usual course of our business, and receive payment of the fair value of their shares. In the event of any further amendment of our amended and restated articles of incorporation, a shareholder also has the right to dissent and receive
      payment for his or her shares if the amendment alters certain rights in respect of those shares. The dissenting shareholder must follow the procedures set forth in the BCA to receive payment. In the event that we and any dissenting shareholder fail
      to agree on a price for the shares, the BCA procedures involve, among other things, the institution of proceedings in the high court of the Republic of the Marshall Islands or in any appropriate court in any jurisdiction in which the Company&#8217;s shares
      are primarily traded on a local or national securities exchange.</div>
    <div style="text-align: justify; font-weight: bold;">Shareholders Derivative Actions</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Under the BCA, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder bringing the action is a
      holder of common stock both at the time the derivative action is commenced and at the time of the transaction to which the action relates.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Limitations on Liability and Indemnification of Officers and Directors</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">The BCA authorizes corporations to limit or eliminate the personal liability of directors and officers to corporations and their shareholders for monetary damages for breaches of
      directors&#8217; fiduciary duties. Our bylaws, as amended, include a provision that eliminates the personal liability of directors for monetary damages for actions taken as a director to the fullest extent permitted by law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">Our bylaws, as amended, provide that we must indemnify our directors and officers to the fullest extent authorized by law. We are also expressly authorized to carry directors&#8217; and
      officers&#8217; insurance providing indemnification for our directors, officers and certain employees for some liabilities. We believe that these indemnification provisions and insurance are useful to attract and retain qualified directors and executive
      officers.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">The limitation of liability and indemnification provisions in our bylaws, as amended, may discourage shareholders from bringing a lawsuit against directors for breach of their
      fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our shareholders. In addition,
      your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.</div>
    <div style="text-align: justify; font-weight: bold;">Purpose</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Our purpose, as stated in our amended and restated articles of incorporation, is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the BCA.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Anti-takeover Effect of Certain Provisions of our Amended and Restated Articles of Incorporation and Bylaws, as Amended</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Several provisions of our amended and restated articles of incorporation and bylaws, as amended, which are summarized below, may have anti-takeover effects. These provisions are
      intended to avoid costly takeover battles, lessen our vulnerability to a hostile change in control and enhance the ability of our Board of Directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these
      anti-takeover provisions, which are summarized below, could also discourage, delay or prevent (1) the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise that a shareholder may consider in its best interest
      and (2) the removal of incumbent officers and directors.</div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Blank Check Preferred Stock</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under the terms of our amended and restated articles of incorporation, our Board of Directors has authority, without any further vote or action by our shareholders, to issue up
      to 20,000,000 shares of blank check preferred stock. Our Board of Directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change in control of our company or the removal of our management.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Classified Board of Directors</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Our amended and restated articles of incorporation provide for the division of our Board of Directors into three classes of directors, with each class as nearly equal in number as possible, serving
      staggered, three-year terms. Approximately one-third of our Board of Directors will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of us.
      It could also delay shareholders who do not agree with the policies of our Board of Directors from removing a majority of our Board of Directors for two years.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Election and Removal of Directors</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Our amended and restated articles of incorporation prohibit cumulative voting in the election of directors. Our bylaws, as amended, require parties other than the Board of Directors to give advance
      written notice of nominations for the election of directors. Our bylaws, as amended, also provide that our directors may be removed only for cause and by either action of the Board of Directors or the affirmative vote of the holders of 51% of the
      issued and outstanding voting shares of the Corporation. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Limited Actions by Shareholders</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Our amended and restated articles of incorporation and our bylaws, as amended, provide that any action required or permitted to be taken by our shareholders must be effected at an annual or special
      meeting of shareholders or by the unanimous written consent of our shareholders. Our amended and restated articles of incorporation and our bylaws, as amended, provide that, subject to certain exceptions, a special meeting of shareholders may be
      called only by our Board of Directors, our Chairman of the Board or by the President and the business transacted at the special meeting is limited to the purposes stated in the notice. Accordingly, a shareholder may not call a special meeting and
      shareholder consideration of a proposal may be delayed until the next annual meeting.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Advance Notice Requirements for Shareholder Proposals and Director Nominations</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Our bylaws, as amended, provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice of
      their proposal in writing to the corporate secretary. Generally, to be timely, a shareholder&#8217;s notice must be received at our principal executive offices not less than 150 days nor more than 180 days prior to the one-year anniversary of the
      immediately preceding annual meeting of shareholders. Our bylaws, as amended, also specify requirements as to the form and content of a shareholder&#8217;s notice. These provisions may impede shareholders&#8217; ability to bring matters before an annual meeting
      of shareholders or make nominations for directors at an annual meeting of shareholders.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; font-style: italic; font-weight: bold;">Certain Business Combinations</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Our amended and restated articles of incorporation also prohibit us, subject to several exclusions, from engaging in any &#8220;business combination&#8221; with any interested shareholder for a period of three
      years following the date the shareholder became an interested shareholder.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Shareholders' Rights Plan</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On May 10, 2019, we adopted a shareholder rights agreement effective as of May 27, 2019 (the &#8220;Rights Plan&#8221;) and declared a dividend distribution of one preferred stock purchase right to purchase one
      one-thousandth of our Series C Participating Preferred Stock for each outstanding share of our common stock, to shareholders of record at the close of business on May 27, 2019. Each right entitles the registered holder, upon the occurrence of certain
      events, to purchase from us one one-thousandth of a share of Series C Participating Preferred Stock at an exercise price of $3.00, subject to adjustment. The rights will expire on the earliest of (i) May 31, 2029 or (ii) redemption or exchange of the
      rights. The Rights Plan was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with or takeover of the Company. We believe that the Rights Plan should enhance the board
      of directors' negotiating power on behalf of shareholders in the event of a coercive offer or proposal. We are not currently aware of any such offers or proposals and we adopted the plan as a matter of prudent corporate governance. This shareholder
      rights agreement replaced our existing, substantially similar shareholder rights agreement which expired on May 27, 2019.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Transfer Agent</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The registrar and transfer agent for our common shares is American Stock Transfer &amp; Trust Company, LLC.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-weight: bold;">Listing</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Our common shares are listed on the Nasdaq Capital Market under the symbol "ESEA."</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF PREFERRED SHARES</div>
    <div style="text-align: justify; text-indent: 36pt;">Under the terms of our amended and restated articles of incorporation, our board of directors has authority, without any further vote or action by our shareholders, to issue up to 20,000,000 shares
      of blank check preferred stock.&#160;&#160;As of the date of this prospectus, we have no preferred shares outstanding. Our board of directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change of control of our
      company or the removal of our management. Our board of directors is authorized to provide for the issuance of preferred shares in one or more series with designations as may be stated in the resolution or resolutions providing for the issue of such
      preferred shares. At the time that any series of our preferred shares are authorized, our board of directors will fix the dividend rights, any conversion rights, any voting rights, redemption provisions, liquidation preferences and any other rights,
      preferences, privileges and restrictions of that series, as well as the number of shares constituting that series and their designation.&#160;&#160;Our board of directors could, without shareholder approval, cause us to issue preferred stock which has voting,
      conversion and other rights that could adversely affect the holders of our common shares or make it more difficult to effect a change in control.&#160;&#160;Our preferred shares could be used to dilute the share ownership of persons seeking to obtain control
      of us and thereby hinder a possible takeover attempt which, if our shareholders were offered a premium over the market value of their shares, might be viewed as being beneficial to our shareholders.&#160;&#160;In addition, our preferred shares could be issued
      with voting, conversion and other rights and preferences which would adversely affect the voting power and other rights of holders of our common shares.&#160;&#160;The material terms of any series of preferred shares that we offer through a prospectus
      supplement will be described in that prospectus supplement.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF WARRANTS</div>
    <div style="text-align: justify; text-indent: 36pt;">We may issue warrants to purchase any of our debt or equity securities or securities of third parties or other rights, including rights to receive payment in cash or securities based on the value,
      rate or price of one or more specified commodities, currencies, securities or indices, or any combination of the foregoing.&#160;&#160;Warrants may be issued independently or together with any other securities and may be attached to, or separate from, such
      securities.&#160;&#160;Each series of warrants will be issued under a separate warrant agreement to be entered into between us and a warrant agent.&#160;&#160;The warrant agent will act solely as our agent and will not assume any obligation or relationship of agency for
      or with holders or beneficial owners of warrants.&#160; The terms of any warrants to be issued and a description of the material provisions of the applicable warrant agreement will be set forth in the applicable prospectus supplement.</div>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="text-indent: 36pt;">The applicable prospectus supplement will describe the following terms of any warrants in respect of which this prospectus is being delivered:</div>
    <div style="font-size: 12pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z82e90f1ef0124560bfd2e7539d4c531f">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="zd2e7033c499f4d3db2e8dec5b413880b">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="zdd842011631e4e259032f864a4f07114">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z720b0a4625234ad899629c4d7be03fde">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z7a4798abc43f4ea9b3cea14de7f2c0ce">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the securities or other rights, including rights to receive payment in cash or securities based on the value, rate or price of one or more specified commodities, currencies, securities or indices, or any combination of the foregoing,
              purchasable upon exercise of such warrants;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z8c347c16849f4ae09ab15fd7e3753bf6">

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

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="zf11e4d61cfc340f9a936e292ed45b9ab">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z60b138791fa04eb1a82e09169f9ddbbc">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z76c0424f244047b6aa64ccd83480392f">

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

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z9164e2920f374c52a20710ce7a177339">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="zfbe9e0f3609547b691f2f7ea957935dd">

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

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">17</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF DEBT SECURITIES</div>
    <div style="text-align: justify; text-indent: 36pt;">We may issue debt securities from time to time in one or more series, under one or more indentures, each dated as of a date on or prior to the issuance of the debt securities to which it relates.&#160;&#160;We
      may issue senior debt securities and subordinated debt securities pursuant to separate indentures, a senior indenture and a subordinated indenture, respectively, in each case between us and the trustee named in the indenture.&#160;&#160;These indentures will
      be filed either as exhibits to an amendment to this Registration Statement, or as an exhibit to an Exchange Act report that will be incorporated by reference to the Registration Statement or a prospectus supplement.&#160;&#160;We will refer to any or all of
      these reports as "subsequent filings".&#160;&#160;The senior indenture and the subordinated indenture, as amended or supplemented from time to time, are sometimes referred to individually as an "indenture" and collectively as the "indentures".&#160;&#160;Unless
      otherwise permitted by applicable law, each indenture will be subject to and governed by the Trust Indenture Act.&#160;&#160;The aggregate principal amount of debt securities which may be issued under each indenture may be unlimited and each indenture will
      contain the specific terms of any series of debt securities or provide that those terms must be set forth in or determined pursuant to, an authorizing resolution, as defined in the applicable prospectus supplement, and/or a supplemental indenture, if
      any, relating to such series.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The debt securities may or may not be secured by liens, mortgages, and security interests in the assets of those subsidiaries.&#160;&#160;A description of any such liens, mortgages or security interests, will
      be set forth in the prospectus supplement that will accompany this prospectus.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The following description of the terms of the debt securities sets forth certain general terms and provisions.&#160;&#160;The statements below are not complete and are subject to, and are qualified in their
      entirety by reference to, all of the provisions of the applicable indenture. The specific terms of any debt securities that we may offer, including any modifications of, or additions to, the general terms described below as well as any applicable
      material U.S. federal income tax considerations concerning the ownership of such debt securities will be described in the applicable prospectus supplement or supplemental indenture.&#160;&#160;Accordingly, for a complete description of the terms of a
      particular issue of debt securities, the general description of the debt securities set forth below should be read in conjunction with the applicable prospectus supplement and indenture, as amended or supplemented from time to time.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; font-style: italic;">General</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Unless otherwise indicated in subsequent filings with the Commission, no indenture will limit the amount of debt securities which may be issued, and each indenture will provide that debt securities
      may be issued up to the aggregate principal amount from time to time.&#160;&#160;The debt securities may be issued in one or more series.&#160;&#160;The senior debt securities may be secured or unsecured and, if unsecured, will rank in parity with all of our other
      unsecured and unsubordinated indebtedness.&#160;&#160;Each series of subordinated debt securities will be unsecured and subordinated to all present and future senior indebtedness of debt securities as described in an accompanying prospectus supplement.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">You should read the subsequent filings relating to the particular series of debt securities for the following terms of the offered debt securities:</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z75342917e710468da6d5dcb7a4e7facb">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the designation, aggregate principal amount and authorized denominations;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z48c2703528ff417a9da85601def05042">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z31ac08b91c7d4b2b89b792de7de04ea9">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z8c38bef0f5af4bd3a2d305bbb5a073d7">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="zcfc6e060b7924af4b41a7f602c4f6129">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>if the offered debt securities provide for interest payments, the date from which interest will accrue, the dates on which interest will be payable, the date on which payment of interest will commence and the regular record dates for
              interest payment dates;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z7a708d1a3b134075978cc4f9f3297198">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z8226a57b403e48e39a4fe9d845b99397">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="zae4d7fffe1c14e279f0058b9c82ec7bc">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>whether the debt securities are convertible and the terms of such conversion;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="zb21092c1f80f453b97bc33b24156d1ce">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>if other than denominations of $1,000 and any integral multiple thereof, the denominations in which offered debt securities of the series will be issuable;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="zf267989e49554f63b8869838547375cc">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z041f56f21efe4834abdede08aa1ab7bd">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="zf9597e53df034fefa98109915341e439">

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

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">18</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z4a6b36abaafe49c0aabb5c877723934c">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z98b436cac75d4f49815181c581d3adad">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z37bc738283804fae888c44d2b0c9ee8c">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="zc41bb729b8b548d5998676b8f3ab0e9b">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z074384e197f54d7d82a4134c3ac35eac">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any restrictive covenants or other material terms relating to the offered debt securities, which may not be inconsistent with the applicable indenture;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="zbd0d2d67885149319286dad16088b0be">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z64076aaed38a465783c5feef6a014ce0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any terms with respect to subordination;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z82b51c6ce14e4a468fbafdb68296ee4c">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z43d93267a6f1415dbdf5397c3370b250">

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

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Unless otherwise indicated in subsequent filings with the Commission relating to the indenture, principal, premium and interest will be payable and the debt securities will be transferable at the
      corporate trust office of the applicable trustee.&#160;&#160;Unless other arrangements are made or set forth in subsequent filings or a supplemental indenture, principal, premium and interest will be paid by checks mailed to the holders at their registered
      addresses.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Unless otherwise indicated in subsequent filings with the Commission, the debt securities will be issued only in fully registered form without coupons, in denominations of $1,000 or any integral
      multiple thereof.&#160;&#160;No service charge will be made for any transfer or exchange of the debt securities, but we may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with these debt securities.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Some or all of the debt securities may be issued as discounted debt securities, bearing no interest or interest at a rate which at the time of issuance is below market rates, to be sold at a
      substantial discount below the stated principal amount.&#160;&#160;United States federal income consequences and other special considerations applicable to any discounted securities will be described in subsequent filings with the Commission relating to those
      securities.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">We refer you to applicable subsequent filings with respect to any deletions or additions or modifications from the description contained in this prospectus.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; font-style: italic;">Senior Debt</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">We may issue senior debt securities under a senior debt indenture.&#160;&#160;These senior debt securities may be secured or unsecured, and if unsecured, would rank on an equal basis with all our other
      unsecured debt except subordinated debt. The senior debt securities may also be convertible.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Senior debt means:&#160;</div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the principal, premium, if any, interest and any other amounts owing in respect of our indebtedness for money borrowed and indebtedness evidenced by securities, notes, debentures, bonds or other similar instruments issued by us, including
              the senior debt securities or letters of credit;</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>all capitalized lease obligations;</div>
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        </tr>

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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>all hedging obligations;</div>
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        </tr>

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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z0365aff77c414ffb9ad159ed27cb6481">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>all obligations representing the deferred purchase price of property; and</div>
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        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>all deferrals, renewals, extensions and refundings of obligations of the type referred to above;</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">19</font></div>
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    <div><br>
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    <div style="text-align: justify; text-indent: -36pt; margin-left: 72pt; margin-bottom: 6pt;">but senior debt does not include:</div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>subordinated debt securities; and</div>
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        </tr>

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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any indebtedness that by its terms is subordinated to, or ranks on an equal basis with, our subordinated debt securities.</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Subordinated Debt</div>
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    <div style="text-align: justify; text-indent: 36pt;">We may issue subordinated debt securities under a subordinated debt indenture.&#160;&#160;Subordinated debt would rank subordinate and junior in right of payment, to the extent set forth in the subordinated
      debt indenture, to all our senior debt (both secured and unsecured). Subordinated debt may be secured or convertible.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">In general, the holders of all senior debt are first entitled to receive payment of the full amount unpaid on senior debt before the holders of any of the subordinated debt securities are entitled to
      receive a payment on account of the principal or interest on the indebtedness evidenced by the subordinated debt securities in certain events.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">If we default in the payment of any principal of, or premium, if any, or interest on any senior debt when it becomes due and payable after any applicable grace period, then, unless and until the
      default is cured or waived or ceases to exist, we cannot make a payment on account of or redeem or otherwise acquire the subordinated debt securities.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">If there is any insolvency, bankruptcy, liquidation or other similar proceeding relating to us or our property, then all senior debt must be paid in full before any payment may be made to any holders
      of subordinated debt securities.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Furthermore, if we default in the payment of the principal of and accrued interest on any subordinated debt securities that is declared due and payable upon an event of default under the subordinated
      debt indenture, holders of all our senior debt will first be entitled to receive payment in full in cash before holders of such subordinated debt can receive any payments.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Covenants</div>
    <div style="text-align: justify;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Any series of offered debt securities may have covenants in addition to or differing from those included in the applicable indenture which will be described in subsequent filings prepared in
      connection with the offering of such securities, limiting or restricting, among other things:</div>
    <div style="text-align: justify;">&#160;</div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the ability of us or our subsidiaries to incur either secured or unsecured debt, or both;</div>
          </td>
        </tr>

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

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

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z47c60b442a5a4f0e913ded9c36d3a3fa">

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

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="zafe52cb90cc5424ab9b08caa1deb3c73">

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

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

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

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Modification of the Indentures</div>
    <div style="text-align: justify;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Each indenture and the rights of the respective holders may be modified by us only with the consent of holders of not less than a majority in aggregate principal amount of the outstanding debt
      securities of all series under the respective indenture affected by the modification, taken together as a class.&#160;&#160;But no modification that:</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>changes the amount of securities whose holders must consent to an amendment, supplement or waiver;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>reduces the rate of or changes the interest payment time on any security or alters its redemption provisions (other than any alteration to any such section which would not materially adversely affect the legal rights of any holder under
              the indenture) or the price at which we are required to offer to purchase the securities;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>reduces the principal or changes the maturity of any security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>waives a default or event of default in the payment of the principal of or interest, if any, on any security (except a rescission of acceleration of the securities of any series by the holders of at least a majority in principal amount of
              the outstanding securities of that series and a waiver of the payment default that resulted from such acceleration);</div>
          </td>
        </tr>

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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">20</font></div>
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    <div><br>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
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            <div>makes the principal of or interest, if any, on any security payable in any currency other than that stated in the security;</div>
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        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>makes any change with respect to holders' rights to receive principal and interest, the terms pursuant to which defaults can be waived, certain modifications affecting shareholders or certain currency-related issues; or</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>waives a redemption payment with respect to any security or change any of the provisions with respect to the redemption of any securities,</div>
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    </table>
    <div style="text-align: justify;">will be effective against any holder without his consent.&#160; Other terms as specified in subsequent filings may be modified without the consent of the holders.</div>
    <div><br>
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    <div style="text-align: justify; font-style: italic;">Events of Default</div>
    <div style="text-align: justify;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Each indenture defines an event of default for the debt securities of any series as being any one of the following events:</div>
    <div style="text-align: justify;">&#160;</div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>default in any payment of interest when due which continues for 30 days;</div>
          </td>
        </tr>

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

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z619f28086abe465893d09f0dc93124a2">

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

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

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

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">An event of default of one series of debt securities does not necessarily constitute an event of default with respect to any other series of debt securities.</div>
    <div style="text-align: justify;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">There may be such other or different events of default as described in an applicable subsequent filing with respect to any class or series of offered debt securities.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">In case an event of default occurs and continues for the debt securities of any series, the applicable trustee or the holders of not less than 25% in aggregate principal amount of the debt securities
      then outstanding of that series may declare the principal and accrued but unpaid interest of the debt securities of that series to be due and payable.&#160;&#160;Any event of default for the debt securities of any series which has been cured may be waived by
      the holders of a majority in aggregate principal amount of the debt securities of that series then outstanding.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Each indenture requires us to file annually after debt securities are issued under that indenture with the applicable trustee a written statement signed by two of our officers as to the absence of
      material defaults under the terms of that indenture.&#160;&#160;Each indenture provides that the applicable trustee may withhold notice to the holders of any default if it considers it in the interest of the holders to do so, except notice of a default in
      payment of principal, premium or interest.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Subject to the duties of the trustee in case an event of default occurs and continues, each indenture provides that the trustee is under no obligation to exercise any of its rights or powers under
      that indenture at the request, order or direction of holders unless the holders have offered to the trustee reasonable indemnity.&#160;&#160;Subject to these provisions for indemnification and the rights of the trustee, each indenture provides that the holders
      of a majority in principal amount of the debt securities of any series then outstanding have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power
      conferred on the trustee as long as the exercise of that right does not conflict with any law or the indenture.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; font-style: italic;">Defeasance and Discharge</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The terms of each indenture provide us with the option to be discharged from any and all obligations in respect of the debt securities issued thereunder upon the deposit with the trustee, in trust,
      of money or U.S. government obligations, or both, which through the payment of interest and principal in accordance with their terms will provide money in an amount sufficient to pay any installment of principal, premium and interest on, and any
      mandatory sinking fund payments in respect of, the debt securities on the stated maturity of the payments in accordance with the terms of the debt securities and the indenture governing the debt securities.&#160;&#160;This right may only be exercised if, among
      other things, we have received from, or there has been published by, the United States Internal Revenue Service a ruling to the effect that such a discharge will not be deemed, or result in, a taxable event with respect to holders.&#160;&#160;This discharge
      would not apply to our obligations to register the transfer or exchange of debt securities, to replace stolen, lost or mutilated debt securities, to maintain paying agencies and hold moneys for payment in trust.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">21</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Defeasance of Certain Covenants</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The terms of the debt securities provide us with the right to omit complying with specified covenants and that specified events of default described in a subsequent filing will not apply. In order to
      exercise this right, we will be required to deposit with the trustee money or U.S. government obligations, or both, which through the payment of interest and principal will provide money in an amount sufficient to pay principal, premium, if any, and
      interest on, and any mandatory sinking fund payments in respect of, the debt securities on the stated maturity of such payments in accordance with the terms of the debt securities and the indenture governing such debt securities. We will also be
      required to deliver to the trustee an opinion of counsel to the effect that we have received from, or there has been published by, the IRS a ruling to the effect that the deposit and related covenant defeasance will not cause the holders of such
      series to recognize income, gain or loss for United States federal income tax purposes.</div>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="text-indent: 36pt;">A subsequent filing may further describe the provisions, if any, of any particular series of offered debt securities permitting a discharge defeasance.</div>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; font-style: italic;">Global Securities</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The debt securities of a series may be issued in whole or in part in the form of one or more global securities that will be deposited with, or on behalf of, a depository identified in an applicable
      subsequent filing and registered in the name of the depository or a nominee for the depository. In such a case, one or more global securities will be issued in a denomination or aggregate denominations equal to the portion of the aggregate principal
      amount of outstanding debt securities of the series to be represented by the global security or securities. Unless and until it is exchanged in whole or in part for debt securities in definitive certificated form, a global security may not be
      transferred except as a whole by the depository for the global security to a nominee of the depository or by a nominee of the depository to the depository or another nominee of the depository or by the depository or any nominee to a successor
      depository for that series or a nominee of the successor depository and except in the circumstances described in an applicable subsequent filing.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">We expect that the following provisions will apply to depository arrangements for any portion of a series of debt securities to be represented by a global security.&#160;&#160;Any additional or different terms
      of the depository arrangement will be described in an applicable subsequent filing.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Upon the issuance of any global security, and the deposit of that global security with or on behalf of the depository for the global security, the depository will credit, on its book-entry
      registration and transfer system, the principal amounts of the debt securities represented by that global security to the accounts of institutions that have accounts with the depository or its nominee. The accounts to be credited will be designated
      by the underwriters or agents engaging in the distribution of the debt securities or by us, if the debt securities are offered and sold directly by us. Ownership of beneficial interests in a global security will be limited to participating
      institutions or persons that may hold interest through such participating institutions.&#160;&#160;Ownership of beneficial interests by participating institutions in the global security will be shown on, and the transfer of the beneficial interests will be
      effected only through, records maintained by the depository for the global security or by its nominee.&#160;&#160;Ownership of beneficial interests in the global security by persons that hold through participating institutions will be shown on, and the
      transfer of the beneficial interests within the participating institutions will be effected only through, records maintained by those participating institutions. The laws of some jurisdictions may require that purchasers of securities take physical
      delivery of the securities in certificated form.&#160;&#160;The foregoing limitations and such laws may impair the ability to transfer beneficial interests in the global securities.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">So long as the depository for a global security, or its nominee, is the registered owner of that global security, the depository or its nominee, as the case may be, will be considered the sole owner
      or holder of the debt securities represented by the global security for all purposes under the applicable indenture.&#160;&#160;Unless otherwise specified in an applicable subsequent filing and except as specified below, owners of beneficial interests in the
      global security will not be entitled to have debt securities of the series represented by the global security registered in their names, will not receive or be entitled to receive physical delivery of debt securities of the series in certificated
      form and will not be considered the holders thereof for any purposes under the indenture. Accordingly, each person owning a beneficial interest in the global security must rely on the procedures of the depository and, if such person is not a
      participating institution, on the procedures of the participating institution through which the person owns its interest, to exercise any rights of a holder under the indenture.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The depository may grant proxies and otherwise authorize participating institutions 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 applicable indenture. We understand that, under existing industry practices, if we request any action of holders or any owner of a beneficial interest in the global security desires to give any notice or
      take any action a holder is entitled to give or take under the applicable indenture, the depository would authorize the participating institutions to give the notice or take the action, and participating institutions would authorize beneficial owners
      owning through such participating institutions to give the notice or take the action or would otherwise act upon the instructions of beneficial owners owning through them.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Unless otherwise specified in applicable subsequent filings, payments of principal, premium and interest on debt securities represented by a global security registered in the name of a depository or
      its nominee will be made by us to the depository or its nominee, as the case may be, as the registered owner of the global security.</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">22</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">We expect that the depository for any debt securities represented by a global security, upon receipt of any payment of principal, premium or interest, will credit participating institutions' accounts
      with payments in amounts proportionate to their respective beneficial interests in the principal amount of the global security as shown on the records of the depository.&#160;&#160;We also expect that payments by participating institutions to owners of
      beneficial interests in the global security held through those participating institutions will be governed by standing instructions and customary practices, as is now the case with the securities held for the accounts of customers registered in
      street names, and will be the responsibility of those participating institutions. None of us, the trustees or any agent of ours or the trustees will have any responsibility or liability for any aspect of the records relating to or payments made on
      account of beneficial interests in a global security, or for maintaining, supervising or reviewing any records relating to those beneficial interests.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Unless otherwise specified in the applicable subsequent filings, a global security of any series will be exchangeable for certificated debt securities of the same series only if:</div>
    <div style="text-align: justify;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z9d1af80216cf47eb8182d6a1a2dbf4f1">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the depository for such global securities notifies us that it is unwilling or unable to continue as depository or such depository ceases to be a clearing agency registered under the Exchange Act and, in either case, a successor depository
              is not appointed by us within 90 days after we receive the notice or become aware of the ineligibility;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z1686edf1e85a4a74ac9c6df803db6776">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>we in our sole discretion determine that the global securities shall be exchangeable for certificated debt securities; or</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z845dfa1418ec4f368ed8f75c396094fa">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>there shall have occurred and be continuing an event of default under the applicable indenture with respect to the debt securities of that series.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Upon any exchange, owners of beneficial interests in the global security or securities will be entitled to physical delivery of individual debt securities in certificated form of like tenor and terms
      equal in principal amount to their beneficial interests, and to have the debt securities in certificated form registered in the names of the beneficial owners, which names are expected to be provided by the depository's relevant participating
      institutions to the applicable trustee.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">In the event that the Depository Trust Company, or DTC, acts as depository for the global securities of any series, the global securities will be issued as fully registered securities registered in
      the name of Cede &amp; Co., DTC's partnership nominee.</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">23</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF UNITS</div>
    <div style="text-align: justify; text-indent: 36pt;">As specified in the applicable prospectus supplement, we may issue units consisting of one or more warrants, debt securities, preferred shares, common shares or any combination of such
      securities.&#160;&#160;The applicable prospectus supplement will describe:</div>
    <div style="text-align: justify; font-size: 12pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z92ba6ac782434f3c84971c065b35a48c">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z92daa1be69bf46cdaa5bc5951b3401c6">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z730cb6e7a6b7465890e1cc9c8e29f150">

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

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zddfdf9c3d122420b81bca6d693e2c517">

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

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">24</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">TAX CONSIDERATIONS</div>
    <div style="text-align: justify;">The following is a discussion of the material Liberian, Marshall Islands and United States federal income tax considerations applicable to us and an investment decision by United States Holders and Non-United States
      Holders, each as defined below, in our common stock.&#160;&#160; This summary does not purport to deal with all aspects of United States federal income taxation, Liberian taxation or Marshall Islands taxation that may be relevant to an investor's decision to
      purchase common stock, nor any tax consequences arising under the laws of any state, locality or other foreign jurisdiction. This summary is not intended to be applicable to all categories of investors, such as dealers in securities, banks, thrifts
      or other financial institutions, insurance companies, regulated investment companies, tax-exempt organizations, United States expatriates, persons that hold common stock as part of a straddle, persons who own 10% or more of our outstanding stock,
      persons deemed to sell the common stock under the constructive sale provisions of the United States Internal Revenue Code of 1986, as amended, or the Code, United States Holders (as defined below) whose "functional currency" is other than the United
      States dollar, partnerships or other pass-through entities, or persons who acquire or are deemed to have acquired the common stock in an exchange or for property other than cash, persons required to recognize income no later than when such income is
      reported on an &#8220;applicable financial statement,&#8221; or holders subject to the &#8220;base erosion and anti-avoidance&#8221; tax or an alternative minimum tax, each of which may be subject to special rules. In addition, this discussion is limited to persons who
      acquire common stock in an offering made under this prospectus and hold the common stock as "capital assets" (generally, property held for investment) within the meaning of Code Section 1221.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-weight: bold;">Marshall Islands Tax Considerations</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In the opinion of Seward &amp; Kissel LLP, the following are the material Marshall Islands tax consequences of our activities to us and holders of our common shares. We are incorporated in the
      Marshall Islands. Under current Marshall Islands law, we are not subject to tax on income or capital gains, and no Marshall Islands withholding tax will be imposed upon payments of dividends by us to our shareholders.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-weight: bold;">Liberian Tax Considerations</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In the opinion of Seward &amp; Kissel LLP, the following are the material Liberian tax consequences of our activities to us and holders of our common shares. Certain of our subsidiaries are
      incorporated in Liberia. Under current Liberian law, our Liberian subsidiaries are not subject to tax on income or capital gains, and no Liberian withholding tax will be imposed upon payments of dividends by our Liberian subsidiaries to us.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-weight: bold;">United States Federal Income Tax Considerations</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In the opinion of Seward &amp; Kissel LLP, the following are the material United States federal income tax consequences to us of our activities and to United States Holders and Non-United States
      Holders, each as defined below, of the ownership of common shares. The following discussion of United States federal income tax matters is based on the Code, judicial decisions, administrative pronouncements, and existing and proposed regulations
      issued by the United States Department of the Treasury, or the Treasury Regulations, all of which are subject to change, possibly with retroactive effect. The discussion below is based, in part, on the description of our business herein and assumes
      that we conduct our business as described herein. References in the following discussion to the "Company," "we," "our" and "us" are to Euroseas Ltd. and its subsidiaries on a consolidated basis.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-style: italic;">United States Federal Income Taxation of Operating Income: In General</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We earn and anticipate that we will continue to earn substantially all our income from the hiring or leasing of vessels for use on a time charter basis, from participation in a pool or from the
      performance of services directly related to those uses, all of which we refer to as "shipping income."</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Unless exempt from United States federal income taxation under the rules of Section 883 of the Code, or Section 883, as discussed below, a foreign corporation such as the Company will be subject to
      United States federal income taxation on its "shipping income" that is treated as derived from sources within the United States, which we refer to as "United States source shipping income." For United States federal income tax purposes, "United
      States source shipping income" includes 50% of shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Shipping income attributable to transportation exclusively between non-United States ports will be considered to be 100% derived from sources entirely outside the United States. Shipping income
      derived from sources outside the United States will not be subject to any United States federal income tax.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Shipping income attributable to transportation exclusively between United States ports is considered to be 100% derived from United States sources. However, we are not permitted by United States law
      to engage in the transportation of cargoes that produces 100% United States source shipping income.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Unless exempt from tax under Section 883, our gross United States source shipping income would be subject to a 4% tax imposed without allowance for deductions, as described more fully below.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">25</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="font-style: italic;">Exemption of Operating Income from United States Federal Income Taxation</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Under Section 883 and the Treasury Regulations thereunder, a foreign corporation will be exempt from United States federal income taxation on its United States source shipping income if:</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">(1)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>it is organized in a "qualified foreign country," which is one that grants an
      "equivalent exemption" from tax to corporations organized in the United States in respect of each category of shipping income for which exemption is being claimed under Section 883; and</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">(2)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>one of the following tests is met:</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(A)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>more than 50% of the value of its shares is beneficially owned,
      directly or indirectly, by "qualified shareholders," which as defined includes individuals who are "residents" of a qualified foreign country, which we refer to as the 50% Ownership Test; or</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(B)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>its shares are "primarily and regularly traded on an established
      securities market" in a qualified foreign country or in the United States, to which we refer as the Publicly-Traded Test.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Each of the Republic of the Marshall Islands, Liberia and Panama, the jurisdictions where we and our ship-owning subsidiaries are incorporated, has been officially recognized by the United States
      Internal Revenue Service, or the IRS, as a qualified foreign country that grants the requisite "equivalent exemption" from tax in respect of each category of shipping income we earn and currently expect to earn in the future. Therefore, we will be
      exempt from United States federal income taxation with respect to our United States source shipping income if we satisfy either the 50% Ownership Test or the Publicly-Traded Test.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We do not currently anticipate a circumstance under which we would be able to satisfy the 50% Ownership Test.&#160; Therefore, our ability to qualify for exemption under Section 883 is solely dependent
      upon satisfaction of the Publicly-Traded Test as discussed below.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">For the reasons discussed below, we believe that we satisfied the Publicly-Traded Test for the 2022 taxable year.</div>
    <div><br>
    </div>
    <div style="font-style: italic;">Publicly-Traded Test</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Treasury Regulations under Section 883 provide, in pertinent part, that shares of a foreign corporation will be considered to be "primarily traded" on an established securities market in a
      country if the number of shares of each class of stock that are traded during any taxable year on all established securities markets in that country exceeds the number of shares in each such class that are traded during that year on established
      securities markets in any other single country. Our common shares are "primarily traded" on the Nasdaq Capital Market, which is an established securities market for these purposes.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Treasury Regulations also require that our stock be &#8220;regularly traded&#8221; on an established securities market.&#160; Under the Treasury Regulations, our common shares will be considered to be "regularly
      traded" on an established securities market if one or more classes of our stock representing more than 50% of our outstanding stock, by both total combined voting power of all classes of stock entitled to vote and total value, are listed on such
      market, to which we refer as the Listing Threshold. Our common stock, which is listed on the Nasdaq Capital Market and is our only class of publicly-traded stock, constituted more than 50% of our outstanding shares by value for most of the 2022
      taxable year, and accordingly, we believe that we satisfied the listing threshold for the 2022 taxable year.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">It is further required that with respect to each class of stock relied upon to meet the Listing Threshold, (i) such class of stock is traded on the market, other than in minimal quantities, on at
      least 60 days during the taxable year or one-sixth of the days in a short taxable year, or the Trading Frequency Test; and (ii) the aggregate number of shares of such class of stock traded on such market during the taxable year is at least 10% of the
      average number of shares of such class of stock outstanding during such year or as appropriately adjusted in the case of a short taxable year, or the Trading Volume Test. The Company currently satisfies and anticipates that it will continue to
      satisfy the Trading Frequency Test and Trading Volume Test. Even if this were not the case, the Treasury Regulations provide that the Trading Frequency Test and Trading Volume Tests will be deemed satisfied if, as is the case with our common shares,
      such class of stock is traded on an established securities market in the United States and such class of stock is regularly quoted by dealers making a market in such stock.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Notwithstanding the foregoing, the Treasury Regulations provide, in pertinent part, that a class of stock will not be considered to be "regularly traded" on an established securities market for any
      taxable year during which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified attribution rules, on more than half the days during the taxable year by persons who each own 5%
      or more of the vote and value of such class of outstanding shares, to which we refer as the "5% Override Rule."</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">For purposes of being able to determine the persons who actually or constructively own 5% or more of the vote and value of our common shares, or 5% Shareholders, the Treasury Regulations permit us to
      rely on those persons that are identified on Schedule 13G and Schedule 13D filings with the United States Securities and Exchange Commission, or the SEC, as owning 5% or</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
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    </div>
    <div style="text-align: justify;">more of our common shares. The Treasury Regulations further provide that an investment company which is registered under the Investment Company Act of 1940, as amended, will not be treated as a 5% Shareholder for such
      purposes.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In the event the 5% Override Rule is triggered, the Treasury Regulations provide that the 5% Override Rule will nevertheless not apply if we can establish that within the group of 5% Shareholders,
      there are sufficient qualified shareholders for purposes of Section 883 to preclude non-qualified shareholders in such group from owning 50% or more of our common shares for more than half the number of days during the taxable year.&#160; In order to
      benefit from this exception to the 5% Override Rule, the Company must satisfy certain substantiation requirements in regards to the identity of its 5% Shareholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We believe that we were subject to the Five Percent Override Rule, but nonetheless satisfied the Publicly-Traded Test for the 2022 taxable year because our nonqualified 5% Shareholders did not own
      more than 50% of our common stock for more than half of the days during the taxable year. We intend to take this position on our 2022 U.S. federal income tax returns.</div>
    <div><br>
    </div>
    <div style="font-style: italic;">Taxation in Absence of Exemption</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">To the extent that the benefits of Section 883 are unavailable for any taxable year, our United States source shipping income, to the extent not considered to be &#8220;effectively connected&#8221; with the
      conduct of a United States trade or business, as described below, would be subject to a 4% tax imposed by Section 887 of the Code on a gross basis, without the benefit of deductions which we refer to as the &#8220;4% gross basis tax regime&#8221;. Since under
      the sourcing rules described above, no more than 50% of our shipping income would be treated as being derived from United States sources, the maximum effective rate of United States federal income tax on our shipping income will not exceed 2% under
      the 4% gross basis tax regime.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">To the extent our United States source shipping income is considered to be "effectively connected" with the conduct of a United States trade or business, as described below, any such "effectively
      connected" United States source shipping income, net of applicable deductions, would be subject to United States federal income tax, currently imposed at a rate of 21%. In addition, we would generally be subject to the 30% "branch profits" tax on
      earnings effectively connected with the conduct of such trade or business, as determined after allowance for certain adjustments, and on certain interest paid or deemed paid attributable to the conduct of our United States trade or business.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Our United States source shipping income would be considered "effectively connected" with the conduct of a United States trade or business only if:</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="margin-left: 72pt;">we have, or are considered to have, a fixed place of business in the United States involved in the earning of United States source shipping income; and</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="margin-left: 72pt;">substantially all of our United States source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular
      intervals between the same points for voyages that begin or end in the United States.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We do not currently have, intend to have, or permit circumstances that would result in our having, any vessel sailing to or from the United States on a regularly scheduled basis. Based on the
      foregoing and on the expected mode of our shipping operations and other activities, it is anticipated that none of our United States source shipping income will be "effectively connected" with the conduct of a United States trade or business for any
      taxable year.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-style: italic;">United States Federal Income Taxation of Gain on Sale of Vessels</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">If we qualify for exemption from tax under Section 883 in respect of the shipping income derived from the international operation of our vessels, then gain from the sale of any such vessel should
      likewise be exempt from United States federal income tax under Section 883. If, however, our shipping income from such vessels does not for whatever reason qualify for exemption under Section 883, then any gain on the sale of a vessel will be subject
      to United States federal income tax if such sale occurs in the United States. To the extent possible, we intend to structure the sales of our vessels so that the gain therefrom is not subject to United States federal income tax. However, there is no
      assurance we will be able to do so.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-style: italic;">United States Federal Income Taxation of United States Holders</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The following is a discussion of the material United States federal income tax considerations relevant to an investment decision by a United States Holder, as defined below, with respect to our
      common shares. This discussion does not purport to deal with the tax consequences of owning common shares to all categories of investors, some of which may be subject to special rules.&#160; This discussion only addresses considerations relevant to those
      United States Holders who purchase common shares in an offering made under this prospectus and hold such shares as capital assets, that is, generally for investment purposes.&#160; You are encouraged to consult your own tax advisors concerning the overall
      tax consequences arising in your own particular situation under United States federal, state, local or foreign law of the ownership of common shares.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">As used herein, the term United States Holder means a beneficial owner of common shares that is an individual United States citizen or resident, a United States corporation or other United States
      entity taxable as a corporation, an estate the income of</div>
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    </div>
    <div style="text-align: justify;">which is subject to United States federal income taxation regardless of its source, or a trust if (x) a court within the United States is able to exercise primary jurisdiction over the administration of the trust and
      one or more United States persons have the authority to control all substantial decisions of the trust or (y) the trust has made an election to be treated as a United States person.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">If a partnership holds our common shares, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. If you are a partner in a
      partnership holding common shares, you are encouraged to consult your tax advisor.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-style: italic;">Distributions</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Subject to the discussion of passive foreign investment companies below, any distributions made by us with respect to our common shares to a United States Holder will generally constitute dividends
      to the extent of our current or accumulated earnings and profits, as determined under United States federal income tax principles. Distributions in excess of such earnings and profits will be treated first as a nontaxable return of capital to the
      extent of the United States Holder's tax basis in his common shares on a dollar-for-dollar basis and thereafter as capital gain. Because we are not a United States corporation, United States Holders that are corporations will not be entitled to claim
      a dividends received deduction with respect to any distributions they receive from us. Dividends paid with respect to our common shares will generally be treated as "passive category income" for purposes of computing allowable foreign tax credits for
      United States foreign tax credit purposes.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Dividends paid on our common shares to a United States Holder who is an individual, trust or estate, or a United States Non-Corporate Holder will generally be treated as "qualified dividend income"
      that is taxable to such United States Non-Corporate Holder at preferential tax rates provided that (1) the common shares are readily tradable on an established securities market in the United States (such as the Nasdaq Capital Market, on which our
      common shares are traded); (2) we are not a passive foreign investment company for the taxable year during which the dividend is paid or the immediately preceding taxable year (which, as discussed below, we have not been, are not and do not
      anticipate being in the future); (3) the United States Non-Corporate Holder has owned the common shares for more than 60 days in the 121-day period beginning 60 days before the date on which the common shares become ex-dividend; and (4) the United
      States Non-Corporate Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Any distributions out of earnings and profits we pay which are not eligible for these preferential rates will be taxed as ordinary income to a United States Non-Corporate Holder.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Special rules may apply to any "extraordinary dividend"&#8212;generally, a dividend in an amount which is equal to or in excess of 10% of a shareholder's adjusted tax basis in his common shares&#8212;paid by us.
      If we pay an "extraordinary dividend" on our common shares that is treated as "qualified dividend income," then any loss derived by a United States Non-Corporate Holder from the sale or exchange of such common shares will be treated as long-term
      capital loss to the extent of such dividend.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-style: italic;">Sale, Exchange or Other Disposition of Common Shares</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Assuming we do not constitute a passive foreign investment company for any taxable year, a United States Holder generally will recognize taxable gain or loss upon a sale, exchange or other
      disposition of our common shares in an amount equal to the difference between the amount realized by the United States Holder from such sale, exchange or other disposition and the United States Holder's tax basis in such shares. Such gain or loss
      will be treated as long-term capital gain or loss if the United States Holder's holding period is greater than one year at the time of the sale, exchange or other disposition. Such capital gain or loss will generally be treated as United States
      source income or loss, as applicable, for United States foreign tax credit purposes. Long-term capital gains of United States Non-Corporate Holders are currently eligible for reduced rates of taxation. A United States Holder's ability to deduct
      capital losses is subject to certain limitations.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-style: italic;">Passive Foreign Investment Company Status and Significant Tax Consequences</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Special United States federal income tax rules apply to a United States Holder that holds shares in a foreign corporation classified as a "passive foreign investment company", or a PFIC, for United
      States federal income tax purposes. In general, we will be treated as a PFIC with respect to a United States Holder if, for any taxable year in which such Holder holds our common shares, either:</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="margin-left: 72pt;">at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="margin-left: 72pt;">at least 50% of the average value of our assets during such taxable year produce, or are held for the production of, passive income.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">For purposes of determining whether we are a PFIC, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any of our subsidiary corporations in
      which we own at least 25% of the value of the subsidiary's stock. Income earned, or deemed earned, by us in connection with the performance of services would not constitute passive income. By contrast, rental income would generally constitute
      "passive income" unless we were treated under specific rules as deriving our rental income in the active conduct of a trade or business.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">28</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Based on our current operations and future projections, we do not believe that we have been, are, nor do we expect to become, a passive foreign investment company with respect to any taxable year.
      Although there is no legal authority directly on point, our belief is based principally on the position that, for purposes of determining whether we are a passive foreign investment company, the gross income we derive or are deemed to derive from the
      time chartering and voyage chartering activities of our wholly-owned subsidiaries should constitute services income, rather than rental income.&#160; Accordingly, such income should not constitute passive income, and the assets that we own and operate in
      connection with the production of such income, in particular, the vessels, should not constitute assets that produce or are held for the production of passive income for purposes of determining whether we are a PFIC. Therefore, based on our current
      operations and future projections, we should not be treated as a PFIC with respect to any taxable year. There is substantial legal authority supporting this position, consisting of case law and IRS pronouncements concerning the characterization of
      income derived from time charters and voyage charters as services income for other tax purposes. However, there is also authority that characterizes time charter income as rental income rather than services income for other tax purposes. It should be
      noted that in the absence of any legal authority specifically relating to the statutory provisions governing PFICs, the IRS or a court could disagree with our position. Furthermore, although we intend to conduct our affairs in a manner to avoid being
      classified as a PFIC with respect to any taxable year, we cannot assure you that the nature of our operations will not change in the future.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">As discussed more fully below, if we were to be treated as a PFIC for any taxable year, a United States Holder would be subject to different United States federal income taxation rules depending on
      whether the United States Holder makes an election to treat us as a "Qualified Electing Fund," which election we refer to as a QEF election. As an alternative to making a QEF election, a United States Holder should be able to make a "mark-to-market"
      election with respect to our common shares, as discussed below.&#160; In addition, if we were to be treated as a PFIC for a taxable year, a United States Holder of our common stock would be required to file an annual information return on Form 8621 with
      the IRS.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-style: italic;">Taxation of United States Holders Making a Timely QEF Election</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">If a United States Holder makes a timely QEF election, which United States Holder we refer to as an "Electing Holder," the Electing Holder must report for United States federal income tax purposes
      his pro rata share of our ordinary earnings and net capital gain, if any, for each taxable year of the Company during which it is a PFIC that ends with or within the taxable year of the Electing Holder, regardless of whether distributions were
      received from us by the Electing Holder. No portion of any such inclusions of ordinary earnings will be treated as "qualified dividend income." Net capital gain inclusions of United States Non-Corporate Holders would be eligible for preferential
      capital gain tax rates. The Electing Holder's adjusted tax basis in the common shares will be increased to reflect taxed but undistributed earnings and profits. Distributions of earnings and profits that had been previously taxed will result in a
      corresponding reduction in the adjusted tax basis in the common shares and will not be taxed again once distributed. An Electing Holder would not, however, be entitled to a deduction for its pro rata share of any losses that we incur with respect to
      any taxable year. An Electing Holder would generally recognize capital gain or loss on the sale, exchange or other disposition of our common shares. A United States Holder would make a timely QEF election for our shares by filing one copy of IRS Form
      8621 with his United States federal income tax return for the first year in which he held such shares when we were a PFIC. If we were to be treated as a PFIC for any taxable year, we would provide each United States Holder with all necessary
      information in order to make the QEF election described above.<font style="font-size: 12pt;">&#160;</font>A United States Holder would not be able to make a QEF election with respect to our warrants.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-style: italic;">Taxation of United States Holders Making a "Mark-to-Market" Election</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Alternatively, if we were to be treated as a PFIC for any taxable year and, as we anticipate will be the case, our common shares are treated as "marketable stock," a United States Holder would be
      allowed to make a "mark-to-market" election with respect to our common shares, provided the United States Holder completes and files IRS Form 8621 in accordance with the relevant instructions and related Treasury Regulations.&#160; Since our common shares
      are traded on the Nasdaq Capital Market, we believe that our common shares can be treated as "marketable stock".&#160; If that election is made, the United States Holder generally would include as ordinary income in each taxable year the excess, if any,
      of the fair market value of the common shares at the end of the taxable year over such Holder's adjusted tax basis in the common shares. The United States Holder would also be permitted an ordinary loss in respect of the excess, if any, of the United
      States Holder's adjusted tax basis in the common shares over its fair market value at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. A United States
      Holder's tax basis in his common shares would be adjusted to reflect any such income or loss amount. Gain realized on the sale, exchange or other disposition of our common shares would be treated as ordinary income, and any loss realized on the sale,
      exchange or other disposition of the common shares would be treated as ordinary loss to the extent that such loss does not exceed the net mark-to-market gains previously included by the United States Holder.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-style: italic;">Taxation of United States Holders Not Making a Timely QEF or Mark-to-Market Election</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Finally, if we were to be treated as a PFIC for any taxable year, a United States Holder who does not make either a QEF election or a "mark-to-market" election for that year, whom we refer to as a
      Non-Electing Holder, would be subject to special rules with respect to (1) any excess distribution (i.e., the portion of any distributions received by the Non-Electing Holder on the common shares in a taxable year in excess of 125% of the average
      annual distributions received by the Non-Electing Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder's holding period for the common shares), and (2) any gain realized on the sale, exchange or other disposition of
      our common shares. Under these special rules:</div>
    <div style="text-align: justify;"> <br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">29</font></div>
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    <div>
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              <div>the excess distribution or gain would be allocated ratably over the Non-Electing Holder's aggregate holding period for the common shares;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
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              <div>the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, would be taxed as ordinary income and would not be "qualified dividend income"; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6dd5c0301c7f41f7bfa816a834e02794">

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit would be
                imposed with respect to the resulting tax attributable to each such other taxable year.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"><font style="font-style: italic;"> </font><br>
    </div>
    <div style="text-align: justify; font-style: italic;">United States Federal Income Taxation of "Non-United States Holders"</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">A beneficial owner of common shares (other than a partnership) that is not a United States Holder is referred to herein as a Non-United States Holder.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">If a partnership holds common shares, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. If you are a partner in a
      partnership holding common shares, you are encouraged to consult your tax advisor.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-style: italic;">Dividends on Common Stock</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">A Non-United States Holder generally will not be subject to United States federal income tax or withholding tax on dividends received from us with respect to our common shares, unless that income is
      effectively connected with the Non-United States Holder's conduct of a trade or business in the United States. If the Non-United States Holder is entitled to the benefits of a United States income tax treaty with respect to those dividends, that
      income is subject to United Stated federal income tax only if it is attributable to a permanent establishment maintained by the Non-United States Holder in the United States.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-style: italic;">Sale, Exchange or Other Disposition of Common Shares</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Non-United States Holders generally will not be subject to United States federal income tax or withholding tax on any gain realized upon the sale, exchange or other disposition of our common shares,
      unless:</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb29cf91284f24ec1bbda4e6bacba98f9">

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>the gain is effectively connected with the Non-United States Holder's conduct of a trade or business in the United States (and, if the Non-United States Holder is entitled to the benefits of a United States income tax treaty with respect
                to that gain, that gain is attributable to a permanent establishment maintained by the Non-United States Holder in the United States); or</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze7008b439e19469ea1e32b5b9a78468b">

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>the Non-United States Holder is an individual who is present in the United States for 183 days or more during the taxable year of disposition and other conditions are met.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">If the Non-United States Holder is engaged in a United States trade or business for United States federal income tax purposes, dividends on the common shares, and gains from the sale, exchange or
      other disposition of such shares, that are effectively connected with the conduct of that trade or business will generally be subject to regular United States federal income tax in the same manner as discussed in the previous section relating to the
      taxation of United States Holders. In addition, if you are a corporate Non-United States Holder, your earnings and profits that are attributable to the effectively connected income, subject to certain adjustments, may be subject to an additional
      "branch profits" tax at a rate of 30%, or at a lower rate as may be specified by an applicable United States income tax treaty.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-style: italic;">Backup Withholding and Information Reporting</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In general, dividend payments, or other taxable distributions, made within the United States to you will be subject to information reporting requirements if you are a non-corporate United States
      Holder. Such payments or distributions may also be subject to backup withholding if you are a non-corporate United States Holder and you:</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze9777723c1d1470886966e521f09de3f">

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>fail to provide an accurate taxpayer identification number;</div>
            </td>
          </tr>

      </table>
    </div>
    <div> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4a7b4a730a6a4e058c1fb8797bb9abd1">

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>are notified by the IRS that you have failed to report all interest or dividends required to be shown on your United States federal income tax returns; or</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb5685412353b43a88ea990b1d9d93216">

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>in certain circumstances, fail to comply with applicable certification requirements.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Non-United States Holders may be required to establish their exemption from information reporting and backup withholding by certifying their status on IRS Form W-8BEN, W-8BEN-E, W-8ECI or W-8IMY, as
      applicable.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">30</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">If you are a Non-United States Holder and you sell your common shares to or through a United States office of a broker, the payment of the proceeds is subject to both United States backup withholding
      and information reporting unless you certify that you are a non-United States person, under penalties of perjury, or you otherwise establish an exemption. If you sell your common shares through a non-United States office of a non-United States broker
      and the sales proceeds are paid to you outside the United States, then information reporting and backup withholding generally will not apply to that payment. However, United States information reporting requirements, but not backup withholding, will
      apply to a payment of sales proceeds, even if that payment is made to you outside the United States, if you sell your common shares through a non-United States office of a broker that is a United States person or has some other contacts with the
      United States. Such information reporting requirements will not apply, however, if the broker has documentary evidence in its records that you are a non-United States person and certain other conditions are met, or you otherwise establish an
      exemption.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Backup withholding is not an additional tax. Rather, you generally may obtain a refund of any amounts withheld under backup withholding rules that exceed your United States federal income tax
      liability by filing a refund claim with the IRS.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Individuals who are United States Holders (and to the extent specified in applicable Treasury regulations, certain individuals who are Non-United States Holders and certain United States entities)
      who hold "specified foreign financial assets" (as defined in Section 6038D of the Code) are required to file IRS Form 8938 with information relating to the asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at
      any time during the taxable year or $50,000 on the last day of the taxable year (or such higher dollar amount as prescribed by applicable Treasury regulations). Specified foreign financial assets would include, among other assets, our common stock,
      unless the shares are held through an account maintained with a United States financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not due to
      willful neglect. Additionally, the statute of limitations on the assessment and collection of United States federal income tax with respect to a taxable year for which the filing of IRS Form 8938 is required may not close until three years after the
      date on which IRS Form 8938 is filed.&#160; United States Holders (including United States entities) and Non-United States Holders are encouraged to consult their own tax advisors regarding their reporting obligations under Section 6038D of the Code.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">31</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">EXPENSES</div>
    <div style="text-align: justify;">The following are the estimated expenses of the issuance and distribution of the securities being registered under the registration statement of which this prospectus forms a part, all of which will be paid by us.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zdb8ba5d2977945f79a03e6ddeb16bfdd">

        <tr>
          <td style="width: 88.02%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">SEC registration fee</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 8.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">166</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 88.02%; vertical-align: bottom;">
            <div style="text-align: justify;">FINRA fee</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.99%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.02%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Legal fees and expenses</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 8.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.02%; vertical-align: bottom;">
            <div style="text-align: justify;">Accounting fees and expenses</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 8.99%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.02%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Indenture trustee fees and expenses</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.02%; vertical-align: bottom;">
            <div style="text-align: justify;">Rating agency fees</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.99%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.02%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Transfer Agent fees</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.02%; vertical-align: bottom;">
            <div style="text-align: justify;">Miscellaneous</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 8.99%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88.02%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Total</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 8.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">166</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>*</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0ce75662c72942acaca45e869e00833c">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right;">*</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>To be updated, if necessary, by amendment, supplement or as an exhibit to Report on Form 6-K that is incorporated by reference in this registration statement.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">EXPERTS</div>
    <div style="text-align: justify;">The consolidated financial statements of Euroseas Ltd. as of December 31, 2021 and 2020, and for each of the three years in the period ended December 31, 2021, incorporated by reference in this Prospectus by reference
      to Euroseas Ltd.&#8217;s annual report on Form 20-F for the year ended December 31, 2021, have been audited by Deloitte Certified Public Accountants S.A., an independent registered public accounting firm, as stated in their report.&#160; Such consolidated
      financial statements are incorporated by reference in reliance upon the report of such firm, given their authority as experts in accounting and auditing. The offices of Deloitte Certified Public Accountants S.A. are located at Fragoklissias 3a &amp;
      Granikou Street, Maroussi, Athens 151 25, Greece.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">LEGAL MATTERS</div>
    <div style="text-align: justify;">The validity of the securities offered by this prospectus will be passed upon for us by Seward &amp; Kissel LLP, New York, New York, with respect to matters of the law of the Republic of the Marshall Islands and with
      respect to matters of United States and New York law.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
    <div style="text-align: justify;">As required by the Securities Act of 1933, we filed a registration statement relating to the securities offered by this prospectus with the Commission.&#160; This prospectus is a part of that registration statement, which
      includes additional information.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-style: italic;">Government Filings</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We file annual and special reports with the Commission.&#160; You may read and copy any document that we file and obtain copies at prescribed rates from the Commission's Public Reference Room at 100 F
      Street, N.E., Washington, D.C. 20549.&#160; You may obtain information on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330.&#160; The Commission maintains a website (http://www.sec.gov) that contains reports, proxy and
      information statements, and other information regarding issuers that file electronically with the Commission.&#160; In addition, you can obtain information about us at the offices of the Nasdaq Capital Market.&#160; Further information about our company is
      available on our website at http://www.euroseas.gr.&#160; The information on our website does not constitute a part of this prospectus.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-style: italic;">Information Incorporated by Reference</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Commission allows us to "incorporate by reference" information that we file with it.&#160; This means that we can disclose important information to you by referring you to those filed documents.&#160; The
      information incorporated by reference is considered to be a part of this prospectus, and information that we file later with the Commission prior to the termination of this offering will also be considered to be part of this prospectus and will
      automatically update and supersede previously filed information, including information contained in this document.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In addition to the documents identified elsewhere in this prospectus as being incorporated by reference, we incorporate by reference the documents listed below and any future filings made with the
      Commission under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4ff6c474e3054ee6b50e17d69d424b5c">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-bottom: 6pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 6pt;">Our <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1341170/000117184322002726/esea20211231_20f.htm">Annual Report on Form 20-F</a> for the year ended December 31, 2021, filed
                with the Commission on April 22, 2022, which contains our audited consolidated financial statements for the most recent fiscal year for which those statements have been filed.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z65486a59da0d4a728534900a2bf44031">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-bottom: 6pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 6pt;"><a href="https://www.sec.gov/Archives/edgar/data/1341170/000091957422004362/d9704139_6-k.htm">Exhibit 99.1</a> to our Report of Foreign Private Issuer on Form 6-K filed with the Commission
                on July 26, 2022, which contains the results of the Company&#8217;s 2022 Annual General Meeting, held on July 22, 2022.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">32</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50dffd3290c64e44aec92086fbf83513">

          <tr>
            <td style="width: 72pt; vertical-align: top; font-weight: normal; text-align: center;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 6pt;"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1341170/000117184322006546/esea20220501_6k.htm">Exhibit 1</a> to our Report of Foreign Private Issuer on Form 6-K filed with the
                Commission on October 11, 2022, which contains the Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations and unaudited interim condensed consolidated financial statements and related information of the
                Company as of and for the six-month period ended June 30, 2022.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1270ef63a3e8471ab9f582cdd10772e2">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px 0px 6pt; text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1341170/000131786122000055/f111422esea6k.htm">Exhibit 1</a> to our Report of Foreign Private Issuer on Form 6-K filed with the Commission
                on November 14, 2022 (except for the paragraph beginning with &#8220;Aristides Pittas, Chairman and CEO of Euroseas commented:&#8221; and the next three paragraphs), which contains a press release reporting the Company&#8217;s results for the nine-month
                period and quarter ended September 30, 2022.</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">
                <div style="text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1341170/000131786122000059/f122922esea6k.htm">Exhibit 1</a> to our Report of Foreign Private Issuer on Form 6-K filed with the Commission on December 29, 2022,
                  which contains a press release announcing the Company&#8217;s agreement to sell M/V Akinada Bridge.</div>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We are also incorporating by reference all subsequent annual reports on Form 20-F that we file with the Commission and certain current reports on Form 6-K that we furnish to the Commission after the
      date of this prospectus (if they state that they are incorporated by reference into this prospectus) until we file a post-effective amendment indicating that the offering of the securities made by this prospectus has been terminated.&#160; In all cases,
      you should rely on the later information over different information included in this prospectus or any prospectus supplement.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">You should rely only on the information contained or incorporated by reference in this prospectus and any accompanying prospectus supplement.&#160; We have not, and any underwriters have not, authorized
      any other person to provide you with different information.&#160; If anyone provides you with different or inconsistent information, you should not rely on it.&#160; We are not, and any underwriters are not, making an offer to sell these securities in any
      jurisdiction where the offer or sale is not permitted.&#160; You should assume that the information appearing in this prospectus and any accompanying prospectus supplement as well as the information we previously filed with the Commission and incorporated
      by reference, is accurate as of the dates on the front cover of those documents only.&#160; Our business, financial condition and results of operations and prospects may have changed since those dates.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">You may request a free copy of the above-mentioned filings or any subsequent filing we incorporated by reference in this prospectus by writing or telephoning us at the following address:</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="margin-left: 36pt;">Euroseas Ltd.</div>
    <div style="margin-left: 36pt;">4 Messogiou &amp; Evropis Street</div>
    <div style="margin-left: 36pt;">151 24 Maroussi, Greece</div>
    <div style="margin-left: 36pt;">+30-211-1804005</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="font-weight: bold;">Information provided by the Company</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We will furnish holders of our common shares with annual reports containing audited financial statements and a report by our independent registered public accounting firm, and intend to furnish
      quarterly reports containing selected unaudited financial data for each quarter of each fiscal year. The audited financial statements will be prepared in accordance with accounting principles generally accepted in the United States and those reports
      will include a "Management's Discussion and Analysis of Financial Condition and Results of Operations" section for the relevant periods.&#160; As a "foreign private issuer", we are exempt from the rules under the Exchange Act prescribing the furnishing
      and content of proxy statements to shareholders.&#160; While we intend to furnish proxy statements to any shareholder in accordance with the rules of the Nasdaq Capital Market, those proxy statements are not expected to conform to Schedule 14A of the
      proxy rules promulgated under the Exchange Act.&#160; In addition, as a "foreign private issuer", we are exempt from the rules under the Exchange Act relating to short swing profit reporting and liability.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">33</font></div>
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">GLOSSARY OF SHIPPING TERMS</div>
    <div style="text-align: justify; text-indent: 36pt;">The following are definitions of certain terms that are commonly used in the shipping industry and in this prospectus.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Annual survey</font>. The inspection of a vessel pursuant to international conventions, by a classification society surveyor, on behalf of the flag state, that takes
      place every year.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Ballast</font>. A voyage during which the vessel is not laden with cargo.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Bareboat charter</font>. A charter of a vessel under which the shipowner is usually paid a fixed daily or monthly rate for a certain period of time during which the
      charterer is responsible for the vessel operating expenses and voyage expenses of the vessel and for the management of the vessel. In this case, all voyage related costs, including vessel fuel, or bunker, and port dues as well as all vessel operating
      expenses, such as day-to-day operations, maintenance, crewing and insurance are paid by the charterer. A bareboat charter is also known as a "demise charter" or a "time charter by demise" and involves the use of a vessel usually over longer periods
      of time ranging over several years. The owner of the vessel receives monthly charterhire payments on a per day basis and is responsible only for the payment of capital costs related to the vessel.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Bunkers</font>. Fuel oil used to operate a vessel's engines, generators and boilers.</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Charter</font>. The hire of a vessel for a specified period of time or to carry a cargo for a fixed fee from a loading port to a discharging port. The contract for a
      charter is called a charterparty.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Charterer</font>. The company that hires a vessel pursuant to a charter.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Charterhire</font>. Money paid to the shipowner by a charterer for the use of a vessel under charter. Such payments are usually made during the course of the charter
      every 15 or 30 days in advance or in arrears by multiplying the daily charter rate times the number of days and, under a time charter only, subtracting any time the vessel was deemed to be off-hire. Under a bareboat charter such payments are usually
      made monthly and are calculated on a 360 or 365 day calendar year basis.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Charter rate</font>. The amount of money agreed between the charterer and the shipowner accrued on a daily or monthly basis that is used to calculate the vessel's
      charterhire.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Classification society</font>. An independent society that certifies that a vessel has been built and maintained according to the society's rules for that type of
      vessel and complies with the applicable rules and regulations of the country in which the vessel is registered, as well as the international conventions which that country has ratified. A vessel that receives its certification is referred to as being
      "in class" as of the date of issuance.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Containerships</font>. Vessels which are specially designed and built to carry large numbers of containers.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Deadweight ton or "dwt".</font> A unit of a vessel's capacity for cargo, fuel oil, stores and crew, measured in metric tons of 1,000 kilograms. A vessel's dwt or
      total deadweight is the total weight the vessel can carry when loaded to a particular load line.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Deep sea containership</font>. A Deep Sea containership has a cargo carrying capacity of more than 3,000 teu and mostly serves the mainlane East-West container trade
      routes.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Drybulk</font>. Non-liquid cargoes of commodities shipped in an unpackaged state.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Drybulk carriers</font>. Vessels which are specially designed and built to carry large volumes of drybulk.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Drydocking</font>. The removal of a vessel from the water for inspection and/or repair of those parts of a vessel which are below the water line. During drydockings,
      which are required to be carried out periodically, certain mandatory classification society inspections are carried out and relevant certifications issued. Drydockings are generally required once every 30 to 60 months.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Feeder</font>. A short-sea containership having a cargo carrying capacity of less than 3,499 teu that transfers cargo between a central "hub" port and smaller
      "spoke" ports.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Fully cellular containership</font>. A containership equipped throughout with fixed cell guides for containers.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Freight</font>. Money paid to the shipowner by a charterer for the use of a vessel under a voyage charter. Such payment is usually made on a lump-sum basis upon
      loading or discharging the cargo and is derived by multiplying the tons of cargo loaded on board by the cost per cargo ton, as agreed to transport that cargo between the specific ports.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Gross ton</font>. A unit of measurement for the total enclosed space within a ship equal to 100 cubic feet or 2.831 cubic meters used in arriving at the calculation
      of gross tonnage.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">34</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Hull</font>. Shell or body of a ship.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">IMO</font>. International Maritime Organization, a United Nations agency that issues international regulations and standards for seaborne transportation.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Intermediate containership</font>. An Intermediate containership has a cargo carrying capacity between 3,500 and 6,000 teu and mostly serves the North-South and
      Intermediate container trade routes.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Intermediate survey</font>. The inspection of a vessel by a classification society surveyor which takes place between two and three years before and after each
      Special Survey for such vessel pursuant to the rules of international conventions and classification societies.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Metric ton</font>. A unit of weight equal to 1,000 kilograms.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Newbuilding</font>. A new vessel under construction or just completed.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Off-Hire</font>. The period a vessel is unable to perform the services for which it is required under a charter. Off-hire periods typically include days spent
      undergoing repairs and drydocking, whether or not scheduled.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">OPA</font>. Oil Pollution Act of 1990 of the United States (as amended).</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Period charter</font>. A period charter is an industry term referring to both time and bareboat charters that last for more than a single voyage.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Pools</font>. Pooling arrangements that enable participating vessels to combine their revenues. Vessels may be employed either exclusively in spot charters or a
      combination of spot and period charters and contacts of affreightment. Pools are administered by the pool manager who secures employment for the participating vessels. The contract between a vessel in a shipping pool and the pool manager is a period
      charter where the charter hire is based on the vessel's corresponding share of the income generated by all the vessels that participate in the pool. The corresponding share of every vessel in the pool is based on a pre-determined formula rating the
      technical specifications of each vessel. Pools have the size and scope to combine spot market voyages, time charters and contracts of affreightment with freight forward agreements for hedging purposes to perform more efficient vessel scheduling
      thereby increasing fleet utilization.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Protection and indemnity (or P&amp;I) insurance</font>. Insurance obtained through mutual associations (called "Clubs") formed by shipowners to provide liability
      insurance protection against a large financial loss by one member by contribution towards that loss by all members. To a great extent, the risks are reinsured.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Scrapping</font>. The disposal of old or damaged vessel tonnage by way of sale as scrap metal.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Short fund</font>. A contract of affreightment to carry cargo.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">SOLAS</font>. The International Convention for the Safety of Life at Sea 1974, as amended, adopted under the auspices of the IMO.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Special survey</font>. An extensive inspection of a vessel by classification society surveyors that must be completed within five years. Special surveys require a
      vessel to be drydocked.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Spot charter.</font> A spot charter is an industry term referring to both voyage and trip time charters. These charters are referred to as spot charters or spot
      market charters due to their short term duration, constituting mostly of a single voyage between one load port and one discharge port.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Spot market</font>. The market for the immediate chartering of a vessel usually for single voyages.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">TEU</font>. Twenty-foot equivalent unit, the international standard measure for containers and containership capacity.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">TCE</font>. Time charter equivalent, a standard industry measure of the average daily revenue performance of a vessel. The TCE rate achieved on a given voyage is
      expressed in $ per day and is generally calculated by subtracting voyage expenses, including bunkers and port charges, from voyage revenues gross of commissions and dividing the net amount (time charter equivalent revenues) by the voyage days,
      including the trip to the loading port. TCE is a standard seaborne transportation industry performance measure used primarily to compare period-to-period changes in a seaborne transportation company's performance despite changes in the mix of charter
      types (i.e., voyage charters, time charters and bareboat charters) under which the vessels may be employed during specific periods. Our definition of TCE may not be comparable to that used by other companies in the shipping industry.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Time charter</font>. A time charter is a contract under which a charterer pays a fixed daily hire rate usually on a semi-monthly basis for use of the vessel for an
      agreed period. This is either a specific fixed period of time or a specific number of loaded voyages.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">35</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Subject to any restrictions in the charter, the charterer decides the type and quantity of cargo to be carried and the ports of loading and unloading. The charterer pays the voyage related expenses such as fuel, canal
      tolls, and port charges. The shipowner pays all vessel operating expenses such as the management expenses and crew costs as well as for the capital costs of the vessel. Any delays at port or during the voyages are the responsibility of the charterer,
      save for certain specific exceptions such as loss of time arising from vessel breakdown and routine maintenance.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Trip time charter</font>. A trip time charter is a short term time charter where the vessel performs a single voyage between load port(s) and discharge port(s) and
      the charterer pays a fixed daily hire rate usually on a semi-monthly basis for use of the vessel. The difference between a trip time charter and a voyage charter is only in the form of payment for use of the vessel and the respective financial
      responsibilities of the charterer and shipowner as described under Time Charter and Voyage Charter.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Ton</font>. See "Metric ton."</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Vessel operating expenses</font>. The costs of operating a vessel that is incurred during a charter, primarily consisting of crew wages and associated costs,
      insurance premiums, lubricants and spare parts, and repair and maintenance costs. Vessel operating expenses exclude fuel and port charges, which are known as "voyage expenses." For a time charter, the shipowner pays vessel operating expenses. For a
      bareboat charter, the charterer pays vessel operating expenses.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Voyage charter</font>. A voyage charter involves the carriage of a specific amount and type of cargo from specific load port(s) to specific discharge port(s),
      subject to various cargo handling terms. Most of these charters are of a single voyage nature between two specific ports, as trading patterns do not encourage round voyage trading. The owner of the vessel receives one payment derived by multiplying
      the tons of cargo loaded on board by the cost per cargo ton, as agreed to transport that cargo between the specific ports. The owner is responsible for the payment of all expenses including voyage, operating and capital costs of the vessel. The
      charterer is typically responsible for any delay at the loading or discharging ports.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Voyage expenses</font>. Expenses incurred due to a vessel's traveling from a loading port to a discharging port, such as fuel (bunker) cost, port expenses, agent's
      fees, canal dues and extra war risk insurance, as well as commissions.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">36</font></div>
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    </div>
    <!--PROfilePageNumberReset%Num%1%II-%%-->
    <div style="text-align: center;"><font style="font-weight: bold;">PART</font>&#160;<font style="font-weight: bold;">II</font></div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">INFORMATION NOT REQUIRED IN THE PROSPECTUS</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Item 8.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Indemnification of
        Directors and Officers.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">The bylaws, as amended, of the Registrant provide that any person who is or was a director or officer of the Registrant, or is or was serving at the request of the Registrant as a director or officer
      of another, partnership, joint venture, trust or other enterprise, shall be entitled to be indemnified by the Registrant upon the same terms, under the same conditions, and to the same extent as authorized by Section 60 of the BCA, 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 Registrant, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">Section 60 of the BCA provides as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-weight: bold;">Indemnification of directors and officers.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">(1) Actions not by or in right of the corporation. A corporation shall have the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or
      completed action, suit or proceeding whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director or officer of the corporation, or is or was
      serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually
      and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal
      action or proceeding, had no reasonable cause to believe that his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of no contest, or its equivalent, shall not, of
      itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had
      reasonable cause to believe that his conduct was unlawful.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">(2) Actions by or in right of the corporation. A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed
      action or suit by or in the right of the corporation to procure judgment in its favor by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of
      another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him or in connection with the defense or settlement of such action or suit if he acted in good
      faith and in a manner he reasonably believed to be in or not, opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged
      to be liable for negligence or misconduct in the performance of his duty to the corporation unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of
      liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">(3) When director or officer successful. To the extent that a director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred
      to in subsections (1) or (2) of this section, or in the defense of a claim, issue or matter therein, he shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him in connection therewith.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">(4) Payment of expenses in advance. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid in advance of the final disposition of such action, suit or proceeding as
      authorized by the board of directors in the specific case upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the corporation
      as authorized in this section.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">(5) Indemnification pursuant to other rights. The indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not be deemed exclusive
      of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to
      action in another capacity while holding such office.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">(6) Continuation of indemnification. The indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided when authorized or ratified,
      continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">(7) Insurance. A corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation or is or was serving at the request
      of the corporation as a director or officer against any liability asserted against him and incurred by him in such capacity whether or not the corporation would have the power to indemnify him against such liability under the provisions of this
      section.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">II-1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 50.4pt;"><font style="font-weight: bold;">Item 9.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Exhibits</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">A list of exhibits included as part of this registration statement is set forth in the Description of Exhibits which immediately precedes such exhibits and is incorporated herein by reference.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 50.4pt;"><font style="font-weight: bold;">Item 10.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Undertakings</font></div>
    <div><br>
    </div>
    <div style="margin-right: 86.4pt; margin-left: 36pt;">The undersigned registrant hereby undertakes:</div>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1eb9dee147304003bc2f91149680f1a5">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Under Rule 415 of the Securities Act,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5ef2b850c2cc44efa7e4ac4e561cad02">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement unless the information required to be included in a post-effective amendment by those paragraphs is contained in
              reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of
              a prospectus filed pursuant to Rule 424(b) that is part of the registration statement;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z51b84e50608f4c8ea9c2e524c54df39a">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z33bc256b98d149999a66731b548d97ea">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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.&#160; Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered)
              and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no
              more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zec42c28e72d44b9c8af12b18cb7a1a92">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66ecf06e1a7f4fcfb42cefba4e0998ea">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>That, for the purpose of determining any liability under the Securities Act of 1933, as amended, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the
              offering of such securities at that time shall be deemed to be the initial <font style="font-style: italic;">bona fide</font> offering thereof.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2a72ae566d774f14b2b4a79d75dd64bf">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9e3c5b471aa94b22abe185aa3ed0fbe3">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering.&#160; Financial statements and
              information otherwise required by Section 10(a)(3) of the Act need not be furnished, <font style="font-style: italic;">provided</font> that the registrant includes in the prospectus, by means of a post-effective amendment, financial
              statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.&#160; Notwithstanding the foregoing,
              with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act of 1933 or Rule 3-19 under the Securities Act
              of 1933 if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are
              incorporated by reference in the Form F-3.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e39ea4211d744f7b69b0aa076db4d4f">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(5)(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>That, for the purpose of determining any liability under the Securities Act of 1933, as amended, to any purchaser;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z87654ca6764b4b33b2dfbcd7f661e2f4">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(A)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of this Registration Statement as of the date the filed prospectus was deemed part of and included in this Registration Statement; and</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">II-2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z74e722fb2c4a455480f383bffba86324">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(B)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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 <font style="font-style: italic;">bona fide</font> offering thereof. <font style="font-style: italic;">Provided, however,</font> that no statement made in a registration statement or prospectus that is part of the registration statement or made
              in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date,
              supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z69e383d7addc4f8cb2621a6a62fb90d3">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(6)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: The undersigned registrant undertakes that in a primary offering of
              securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of
              the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zafdc821d0aa448cd9017a184df85fccd">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z720e612dda384427902573ea963cb6bc">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5d6bbf8d4b464b9caf103f8c7f8e960c">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z129df9f525e54001b81235bdcaf59a27">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8f5595491fdc4b21a61601dc878550ef">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act
              of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a
              new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <font style="font-style: italic;">bona fide</font> offering thereof.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">(c)&#8211;(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font>Not applicable.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2b8410ee48564f298e25995f380bda43">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The undersigned registrant hereby undertakes to deliver or cause to be delivered with the prospectus, to each person to whom the prospectus is sent or given, the latest annual report, to security holders that is incorporated by reference
              in the prospectus and furnished pursuant to and meeting the requirements of Rule 14a-3 or Rule 14c-3 under the Securities Exchange Act of 1934; and, where interim financial information required to be presented by Article 3 of Regulation S-X
              is not set forth in the prospectus, to deliver, or cause to be delivered to each person to whom the prospectus is sent or given, the latest quarterly report that is specifically incorporated by reference in the prospectus to provide such
              interim financial information.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd7401df410e4a689805a77c1f9af467">

        <tr>
          <td style="width: 35.1pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)&#8211;(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Not applicable.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd06ccfd30d404172a53d3763d3f6946c">

        <tr>
          <td style="width: 35.1pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>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 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.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb0c1fdc51cb44667997ada371046e63a">

        <tr>
          <td style="width: 35.1pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
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            <div>Not applicable.</div>
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    <div style="text-align: justify;"> <br>
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            <div>The undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and
              regulations prescribed by the Securities and Exchange Commission under Section 305(b)(2) of the Trust Indenture Act.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
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            <div>Not applicable.</div>
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    <div style="text-align: justify;"> <br>
    </div>
    <div><br>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">II-3</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="text-align: center; font-weight: bold;"><a name="poa"><!--Anchor--></a>SIGNATURES</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3 and has
      duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Maroussi, country of Greece on December 29, 2022.</div>
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    <div>
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          <tr>
            <td style="width: 44%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 44%; vertical-align: top;">&#160;</td>
            <td style="width: 7.6%; vertical-align: top;">&#160;</td>
            <td style="width: 48.4%; vertical-align: top;">&#160;</td>
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            <td style="width: 44%; vertical-align: top;">&#160;</td>
            <td style="width: 7.6%; vertical-align: top;">&#160;</td>
            <td style="width: 48.4%; vertical-align: top;">&#160;</td>
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            <td style="width: 44%; vertical-align: top;">&#160;</td>
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              <div style="text-align: justify;">By:</div>
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            <td style="width: 48.4%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; margin-right: 50.4pt;">/s/ Aristides J. Pittas</div>
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          <tr>
            <td style="width: 44%; vertical-align: top;">&#160;</td>
            <td style="width: 7.6%; vertical-align: top;">
              <div style="text-align: justify;">Name:</div>
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            <td style="width: 48.4%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 50.4pt;">Aristides J. Pittas</div>
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          </tr>
          <tr>
            <td style="width: 44%; vertical-align: top;">&#160;</td>
            <td style="width: 7.6%; vertical-align: top;">
              <div style="text-align: justify;">Title:</div>
            </td>
            <td style="width: 48.4%; vertical-align: top;">
              <div style="margin-right: 50.4pt;">President and Chief Executive Officer</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Aristides J. Pittas and Dr. Anastasios Aslidis his true and lawful attorney-in-fact and
      agent, with full powers of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) to this Registration Statement, and to file the same,
      with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and
      necessary to be done, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute, may lawfully do or cause to be done by virtue hereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z0010e50b96f94f6489c165ab1172d966">

        <tr>
          <td style="width: 28.25%; vertical-align: top;">
            <div><u>Signature</u></div>
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          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">
            <div style="text-align: center;"><u>Title</u></div>
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          <td style="width: 22.25%; vertical-align: top;">
            <div style="text-align: center;"><u>Date</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top;">&#160;</td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">&#160;</td>
          <td style="width: 22.25%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>/s/ Aristides J. Pittas</div>
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            <div style="text-align: center;">Chairman of the Board of Directors,</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">December 29, 2022</div>
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        </tr>
        <tr>
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            <div style="text-align: justify;">Aristides J. Pittas</div>
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          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">
            <div style="text-align: center;">President, Chief Executive Officer</div>
          </td>
          <td style="width: 22.25%; vertical-align: top; text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top;">&#160;</td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">
            <div style="text-align: center;">(Principal Executive Officer)</div>
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          <td style="width: 22.25%; vertical-align: top; text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top;">&#160;</td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">&#160;</td>
          <td style="width: 22.25%; vertical-align: top; text-align: center;">&#160;</td>
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          <td style="width: 28.25%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;">/s/ Dr. Anastasios Aslidis</div>
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          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">
            <div style="text-align: center;">Chief Financial Officer, Treasurer and Director</div>
          </td>
          <td style="width: 22.25%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">December 29, 2022</div>
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        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top;">
            <div style="text-align: justify;">Dr. Anastasios Aslidis</div>
          </td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">
            <div style="text-align: center;">(Principal Financial and Accounting Officer)</div>
          </td>
          <td style="width: 22.25%; vertical-align: top; text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top;">&#160;</td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">&#160;</td>
          <td style="width: 22.25%; vertical-align: top; text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;">/s/ Aristides P. Pittas</div>
          </td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">
            <div style="text-align: center;">Vice Chairman and Director</div>
          </td>
          <td style="width: 22.25%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">December 29, 2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top;">
            <div style="text-align: justify;">Aristides P. Pittas</div>
          </td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">&#160;</td>
          <td style="width: 22.25%; vertical-align: top; text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top;">&#160;</td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">&#160;</td>
          <td style="width: 22.25%; vertical-align: top; text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;">/s/ Apostolos Tamvakakis</div>
          </td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">
            <div style="text-align: center;">Director</div>
          </td>
          <td style="width: 22.25%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">December 29, 2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top;">
            <div style="text-align: justify;">Apostolos Tamvakakis</div>
          </td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">&#160;</td>
          <td style="width: 22.25%; vertical-align: top; text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top;">&#160;</td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">&#160;</td>
          <td style="width: 22.25%; vertical-align: top; text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;">/s/ Panagiotis Kyriakopoulos</div>
          </td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">
            <div style="text-align: center;">Director</div>
          </td>
          <td style="width: 22.25%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">December 29, 2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top;">
            <div style="text-align: justify;">Panagiotis Kyriakopoulos</div>
          </td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">&#160;</td>
          <td style="width: 22.25%; vertical-align: top; text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top;">&#160;</td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">&#160;</td>
          <td style="width: 22.25%; vertical-align: top; text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;">/s/ George Taniskidis</div>
          </td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">
            <div style="text-align: center;">Director</div>
          </td>
          <td style="width: 22.25%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">December 29, 2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top;">
            <div style="text-align: justify;">George Taniskidis</div>
          </td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">&#160;</td>
          <td style="width: 22.25%; vertical-align: top; text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top;">&#160;</td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">&#160;</td>
          <td style="width: 22.25%; vertical-align: top; text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">/s/ Andreas Papathomas</div>
          </td>
          <td style="width: 7.24%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: center;">Director</div>
          </td>
          <td style="width: 22.25%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">December 29, 2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.25%; vertical-align: top;">
            <div style="text-align: justify;">Andreas Papathomas</div>
          </td>
          <td style="width: 7.24%; vertical-align: top;">&#160;</td>
          <td style="width: 42.25%; vertical-align: top;">&#160;</td>
          <td style="width: 22.25%; vertical-align: top; text-align: center;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">II-4</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><!--Anchor-->AUTHORIZED UNITED STATES REPRESENTATIVE</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 27pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Euroseas Ltd., has signed this Registration
      Statement on Form F-3 in the City of Watchung, New Jersey on December 29, 2022.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z614f163c76254a97acf16c70477e904c">

        <tr>
          <td style="width: 38.77%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 47.47%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.77%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;">&#160;</td>
          <td style="width: 5.08%; vertical-align: top;">&#160;</td>
          <td style="width: 42.38%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.77%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;">&#160;</td>
          <td style="width: 5.08%; vertical-align: top;">&#160;</td>
          <td style="width: 42.38%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.77%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;">&#160;</td>
          <td style="width: 5.08%; vertical-align: top;">&#160;</td>
          <td style="width: 42.38%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.77%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;">&#160;</td>
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          <td style="width: 42.38%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;">/s/ Dr. Anastasios Aslidis</div>
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        <tr>
          <td style="width: 38.77%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;">&#160;</td>
          <td style="width: 5.08%; vertical-align: top;">&#160;</td>
          <td style="width: 42.38%; vertical-align: top;">
            <div style="text-align: justify;">Name: Dr. Anastasios Aslidis</div>
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          <td style="width: 38.77%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;">&#160;</td>
          <td style="width: 5.08%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">Authorized Representative in the United States</div>
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          <td style="width: 38.77%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 47.47%; vertical-align: top;">&#160;</td>
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          <td style="width: 38.77%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 47.47%; vertical-align: top;">&#160;</td>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">II-5</font></div>
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            <div style="text-align: justify; font-weight: bold;"><u>Exhibits</u></div>
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            <div style="text-align: justify; font-weight: bold;"><u>Description of Exhibits</u></div>
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        <tr>
          <td style="width: 6.67%; vertical-align: top;">&#160;</td>
          <td style="width: 93.33%; vertical-align: middle;">&#160;</td>
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            <div>1.1</div>
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            <div style="text-align: justify;">Form of Underwriting Agreement *</div>
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        </tr>
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            <div>4.1</div>
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            <div style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1341170/000091957408003887/d897508_ex4-1.htm">Specimen common share certificate</a> (1)</div>
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          <td style="width: 6.67%; vertical-align: top;">
            <div>4.2</div>
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            <div style="text-align: justify;">Specimen preferred share certificate *</div>
          </td>
        </tr>
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          <td style="width: 6.67%; vertical-align: top;">
            <div>4.3</div>
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            <div style="text-align: justify;">Form of warrant agreement *</div>
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            <div>4.4</div>
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            <div style="text-align: justify;">Form of unit agreement *</div>
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        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div>4.5</div>
          </td>
          <td style="width: 93.33%; vertical-align: middle;">
            <div style="text-align: justify;"><a href="d8495144_ex4-5.htm">Form of senior debt security indenture</a> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div>4.6</div>
          </td>
          <td style="width: 93.33%; vertical-align: middle;">
            <div style="text-align: justify;"><a href="d8495144_ex4-6.htm">Form of subordinated debt security indenture</a> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div>4.7</div>
          </td>
          <td style="width: 93.33%; vertical-align: middle;">
            <div style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1341170/000091957421000613/d8729344_ex1.htm">Amended and Restated Statement of Designation of the Rights, Preferences and Privileges of Series B Convertible
                Perpetual Preferred Shares of Euroseas Ltd.</a> (2)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div>4.8</div>
          </td>
          <td style="width: 93.33%; vertical-align: middle;">
            <div style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1341170/000091957419003837/d8232402_ex3-1.htm">Statement of Designation of the Rights, Preferences and Privileges of Series C Participating Preferred Stock of
                Euroseas Ltd.</a> (3)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div>4.9</div>
          </td>
          <td style="width: 93.33%; vertical-align: middle;">
            <div style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1341170/000091957419003837/d8221900_ex4-1.htm">Form of Shareholders Rights Agreement between Euroseas Ltd. and American Stock Transfer and Trust Company, LLC</a>
              (4)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div>4.10</div>
          </td>
          <td style="width: 93.33%; vertical-align: middle;">
            <div style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1341170/000091957420003093/d8498133_ex4-29.htm">Registration Rights Agreement between Euroseas Ltd. and Synergy Holdings Limited (5)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div>5.1</div>
          </td>
          <td style="width: 93.33%; vertical-align: middle;">
            <div style="text-align: justify;"><a href="d9903748_ex5-1.htm">Opinion of Seward &amp; Kissel LLP, United States and Marshall Islands counsel to Euroseas Ltd., as
                to the validity of the common shares, preferred shares, debt securities, warrants and units</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div>8.1</div>
          </td>
          <td style="width: 93.33%; vertical-align: middle;">
            <div style="text-align: justify;"><a href="d9903728_ex8-1.htm">Opinion of Seward &amp; Kissel LLP as to tax matters</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div>23.1</div>
          </td>
          <td style="width: 93.33%; vertical-align: middle;">
            <div style="text-align: justify;"><a href="d9903748_ex5-1.htm">Consent of Seward &amp; Kissel LLP (included in Exhibit 5.1)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div>23.2</div>
          </td>
          <td style="width: 93.33%; vertical-align: middle;">
            <div style="text-align: justify;"><a href="d9903807_ex23-2.htm">Consent of Independent Registered Public Accounting Firm (Deloitte Certified Public Accountants
                S.A.)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div>24.1</div>
          </td>
          <td style="width: 93.33%; vertical-align: middle;">
            <div style="text-align: justify;"><a href="#poa">Power of Attorney (contained on signature page)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div>25.1</div>
          </td>
          <td style="width: 93.33%; vertical-align: middle;">
            <div style="text-align: justify;">Form of T-1 Statement of Eligibility (senior indenture) *</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div>25.2</div>
          </td>
          <td style="width: 93.33%; vertical-align: middle;">
            <div style="text-align: justify;">Form of T-1 Statement of Eligibility (subordinated indenture) *</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div>107</div>
          </td>
          <td style="width: 93.33%; vertical-align: middle;">
            <div style="text-align: justify;"><a href="d9888607_ex-107.htm">Calculation of Filing Fee Table</a></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc35ab6547b0c4524afe34f71f67107a8">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">*</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>To be filed as an amendment or as an exhibit to a report filed pursuant to the Securities Exchange Act of 1934, as amended, and incorporated by reference herein.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc902b15bb0dd49f3b5644906f13fd6c2">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Incorporated herein by reference to Exhibit 4.1 to the Company's Registration Statement (File No. 333-152089) filed with the Commission on July 2, 2008.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0fd369df88854afc8210e88fbfbf3866">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Incorporated herein by reference to Exhibit 1 to the Company's report on Form 6-K filed with the Commission on February 1, 2021.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf2d498967bd249319358ae0d63700f92">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Incorporated herein by reference to Exhibit 3.1 to the Company's report on Form 6-K filed with the Commission on May 27, 2019.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0d92eae2cf9d4408b1d776ddaa5fb86c">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Incorporated herein by reference to Exhibit 4.1 to the Company's report on Form 6-K filed with the Commission on May 27, 2019.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zccaddc9c4f334a989f1b8e909e77fc40">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Incorporated herein by reference to Exhibit 4.20 to the Company&#8217;s Annual Report on Form 20-F filed with the Commission on April 22, 2022.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za76bc9ee45cb4706910bece087663f76">

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

    </table>
    <div><br>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">II-6</font></div>
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<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>2
<FILENAME>d8495144_ex4-5.htm
<TEXT>
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    <div style="font-weight: bold; text-align: right;">Exhibit 4.5</div>
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    <div style="text-align: center;">EUROSEAS LTD.</div>
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    <div style="text-align: center;">FORM OF</div>
    <div><br>
    </div>
    <div style="text-align: center;">SENIOR INDENTURE</div>
    <div><br>
    </div>
    <div style="TEXT-ALIGN: center">Dated as of [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>], 20[ ]</div>
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    <div style="TEXT-ALIGN: center">[<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>]</div>
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    <div style="text-align: center;">Trustee</div>
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    <div style="text-align: center;">TABLE OF CONTENTS</div>
    <div style="text-align: right;"><u>PAGE</u></div>
    <div style="MARGIN-TOP: 6pt">
      <table cellspacing="0" cellpadding="0" id="980c9c32de9c4e2f8ab5f02a20486093" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

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            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="text-align: left;">ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">1</div>
            </td>
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            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 1.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Definitions.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">1</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 1.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Other Definitions.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">5</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 1.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Incorporation by Reference of Trust Indenture
                Act.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">5</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 1.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Rules of Construction.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">6</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="text-align: left;">ARTICLE II THE SECURITIES</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">6</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 2.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Issuable in Series.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">6</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 2.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Establishment of Terms of Series of Securities.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">7</div>
            </td>
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              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 2.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Execution and Authentication.</div>
            </td>
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              <div style="text-align: right;">9</div>
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              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 2.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Registrar and Paying Agent.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">10</div>
            </td>
          </tr>
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              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 2.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Paying Agent to Hold Money in Trust.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">10</div>
            </td>
          </tr>
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              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 2.06.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Securityholder Lists.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">11</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 2.07.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Transfer and Exchange.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">11</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 2.08.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Mutilated, Destroyed, Lost and Stolen
                Securities.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">12</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 2.09.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Outstanding Securities.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">12</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 2.10.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Treasury Securities.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">13</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 2.11.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Temporary Securities.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">13</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 2.12.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Cancellation.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">13</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 2.13.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Defaulted Interest.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">14</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 2.14.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Global Securities.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">14</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 2.15.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>CUSIP Numbers.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">15</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="text-align: left;">ARTICLE III REDEMPTION</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">15</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 3.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notice to Trustee.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">15</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 3.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Selection of Securities to be Redeemed.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">15</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 3.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notice of Redemption.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">16</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 3.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Effect of Notice of Redemption.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">16</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 3.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Deposit of Redemption Price.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">17</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 3.06.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Securities Redeemed in Part.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">17</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
        <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
          <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="024a58584c2144b9bb204fee0d5cd1cc" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="text-align: left;">ARTICLE IV COVENANTS</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">17</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 4.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Payment of Principal and Interest.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">17</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 4.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>SEC Reports.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">17</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 4.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Compliance Certificate.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">18</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 4.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Stay, Extension and Usury Laws.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">19</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 4.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Corporate Existence.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">19</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 4.06.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Taxes.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">19</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 4.07.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Additional Interest Notice.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">19</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 4.08.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Further Instruments and Acts.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">19</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="text-align: left;">ARTICLE V SUCCESSORS</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">20</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 5.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>When Company May Merge, Etc.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">20</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 5.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Successor Corporation Substituted.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">20</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="text-align: left;">ARTICLE VI DEFAULTS AND REMEDIES</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">20</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 6.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Events of Default.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">20</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 6.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Acceleration of Maturity; Rescission and
                Annulment.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">22</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 6.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Collection of Indebtedness and Suits for
                Enforcement by Trustee.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">24</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 6.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Trustee May File Proofs of Claim.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">24</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 6.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Trustee May Enforce Claims Without Possession of
                Securities.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">25</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 6.06.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Application of Money Collected.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">25</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 6.07.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Limitation on Suits.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">25</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 6.08.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Unconditional Right of Holders to Receive
                Principal and Interest.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">26</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 6.09.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Restoration of Rights and Remedies.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">26</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 6.10.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Rights and Remedies Cumulative.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">26</div>
            </td>
          </tr>
          <tr style="HEIGHT: 24px">
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 6.11.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Delay or Omission Not Waiver.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">26</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 6.12.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Control by Holders.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">27</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 6.13.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Waiver of Past Defaults.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">27</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 6.14.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Undertaking for Costs.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">27</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="text-align: left;">ARTICLE VII TRUSTEE</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">28</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 7.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Duties of Trustee.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">28</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 7.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Rights of Trustee.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">29</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
        <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
          <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="9fb161ed09924dac9f9bc7410584bb7a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 7.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Individual Rights of Trustee.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">30</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 7.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Trustee's Disclaimer.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">30</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 7.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notice of Defaults.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">30</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 7.06.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Reports by Trustee to Holders.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">30</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 7.07.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Compensation and Indemnity.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">31</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 7.08.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Replacement of Trustee.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">31</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 7.09.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Successor Trustee by Merger, etc.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">32</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 7.10.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Eligibility; Disqualification.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">32</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 7.11.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Preferential Collection of Claims Against
                Company.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">33</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="text-align: left;">ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">33</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 8.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Satisfaction and Discharge of Indenture.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">33</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 8.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Application of Trust Funds; Indemnification.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">34</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 8.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Legal Defeasance of Securities of any Series.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">35</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 8.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Covenant Defeasance.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">36</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 8.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Repayment to Company.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">37</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="text-align: left;">ARTICLE IX AMENDMENTS AND WAIVERS</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">37</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 9.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Without Consent of Holders.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">37</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 9.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>With Consent of Holders.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">38</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 9.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Limitations.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">39</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 9.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Compliance with Trust Indenture Act.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">39</div>
            </td>
          </tr>
          <tr style="HEIGHT: 24px">
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 9.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Revocation and Effect of Consents.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">40</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 9.06.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notation on or Exchange of Securities.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">40</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 9.07.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Trustee Protected.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">40</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 9.08.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Effect of Supplemental Indenture.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">40</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="text-align: left;">ARTICLE X MISCELLANEOUS</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">41</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Trust Indenture Act Controls.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">41</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notices.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">41</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Communication by Holders with Other Holders.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">42</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Certificate and Opinion as to Conditions
                Precedent.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">42</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Statements Required in Certificate or Opinion.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">42</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
        <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
          <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="50f097a890524d60adae28116e1aef66" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.06.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Record Date for Vote or Consent of Holders.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">43</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.07.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Rules by Trustee and Agents.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">43</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.08.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Legal Holidays.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">43</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.09.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>No Recourse Against Others.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">43</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.10.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Counterparts.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">43</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.11.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Governing Laws and Submission to Jurisdiction.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">44</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.12.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>No Adverse Interpretation of Other Agreements.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">44</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.13.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Successors.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">44</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.14.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Severability.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">44</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.15.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Table of Contents, Headings, Etc.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">44</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.16.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Securities in a Foreign Currency or in ECU.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">45</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.17.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Judgment Currency.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">45</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 10.18.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Compliance with Applicable Anti-Terrorism and
                Money Laundering Regulations.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">46</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="text-align: left;">ARTICLE XI SINKING FUNDS</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">46</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 11.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Applicability of Article.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">46</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 11.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Satisfaction of Sinking Fund Payments with
                Securities.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">47</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: top; WIDTH: 92.31%">
              <div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; TEXT-INDENT: -93.6pt">SECTION 11.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Redemption of Securities for Sinking Fund.</div>
            </td>
            <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.69%">
              <div style="text-align: right;">47</div>
            </td>
          </tr>

      </table>
      <br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="text-align: center;">Reconciliation and tie between Trust Indenture Act of 1939 and Indenture, </div>
    <div style="text-align: center;">Dated as of [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>], 20[ ]</div>
    <div style="text-align: left;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="4ecf301b48b44c78af1e0e620ea655d3" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">Section 310(a)(1)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">7.10</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(a)(2)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">7.10</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(a)(3)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(a)(4)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(a)(5)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">7.10</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">7.10</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">Section 311(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">7.11</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">7.11</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">Section 312(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">2.06</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">10.03</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">10.03</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">Section 313(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">7.06</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(b)(1)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">7.06</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(b)(2)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">7.06</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(c)(1)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">7.06</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">7.06</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">Section 314(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">4.02, 10.05</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(c)(1)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">10.04</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(c)(2)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">10.04</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(c)(3)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(e)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">10.05</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(f)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">Section 315(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">7.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">7.05</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">7.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">7.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(e)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">6.14</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">Section 316(a)(1)(A)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">6.12</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(a)(1)(B)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">6.13</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(a)(2)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">6.13</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">10.06</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">Section 317(a)(1)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">6.03</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(a)(2)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">6.04</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">2.05</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left;">Section 318(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center;">10.01</div>
          </td>
        </tr>

    </table>
    <div style="text-align: left; margin-top: 12pt;">Note:&#160; This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">Indenture dated as of [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>], 20[ ] between Euroseas Ltd., a company organized under the
      laws of the Republic of the Marshall Islands (the "Company") and&#160;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ] (the "Trustee").</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.</div>
    <div style="margin-bottom: 12pt; text-align: center;">ARTICLE I<br>
      <br>
      DEFINITIONS AND INCORPORATION BY REFERENCE</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 1.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Definitions</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Additional Amounts</font>" means any additional amounts which are required hereby or by any Security, under circumstances specified herein or
      therein, to be paid by the Company in respect of certain taxes imposed on Holders specified therein and which are owing to such Holders.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Affiliate</font>" of any specified person means any other person directly or indirectly controlling or controlled by or under direct or indirect
      common control with such specified person.&#160; For the purposes of this definition, "control" (including, with correlative meanings, the terms "controlled by" and "under common control with"), as used with respect to any person, shall mean the
      possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Agent</font>" means any Registrar or Paying Agent.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Bankruptcy Law</font>" means Title 11 of the United States Code (or any successor thereto) or any similar federal or state law for the relief of
      debtors.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Board of Directors</font>" means the board of directors of the Company or any duly authorized committee thereof.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Board Resolution</font>" means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by
      the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Business Day</font>" means any day other than a (x) Saturday, (y) Sunday or (z) day on which state or federally chartered banking institutions in
      New York, New York are not required to be open.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Capital Stock</font>" of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents
      of or interests in (however designated) equity of such Person, but excluding any debt securities convertible into such equity.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">1</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Certificated Securities</font>" means Securities in the form of physical, certificated Securities in registered form.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Company</font>" means the party named as such above until a successor replaces it in accordance with the terms of this Indenture and thereafter
      means the successor.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Company Order</font>" means a written order signed in the name of the Company by two Officers, one of whom must be the Company's principal
      executive officer, principal financial officer or principal accounting officer.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Company Request</font>" means a written request signed in the name of the Company by its Chairman of the Board, a President or a Vice President,
      and by its Chief Financial Officer, its Secretary or an Assistant Secretary, and delivered to the Trustee.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Corporate Trust Office</font>" means the office of the Trustee at which at any particular time its corporate trust business shall be principally
      administered which office at the date of the execution of this Indenture is [], Attention: [], or at such other address as the Trustee may designate from time to time.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Custodian</font>" means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Default</font>" or "default" means any event which is, or after notice or passage of time or both would be, an Event of Default.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Default Rate</font>" means the default rate of interest specified in the Securities.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Depository</font>" means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global
      Securities, the person designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, "Depository" as used with respect to
      the Securities of any Series shall mean the Depository with respect to the Securities of such Series.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Discount Security</font>" means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon
      declaration of acceleration of the maturity thereof pursuant to Section 6.02.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Dollars</font>" means the currency of The United States of America.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">ECU</font>" means the European Currency Unit as determined by the Commission of the European Union.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Exchange Act</font>" means the Securities Exchange Act of 1934, as amended.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Foreign Currency</font>" means any currency or currency unit issued by a government other than the government of The United States of America.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">2</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Foreign Government Obligations</font>" means with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct
      obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or
      instrumentality of such government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) or (ii), are not callable or redeemable at the option of
      the issuer thereof.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Global Security</font>" or "<font style="font-weight: bold;">Global Securities</font>" means a Security or Securities, as the case may be, in the
      form established pursuant to Section 2.02 evidencing all or part of a Series of Securities, issued to the Depository for such Series or its nominee, and registered in the name of such Depository or nominee.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Holder</font>" or "<font style="font-weight: bold;">Securityholder</font>" means a person in whose name a Security is registered.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Indenture</font>" means this Indenture as amended and supplemented from time to time and shall include the form and terms of particular Series of
      Securities established as contemplated hereunder.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Interest</font>," in respect of the Securities, unless the context otherwise requires, refers to interest payable on the Securities, including any
      additional interest that may become payable pursuant to Section 6.02(b).</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Maturity</font>," when used with respect to any Security or installment of principal thereof, means the date on which the principal of such
      Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, notice of option to elect repayment or otherwise.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Officer</font>" means the Chairman of the Board, the President, any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any
      Assistant Secretary of the Company.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Officers' Certificate</font>" means a certificate signed by two Officers, one of whom must be the Company's principal executive officer, principal
      financial officer or principal accounting officer.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Opinion of Counsel</font>" means a written opinion of legal counsel who is, and which opinion is, acceptable to the Trustee and its counsel.&#160; Such
      legal counsel may be an employee of or counsel to the Company or the Trustee.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Person</font>" means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust,
      unincorporated organization or government or any agency or political subdivision thereof.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Principal</font>" or "<font style="font-weight: bold;">principal</font>" of a Security means the principal of the Security plus, when appropriate,
      the premium, if any, on, and any Additional Amounts in respect of, the Security.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">3</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Responsible Officer</font>" means any officer of the Trustee in its Corporate Trust Office and also means, any vice president, managing director,
      director, associate, assistant vice president, or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular corporate trust matter, any
      other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">SEC</font>" means the Securities and Exchange Commission.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Security</font>" or "<font style="font-weight: bold;">Securities</font>" means the debentures, notes or other debt instruments of the Company of
      any Series authenticated and delivered under this Indenture.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Series</font>" or "<font style="font-weight: bold;">Series of Securities</font>" means each series of debentures, notes or other debt instruments
      of the Company created pursuant to Sections 2.01 and 2.02 hereof.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Stated Maturity</font>" when used with respect to any Security or any installment of principal thereof or interest thereon, means the date
      specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Subordinated Indebtedness</font>" means any indebtedness which is expressly subordinated to the indebtedness evidenced by Securities.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Subsidiary</font>" means, in respect of any Person, any corporation, association, partnership or other business entity of which more than 50% of
      the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof
      is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">TIA</font>" means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided,
      however, that in the event the Trust Indenture Act of 1939 is amended after such date, "TIA" means, to the extent required by any such amendment, the Trust Indenture Act as so amended.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">Trustee</font>" means the person named as the "Trustee" 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 "Trustee" shall mean or include each person who is then a Trustee hereunder, and if at any time there is more than one such person, "Trustee" as used with respect to the
      Securities of any Series shall mean the Trustee with respect to Securities of that Series.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">U.S. Government Obligations</font>" means securities which are (i) direct obligations of The United States of America for the payment of which its
      full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of The United States of America the payment of which is unconditionally guaranteed as a full faith and credit
      obligation by The United States of America, and which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with
      respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by
      law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository receipt.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">4</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 1.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Other Definitions</u>.</div>
    <table cellspacing="0" cellpadding="0" id="1f6c657a69b64f09a2078bfbbe3daeb8" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

        <tr style="HEIGHT: 41px">
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div>&#160;</div>
            <div style="text-align: center;">TERM</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>&#160;</div>
            <div>DEFINED IN SECTION</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left;">"Applicable Law"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>10.18</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left;">"Event of Default"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>6.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left;">"Instrument"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>6.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left;">"Journal"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>10.16</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left;">"Judgment Currency"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>10.17</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left;">"Legal Holiday"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>10.08</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left;">"mandatory sinking fund payment"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>11.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left;">"Market Exchange Rate"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>10.16</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left;">"New York Banking Day"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>10.17</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left;">"optional sinking fund payment"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>11.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left;">"Paying Agent"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>2.04</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left;">"Registrar"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>2.04</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left;">"Required Currency"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>10.17</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left;">"successor person"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>5.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left;">"Temporary Securities"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 50%">
            <div>2.11</div>
          </td>
        </tr>

    </table>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">&#160;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 1.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Incorporation by Reference of Trust Indenture Act</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.&#160; This Indenture shall also include those
      provisions of the TIA required to be included herein by the provisions of the Trust Indenture Reform Act of 1990.&#160; The following TIA terms used in this Indenture have the following meanings:</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">indenture securities</font>" means the Securities.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">indenture security holder</font>" means a Securityholder.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">indenture to be qualified</font>" means this Indenture.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">indenture trustee</font>" or "institutional trustee" means the Trustee.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"<font style="font-weight: bold;">obligor</font>" on the indenture securities means the Company and any successor obligor upon the Securities.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein
      are used herein as so defined.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">5</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 1.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Rules of Construction</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Unless the context otherwise requires:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a term has the meaning assigned to it;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an accounting term not otherwise defined has the meaning assigned to it in accordance with generally
      accepted accounting principles;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>references to "generally accepted accounting principles" shall mean generally accepted accounting
      principles in effect as of the time when and for the period as to which such accounting principles are to be applied;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>"or" is not exclusive;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(e)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>words in the singular include the plural, and in the plural include the singular;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(f)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>provisions apply to successive events and transactions;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(g)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>references to agreements and other instruments include subsequent amendments thereto;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(h)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the term "merger" includes a statutory share exchange, and the term "merged" has a correlative meaning;
      and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(i)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>"herein," "hereof" and other words of similar import refer to this Indenture as a whole and not to any
      particular Article, Section or other subdivision.</div>
    <div style="margin-bottom: 12pt; text-align: center;">ARTICLE II<br>
      <br>
      THE SECURITIES</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 2.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Issuable in Series</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.&#160; The Securities may be issued in one or more Series.&#160; All
      Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers' Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution.&#160;
      In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers' Certificate or supplemental indenture may provide for the method by which specified terms (such as interest rate, maturity date, record date or date
      from which interest shall accrue) are to be determined.&#160; Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">6</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 2.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Establishment of Terms of Series of Securities</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection (a), and either as to such
      Securities within the Series or as to the Series generally in the case of Subsections (b) through (t) by a Board Resolution, a supplemental indenture or an Officers' Certificate pursuant to authority granted under a Board Resolution:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the title, designation, aggregate principal amount and authorized denominations of the Securities of the
      Series;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the price or prices, (expressed as a percentage of the aggregate principal amount thereof) at which the
      Securities of the Series will be issued;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the date or dates on which the principal of the Securities of the Series is payable;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to
      determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if
      any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(e)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any optional or mandatory sinking fund provisions or conversion or exchangeability provisions upon which
      Securities of the Series shall be redeemed, purchased, converted or exchanged;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(f)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the date, if any, after which and the price or prices at which the Securities of the Series may be
      optionally redeemed or must be mandatorily redeemed and any other terms and provisions of optional or mandatory provisions;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(g)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the
      Securities of the Series shall be issuable;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(h)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if other than the full principal amount, the portion of the principal amount of the Securities of the
      Series that shall be payable upon declaration of acceleration pursuant to Section 6.02 or provable in bankruptcy;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(i)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any addition to or change in the Events of Default which applies to any Securities of the Series and any
      change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.02;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(j)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the currency or currencies, including composite currencies, in which payments of principal of, premium or
      interest, if any, on the Securities of the Series will be payable, if other than the currency of the United States of America;</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">7</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(k)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if payments of principal of, premium or interest, if any, on the Securities of the Series will be payable,
      at the Company's election or at the election of any Holder, in a currency other than that in which the Securities of the Series are stated to be payable, the period or periods within which, and the terms and conditions upon which, the election may be
      made;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(l)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if payments of interest, if any, on the Securities of the Series will be payable, at the Company's
      election or at the election of any Holder, in cash or additional securities, and the terms and conditions upon which the election may be made;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(m)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if denominated in a currency or currencies other than the currency of the United States of America, the
      equivalent price of the Securities of the Series in the currency of the United States of America for purposes of determining the voting rights of Holders of the Securities of the Series;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(n)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if the amount of payments of principal, premium or interest may be determined with reference to an index,
      formula or other method based on a coin or currency other than that in which the Securities of the Series are stated to be payable, the manner in which the amounts will be determined;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(o)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any restrictive covenants or other material terms relating to the Securities of the Series;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(p)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>whether the Securities of the Series will be issued in the form of global securities or certificates in
      registered form;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(q)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any terms with respect to subordination;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(r)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any listing on any securities exchange or quotation system;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(s)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>additional provisions, if any, related to defeasance and discharge of the offered debt securities; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(t)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the applicability of any guarantees, which would be governed by New York law.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant
      to the Board Resolution, supplemental indenture or Officers' Certificate referred to above, and the authorized principal amount of any Series may not be increased to provide for issuance of additional Securities of such Series, unless otherwise
      provided in such Board Resolution, supplemental Indenture or Officers' Certificate.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">8</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 2.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Execution and Authentication</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Two Officers shall sign the Securities for the Company by manual or facsimile signature.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.&#160; The signature shall be conclusive evidence that the Security
      has been authenticated under this Indenture.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture
      hereto or Officers' Certificate, upon receipt by the Trustee of a Company Order.&#160; Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which
      oral instructions shall be promptly confirmed in writing.&#160; Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers' Certificate.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board
      Resolution, supplemental indenture hereto or Officers' Certificate delivered pursuant to Section 2.02, except as provided in Section 2.08.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying on: (a) the Board Resolution,
      supplemental indenture hereto or Officers Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers'
      Certificate complying with Section 10.04, and (c) an Opinion of Counsel complying with Section 10.04.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such action may
      not lawfully be taken; or (b) if a Responsible Officer of the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities.&#160; An authenticating agent may authenticate Securities whenever the Trustee may
      do so.&#160; Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.&#160; An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If any successor that has replaced the Company in accordance with Article 5 has executed an indenture supplemental hereto with the Trustee pursuant to Section 5.01, any of the
      Securities authenticated or delivered prior to such transaction may, from time to time, at the request of such successor, be exchanged for other Securities executed in the name of the such successor with such changes in phraseology and form as may be
      appropriate, but otherwise identical to the Securities surrendered for such exchange and of like principal amount; and the Trustee, upon receipt of a Company Order of such successor, shall authenticate and deliver Securities as specified in such
      order for the purpose of such exchange.&#160; If Securities shall at any time be authenticated and delivered in any new name of such successor pursuant to this provision of Section 2.03 in exchange or substitution for or upon registration of transfer of
      any Securities, such successor, at the option of the Holders but without expense to them, shall provide for the exchange of all Securities then outstanding for Securities authenticated and delivered in such new name.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">9</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 2.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Registrar and Paying Agent</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.02, an office or agency
      where Securities of such Series may be presented or surrendered for payment ("Paying Agent") and where Securities of such Series may be surrendered for registration of transfer or exchange ("Registrar").&#160; The Registrar shall keep a register with
      respect to each Series of Securities and to their transfer and exchange.&#160; The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar and Paying Agent.&#160; If at any time
      the Company shall fail to maintain any such required Registrar or Paying Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations and surrenders may be made or served at the Corporate Trust Office of the
      Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations and surrenders.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company may also from time to time designate one or more co-registrars or additional paying agents and may from time to time rescind such designations; provided, however, that
      no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar or Paying Agent in each place so specified pursuant to Section 2.02 for Securities of any Series for such purposes.&#160; The Company will
      give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar or additional paying agent.&#160; The term "Registrar" includes any co-registrar; and the term "Paying Agent"
      includes any additional paying agent.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">The Company hereby appoints [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.06pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>] as the initial Registrar and Paying Agent
      for each Series unless another Registrar or Paying Agent as the case may be, is appointed prior to the time Securities of that Series are first issued.&#160; Each Registrar and Paying Agent shall be entitled to all of the rights, protections, exculpations
      and indemnities afforded to the Trustee in connection with its roles as Registrar and Paying Agent.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 2.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Paying Agent to Hold Money in Trust</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of
      Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default by the Company in making any such payment.&#160; While any such default
      continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.&#160; The Company at any time may require a Paying Agent to pay all money held by it to the Trustee.&#160; Upon payment over to the Trustee, the Paying Agent (if
      other than the Company or a Subsidiary) shall have no further liability for the money.&#160; If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of
      Securities all money held by it as Paying Agent.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">10</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 2.06.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Securityholder Lists</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of
      Securities and shall otherwise comply with TIA Section 312(a).&#160; If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least [&#160; ] days before each interest payment date and at such other times as the Trustee may request in
      writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 2.07.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Transfer and Exchange</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">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.&#160; To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar's
      request.&#160; Any exchange or transfer shall be without charge, except that the Company or the Registrar may require payment of a sum sufficient to cover any tax or other governmental charge required by law; provided that this sentence shall not apply to
      any exchange pursuant to Section 2.11, 2.08, 3.06 or 9.06.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of
      business [&#160; ] days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange
      Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.</div>
    <div style="text-align: left; text-indent: 70pt;">All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt and entitled to the same benefits under this Indenture, as the
      Securities surrendered upon such transfer or exchange.&#160; Any Registrar appointed pursuant to Section 2.04 shall provide to the Trustee such information as the Trustee may reasonably require in connection with the delivery by such Registrar of
      Securities upon transfer or exchange of Securities.&#160; Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder's Security in violation of
      any provision of this Indenture and/or applicable U.S. federal or state securities law.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">11</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 2.08.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Mutilated, Destroyed, Lost and Stolen Securities</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If any mutilated Security is surrendered to the Registrar, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same
      Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If there shall be delivered to the Company and the Registrar (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity
      as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Registrar that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon
      its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously
      outstanding.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new
      Security, pay such Security.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed
      in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of
      the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series
      duly issued hereunder.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
      destroyed, lost or stolen Securities.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 2.09.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Outstanding Securities</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions
      in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide
      purchaser.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds on the Maturity of Securities of a Series money sufficient to pay such Securities
      payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">12</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">A Security does not cease to be outstanding because the Company or an Affiliate holds the Security.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver
      hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of
      acceleration of the Maturity thereof pursuant to Section 6.02.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 2.10.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Treasury Securities</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or
      waiver Securities of a Series owned by the Company or an Affiliate shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice,
      consent or waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 2.11.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Temporary Securities</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary securities upon a Company Order ("Temporary Securities").&#160;
      Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.&#160; Without unreasonable delay, the Company shall prepare and the Trustee upon
      written request shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities.&#160; Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive
      Securities.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 2.12.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Cancellation</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company at any time may deliver Securities to the Trustee for cancellation.&#160; The Registrar and the Paying Agent shall forward to the Trustee or its agent any Securities
      surrendered to them for transfer, exchange, payment or conversion.&#160; The Trustee and no one else shall cancel, in accordance with its standard procedures, all Securities surrendered for transfer, exchange, payment, conversion or cancellation and shall
      deliver the cancelled Securities to the Company.&#160; No Security shall be authenticated in exchange for any Security cancelled pursuant to this Section 2.12.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company may, to the extent permitted by law, purchase Securities in the open market or by tender offer at any price or by private agreement.&#160; Any Securities purchased or
      otherwise acquired by the Company or any of its Subsidiaries prior to the final maturity of such Securities may, to the extent permitted by law, be reissued or resold or may, at the option of the Company, be surrendered to the Trustee for
      cancellation.&#160; Any Securities surrendered for cancellation may not be reissued or resold and shall be promptly cancelled by the Trustee, and the Company may not hold or resell such Securities or issue any new Securities to replace any such
      Securities.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">13</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 2.13.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Defaulted Interest</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If the Company defaults in a payment of interest on a Series of Securities, it shall pay defaulted interest, plus, to the extent permitted by law, any interest payable on the
      defaulted interest at the Default Rate, to the persons who are Security holders of the Series on a subsequent special record date.&#160; The Company shall fix the record date and payment date.&#160; At least [&#160; ] days before the record date, the Company shall
      mail to the Trustee and the Paying Agent and to each Securityholder of the Series a notice that states the record date, the payment date and the amount of interest to be paid.&#160; The Company may pay defaulted interest in any other lawful manner.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 2.14.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Global Securities</u>.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>A Board Resolution, a supplemental indenture hereto or an Officers' Certificate shall establish whether
      the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depository for such Global Security or Securities.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 35pt; TEXT-INDENT: 35pt">&#160;(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.43pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>(i)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding
      any provisions to the contrary contained in Section 2.07 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.07 of the Indenture for Securities registered in the names of Holders other than the
      Depository for such Security or its nominee only if (A) such Depository notifies the Company that it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency registered
      under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository within 90 days of such event, (B) the Company executes and delivers to the Trustee an Officers' Certificate to the effect that such Global Security shall
      be so exchangeable or (C) an Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
      <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Except as provided in this Section 2.14(b), a Global Security may not be transferred except as a
        whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor
        Depository or a nominee of such a successor Depository.</div>
      <div style="margin-bottom: 12pt;">
        <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Securities issued in exchange for a Global Security or any portion thereof shall be issued in
          definitive, fully registered form, without interest coupons, shall have an aggregate principal amount equal to that of such Global Security or portion thereof to be so exchanged, shall be registered in such names and be in such authorized
          denominations as the Depository shall designate and shall bear the applicable legends provided for herein.&#160; Any Global Security to be exchanged in whole shall be surrendered by the Depository to the Trustee, as Registrar.&#160; With regard to any
          Global Security to be exchanged in part, either such Global Security shall be so surrendered for exchange or, if the Registrar is acting as custodian for the Depository or its nominee with respect to such Global Security, the principal amount
          thereof shall be reduced by an amount equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee.&#160; Upon any such surrender or adjustment, the Trustee shall authenticate and deliver
          the Security issuable on such exchange to or upon the order of the Depository or an authorized representative thereof.</div>
        <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(iv)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The registered Holder may grant proxies and otherwise authorize any Person, including participants
          in the Depository and persons that may hold interests through participants in the Depository, to take any action which a Holder is entitled to take under this Indenture or the Securities.</div>
        <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(v)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>In the event of the occurrence of any of the events specified in 2.14(b)(i), the Company will
          promptly make available to the Trustee a reasonable supply of Certificated Securities in definitive, fully registered form, without interest coupons.&#160; If (A) an event described in Section 2.14(b)(i)(A) or (B) occurs and definitive Certificated
          Securities are not issued promptly to all beneficial owners or (B) the Registrar receives from a beneficial owner instructions to obtain definitive Certificated Securities due to an event described in Section 2.14(b)(i)(C) and definitive
          Certificated Securities are not issued promptly to any such beneficial owner, the Company expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 6.07 hereof, the right of any beneficial owner of
          Securities to pursue such remedy with respect to the portion of the Global Security that represents such beneficial owner's Securities as if such definitive certificated Securities had been issued.</div>
        <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(vi)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding any provision to the contrary in this Indenture, so long as a Global Security
          remains outstanding and is held by or on behalf of the Depository, transfers of a Global Security, in whole or in part, or of any beneficial interest therein, shall only be made in accordance with Section 2.07, this Section 2.14(b) and the rules
          and procedures of the Depository for such Global Security to the extent applicable to such transaction and as in effect from time to time.</div>
      </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Any Global Security issued hereunder shall bear a legend in substantially the following form:</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository or a nominee of the Depository.&#160; This
      Security is exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository to a
      nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository."</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any
      request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">14</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(e)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by
      Section 2.02, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof at their registered office.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(f)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>At all times the Securities are held in book-entry form with a Depository, (i) the Trustee may deal with
      such Depository as the authorized representative of the Holders, (ii) the rights of the Holders shall be exercised only through the Depository and shall be limited to those established by law and agreement between the Holders and the Depository
      and/or direct participants of the Depository, (iii) the Depository will make book-entry transfers among the direct participants of the Depository and will receive and transmit distributions of principal and interest on the Securities to such direct
      participants; and (iv) the direct participants of the Depository shall have no rights under this Indenture, or any supplement hereto, under or with respect to any of the Securities held on their behalf by the Depository, and the Depository may be
      treated by the Trustee and its agents, employees, officers and directors as the absolute owner of the Securities for all purposes whatsoever.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 2.15.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>CUSIP Numbers</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company in issuing the Securities may use "CUSIP", "CCN", "ISIN" or other identification numbers (if then generally in use), and, if so, the Trustee shall use "CUSIP", "CCN",
      "ISIN" or such other identification numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as
      contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.</div>
    <div style="margin-bottom: 12pt; text-align: center;">ARTICLE III<br>
      <br>
      REDEMPTION</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 3.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Notice to Trustee</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">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.&#160; If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all
      or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee and Registrar in writing of the redemption date and the principal amount of Series of Securities to be redeemed.&#160; The Company shall give the
      notice at least [&#160; ] days before the redemption date (or such shorter notice as may be acceptable to the Trustee and Registrar).</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 3.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Selection of Securities to be Redeemed</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers' Certificate, if less than all the Securities of a Series are to be
      redeemed, the Registrar shall select the Securities of the Series to be redeemed in accordance with its customary procedures.&#160; The Registrar shall make the selection from Securities of the Series outstanding not previously called for redemption.&#160; The
      Registrar may select for redemption portions of the principal of Securities of the Series that have denominations larger than $1,000.&#160; Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000
      or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.02(g), the minimum principal denomination for each Series and integral multiples thereof.&#160; Provisions of this Indenture that apply to Securities of a
      Series called for redemption also apply to portions of Securities of that Series called for redemption.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">15</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 3.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Notice of Redemption</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers' Certificate, at least [&#160; ] days but not more than [&#160; ] days
      before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The notice shall identify the Securities of the Series to be redeemed and shall state:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the redemption date;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the redemption price;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the name and address of the Paying Agent;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the
      redemption price;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(e)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>that interest on Securities of the Series called for redemption ceases to accrue on and after the
      redemption date; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(f)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any other information as may be required by the terms of the particular Series or the Securities of a
      Series being redeemed.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">At the Company's written request, the Trustee shall distribute the notice of redemption prepared by the Company in the Company's name and at its expense.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 3.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Effect of Notice of Redemption</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Once notice of redemption is mailed or published as provided in Section 3.03, Securities of a Series called for redemption become due and payable on the redemption date and at the
      redemption price.&#160; A notice of redemption may not be conditional.&#160; Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">16</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 3.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Deposit of Redemption Price</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">On or before the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to
      be redeemed on that date.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 3.06.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Securities Redeemed in Part</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal
      amount to the unredeemed portion of the Security surrendered.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; text-align: center;">ARTICLE IV<br>
      <br>
      COVENANTS</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 4.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Payment of Principal and Interest</u>.</div>
    <div style="text-align: left; text-indent: 72pt;">The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series
      in accordance with the terms of such Securities and this Indenture.</div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 72pt;">Unless otherwise provided under the terms of a particular Series of Securities:</div>
    <div><br>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an installment of principal or interest shall be considered paid on the date it is due if the Paying Agent
      (other than the Company) holds by [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font>] [a].m., New York City time, on that date money, deposited by the Company or an Affiliate thereof, sufficient to pay such installment.&#160; The Company shall
      (in immediately available funds), to the fullest extent permitted by law, pay interest on overdue principal and overdue installments of interest at the rate borne by the Securities per annum; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>payment of the principal of and interest on the Securities shall be made at the office or agency of the
      Company maintained for that purpose in [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font>] (which shall initially be [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font>], the Paying Agent) in such coin or currency of the United
      States of America as at the time of payment is legal tender for payment of public and private debts; <font style="font-style: italic;">provided, however</font>, that at the option of the Company payment of interest may be made by check mailed to the
      address of the Person entitled thereto as such address appears in the register; <font style="font-style: italic;">provided, further</font>, that a Holder with an aggregate principal amount in excess of $[] will be paid by wire transfer in
      immediately available funds at the election of such Holder if such Holder has provided wire transfer instructions to the Company at least [&#160; ] Business Days prior to the payment date.</div>
    <div><br>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 4.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>SEC Reports</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">So long as any Securities are outstanding, the Company shall (i) file with the SEC within the time periods prescribed by its rules and regulations and (ii) furnish to the Trustee
      and the Holders of the Securities within [&#160; ] days after the date on which the Company would be required to file the same with the SEC pursuant to its rules and regulations (giving effect to any grace period provided by Rule 12b-25 under the Exchange
      Act), all quarterly and annual financial information required to be furnished or filed with the SEC pursuant to Section 13 and Section 15(d) of the Exchange Act and, with respect to the annual consolidated financial statements only, a report thereon
      by the Company's independent auditors.&#160; The Company also shall comply with the other provisions of TIA Section 314(a).</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">17</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Delivery of such reports, information and documents to the Trustee is for informational purposes only, and the Trustee's receipt of such shall not constitute constructive notice of
      any information contained therein or determinable from information contained therein, including the Company's compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers' Certificates).&#160; The
      Company shall not be required to file any report or other information with the SEC if the SEC does not permit such filing, although such reports shall be furnished to the Trustee.&#160; Documents filed by the Company with the SEC via the SEC's EDGAR
      system (or any successor thereto) will be deemed furnished to the Trustee and the Holders of the Securities as of the time such documents are filed via EDGAR (or such successor).</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 4.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Compliance Certificate</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company shall deliver to the Trustee, within [&#160;&#160; ] days after the end of each fiscal year of the Company, an officers certificate signed by two of the Company's officers stating
      that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and
      fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this
      Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he may have
      knowledge in reasonable detail and the efforts to remedy the same).&#160; For purposes of this Section 4.03, compliance shall be determined without regard to any grace period or requirement of notice provided pursuant to the terms of this Indenture.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company shall deliver to the Trustee, within [&#160; ] days after the occurrence thereof, written notice in the form of an Officers' Certificate of any Event of Default described in
      Section 6.01(e), (f), (g) or (h) and any event of which it becomes aware that with the giving of notice or the lapse of time would become such an Event of Default, its status and what action the Company is taking or proposes to take with respect
      thereto.&#160; For the avoidance of doubt, a breach of a covenant under an Instrument that is not a payment default and that has not given rise to a right of acceleration under such Instrument shall not trigger the requirement to provide notice under this
      paragraph.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">18</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 4.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Stay, Extension and Usury Laws</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage
      of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby
      expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every
      such power as though no such law has been enacted.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 4.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Corporate Existence</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the corporate,
      partnership or other existence of each Subsidiary in accordance with the respective organizational documents of each Subsidiary and the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however,
      that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any Subsidiary, if the Board of Directors shall determine that the preservation thereof is no longer
      desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 4.06.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Taxes</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company shall, and shall cause each of its Subsidiaries to, pay prior to delinquency all taxes, assessments and governmental levies, except as contested in good faith and by
      appropriate proceedings.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 4.07.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Additional Interest Notice</u><font style="font-style: italic;">.</font></div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">In the event that the Company is required to pay additional interest to Holders of Securities pursuant to Section 6.02(b) hereof, the Company shall provide a direction or order in
      the form of a written notice to the Trustee (and if the Trustee is not the Paying Agent, the Paying Agent) of the Company's obligation to pay such additional interest no later than [&#160;&#160; ] Business Days prior to date on which any such additional
      interest is scheduled to be paid.&#160; Such notice shall set forth the amount of additional interest to be paid by the Company on such payment date and direct the Trustee (or, if the Trustee is not the Paying Agent, the Paying Agent) to make payment to
      the extent it receives funds from the Company to do so.&#160; The Trustee shall not at any time be under any duty or responsibility to any Holder to determine whether additional interest is payable, or with respect to the nature, extent, or calculation of
      the amount of additional interest owed, or with respect to the method employed in such calculation of additional interest.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 4.08.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Further Instruments and Acts</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this
      Indenture.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">19</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="margin-bottom: 12pt; text-align: center;">ARTICLE V<br>
      <br>
      SUCCESSORS</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 5.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>When Company May Merge, Etc</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company shall not consolidate with, enter into a binding share exchange, or merge into any other Person in a transaction in which it is not the surviving entity, or sell,
      assign, convey, transfer or lease or otherwise dispose of all or substantially all of its properties and assets to any Person (a "successor person"), unless:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the successor person (if any) is a corporation, partnership, trust or other entity organized and validly
      existing under the laws of the Republic of the Marshall Islands, [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font>], the United States, any state of the United States or the District of Columbia and expressly assumes by a supplemental
      indenture executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, and any interest on, all Securities and the performance or observance of every covenant of this Indenture on the
      part of the Company to be performed or observed;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred
      and be continuing; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee, prior to the consummation of the proposed transaction, an
      Officers' Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and such supplemental indenture comply with this Indenture.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 5.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Successor Corporation Substituted</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01, the
      successor person formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the
      Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor company in the case of a sale, lease, conveyance or other disposition of all or substantially
      all of the assets of the Company shall not be released from the obligation to pay the principal of and interest, if any, on the Securities.</div>
    <div style="margin-bottom: 12pt; text-align: center;">ARTICLE VI<br>
      <br>
      DEFAULTS AND REMEDIES</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 6.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Events of Default</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">"Event of Default," wherever used herein with respect to securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental
      indenture or Officers' Certificate, it is provided that such Series shall not have the benefit of said Event of Default:</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">20</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>default in the payment of any interest on any Security of that Series when it becomes due and payable, and
      continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days); or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>default in the payment of any principal of any Security of that Series at its Maturity; or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>default in the deposit of any sinking fund payment, when and as due in respect of any Security of that
      Series; or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company fails to perform or comply with any of its other covenants or agreements contained in the
      Securities or in this Indenture (other than a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (a), (b) or (c) of this Section 6.01) and the default continues for 60 days after notice is given
      as specified below;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(e)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any indebtedness under any bond, debenture, note or other evidence of indebtedness for money borrowed by
      the Company or any Subsidiary or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by, or any other payment obligation of, the Company or any
      Subsidiary (an "Instrument") with a principal amount then, individually or in the aggregate, outstanding in excess of $[], whether such indebtedness now exists or shall hereafter be created, is not paid at Maturity or when otherwise due or is
      accelerated, and such indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within a period of 30 days after there shall have been given, by registered or certified mail, to the Company by the Trustee
      or to the Company and the Trustee by the Holders of at least [&#160; ]% in aggregate principal amount of the outstanding Securities of that Series a written notice specifying such default and requiring the Company to cause such indebtedness to be
      discharged or cause such default to be cured or waived or such acceleration to be rescinded or annulled and stating that such notice is a "Notice of Default" hereunder.&#160; A payment obligation (other than indebtedness under any bond, debenture, note or
      other evidence of indebtedness for money borrowed by the Company or any Subsidiary or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the
      Company or any Subsidiary) shall not be deemed to have matured, come due, or been accelerated to the extent that it is being disputed by the relevant obligor or obligors in good faith.&#160; For the avoidance of doubt, the Maturity of an Instrument is the
      Maturity as set forth in that Instrument, as it may be amended from time to time in accordance with the terms of that Instrument;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(f)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company or any Subsidiary fails to pay one or more final and non-appealable judgments entered by a
      court or courts of competent jurisdiction, the aggregate uninsured or unbonded portion of which is in excess of $[], if the judgments are not paid, discharged, waived or stayed within [&#160; ] days;</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">21</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(g)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company or any Subsidiary of the Company, pursuant to or within the meaning of any Bankruptcy Law:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: 64.8pt">(i)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>commences a voluntary case or proceeding;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
      <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>consents to the entry of an order for relief against it in an involuntary case or proceeding;</div>
      <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>consents to the appointment of a Custodian of it or for all or substantially all of its property;
        or</div>
      <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(iv)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>makes a general assignment for the benefit of its creditors; or</div>
      <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(v)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>or generally is unable to pay its debts as the same become due; or</div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(h)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
      <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(i)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>is for relief against the Company or any of its Subsidiaries in an involuntary case or proceeding;</div>
      <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>appoints a Custodian of the Company or any of its Subsidiaries for all or substantially all of the
        property of the Company or any such Subsidiary; or</div>
      <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>orders the liquidation of the Company or any of its Subsidiaries;</div>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">and the case of each of clause (i), (ii) and (iii), the order or decree remains unstayed and in effect for [&#160; ] consecutive days; or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(i)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any other Event of Default provided with respect to Securities of that Series, which is specified in a
      Board Resolution, a supplemental indenture hereto or an Officers' Certificate, in accordance with Section 2.02(i).</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 36pt;">A default under clause (d) above is not an Event of Default until the Trustee notifies the Company, or the Holders of at least [&#160; ]% in aggregate principal amount of the Securities
      then outstanding notify the Company and the Trustee, in writing of the default, and the Company does not cure the default within 60 days after receipt of such notice.&#160; The notice given pursuant to this Section 6.01 must specify the default, demand
      that it be remedied and state that the notice is a "Notice of Default."&#160; When any default under this Section 6.01 is cured, it ceases.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Trustee shall not be charged with knowledge of any Event of Default unless written notice thereof shall have been given to a Trust Officer at the Corporate Trust Office of the
      Trustee by the Company, a Paying Agent, any Holder or any agent of any Holder.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 6.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Acceleration of Maturity; Rescission and Annulment</u>.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">22</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>If an Event of Default (other than an Event of Default specified in clause (g) or (h) of Section 6.01)
      occurs and is continuing with respect to any Securities of any Series, then in every such case, the Trustee may, by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Securities of that Series (or, if any
      Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) then outstanding may, by notice to the Company and the Trustee, declare all unpaid principal of, and accrued
      and unpaid interest on to the date of acceleration, the Securities of that Series then outstanding (if not then due and payable) to be due and payable upon any such declaration, and the same shall become and be immediately due and payable.&#160; If an
      Event of Default specified in clause (g) or (h) of Section 6.01 occurs, all unpaid principal of the Securities then outstanding, and all accrued and unpaid interest thereon to the date of acceleration, shall ipso facto become and be immediately due
      and payable without any declaration or other act on the part of the Trustee or any Holder.&#160; The Holders of a majority in aggregate principal amount of the Securities of that Series then outstanding by notice to the Trustee may rescind an acceleration
      of such Securities of that Series and its consequences if (a) all existing Events of Default, other than the nonpayment of the principal of the Securities which has become due solely by such declaration of acceleration, have been cured or waived; (b)
      to the extent the payment of such interest is lawful, interest (calculated at the Default Rate) on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; (c) the
      rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (d) all payments due to the Trustee and any predecessor Trustee under Section 7.07 have been made.&#160; No such rescission shall affect any subsequent
      default or impair any right consequent thereto.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding any of provision of this Article 6, at the election of the Company in its sole discretion,
      the sole remedy under this Indenture for an Event of Default relating to the failure to comply with Section 4.02, and for any failure to comply with the requirements of Section 314(a)(1) of the TIA, will consist, for the 180 days after the occurrence
      of such an Event of Default, exclusively of the right to receive additional interest on the Securities at a rate equal to 0.50% per annum of the aggregate principal amount of the Securities then outstanding up to, but not including, the 181st day
      thereafter (or, if applicable, the earlier date on which the Event of Default relating to Section 4.02 is cured or waived).&#160; Any such additional interest will be payable in the same manner and on the same dates as the stated interest payable on the
      Securities.&#160; In no event shall additional interest accrue under the terms of this Indenture at a rate in excess of 0.50% per annum, in the aggregate, for any violation or default caused by the failure of the Company to be current in respect of its
      Exchange Act reporting obligations.&#160; If the Event of Default is continuing on the 181st day after an Event of Default relating to a failure to comply with Section 4.02, the Securities will be subject to acceleration as provided in this Section 6.02.&#160;
      The provisions of this Section 6.02(b) will not affect the rights of Holders in the event of the occurrence of any other Events of Default.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">In order to elect to pay additional interest as the sole remedy during the first 180 days after the occurrence of an Event of Default relating to the failure to comply with Section
      4.02 in accordance with the immediately preceding paragraph, the Company shall notify all Holders and the Trustee and Paying Agent of such election on or before the close of business on the fifth Business Day after the date on which such Event of
      Default otherwise would occur.&#160; Upon a failure by the Company to timely give such notice or pay additional interest, the Securities will be immediately subject to acceleration as otherwise provided in this Section 6.02.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">23</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 6.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Collection of Indebtedness and Suits for
        Enforcement by Trustee</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the
      rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this
      Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If an Event of Default in the payment of principal, interest, if any, specified in clause (a) or (b) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in
      its own name and as trustee of an express trust against the Company or another obligor on the Securities for the whole amount of principal, and accrued interest remaining unpaid, if any, together with, to the extent that payment of such interest is
      lawful, interest on overdue principal, on overdue installments of interest, if any, in each case at the Default Rate, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
      expenses, disbursements and advances of the Trustee, its agents and counsel.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 6.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Trustee May File Proofs of Claim</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
      Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by
      declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of
      the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
      agents and counsel) and of the Holders allowed in such judicial proceeding, and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to collect and receive any moneys or other property payable or deliverable on any such claims and to
      distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that
      the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
      amounts due the Trustee under Section 7.07.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">24</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
      adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 6.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Trustee May Enforce Claims Without Possession of
        Securities</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the
      production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the
      reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 6.06.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Application of Money Collected</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of
      such money on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: and</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;"><font style="font-style: italic;">First</font>: To the payment of all amounts due the Trustee under Section 7.07;</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;"><font style="font-style: italic;">Second</font>: To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the
      benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;"><font style="font-style: italic;">Third</font>: To the Company.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 6.07.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Limitation on Suits</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver
      or trustee, or for any other remedy hereunder (except actions for payment of overdue principal and interest), unless:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such Holder has previously given written notice to the Trustee of a continuing Event of Default with
      respect to the Securities of that Series;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Holders of not less than [&#160; ]% in principal amount of the outstanding Securities of that Series shall
      have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such Holder or Holders have offered to the Trustee indemnity satisfactory to it against the costs,
      expenses and liabilities to be incurred in compliance with such request;</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">25</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee for [&#160; ] days after its receipt of such notice, request and offer of indemnity has failed to
      institute any such proceeding; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(e)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>no direction inconsistent with such written request has been given to the Trustee during such [&#160; ]-day
      period by the Holders of a majority in principal amount of the outstanding Securities of that Series; it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of,
      any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in
      the manner herein provided and for the equal and ratable benefit of all such Holders.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 6.08.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Unconditional Right of Holders to Receive Principal
        and Interest</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of
      and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall
      not be impaired without the consent of such Holder.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 6.09.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Restoration of Rights and Remedies</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason,
      or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former
      positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 6.10.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Rights and Remedies Cumulative</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.08, no right or remedy herein conferred upon
      or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or
      now or hereafter existing at law or in equity or otherwise.&#160; The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 6.11.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Delay or Omission Not Waiver</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">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.&#160; Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the
      Trustee or by the Holders, as the case may be.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">26</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 6.12.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Control by Holders</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for
      any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such direction shall not be in conflict with any rule of law or with this Indenture,</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such
      direction; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>subject to the provisions of Section 6.01, the Trustee shall have the right to decline to follow any such
      direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability or would be unduly prejudicial to the rights of another Holder or the
      Trustee.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 6.13.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Waiver of Past Defaults</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Subject to Section 9.02, the Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities
      of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in
      principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration).&#160; Upon any such waiver, such Default shall cease to exist, and
      any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 6.14.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Undertaking for Costs</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">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' fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party
      litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than [&#160; ]% in
      principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in
      such Security (or, in the case of redemption, on the redemption date).</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">27</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="margin-bottom: 12pt; text-align: center;">ARTICLE VII<br>
      <br>
      TRUSTEE</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 7.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Duties of Trustee</u>.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers
      vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of his own affairs.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Except during the continuance of an Event of Default:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
      <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(i)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee&#160; need perform only those duties that are specifically set forth in this Indenture and
        no implied duties, covenants or obligations shall be deemed to be imposed upon the Trustee.</div>
      <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
        statements and the correctness of the opinions expressed therein, upon Officers' Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officers'
        Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers' Certificates and Opinions of Counsel to determine whether or not they conform on
        their face to the requirements of this Indenture.</div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may not be relieved from liability for its own its own negligent action, its own negligent
      failure to act or willful misconduct, except that:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
      <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(i)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>This paragraph does not limit the effect of paragraph (b) of Section 7.01 herein.</div>
      <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable for any error of judgment made in good faith by a Responsible
        Officer.</div>
      <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken
        by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any
        proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.</div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b)
      and (c) of this Section.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">28</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(e)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may refuse to perform any duty or exercise any right or power unless it receives an indemnity
      satisfactory to it against any loss, liability or expense.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(f)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree
      in writing with the Company.&#160; Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(g)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>No provision of this Indenture shall require the Trustee to risk or expend its own funds or otherwise
      incur liability, financial or otherwise, in the performance of any of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it
      against such risk is not reasonably assured to it.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(h)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Paying Agent, the Registrar and any authenticating agent shall be entitled to the same rights,
      indemnities, protections and immunities afforded to the Trustee.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(i)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall have no duty to monitor the performance or compliance of the Company with its
      obligations hereunder or any under supplement hereto, nor shall it have any liability in connection with the malfeasance or nonfeasance by the Company.&#160; The Trustee shall have no liability in connection with compliance by the Company with statutory
      or regulatory requirements related to this Indenture, any supplement or any Securities issued pursuant hereto or thereto.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 7.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Rights of Trustee</u>.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may conclusively rely on and shall be fully protected in acting or refraining from acting as a
      result of its reasonable belief that any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, direction, approval or other paper or document was genuine and had been signed or presented by the proper
      person.&#160; The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it sees fit.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Before the Trustee acts or refrains from acting, it may require an Officers' Certificate or an Opinion of
      Counsel or both.&#160; The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers' Certificate or Opinion of Counsel.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may act through agents and shall not be responsible for the misconduct or negligence of, or
      for the supervision of, any agent appointed with due care.&#160; No Depository shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depository.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes
      to be authorized or within its rights or powers.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(e)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of
      Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">29</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(f)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by or
      pursuant to this Indenture at the request, order or direction of any of the Holders of Securities, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities
      which might be incurred by it in compliance with such request or direction.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 7.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Individual Rights of Trustee</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate with the same rights it
      would have if it were not Trustee.&#160; Any Agent may do the same with like rights.&#160; The Trustee is also subject to Sections 7.10 and 7.11.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 7.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Trustee's Disclaimer</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities and the recitals contained herein and in the Securities shall be taken as
      statements of the Company and not of the Trustee, and the Trustee has no responsibility for such recitals. The Trustee shall not be accountable for the Company's use or application of the proceeds from the Securities or for monies paid over to the
      Company pursuant to this Indenture, and it shall not be responsible for any statement in the Securities other than its authentication.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 7.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Notice of Defaults</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if a Responsible Officer of the Trustee has knowledge or receives written
      notice of such event, the Trustee shall mail to each Securityholder of the Securities of that Series, notice of a Default or Event of Default within [&#160; ] days after it occurs or, if later, after a Responsible Officer of the Trustee has actual
      knowledge of such Default or Event of Default.&#160; Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, including any additional interest that may become payable pursuant to Section
      6.02(b), the Trustee may withhold the notice so long as the Trustee in good faith determines that withholding the notice is in the interests of Securityholders of that Series.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 7.06.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Reports by Trustee to Holders</u>.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">Within [&#160; ] days after [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.02pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>] 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 [], in accordance with, and to the extent required under, TIA Section 313.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each stock exchange on which the Securities of that Series are
      listed.&#160; The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">30</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 7.07.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Compensation and Indemnity</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company shall pay to the Trustee from time to time such compensation for its services as shall be agreed upon in writing.&#160; The Trustee's compensation shall not be limited by any
      law on compensation of a trustee of an express trust.&#160; The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred by it.&#160; Such expenses shall include the reasonable compensation
      and expenses of the Trustee's agents, counsel and other persons not regularly in its employ.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company shall indemnify, defend and hold harmless the Trustee and its officers, directors, employees, representatives and agents, from and against and reimburse the Trustee for
      any and all claims, expenses, obligations, liabilities, losses, damages, injuries (to person, property, or natural resources), penalties, stamp or other similar taxes, actions, suits, judgments, reasonable costs and expenses (including reasonable
      attorney's and agent's fees and expenses) of whatever kind or nature regardless of their merit, demanded, asserted or claimed against the Trustee directly or indirectly relating to, or arising from, claims against the Trustee by reason of its
      participation in the transactions contemplated hereby, including without limitation all reasonable costs required to be associated with claims for damages to persons or property, and reasonable attorneys' and consultants' fees and expenses and court
      costs except to the extent caused by the Trustee's negligence or willful misconduct.&#160; The provisions of this Section 7.07 shall survive the termination of this Agreement or the earlier resignation or removal of the Trustee.&#160; The Company shall defend
      any claim and the Trustee shall cooperate in the defense.&#160; The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel.&#160; The Company need not pay for any settlement made without its consent, which
      consent shall not be unreasonably withheld or delayed.&#160; This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company need not reimburse any expense or indemnify against any loss liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee
      through negligence or bad faith.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">To secure the Company's payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the
      Trustee, except that held in trust to pay principal and interest on particular Securities of that Series.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(f) or (g) occurs, the expenses and the compensation for the services are
      intended to constitute expenses of administration under any Bankruptcy Law.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 7.08.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Replacement of Trustee</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this
      Section.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">31</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company.&#160; 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.&#160; The Company may remove the Trustee with respect to Securities of one or more Series if:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee fails to comply with Section 7.10;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the
      Trustee under any Bankruptcy Law;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a Custodian or public officer takes charge of the Trustee or its property; or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee becomes incapable of acting.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">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.&#160; Within one year after
      the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If a successor Trustee with respect to the Securities of any one or more Series does not take office within [&#160; ] days after the retiring Trustee resigns or is removed, the retiring
      Trustee, the Company or the Holders of at least [&#160; ]% in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.&#160; Immediately after that, the retiring Trustee shall transfer
      all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.07, and subject to the payment of any and all amounts then due and owing to the retiring Trustee, the resignation or removal of the retiring
      Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture.&#160; A successor Trustee shall mail a
      notice of its succession to each Securityholder of each such Series.&#160; Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company's obligations under Section 7.07 hereof shall continue for the benefit of the retiring trustee
      with respect to expenses and liabilities incurred by it prior to such replacement.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 7.09.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Successor Trustee by Merger, etc</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation
      without any further act shall be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee herein.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 7.10.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Eligibility; Disqualification</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5).&#160; 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.&#160; The Trustee shall comply with TIA Section 310(b).</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">32</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 7.11.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Preferential Collection of Claims Against Company</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b).&#160; A Trustee who has resigned or been removed shall be subject to TTA
      Section 311(a) to the extent indicated.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; text-align: center;">ARTICLE VIII<br>
      <br>
      SATISFACTION AND DISCHARGE; DEFEASANCE</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 8.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Satisfaction and Discharge of Indenture</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.01), and the Trustee, on the demand of and at the expense of
      the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>either</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
      <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(i)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;</font>all Securities theretofore authenticated and delivered (other than Securities that have been
        destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or</div>
      <div style="margin-bottom: 12pt; margin-left: 36pt; text-indent: 64.8pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>all such Securities not theretofore delivered to the Trustee for cancellation have become due and
        payable, or</div>
      <div style="margin-bottom: 12pt;">
        <div style="margin-bottom: 12pt; margin-left: 72pt; text-indent: 61.2pt;">(1)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.2pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>have become due and payable, or</div>
        <div style="margin-bottom: 12pt; margin-left: 72pt; text-indent: 61.2pt;">(2)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.2pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>will become due and payable at their Stated Maturity within [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font>], or</div>
        <div style="margin-bottom: 12pt; margin-left: 72pt; text-indent: 61.2pt;">(3)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.2pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>are to be called for redemption within [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt">&#160;&#160;</font>]
          under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or</div>
        <div style="margin-bottom: 12pt; margin-left: 72pt; text-indent: 61.2pt;">(4)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.2pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>are deemed paid and discharged pursuant to section 8.03, as applicable; and the Company, in the
          case of (1), (2) or (3) above, has deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to
          the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case
          may be;</div>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">33</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company has paid or caused to be paid all other sums payable hereunder by the Company; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each meeting
      the applicable requirements of Sections 10.04 and 10.05 and each stating that all conditions precedent herein relating to the satisfaction and discharge of this Indenture have been complied with and the Trustee receives written demand from the
      Company to discharge.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.07, and, if money shall have been deposited with the
      Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.04, 2.07, 2.08, 8.01 8.02 and 8.05 shall survive.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 8.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Application of Trust Funds; Indemnification</u>.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Subject to the provisions of Section 8.05, all money deposited with the Trustee pursuant to Section 8.01,
      all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations
      deposited with the Trustee pursuant to Section 8.03 or 8.04, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the
      Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund
      payments or analogous payments as contemplated by Sections 8.03 or 8.04.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Company shall pay and shall indemnify the Trustee and the Agents against any tax, fee or other charge
      imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.03 or 8.04 or the interest and principal received in respect of such obligations other than any payable by or on behalf of
      Holders.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall, in accordance with the terms of this Indenture, deliver or pay to the Company from time
      to time, upon Company Request and at the expense of the Company any U.S. Government Obligations or Foreign Government Obligations or money held by it pursuant to this Indenture as provided in Sections 8.03 or 8.04 which, in the opinion of a
      nationally recognized firm of independent certified public accountants, expressed in a written certification thereof and delivered to the Trustee together with such Company Request, are then in excess of the amount thereof which then would have been
      required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received.&#160; This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations
      or Foreign Government Obligations held under this Indenture.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">34</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 8.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Legal Defeasance of Securities of any Series</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Unless this Section 8.03 is otherwise specified, pursuant to Section 2.02(s), to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged
      the entire indebtedness on all the outstanding Securities of such Series on the [&#160;&#160; ] day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such
      Series, shall no longer be in effect (and the Trustee, at the expense of the company, shall, at Company Request, execute proper instruments acknowledging the same), except as to:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the rights of Holders of Securities of such Series to receive, from the trust funds described in
      subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal or interest and (ii) the
      benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the provisions of Sections 2.04, 2.07, 2.08, 2.14, 8.02, 8.03 and 8.05; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the rights, powers, trust and immunities of the Trustee hereunder; provided that, the following conditions
      shall have been satisfied:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have deposited or caused to be deposited irrevocably with the Paying Agent as trust
      funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities in the case of Securities of such Series denominated in Dollars, cash in
      Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency),
      money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Paying
      Agent), not later than [&#160;&#160; ] day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to
      the Trustee and the Paying Agent, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on all the Securities of such Series on the dates such installments of interest or
      principal are due;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(e)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or
      any other agreement or instrument to which the Company is a party or by which it is bound;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(f)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>no Default or Event of Default with respect to the Securities of such Series shall have occurred and be
      continuing on the date of such deposit or during the period ending on the [&#160; &#160; ] day after such date;</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">35</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(g)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel to the
      effect that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either
      case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and
      discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(h)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee an Officers' Certificate stating that the deposit was not
      made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(i)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such deposit shall not result in the trust arising from such deposit constituting an investment company
      (as defined in the Investment Company Act of 1940, as amended), or such trust shall be qualified under such Act or exempt from regulation thereunder; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(j)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each
      stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 8.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Covenant Defeasance</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Unless this Section 8.04 is otherwise specified pursuant to Section 2.02(s) to be inapplicable to Securities of any Series, on and after the [&#160; &#160; ] day after the date of the deposit
      referred to in subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set forth under Sections 4.02, 4.03, 4.04, 4.05, 4.06, and 5.01 as well as any additional covenants contained in a supplemental indenture
      hereto for a particular Series of Securities or a Board Resolution or an Officers' Certificate delivered pursuant to Section 2.02(s) (and the failure to comply with any such covenants shall not constitute a Default or Event of Default under Section
      6.01) and the occurrence of any event described in clause (e) of Section 6.01 shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been
      satisfied:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>With reference to this Section 8.04, the Company has deposited or caused to be irrevocably deposited
      (except as provided in Section 8.02(c)) with the Paying Agent as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series
      denominated in Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency
      (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax
      liability will be imposed on such Paying Agent), not later than [&#160;&#160; ] day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed
      in a written certification thereof delivered to the Paying Agent, to pay principal and interest, if any, on and any mandatory sinking fund in respect of the Securities of such Series on the dates such installments of interest or principal are due;</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">36</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or
      any other agreement or instrument to which the Company is a party or by which it is bound;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>No Default or Event of Default with respect to the Securities of such Series shall have occurred and be
      continuing on the date of such deposit or during the period ending on the [&#160; &#160; ] day after such date;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the company shall have delivered to the Trustee an Opinion of Counsel confirming that Holders of the
      Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as
      would have been the case if such deposit and defeasance had not occurred;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(e)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee an Officers' Certificate stating the deposit was not made
      by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(f)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each
      stating that all conditions precedent herein provided for relating to the defeasance contemplated by this Section have been complied with.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 8.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Repayment to Company</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">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.&#160; After that,
      Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person and all liability of the Paying Agent with respect to that money shall cease.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; text-align: center;">ARTICLE IX<br>
      <br>
      AMENDMENTS AND WAIVERS</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 9.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Without Consent of Holders</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to cure any ambiguity, defect or inconsistency;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to comply with Article V;</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">37</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to provide for uncertificated Securities in addition to or in place of certificated Securities;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to make any change that does not adversely affect the rights of any Securityholder;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(e)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to provide for the issuance of and establish the form and terms and conditions of Securities of any Series
      as permitted by this Indenture;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(f)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to
      the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(g)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to comply with requirements of the TIA and any rules promulgated under the TIA; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(h)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to add to the covenants of the Company for the equal and ratable benefit of the Holders or to surrender
      any right, power or option conferred upon the Company.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Any amendment or supplement made solely to conform the provisions of this Indenture or the Securities of any Series to the description thereof contained in the final prospectus
      relating to such Series will be deemed not to adversely affect the rights of any Holder.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 9.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>With Consent of Holders</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities
      of all Series affected by such supplemental indenture, taken together as one class (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or
      changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series.&#160; Except as provided in Section 6.13, the Holders of at
      least a majority in principal amount of the outstanding Securities of all Series affected by such waiver by notice to the Trustee, taken together as one class (including consents obtained in connection with a tender offer or exchange offer for the
      Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">It shall not be necessary for the consent of the Holders of Securities under this Section 9.02 to approve the particular form of any proposed supplemental indenture or waiver, but
      it shall be sufficient if such consent approves the substance thereof.&#160; 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.&#160; Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">38</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 9.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Limitations</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Without the consent of each Securityholder affected, an amendment or waiver may not:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>change the amount of Securities whose Holders must consent to an amendment, supplement or waiver, except
      to increase any such amount or to provide that certain provisions of this Indenture cannot be modified, amended or waived without the consent of the Holder of each outstanding Security affected thereby;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>reduce the amount of interest, or change the interest payment time, on any Security;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>waive a redemption payment or alter the redemption provisions (other than any alteration that would not
      materially adversely affect the legal rights of any Holder under this Indenture) or the price at which the Company is required to offer to purchase the Securities;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone
      the date fixed for, the payment of any sinking fund or analogous obligation;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(e)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>reduce the principal amount payable of any Security upon Maturity;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(f)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>waive a Default or Event of Default in the payment of the principal of or interest, if any, on any
      Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such
      acceleration);</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(g)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>change the place or currency of payment of principal of or interest, if any, on any Security other than
      that stated in the Security;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(h)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>impair the right of any Holder to receive payment of principal or, or interest on, the Securities of such
      Holder on or after the due dates therefor;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(i)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>impair the right to institute suit for the enforcement of any payment on, or with respect to, any
      Security;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(j)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>make any change in Sections 10.15 or 10.16;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(k)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>change the ranking of the Securities; or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(l)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>make any other change which is specified in a Board Resolution, a supplemental indenture hereto or an
      Officers' Certificate as a limitation under this Section.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">For the avoidance of doubt, any amendment or waiver shall always be subject to the consent of the Company.<br>
      <font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font> </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 9.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Compliance with Trust Indenture Act</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">39</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 9.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Revocation and Effect of Consents</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion
      of a Security that evidences the same debt as the consenting Holder's Security, even if notation of the consent is not made on any Security.&#160; However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a
      Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a)
      through (g) of Section 9.03 in that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder's
      Security.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 9.06.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Notation on or Exchange of Securities</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If an amendment, supplement or waiver changes the terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee and the Trustee may place an
      appropriate notation on the Security about the changed terms and return it to the Holder.&#160; Alternatively, if the Company or the Trustee so determines, the Company shall issue and the Trustee shall authenticate upon request new Securities of that
      Series that reflect the changed terms.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 9.07.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Trustee Protected</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this
      Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel or an Officer's Certificate, or both stating that the execution of such supplemental indenture is
      authorized or permitted by this Indenture.&#160; The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects its rights, duties or indemnities.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 9.08.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Effect of Supplemental Indenture</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and each such supplemental indenture shall form part
      of this Indenture for all purposes with respect to the relevant Series; and every Holder of Securities of the relevant Series theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">40</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="margin-bottom: 12pt; text-align: center;">ARTICLE X<br>
      <br>
      MISCELLANEOUS</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Trust Indenture Act Controls</u>.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or
      deemed provision shall control.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Notices</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Any notice or communication by the Company, the Trustee, the Paying Agent or the Registrar to another is duly given if in writing and delivered in person or mailed by first-class
      mail:</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">if to the Company:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">[<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>]<br>
      Attn: [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>]<br>
      Fax: &#160;[<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;</font>]</div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">if to the Trustee:</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">if to the Registrar or Paying Agent:</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt">[<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;</font>]</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt">Attn: [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;</font>]</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt">Fax:&#160; [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>]</div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 72pt;">with copy to:</div>
    <div><br>
    </div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt">[<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>]</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt">Attn: [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;</font>]</div>
    <div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt">Fax:&#160; [<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>]</div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company, the Trustee and each Agent by notice to each other may designate additional or different addresses for subsequent notices or communications.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">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.&#160; Failure to mail a notice or
      communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">41</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If a notice or communication is mailed or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">If the company mails a notice or communication to Securityholders, it will mail a copy to the Trustee and each Agent at the same time.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Whenever a notice is required to be given by the Company, such notice may be given by the Trustee or Registrar on the Company's behalf (and the Company will make any notice it is
      required to give to Holders available on its website).</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Communication by Holders with Other Holders</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this
      Indenture or the Securities of that Series or all Series.&#160; The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c).</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.04.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Certificate and Opinion as to Conditions Precedent</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an Officers' Certificate stating that, in the opinion of the signers, all conditions precedent, if any,
      provided for in this Indenture relating to the proposed action have been complied with; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an Opinion of Counsel stating that, in the opinion of counsel, all such conditions precedent (including
      any covenants, compliance with which constitutes a condition precedent) have been complied with.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.05.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Statements Required in Certificate or Opinion</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section
      314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(a)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a statement that the person making such certificate or opinion has read such covenant or condition;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(b)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a brief statement as to the nature and scope of the examination or investigation&#160; upon which the
      statements or opinions&#160; contained in such certificate or opinion are based;</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">42</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(c)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a statement that, in the opinion of such person, he has made such examination or investigation as is
      necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; TEXT-INDENT: 72pt">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a statement as to whether or not, in the opinion of such person, such condition or covenant has been
      complied with.</div>
    <div style="margin-bottom: 12pt; text-align: left;"><font style="font-style: italic;">provided, however</font>, that with respect to matters of fact an Opinion of Counsel may rely on an Officers' Certificate or certificates of public officials.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.06.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Record Date for Vote or Consent of Holders</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company (or, in the event deposits have been made pursuant to Section 11.02, the Trustee) may set a record date for purposes of determining the identity of Holders entitled to
      vote or consent to any action by vote or consent authorized or permitted under this Indenture, which record date shall not be more than [&#160; ] days prior to the date of the commencement of solicitation of such action.&#160; Notwithstanding the provisions of
      Section 9.05, if a record date is fixed, those persons who were Holders of Securities at the close of business on such record date (or their duly designated proxies), and only those persons, shall be entitled to take such action by vote or consent or
      to revoke any vote or consent previously given, whether or not such persons continue to be Holders after such record date.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.07.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Rules by Trustee and Agents</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series.&#160; Any Agent may make reasonable rules and set reasonable requirements for
      its functions.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.08.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Legal Holidays</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Unless otherwise provided by Board Resolution, Officers' Certificate or supplemental indenture for a particular Series, a "Legal Holiday" is any day that is not a Business Day.&#160; If
      a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.09.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>No Recourse Against Others</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for
      any claim based on, in respect of or by reason of such obligations or their creation.&#160; Each Securityholder by accepting a Security waives and releases all such liability.&#160; The waiver and release are part of the consideration for the issue of the
      Securities.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.10.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Counterparts</u>.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">43</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and
      all of which taken together shall constitute one and the same agreement.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.11.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Governing Laws and Submission to Jurisdiction</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK EXCLUDING ANY RULE OF LAW THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION
      OTHER THAN THE STATE OF NEW YORK.</div>
    <div style="text-align: left; text-indent: 48.95pt;">The Company agrees that any legal suit, action or proceeding arising out of or based upon this Indenture may be instituted in any federal or state court sitting in New York City, and, to the fullest
      extent permitted by law, waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such court in any suit, action or proceeding.&#160; The Company,
      as long as any Securities remain outstanding or the parties hereto have any obligation under this Indenture, shall have an authorized agent in the United States upon whom process may be served in any such legal action or proceeding. Service of
      process upon such agent and written notice of such service mailed or delivered to it shall to the extent permitted by law be deemed in every respect effective service of process upon it in any such legal action or proceeding and, if it fails to
      maintain such agent, any such process or summons may be served by mailing a copy thereof by registered mail, or a form of mail substantially equivalent thereto, addressed to it at its address as provided for notices hereunder. The Company hereby
      appoints Seward &amp; Kissel LLP, One Battery Park Plaza, New York, NY,&#160; 10004, as its agent for such purposes, and covenants and agrees that service of process in any legal action or proceeding may be made upon it at such office of such agent.</div>
    <div><br>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.12.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>No Adverse Interpretation of Other Agreements</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary.&#160; Any such indenture, loan or debt agreement may not be used to
      interpret this Indenture.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.13.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Successors</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">All agreements of the Company in this Indenture and the Securities shall bind its successor.&#160; All agreements of the Trustee in this Indenture shall bind its successor.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.14.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Severability</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall
      not in any way be affected or impaired thereby.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.15.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Table of Contents, Headings, Etc</u>.</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">44</div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be
      considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.16.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Securities in a Foreign Currency or in ECU</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers' Certificate delivered pursuant to Section 2.02 of this Indenture with respect to a
      particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the
      time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars (including ECUs), then the principal amount of Securities of such Series which shall be deemed to be
      outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time.&#160; For purposes of this Section 10.16, "Market Exchange Rate" shall mean the noon Dollar
      buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York; provided, however, in the case of ECUs, Market Exchange Rate shall mean the rate of exchange determined by the Commission of the
      European Union (or any successor thereto) as published in the Official Journal of the European Union (such publication or any successor publication, the "Journal").&#160; If such Market Exchange Rate is not available for any reason with respect to such
      currency, the Trustee shall use, without liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of ECUs, the rate of exchange as published in the Journal, as of the most recent available date, or quotations or,
      in the case of ECUs, rates of exchange from one or more major banks in The City of New York or in the country of issue of the currency in question or, in the case of ECUs, in Luxembourg or such other quotations or, in the case of ECUs, rates of
      exchange as the Trustee, upon consultation with the Company, shall deem appropriate.&#160; The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than
      Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole
      discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 10.17.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Judgment Currency</u>.</div>
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      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">45</div>
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    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">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 "Required Currency") into a currency in which a judgment will be rendered (the "Judgment Currency"), 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.&#160; For purposes of the foregoing, "New York Banking Day" means any day
      except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
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          <tr>
            <td style="WIDTH: 142px">&#160; </td>
            <td style="vertical-align: top; width: 290px; align: right;">SECTION 10.18.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Compliance with Applicable Anti-Terrorism and Money Laundering Regulations</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of
      terrorist activities and money laundering ("Applicable Law"), the Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Trustee.&#160; Accordingly, each of
      the parties agree to provide to the Trustee, upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee to comply with the Applicable Law.</div>
    <div style="margin-bottom: 12pt; text-align: center;">ARTICLE XI<br>
      <br>
      SINKING FUNDS</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 11.01.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Applicability of Article</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of
      Security of such Series issued pursuant to this Indenture.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">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 "mandatory sinking fund payment" and any other
      amount provided for by the terms of Securities of such Series is herein referred to as an "optional sinking fund payment." If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to
      reduction as provided in Section 11.02.&#160; Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the securities of such Series.</div>
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      <div id="DSPFPageNumberArea" style="font-size: 8pt; text-align: center;">46</div>
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    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 11.02.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Satisfaction of Sinking Fund Payments with Securities</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1)
      deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such
      sinking fund payment is applicable and which have been redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional
      sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited.&#160; Such Securities shall be received by the Registrar, together with an Officers'
      Certificate with respect thereto, not later than [&#160; ] days prior to the date on which the Registrar begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Registrar at the price specified in such
      Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.&#160; If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.02,
      the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $[], the Registrar need not call Securities of such Series for redemption, except upon receipt of a Company Order that
      such action be taken, and such cash payment shall be held by the Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Paying Agent shall from time to time upon receipt of a Company Order pay over and
      deliver to the Company any cash payment so being held by the Paying Agent upon delivery by the Company to the Registrar of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be
      released to the Company.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">SECTION 11.03.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Redemption of Securities for Sinking Fund</u>.</div>
    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">Not less than [&#160; ] days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officers' Certificate in respect of a particular Series of Securities)
      prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee and the Paying Agent an Officers' Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series
      pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section
      11.02., and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified.&#160; Not less than [&#160; ] days (unless otherwise indicated in
      the Board Resolution, Officers' Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment
      date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.03.&#160; Such notice having been duly given, the redemption of such
      Securities shall stated in Sections 3.04, 3.05 and 3.06.</div>
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    <div style="margin-bottom: 12pt; text-align: left; text-indent: 72pt;">IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.</div>
    <div><br>
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    </div>
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    </div>
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    </div>
    <div style="text-transform: uppercase; text-align: left;">Euroseas Ltd.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;">By:<u>__________________________</u></div>
    <div><br>
    </div>
    <div style="text-align: left;">Name:</div>
    <div style="text-align: left;">Its:</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="TEXT-ALIGN: left">[<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>]</div>
    <div style="text-align: left;">as Trustee</div>
    <div><br>
    </div>
    <div style="text-align: left;">By:<u>__________________________</u></div>
    <div><br>
    </div>
    <div style="text-align: left;">Name:</div>
    <div style="text-align: left;">Its:</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;">By:<u>__________________________</u></div>
    <div><br>
    </div>
    <div style="text-align: left;">Name:</div>
    <div style="text-align: left;">Its:</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="TEXT-ALIGN: left">[<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>]<br>
      as Registrar and Paying Agent</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;">By:<u>__________________________</u></div>
    <div><br>
    </div>
    <div style="text-align: left;">Name:</div>
    <div style="text-align: left;">Its:</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;">By:<u>__________________________</u></div>
    <div><br>
    </div>
    <div style="text-align: left;">Name:</div>
    <div style="text-align: left;">Its:</div>
    <div><br>
    </div>
    <div style="text-align: left;">&#160;</div>
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<DOCUMENT>
<TYPE>EX-4.6
<SEQUENCE>3
<FILENAME>d8495144_ex4-6.htm
<TEXT>
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  <head>
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    <div style="font-weight: bold; text-align: right; line-height: 13.7pt;">Exhibit 4.6</div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
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    </div>
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    </div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="text-transform: uppercase; text-align: center; line-height: 13.7pt;">Euroseas Ltd.</div>
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    <div style="text-align: center; line-height: 13.7pt;">FORM OF</div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="text-align: center; line-height: 13.7pt;">SUBORDINATED INDENTURE</div>
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    </div>
    <div style="text-align: center; line-height: 13.7pt;">Dated as of [&#160; &#160; &#160; &#160; &#160; ], 20[ ]</div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="text-align: center; line-height: 13.7pt;">[&#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="text-align: center; line-height: 13.7pt;">Trustee</div>
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    </div>
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    </div>
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    </div>
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    </div>
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    </div>
    <div style="text-align: center; line-height: 13.7pt;">TABLE OF CONTENTS</div>
    <div style="text-align: right; line-height: 13.7pt;"><u>PAGE</u></div>
    <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" id="4efadedb017448b2951c03003b43c6de">

        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">1</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 1.01.&#160; Definitions.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">1</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 1.02.&#160; Other Definitions.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">5</div>
          </td>
        </tr>
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          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 1.03.&#160; Incorporation by Reference of Trust Indenture Act.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">5</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 1.04.&#160; Rules of Construction.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">5</div>
          </td>
        </tr>
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          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">ARTICLE II THE SECURITIES</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">5</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 2.01.&#160; Issuable in Series.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">5</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 2.02.&#160; Establishment of Terms of Series of Securities.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">6</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 2.03.&#160; Execution and Authentication.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">7</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 2.04.&#160; Registrar and Paying Agent.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">8</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 2.05.&#160; Paying Agent to Hold Money in Trust.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">8</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 2.06.&#160; Securityholder Lists.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">9</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 2.07.&#160; Transfer and Exchange.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">9</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 2.08.&#160; Mutilated, Destroyed, Lost and Stolen Securities.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">9</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 2.09.&#160; Outstanding Securities.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">10</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 2.10.&#160; Treasury Securities.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">10</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 2.11.&#160; Temporary Securities.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">11</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 2.12.&#160; Cancellation.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">11</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 2.13.&#160; Defaulted Interest.&#160;&#160;&#160; </div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">11</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 2.14.&#160; Global Securities.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">11</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 2.15.&#160; CUSIP Numbers.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">13</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">ARTICLE III REDEMPTION</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">13</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 3.01.&#160; Notice to Trustee.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">13</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 3.02.&#160; Selection of Securities to be Redeemed.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">13</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 3.03.&#160; Notice of Redemption.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">14</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 3.04.&#160; Effect of Notice of Redemption.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">14</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 3.05.&#160; Deposit of Redemption Price.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">14</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 3.06.&#160; Securities Redeemed in Part.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">14</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">ARTICLE IV COVENANTS</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">14</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 4.01.&#160; Payment of Principal and Interest.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">14</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 4.02.&#160; SEC Reports.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">15</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 4.03.&#160; Compliance Certificate.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">15</div>
          </td>
        </tr>

    </table>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
    </div>
    <div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
    </div>
    <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" id="ec075f0afbe340538ab9a8a963323b86">

        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 4.04.&#160; Stay, Extension and Usury Laws.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">16</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 4.05.&#160; Corporate Existence.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">16</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 4.06.&#160; Taxes.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">16</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 4.07.&#160; Additional Interest Notice<font style="font-style: italic;">.</font></div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">16</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 4.08.&#160; Further Instruments and Acts.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">16</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">ARTICLE V SUCCESSORS</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">17</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 5.01.&#160; When Company May Merge, Etc.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">17</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 5.02.&#160; Successor Corporation Substituted.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">17</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">ARTICLE VI DEFAULTS AND REMEDIES</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">17</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 6.01.&#160; Events of Default.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">17</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 6.02.&#160; Acceleration of Maturity; Rescission and Annulment.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">19</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 6.03.&#160; Collection of Indebtedness and Suits for Enforcement by Trustee.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">20</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 6.04.&#160; Trustee May File Proofs of Claim.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">20</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 6.05.&#160; Trustee May Enforce Claims Without Possession of Securities.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">21</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 6.06.&#160; Application of Money Collected.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">21</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 6.07.&#160; Limitation on Suits.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">21</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 6.08.&#160; Unconditional Right of Holders to Receive Principal and Interest.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">22</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 6.09.&#160; Restoration of Rights and Remedies.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">22</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 6.10.&#160; Rights and Remedies Cumulative.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">22</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 6.11.&#160; Delay or Omission Not Waiver.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">22</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 6.12.&#160; Control by Holders.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">23</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 6.13.&#160; Waiver of Past Defaults.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">23</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 6.14.&#160; Undertaking for Costs.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">23</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">ARTICLE VII TRUSTEE</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">23</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 7.01.&#160; Duties of Trustee.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">23</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 7.02.&#160; Rights of Trustee.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">25</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 7.03.&#160; Individual Rights of Trustee.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">25</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 7.04.&#160; Trustee's Disclaimer.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">25</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 7.05.&#160; Notice of Defaults.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">25</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 7.06.&#160; Reports by Trustee to Holders.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">26</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 7.07.&#160; Compensation and Indemnity.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">26</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 7.08.&#160; Replacement of Trustee.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">27</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 7.09.&#160; Successor Trustee by Merger, etc.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">27</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 7.10.&#160; Eligibility; Disqualification.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">28</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">&#160; SECTION 7.11.&#160; Preferential Collection of Claims Against Company.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">28 </div>
          </td>
        </tr>

    </table>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
    </div>
    <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" id="fab5f26cbacf4cd8bcccbb841d2a3a0b">

        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">28</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 8.01.&#160; Satisfaction and Discharge of Indenture.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">28</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 8.02.&#160; Application of Trust Funds; Indemnification.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">29</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 8.03.&#160; Legal Defeasance of Securities of any Series.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">29</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 8.04.&#160; Covenant Defeasance.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">31</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 8.05.&#160; Repayment to Company.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">32</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">ARTICLE IX AMENDMENTS AND WAIVERS</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">32</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 9.01.&#160; Without Consent of Holders.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">32</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 9.02.&#160; With Consent of Holders.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">32</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 9.03.&#160; Limitations.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">33</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 9.04.&#160; Compliance with Trust Indenture Act.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">33</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 9.05.&#160; Revocation and Effect of Consents.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">34</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 9.06.&#160; Notation on or Exchange of Securities.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">34</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 9.07.&#160; Trustee Protected.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">34</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 9.08.&#160; Effect of Supplemental Indenture.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">34</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">ARTICLE X MISCELLANEOUS</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">34</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.01.&#160; Trust Indenture Act Controls.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">34</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.02.&#160; Notices.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">35</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.03.&#160; Communication by Holders with Other Holders.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">35</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.04.&#160; Certificate and Opinion as to Conditions Precedent.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">36</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.05.&#160; Statements Required in Certificate or Opinion.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">36</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.06.&#160; Record Date for Vote or Consent of Holders.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">36</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.07.&#160; Rules by Trustee and Agents.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">36</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.08.&#160; Legal Holidays.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">37</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.09.&#160; No Recourse Against Others.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">37</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.10.&#160; Counterparts.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">37</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.11.&#160; Governing Laws and Submission to Jurisdiction.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">37</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.12.&#160; No Adverse Interpretation of Other Agreements.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">37</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.13.&#160; Successors.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">37</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.14.&#160; Severability.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">38</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.15.&#160; Table of Contents, Headings, Etc.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">38</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.16.&#160; Securities in a Foreign Currency or in ECU.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">38</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.17.&#160; Judgment Currency.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">38</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 10.18.&#160; Compliance with Applicable Anti-Terrorism and Money Laundering Regulations.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">39</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">ARTICLE XI SINKING FUNDS</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">39</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 11.01.&#160; Applicability of Article.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">39</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 11.02.&#160; Satisfaction of Sinking Fund Payments with Securities.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">39</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 88.53%">
            <div style="text-align: left; line-height: 13.7pt;">SECTION 11.03.&#160; Redemption of Securities for Sinking Fund.</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 11.47%">
            <div style="text-align: right; margin-left: 252pt; line-height: 13.7pt;">40</div>
          </td>
        </tr>

    </table>
    <div style="MARGIN-TOP: 6pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
    </div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="text-align: center; line-height: 13.7pt;">Reconciliation and tie between Trust Indenture Act of 1939 and Indenture,</div>
    <div style="margin-bottom: 12pt; text-align: left; margin-left: 144pt; line-height: 13.7pt;">Dated as of [&#160; &#160; &#160; &#160; &#160; ], 20[ ]</div>
    <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" id="cbcc993c4048493eaee18290baf368ce">

        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">Section 310(a)(1)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">7.10</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(a)(2)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">7.10</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(a)(3)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(a)(4)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(a)(5)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">7.10</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(b)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">7.10</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(c)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">Section 311(a)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">7.11</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(b)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">7.11</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(c)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">Section 312(a)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">2.06</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(b)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">10.03</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(c)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">10.03</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">Section 313(a)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">7.06</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(b)(1)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">7.06</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(b)(2)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">7.06</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(c)(1)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">7.06</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(d)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">7.06</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">Section 314(a)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">4.02, 10.05</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(b)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(c)(1)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">10.04</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(c)(2)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">10.04</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(c)(3)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(d)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(e)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">10.05</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(f)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">Section 315(a)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">7.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(b)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">7.05</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(c)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">7.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(d)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">7.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(e)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">6.14</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">Section 316(a)(1)(A)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">6.12</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(a)(1)(B)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">6.13</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(a)(2)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(b)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">6.13</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(c)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">10.06</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">Section 317(a)(1)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">6.03</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(a)(2)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">6.04</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">(b)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">2.05</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 79.48%">
            <div style="text-align: left; line-height: 13.7pt;">Section 318(a)</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 20.52%">
            <div style="text-align: center; line-height: 13.7pt;">10.01</div>
          </td>
        </tr>

    </table>
    <div style="text-align: left; margin-top: 12pt; line-height: 13.7pt;">Note:&#160; This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">Indenture dated as of [<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#160; &#160; &#160; &#160; &#160; &#160; &#160; ], 20[ ]
      between Euroseas Ltd., a company organized under the laws of the Republic of the Marshall Islands (the "Company") and [&#160; &#160; &#160; &#160; &#160; ] (the "Trustee").</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this
      Indenture.</div>
    <div style="margin-bottom: 12pt; text-align: center; line-height: 13.7pt;">ARTICLE I<br style="LINE-HEIGHT: 13.7pt">
      <br>
      DEFINITIONS AND INCORPORATION BY REFERENCE</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="cc6f6e55443f4e4ead4c5febf02c86a7">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 1.01.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Definitions</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Additional Amounts</font>" means any additional amounts which are required hereby or by any Security, under circumstances
      specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified therein and which are owing to such Holders.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Affiliate</font>" of any specified person means any other person directly or indirectly controlling or controlled by or under
      direct or indirect common control with such specified person.&#160; For the purposes of this definition, "control" (including, with correlative meanings, the terms "controlled by" and "under common control with"), as used with respect to any person, shall
      mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Agent</font>" means any Registrar or Paying Agent.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Bankruptcy Law</font>" means Title 11 of the United States Code (or any successor thereto) or any similar federal or state law
      for the relief of debtors.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Board of Directors</font>" means the board of directors of the Company or any duly authorized committee thereof.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Board Resolution</font>" means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to
      have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Business Day</font>" means any day other than a (x) Saturday, (y) Sunday or (z) day on which state or federally chartered
      banking institutions in New York, New York are not required to be open.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Capital Stock</font>" of any Person means any and all shares, interests, rights to purchase, warrants, options, participations
      or other equivalents of or interests in (however designated) equity of such Person, but excluding any debt securities convertible into such equity.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Certificated Securities</font>" means Securities in the form of physical, certificated Securities in registered form.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Company</font>" means the party named as such above until a successor replaces it in accordance with the terms of this
      Indenture and thereafter means the successor.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">1</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Company Order</font>" means a written order signed in the name of the Company by two Officers, one of whom must be the
      Company's principal executive officer, principal financial officer or principal accounting officer.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Company Request</font>" means a written request signed in the name of the Company by its Chairman of the Board, a President or
      a Vice President, and by its Chief Financial Officer, its Secretary or an Assistant Secretary, and delivered to the Trustee.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Corporate Trust Office</font>" means the office of the Trustee at which at any particular time its corporate trust business
      shall be principally administered which office at the date of the execution of this Indenture is [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ], Attention: [&#160; &#160; &#160; &#160; &#160; ], or at such other address as the Trustee may designate from time to time.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Custodian</font>" means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy
      Law.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Default</font>" or "default" means any event which is, or after notice or passage of time or both would be, an Event of
      Default.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Default Rate</font>" means the default rate of interest specified in the Securities.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Depository</font>" means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of
      one or more Global Securities, the person designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, "Depository" as
      used with respect to the Securities of any Series shall mean the Depository with respect to the Securities of such Series.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Discount Security</font>" means any Security that provides for an amount less than the stated principal amount thereof to be
      due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Dollars</font>" means the currency of The United States of America.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">ECU</font>" means the European Currency Unit as determined by the Commission of the European Union.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Exchange Act</font>" means the Securities Exchange Act of 1934, as amended.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Foreign Currency</font>" means any currency or currency unit issued by a government other than the government of The United
      States of America.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Foreign Government Obligations</font>" means with respect to Securities of any Series that are denominated in a Foreign
      Currency, (i) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by or acting as an
      agency or instrumentality of such government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) or (ii), are not callable or redeemable at the
      option of the issuer thereof.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Global Security</font>" or "<font style="font-weight: bold;">Global Securities</font>" means a Security or Securities, as the
      case may be, in the form established pursuant to Section 2.02 evidencing all or part of a Series of Securities, issued to the Depository for such Series or its nominee, and registered in the name of such Depository or nominee.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">2</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Holder</font>" or "<font style="font-weight: bold;">Securityholder</font>" means a person in whose name a Security is
      registered.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Indenture</font>" means this Indenture as amended and supplemented from time to time and shall include the form and terms of
      particular Series of Securities established as contemplated hereunder.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Interest</font>," in respect of the Securities, unless the context otherwise requires, refers to interest payable on the
      Securities, including any additional interest that may become payable pursuant to Section 6.02(b).</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Maturity</font>," when used with respect to any Security or installment of principal thereof, means the date on which the
      principal of such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, notice of option to elect repayment or
      otherwise.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Officer</font>" means the Chairman of the Board, the President, any Vice-President, the Treasurer, the Secretary, any
      Assistant Treasurer or any Assistant Secretary of the Company.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Officers' Certificate</font>" means a certificate signed by two Officers, one of whom must be the Company's principal
      executive officer, principal financial officer or principal accounting officer.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Opinion of Counsel</font>" means a written opinion of legal counsel who is, and which opinion is, acceptable to the Trustee
      and its counsel.&#160; Such legal counsel may be an employee of or counsel to the Company or the Trustee.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Person</font>" means any individual, corporation, partnership, joint venture, association, limited liability company,
      joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Principal</font>" or "<font style="font-weight: bold;">principal</font>" of a Security means the principal of the Security
      plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Responsible Officer</font>" means any officer of the Trustee in its Corporate Trust Office and also means, any vice president,
      managing director, director, associate, assistant vice president, or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular corporate
      trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">SEC</font>" means the Securities and Exchange Commission.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Security</font>" or "<font style="font-weight: bold;">Securities</font>" means the debentures, notes or other debt instruments
      of the Company of any Series authenticated and delivered under this Indenture.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Series</font>" or "<font style="font-weight: bold;">Series of Securities</font>" means each series of debentures, notes or
      other debt instruments of the Company created pursuant to Sections 2.01 and 2.02 hereof.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Stated Maturity</font>" when used with respect to any Security or any installment of principal thereof or interest thereon,
      means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Subordinated Indebtedness</font>" means any indebtedness which is expressly subordinated to the indebtedness evidenced by
      Securities.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">3</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Subsidiary</font>" means, in respect of any Person, any corporation, association, partnership or other business entity of
      which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general
      partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">TIA</font>" means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this
      Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, "TIA" means, to the extent required by any such amendment, the Trust Indenture Act as so amended.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">Trustee</font>" means the person named as the "Trustee" 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 "Trustee" shall mean or include each person who is then a Trustee hereunder, and if at any time there is more than one such person, "Trustee" as used with
      respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">U.S. Government Obligations</font>" means securities which are (i) direct obligations of The United States of America for the
      payment of which its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of The United States of America the payment of which is unconditionally guaranteed as a full
      faith and credit obligation by The United States of America, and which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as
      custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except
      as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such
      depository receipt.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="a78c1cb499a54fe5b545e9b9612caf13">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 1.02.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Other Definitions</u>.</td>
          </tr>

      </table>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 80%" id="690a638a9d634d0f8dce58bc1740f772">

        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">TERM</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">DEFINED IN SECTION</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left; line-height: 13.7pt;">"Applicable Law"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: center; line-height: 13.7pt;">10.18</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left; line-height: 13.7pt;">"Event of Default"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: center; line-height: 13.7pt;">6.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left; line-height: 13.7pt;">"Instrument"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: center; line-height: 13.7pt;">6.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left; line-height: 13.7pt;">"Journal"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: center; line-height: 13.7pt;">10.16</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left; line-height: 13.7pt;">"Judgment Currency"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: center; line-height: 13.7pt;">10.17</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left; line-height: 13.7pt;">"Legal Holiday"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: center; line-height: 13.7pt;">10.08</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left; line-height: 13.7pt;">"mandatory sinking fund payment"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: center; line-height: 13.7pt;">11.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left; line-height: 13.7pt;">"Market Exchange Rate"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: center; line-height: 13.7pt;">10.16</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left; line-height: 13.7pt;">"New York Banking Day"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: center; line-height: 13.7pt;">10.17</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left; line-height: 13.7pt;">"optional sinking fund payment"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: center; line-height: 13.7pt;">11.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left; line-height: 13.7pt;">"Paying Agent"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: center; line-height: 13.7pt;">2.04</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left; line-height: 13.7pt;">"Registrar"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: center; line-height: 13.7pt;">2.04</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left; line-height: 13.7pt;">"Required Currency"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: center; line-height: 13.7pt;">10.17</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left; line-height: 13.7pt;">"successor person"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: center; line-height: 13.7pt;">5.01</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: left; line-height: 13.7pt;">"Temporary Securities"</div>
          </td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 50%">
            <div style="text-align: center; line-height: 13.7pt;">2.11</div>
          </td>
        </tr>

    </table>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">4</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
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    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="0a6954b44b3f40f3bae2cf5d047e1173">

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            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 1.03.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Incorporation by Reference of Trust Indenture Act</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.&#160; This Indenture shall
      also include those provisions of the TIA required to be included herein by the provisions of the Trust Indenture Reform Act of 1990.&#160; The following TIA terms used in this Indenture have the following meanings:</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">indenture securities</font>" means the Securities.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">indenture security holder</font>" means a Securityholder.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">indenture to be qualified</font>" means this Indenture.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">indenture trustee</font>" or "institutional trustee" means the Trustee.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"<font style="font-weight: bold;">obligor</font>" on the indenture securities means the Company and any successor obligor upon the Securities.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not
      otherwise defined herein are used herein as so defined.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="b14ccfcddfa94efca7120b39af7b83a1">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 1.04.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Rules of Construction</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Unless the context otherwise requires:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a term has the meaning assigned to it;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an accounting term not otherwise defined has the meaning assigned to it in accordance
      with generally accepted accounting principles;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>references to "generally accepted accounting principles" shall mean generally
      accepted accounting principles in effect as of the time when and for the period as to which such accounting principles are to be applied;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(d)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>"or" is not exclusive;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(e)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>words in the singular include the plural, and in the plural include the singular;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(f)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>provisions apply to successive events and transactions;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(g)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>references to agreements and other instruments include subsequent amendments thereto;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(h)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the term "merger" includes a statutory share exchange, and the term "merged" has a
      correlative meaning; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(i)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>"herein," "hereof" and other words of similar import refer to this Indenture as a
      whole and not to any particular Article, Section or other subdivision.</div>
    <div style="margin-bottom: 12pt; text-align: center; line-height: 13.7pt;">ARTICLE II<br style="LINE-HEIGHT: 13.7pt">
      <br>
      THE SECURITIES</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="287ed9cb683f45dcaa5f2de6013b4823">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 2.01.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Issuable in Series</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.&#160; The Securities may be issued in one or
      more Series.&#160; All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers' Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a
      Board Resolution.&#160; In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers' Certificate or supplemental indenture may provide for the method by which specified terms (such as interest rate, maturity date,
      record date or date from which interest shall accrue) are to be determined.&#160; Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the
      Indenture.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">5</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="f7634786e3a04cd0b00c38ca88a32286">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 2.02.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Establishment of Terms of Series of Securities</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection (a),
      and either as to such Securities within the Series or as to the Series generally in the case of Subsections (b) through (t) by a Board Resolution, a supplemental indenture or an Officers' Certificate pursuant to authority granted under a Board
      Resolution:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the title, designation, aggregate principal amount and authorized denominations of
      the Securities of the Series;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the price or prices, (expressed as a percentage of the aggregate principal amount
      thereof) at which the Securities of the Series will be issued;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the date or dates on which the principal of the Securities of the Series is payable;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(d)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the rate or rates (which may be fixed or variable) per annum or, if applicable, the
      method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such
      interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(e)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any optional or mandatory sinking fund provisions or conversion or exchangeability
      provisions upon which Securities of the Series shall be redeemed, purchased, converted or exchanged;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(f)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the date, if any, after which and the price or prices at which the Securities of the
      Series may be optionally redeemed or must be mandatorily redeemed and any other terms and provisions of optional or mandatory provisions;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(g)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if other than denominations of $1,000 and any integral multiple thereof, the
      denominations in which the Securities of the Series shall be issuable;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(h)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if other than the full principal amount, the portion of the principal amount of the
      Securities of the Series that shall be payable upon declaration of acceleration pursuant to Section 6.02 or provable in bankruptcy;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(i)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any addition to or change in the Events of Default which applies to any Securities of
      the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.02;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(j)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the currency or currencies, including composite currencies, in which payments of
      principal of, premium or interest, if any, on the Securities of the Series will be payable, if other than the currency of the United States of America;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(k)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if payments of principal of, premium or interest, if any, on the Securities of the
      Series will be payable, at the Company's election or at the election of any Holder, in a currency other than that in which the Securities of the Series are stated to be payable, the period or periods within which, and the terms and conditions upon
      which, the election may be made;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(l)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if payments of interest, if any, on the Securities of the Series will be payable, at
      the Company's election or at the election of any Holder, in cash or additional securities, and the terms and conditions upon which the election may be made;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(m)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if denominated in a currency or currencies other than the currency of the United
      States of America, the equivalent price of the Securities of the Series in the currency of the United States of America for purposes of determining the voting rights of Holders of the Securities of the Series;</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">6</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(n)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>if the amount of payments of principal, premium or interest may be determined with
      reference to an index, formula or other method based on a coin or currency other than that in which the Securities of the Series are stated to be payable, the manner in which the amounts will be determined;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(o)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any restrictive covenants or other material terms relating to the Securities of the
      Series;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(p)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>whether the Securities of the Series will be issued in the form of global securities
      or certificates in registered form;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(q)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any terms with respect to subordination;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(r)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any listing on any securities exchange or quotation system;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(s)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>additional provisions, if any, related to defeasance and discharge of the offered
      debt securities; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(t)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the applicability of any guarantees, which would be governed by New York law.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so
      provided by or pursuant to the Board Resolution, supplemental indenture or Officers' Certificate referred to above, and the authorized principal amount of any Series may not be increased to provide for issuance of additional Securities of such
      Series, unless otherwise provided in such Board Resolution, supplemental Indenture or Officers' Certificate.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="57858dcb182149f1b19c0ceeaa9f76bd">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 2.03.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Execution and Authentication</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Two Officers shall sign the Securities for the Company by manual or facsimile signature.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.&#160; The signature shall be conclusive evidence
      that the Security has been authenticated under this Indenture.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution,
      supplemental indenture hereto or Officers' Certificate, upon receipt by the Trustee of a Company Order.&#160; Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized
      agent or agents, which oral instructions shall be promptly confirmed in writing.&#160; Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers'
      Certificate.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series
      set forth in the Board Resolution, supplemental indenture hereto or Officers' Certificate delivered pursuant to Section 2.02, except as provided in Section 2.08.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying on: (a) the
      Board Resolution, supplemental indenture hereto or Officers Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b)
      an Officers' Certificate complying with Section 10.04, and (c) an Opinion of Counsel complying with Section 10.04.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines
      that such action may not lawfully be taken; or (b) if a Responsible Officer of the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">7</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities.&#160; An authenticating agent may authenticate Securities
      whenever the Trustee may do so.&#160; Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.&#160; An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If any successor that has replaced the Company in accordance with Article 5 has executed an indenture supplemental hereto with the Trustee pursuant to Section
      5.01, any of the Securities authenticated or delivered prior to such transaction may, from time to time, at the request of such successor, be exchanged for other Securities executed in the name of the such successor with such changes in phraseology
      and form as may be appropriate, but otherwise identical to the Securities surrendered for such exchange and of like principal amount; and the Trustee, upon receipt of a Company Order of such successor, shall authenticate and deliver Securities as
      specified in such order for the purpose of such exchange.&#160; If Securities shall at any time be authenticated and delivered in any new name of such successor pursuant to this provision of Section 2.03 in exchange or substitution for or upon
      registration of transfer of any Securities, such successor, at the option of the Holders but without expense to them, shall provide for the exchange of all Securities then outstanding for Securities authenticated and delivered in such new name.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="9be09a5717e44c7f919e7a29a993488f">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 2.04.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Registrar and Paying Agent</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.02, an
      office or agency where Securities of such Series may be presented or surrendered for payment ("Paying Agent") and where Securities of such Series may be surrendered for registration of transfer or exchange ("Registrar").&#160; The Registrar shall keep a
      register with respect to each Series of Securities and to their transfer and exchange.&#160; The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar and Paying Agent.&#160; If
      at any time the Company shall fail to maintain any such required Registrar or Paying Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations and surrenders may be made or served at the Corporate Trust Office
      of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations and surrenders.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company may also from time to time designate one or more co-registrars or additional paying agents and may from time to time rescind such designations;
      provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar or Paying Agent in each place so specified pursuant to Section 2.02 for Securities of any Series for such
      purposes.&#160; The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar or additional paying agent.&#160; The term "Registrar" includes any co-registrar;
      and the term "Paying Agent" includes any additional paying agent.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company hereby appoints [&#160; &#160; &#160; &#160; &#160; ] as the initial Registrar and Paying Agent for each Series unless another Registrar or Paying Agent as the case may be,
      is appointed prior to the time Securities of that Series are first issued.&#160; Each Registrar and Paying Agent shall be entitled to all of the rights, protections, exculpations and indemnities afforded to the Trustee in connection with its roles as
      Registrar and Paying Agent.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="3669a67250ce4c96b0df1b3fb53b9a86">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 2.05.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Paying Agent to Hold Money in Trust</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of
      Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default by the Company in making any such
      payment.&#160; While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.&#160; The Company at any time may require a Paying Agent to pay all money held by it to the Trustee.&#160; Upon payment over to the
      Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money.&#160; If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of
      Securityholders of any Series of Securities all money held by it as Paying Agent.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">8</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="1994c734c45848189080863499eb76b1">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 2.06.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Securityholder Lists</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders
      of each Series of Securities and shall otherwise comply with TIA Section 312(a).&#160; If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least [&#160; ] days before each interest payment date and at such other times as the
      Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="ef409273eb6948a292315109cad78f74">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 2.07.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Transfer and Exchange</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">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.&#160; To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities
      at the Registrar's request.&#160; Any exchange or transfer shall be without charge, except that the Company or the Registrar may require payment of a sum sufficient to cover any tax or other governmental charge required by law; provided that this sentence
      shall not apply to any exchange pursuant to Section 2.11, 2.08, 3.06 or 9.06.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at
      the opening of business [&#160; ] days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer of or
      exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.</div>
    <div style="text-align: left; line-height: 13.7pt; text-indent: 70pt;">All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt and entitled to the same benefits under this
      Indenture, as the Securities surrendered upon such transfer or exchange.&#160; Any Registrar appointed pursuant to Section 2.04 shall provide to the Trustee such information as the Trustee may reasonably require in connection with the delivery by such
      Registrar of Securities upon transfer or exchange of Securities.&#160; Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder's Security in
      violation of any provision of this Indenture and/or applicable U.S. federal or state securities law.</div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="9cb6eefe3515479081a96d37a8777951">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 2.08.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Mutilated, Destroyed, Lost and Stolen Securities</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If any mutilated Security is surrendered to the Registrar, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new
      Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If there shall be delivered to the Company and the Registrar (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such
      security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Registrar that such Security has been acquired by a bona fide purchaser, the Company
      shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number
      not contemporaneously outstanding.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">9</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of
      issuing a new Security, pay such Security.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge
      that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional
      contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other
      Securities of that Series duly issued hereunder.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment
      of mutilated, destroyed, lost or stolen Securities.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="8e9b3ef0564744fa994a618457f83604">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 2.09.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Outstanding Securities</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for
      cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security
      is held by a bona fide purchaser.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds on the Maturity of Securities of a Series money sufficient to
      pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">A Security does not cease to be outstanding because the Company or an Affiliate holds the Security.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice,
      consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a
      declaration of acceleration of the Maturity thereof pursuant to Section 6.02.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="67c58404e799430099e15e01e6701b7b">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 2.10.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Treasury Securities</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction,
      notice, consent or waiver Securities of a Series owned by the Company or an Affiliate shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization,
      direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">10</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="10a4f7ee222c46b19da54fb5a5ebbcf2">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 2.11.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Temporary Securities</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary securities upon a Company Order
      ("Temporary Securities").&#160; Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.&#160; Without unreasonable delay, the Company shall
      prepare and the Trustee upon written request shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities.&#160; Until so exchanged, temporary securities shall have the same rights under this
      Indenture as the definitive Securities.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="f6acc2350948485abd1e7c0b5e3abcf0">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 2.12.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Cancellation</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company at any time may deliver Securities to the Trustee for cancellation.&#160; The Registrar and the Paying Agent shall forward to the Trustee or its agent
      any Securities surrendered to them for transfer, exchange, payment or conversion.&#160; The Trustee and no one else shall cancel, in accordance with its standard procedures, all Securities surrendered for transfer, exchange, payment, conversion or
      cancellation and shall deliver the cancelled Securities to the Company.&#160; No Security shall be authenticated in exchange for any Security cancelled pursuant to this Section 2.12.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company may, to the extent permitted by law, purchase Securities in the open market or by tender offer at any price or by private agreement.&#160; Any Securities
      purchased or otherwise acquired by the Company or any of its Subsidiaries prior to the final maturity of such Securities may, to the extent permitted by law, be reissued or resold or may, at the option of the Company, be surrendered to the Trustee
      for cancellation.&#160; Any Securities surrendered for cancellation may not be reissued or resold and shall be promptly cancelled by the Trustee, and the Company may not hold or resell such Securities or issue any new Securities to replace any such
      Securities.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="62b982f06025453496e8fbd340cc6ae5">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 2.13.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Defaulted Interest</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If the Company defaults in a payment of interest on a Series of Securities, it shall pay defaulted interest, plus, to the extent permitted by law, any interest
      payable on the defaulted interest at the Default Rate, to the persons who are Security holders of the Series on a subsequent special record date.&#160; The Company shall fix the record date and payment date.&#160; At least [&#160; ] days before the record date, the
      Company shall mail to the Trustee and the Paying Agent and to each Securityholder of the Series a notice that states the record date, the payment date and the amount of interest to be paid.&#160; The Company may pay defaulted interest in any other lawful
      manner.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="3b8d51f7b5a74f53abb330d24458c2f1">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 2.14.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Global Securities</u>.</td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>A Board Resolution, a supplemental indenture hereto or an Officers' Certificate shall
      establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depository for such Global Security or Securities.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>(i)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding

      any provisions to the contrary contained in Section 2.07 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.07 of the Indenture for Securities registered in the names of Holders other than the
      Depository for such Security or its nominee only if (A) such Depository notifies the Company that it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency registered
      under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository within 90 days of such event, (B) the Company executes and delivers to the Trustee an Officers' Certificate to the effect that such Global Security shall
      be so exchangeable or (C) an Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">11</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(ii)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Except as provided in this Section 2.14(b), a Global Security may
      not be transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such
      nominee to a successor Depository or a nominee of such a successor Depository.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(iii)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Securities issued in exchange for a Global Security or any
      portion thereof shall be issued in definitive, fully registered form, without interest coupons, shall have an aggregate principal amount equal to that of such Global Security or portion thereof to be so exchanged, shall be registered in such names
      and be in such authorized denominations as the Depository shall designate and shall bear the applicable legends provided for herein.&#160; Any Global Security to be exchanged in whole shall be surrendered by the Depository to the Trustee, as Registrar.&#160;
      With regard to any Global Security to be exchanged in part, either such Global Security shall be so surrendered for exchange or, if the Registrar is acting as custodian for the Depository or its nominee with respect to such Global Security, the
      principal amount thereof shall be reduced by an amount equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee.&#160; Upon any such surrender or adjustment, the Trustee shall authenticate
      and deliver the Security issuable on such exchange to or upon the order of the Depository or an authorized representative thereof.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(iv)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The registered Holder may grant proxies and otherwise authorize
      any Person, including participants in the Depository and persons that may hold interests through participants in the Depository, to take any action which a Holder is entitled to take under this Indenture or the Securities.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(v)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>In the event of the occurrence of any of the events specified in
      2.14(b)(i), the Company will promptly make available to the Trustee a reasonable supply of Certificated Securities in definitive, fully registered form, without interest coupons.&#160; If (A) an event described in Section 2.14(b)(i)(A) or (B) occurs and
      definitive Certificated Securities are not issued promptly to all beneficial owners or (B) the Registrar receives from a beneficial owner instructions to obtain definitive Certificated Securities due to an event described in Section 2.14(b)(i)(C) and
      definitive Certificated Securities are not issued promptly to any such beneficial owner, the Company expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 6.07 hereof, the right of any beneficial owner
      of Securities to pursue such remedy with respect to the portion of the Global Security that represents such beneficial owner's Securities as if such definitive certificated Securities had been issued.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(vi)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding any provision to the contrary in this Indenture,
      so long as a Global Security remains outstanding and is held by or on behalf of the Depository, transfers of a Global Security, in whole or in part, or of any beneficial interest therein, shall only be made in accordance with Section 2.07, this
      Section 2.14(b) and the rules and procedures of the Depository for such Global Security to the extent applicable to such transaction and as in effect from time to time.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Any Global Security issued hereunder shall bear a legend in substantially the
      following form:</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository or a nominee of
      the Depository.&#160; This Security is exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by
      the Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository."</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">12</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(d)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Depository, as a Holder, may appoint agents and otherwise authorize participants
      to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(e)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding the other provisions of this Indenture, unless otherwise specified as
      contemplated by Section 2.02, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof at their registered office.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(f)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>At all times the Securities are held in book-entry form with a Depository, (i) the
      Trustee may deal with such Depository as the authorized representative of the Holders, (ii) the rights of the Holders shall be exercised only through the Depository and shall be limited to those established by law and agreement between the Holders
      and the Depository and/or direct participants of the Depository, (iii) the Depository will make book-entry transfers among the direct participants of the Depository and will receive and transmit distributions of principal and interest on the
      Securities to such direct participants; and (iv) the direct participants of the Depository shall have no rights under this Indenture, or any supplement hereto, under or with respect to any of the Securities held on their behalf by the Depository, and
      the Depository may be treated by the Trustee and its agents, employees, officers and directors as the absolute owner of the Securities for all purposes whatsoever.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="bb0b57615d6d4350bed9051211e4a542">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 2.15.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>CUSIP Numbers</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company in issuing the Securities may use "CUSIP", "CCN", "ISIN" or other identification numbers (if then generally in use), and, if so, the Trustee shall
      use "CUSIP", "CCN", "ISIN" or such other identification numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on
      the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such
      numbers.</div>
    <div style="margin-bottom: 12pt; text-align: center; line-height: 13.7pt;">ARTICLE III<br style="LINE-HEIGHT: 13.7pt">
      <br>
      REDEMPTION</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="f1348d639a1c4797b983c026823887dc">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 3.01.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Notice to Trustee</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">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.&#160; If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the
      Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee and Registrar in writing of the redemption date and the principal amount of Series of Securities to be redeemed.&#160;
      The Company shall give the notice at least [&#160; ] days before the redemption date (or such shorter notice as may be acceptable to the Trustee and Registrar).</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="356f0391b8ad4f859d47659ebd43ed13">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 3.02.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Selection of Securities to be Redeemed</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers' Certificate, if less than all the Securities
      of a Series are to be redeemed, the Registrar shall select the Securities of the Series to be redeemed in accordance with its customary procedures.&#160; The Registrar shall make the selection from Securities of the Series outstanding not previously
      called for redemption.&#160; The Registrar may select for redemption portions of the principal of Securities of the Series that have denominations larger than $1,000.&#160; Securities of the Series and portions of them it selects shall be in amounts of $1,000
      or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.02(g), the minimum principal denomination for each Series and integral multiples thereof.&#160; Provisions of this Indenture
      that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">13</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
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    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="a63887d1c4ab408ca9eeb3097f779b78">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 3.03.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Notice of Redemption</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers' Certificate, at least [&#160; ] days but not
      more than [&#160; ] days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The notice shall identify the Securities of the Series to be redeemed and shall state:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the redemption date;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the redemption price;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the name and address of the Paying Agent;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(d)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>that Securities of the Series called for redemption must be surrendered to the Paying
      Agent to collect the redemption price;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(e)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>that interest on Securities of the Series called for redemption ceases to accrue on
      and after the redemption date; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(f)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any other information as may be required by the terms of the particular Series or the
      Securities of a Series being redeemed.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">At the Company's written request, the Trustee shall distribute the notice of redemption prepared by the Company in the Company's name and at its expense.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="fff474dfd8b64e01944f94a3da5b5bad">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 3.04.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Effect of Notice of Redemption</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Once notice of redemption is mailed or published as provided in Section 3.03, Securities of a Series called for redemption become due and payable on the
      redemption date and at the redemption price.&#160; A notice of redemption may not be conditional.&#160; Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="81c74938d49944039eccff3cc47e9cd3">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 3.05.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Deposit of Redemption Price</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">On or before the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any,
      on all Securities to be redeemed on that date.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="83afd10090894198ada68a860006375d">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 3.06.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Securities Redeemed in Part</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity
      equal in principal amount to the unredeemed portion of the Security surrendered.</div>
    <div style="LINE-HEIGHT: 10pt"><br style="LINE-HEIGHT: 10pt">
    </div>
    <div style="margin-bottom: 12pt; text-align: center; line-height: 13.7pt;">ARTICLE IV<br style="LINE-HEIGHT: 13.7pt">
      <br>
      COVENANTS</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="4d96592a89894077bfa30c8e6275a07a">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 4.01.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Payment of Principal and Interest</u>.</td>
          </tr>

      </table>
    </div>
    <div style="text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the
      Securities of that Series in accordance with the terms of such Securities and this Indenture.</div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">14</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="text-align: left; line-height: 13.7pt; text-indent: 72pt;">Unless otherwise provided under the terms of a particular Series of Securities:</div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an installment of principal or interest shall be considered paid on the date it is
      due if the Paying Agent (other than the Company) holds by [&#160; &#160; &#160; &#160; &#160; ] [a].m., New York City time, on that date money, deposited by the Company or an Affiliate thereof, sufficient to pay such installment.&#160; The Company shall (in immediately available
      funds), to the fullest extent permitted by law, pay interest on overdue principal and overdue installments of interest at the rate borne by the Securities per annum; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>payment of the principal of and interest on the Securities shall be made at the
      office or agency of the Company maintained for that purpose in [&#160; &#160; &#160; &#160; &#160;&#160; ] (which shall initially be [&#160; &#160; &#160; &#160; &#160; ], the Paying Agent) in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
      public and private debts; <font style="font-style: italic;">provided, however</font>, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address appears in the
      register; <font style="font-style: italic;">provided, further</font>, that a Holder with an aggregate principal amount in excess of $[&#160; &#160;&#160; ] will be paid by wire transfer in immediately available funds at the election of such Holder if such Holder
      has provided wire transfer instructions to the Company at least [&#160; ] Business Days prior to the payment date.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="9c15dcf01b464703bc9e5f417e907d58">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 4.02.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>SEC Reports</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">So long as any Securities are outstanding, the Company shall (i) file with the SEC within the time periods prescribed by its rules and regulations and (ii)
      furnish to the Trustee and the Holders of the Securities within [&#160; ] days after the date on which the Company would be required to file the same with the SEC pursuant to its rules and regulations (giving effect to any grace period provided by Rule
      12b-25 under the Exchange Act), all quarterly and annual financial information required to be furnished or filed with the SEC pursuant to Section 13 and Section 15(d) of the Exchange Act and, with respect to the annual consolidated financial
      statements only, a report thereon by the Company's independent auditors.&#160; The Company also shall comply with the other provisions of TIA Section 314(a).</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Delivery of such reports, information and documents to the Trustee is for informational purposes only, and the Trustee's receipt of such shall not constitute
      constructive notice of any information contained therein or determinable from information contained therein, including the Company's compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers'
      Certificates).&#160; The Company shall not be required to file any report or other information with the SEC if the SEC does not permit such filing, although such reports shall be furnished to the Trustee.&#160; Documents filed by the Company with the SEC via
      the SEC's EDGAR system (or any successor thereto) will be deemed furnished to the Trustee and the Holders of the Securities as of the time such documents are filed via EDGAR (or such successor).</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="aeee77077c6040b8afe6f8f4c43763e6">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 4.03.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Compliance Certificate</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company shall deliver to the Trustee, within [&#160;&#160; ] days after the end of each fiscal year of the Company, an officers certificate signed by two of the
      Company's officers stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept,
      observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his knowledge the Company has kept, observed, performed and fulfilled each and every
      covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of
      Default of which he may have knowledge in reasonable detail and the efforts to remedy the same).&#160; For purposes of this Section 4.03, compliance shall be determined without regard to any grace period or requirement of notice provided pursuant to the
      terms of this Indenture.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">15</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company shall deliver to the Trustee, within [&#160; ] days after the occurrence thereof, written notice in the form of an Officers' Certificate of any Event of
      Default described in Section 6.01(e), (f), (g) or (h) and any event of which it becomes aware that with the giving of notice or the lapse of time would become such an Event of Default, its status and what action the Company is taking or proposes to
      take with respect thereto.&#160; For the avoidance of doubt, a breach of a covenant under an Instrument that is not a payment default and that has not given rise to a right of acceleration under such Instrument shall not trigger the requirement to provide
      notice under this paragraph.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="dc5a6fe334d14ea5820adbb49f4b44d7">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 4.04.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Stay, Extension and Usury Laws</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the
      benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent it may lawfully
      do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the
      execution of every such power as though no such law has been enacted.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="d3ced9d5b5b64e5982b7b4195068be84">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 4.05.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Corporate Existence</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the
      corporate, partnership or other existence of each Subsidiary in accordance with the respective organizational documents of each Subsidiary and the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided,
      however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any Subsidiary, if the Board of Directors shall determine that the preservation thereof is no longer
      desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="efa38a15defc4f20bade3203c786be6d">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 4.06.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Taxes</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company shall, and shall cause each of its Subsidiaries to, pay prior to delinquency all taxes, assessments and governmental levies, except as contested in
      good faith and by appropriate proceedings.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="77655f1572834731a61e826b3e1926c9">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 4.07.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Additional Interest Notice</u><font style="font-style: italic;">.</font></td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">In the event that the Company is required to pay additional interest to Holders of Securities pursuant to Section 6.02(b) hereof, the Company shall provide a
      direction or order in the form of a written notice to the Trustee (and if the Trustee is not the Paying Agent, the Paying Agent) of the Company's obligation to pay such additional interest no later than [&#160;&#160; ] Business Days prior to date on which any
      such additional interest is scheduled to be paid.&#160; Such notice shall set forth the amount of additional interest to be paid by the Company on such payment date and direct the Trustee (or, if the Trustee is not the Paying Agent, the Paying Agent) to
      make payment to the extent it receives funds from the Company to do so.&#160; The Trustee shall not at any time be under any duty or responsibility to any Holder to determine whether additional interest is payable, or with respect to the nature, extent,
      or calculation of the amount of additional interest owed, or with respect to the method employed in such calculation of additional interest.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="0476b951cab549bfa9f3ab81e357c62f">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 4.08.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Further Instruments and Acts</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively
      the purposes of this Indenture.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">16</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="margin-bottom: 12pt; text-align: center; line-height: 13.7pt;">ARTICLE V<br style="LINE-HEIGHT: 13.7pt">
      <br>
      SUCCESSORS</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="2f94e358bdc8438fb8ee57f944d0afab">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 5.01.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>When Company May Merge, Etc</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company shall not consolidate with, enter into a binding share exchange, or merge into any other Person in a transaction in which it is not the surviving
      entity, or sell, assign, convey, transfer or lease or otherwise dispose of all or substantially all of its properties and assets to any Person (a "successor person"), unless:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the successor person (if any) is a corporation, partnership, trust or other entity
      organized and validly existing under the laws of the Republic of the Marshall Islands, [&#160; &#160; &#160; &#160; &#160; ], the United States, any state of the United States or the District of Columbia and expressly assumes by a supplemental indenture executed and
      delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, and any interest on, all Securities and the performance or observance of every covenant of this Indenture on the part of the Company to
      be performed or observed;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>immediately after giving effect to the transaction, no Default or Event of Default,
      shall have occurred and be continuing; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee, prior to the consummation of the
      proposed transaction, an Officers' Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and such supplemental indenture comply with this Indenture.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="46f5b1b57efe47efbad801c7ebeb91a0">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 5.02.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Successor Corporation Substituted</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance
      with Section 5.01, the successor person formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every
      right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor company in the case of a sale, lease, conveyance or other disposition
      of all or substantially all of the assets of the Company shall not be released from the obligation to pay the principal of and interest, if any, on the Securities.</div>
    <div style="margin-bottom: 12pt; text-align: center; line-height: 13.7pt;">ARTICLE VI<br style="LINE-HEIGHT: 13.7pt">
      <br>
      DEFAULTS AND REMEDIES</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="b9f9cf2e560d4841b0b8d15c700cc709">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 6.01.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Events of Default</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">"Event of Default," wherever used herein with respect to securities of any Series, means any one of the following events, unless in the establishing Board
      Resolution, supplemental indenture or Officers' Certificate, it is provided that such Series shall not have the benefit of said Event of Default:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>default in the payment of any interest on any Security of that Series when it becomes
      due and payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days); or</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">17</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>default in the payment of any principal of any Security of that Series at its
      Maturity; or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>default in the deposit of any sinking fund payment, when and as due in respect of any
      Security of that Series; or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(d)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company fails to perform or comply with any of its other covenants or agreements
      contained in the Securities or in this Indenture (other than a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (a), (b) or (c) of this Section 6.01) and the default continues for 60 days
      after notice is given as specified below;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(e)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any indebtedness under any bond, debenture, note or other evidence of indebtedness
      for money borrowed by the Company or any Subsidiary or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by, or any other payment obligation
      of, the Company or any Subsidiary (an "Instrument") with a principal amount then, individually or in the aggregate, outstanding in excess of $[&#160; &#160; &#160; &#160; &#160;&#160; ], whether such indebtedness now exists or shall hereafter be created, is not paid at Maturity
      or when otherwise due or is accelerated, and such indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within a period of 30 days after there shall have been given, by registered or certified mail, to
      the Company by the Trustee or to the Company and the Trustee by the Holders of at least [&#160; ]% in aggregate principal amount of the outstanding Securities of that Series a written notice specifying such default and requiring the Company to cause such
      indebtedness to be discharged or cause such default to be cured or waived or such acceleration to be rescinded or annulled and stating that such notice is a "Notice of Default" hereunder.&#160; A payment obligation (other than indebtedness under any bond,
      debenture, note or other evidence of indebtedness for money borrowed by the Company or any Subsidiary or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for
      money borrowed by the Company or any Subsidiary) shall not be deemed to have matured, come due, or been accelerated to the extent that it is being disputed by the relevant obligor or obligors in good faith.&#160; For the avoidance of doubt, the Maturity
      of an Instrument is the Maturity as set forth in that Instrument, as it may be amended from time to time in accordance with the terms of that Instrument;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(f)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company or any Subsidiary fails to pay one or more final and non-appealable
      judgments entered by a court or courts of competent jurisdiction, the aggregate uninsured or unbonded portion of which is in excess of $[&#160; &#160; &#160; &#160; &#160; &#160; ], if the judgments are not paid, discharged, waived or stayed within [&#160; ] days;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(g)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company or any Subsidiary of the Company, pursuant to or within the meaning of
      any Bankruptcy Law:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(i)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>commences a voluntary case or proceeding;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(ii)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>consents to the entry of an order for relief against it in an
      involuntary case or proceeding;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(iii)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>consents to the appointment of a Custodian of it or for all or
      substantially all of its property; or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(iv)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>makes a general assignment for the benefit of its creditors; or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(v)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>or generally is unable to pay its debts as the same become due; or</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">18</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(h)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a court of competent jurisdiction enters an order or decree under any Bankruptcy Law
      that:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(i)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>is for relief against the Company or any of its Subsidiaries in an
      involuntary case or proceeding;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(ii)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>appoints a Custodian of the Company or any of its Subsidiaries
      for all or substantially all of the property of the Company or any such Subsidiary; or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(iii)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>orders the liquidation of the Company or any of its
      Subsidiaries;</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">and the case of each of clause (i), (ii) and (iii), the order or decree remains unstayed and in effect for [&#160; ] consecutive days; or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(i)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any other Event of Default provided with respect to Securities of that Series, which
      is specified in a Board Resolution, a supplemental indenture hereto or an Officers' Certificate, in accordance with Section 2.02(i).</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 36pt;">A default under clause (d) above is not an Event of Default until the Trustee notifies the Company, or the Holders of at least [&#160; ]% in aggregate principal
      amount of the Securities then outstanding notify the Company and the Trustee, in writing of the default, and the Company does not cure the default within 60 days after receipt of such notice.&#160; The notice given pursuant to this Section 6.01 must
      specify the default, demand that it be remedied and state that the notice is a "Notice of Default."&#160; When any default under this Section 6.01 is cured, it ceases.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Trustee shall not be charged with knowledge of any Event of Default unless written notice thereof shall have been given to a Trust Officer at the Corporate
      Trust Office of the Trustee by the Company, a Paying Agent, any Holder or any agent of any Holder.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="70dc34694a61442990db2f8af8b90187">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 6.02.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Acceleration of Maturity; Rescission and Annulment</u>.</td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>If an Event of Default (other than an Event of Default specified in clause (g) or (h)
      of Section 6.01) occurs and is continuing with respect to any Securities of any Series, then in every such case, the Trustee may, by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Securities of that Series
      (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) then outstanding may, by notice to the Company and the Trustee, declare all unpaid principal of,
      and accrued and unpaid interest on to the date of acceleration, the Securities of that Series then outstanding (if not then due and payable) to be due and payable upon any such declaration, and the same shall become and be immediately due and
      payable.&#160; If an Event of Default specified in clause (g) or (h) of Section 6.01 occurs, all unpaid principal of the Securities then outstanding, and all accrued and unpaid interest thereon to the date of acceleration, shall ipso facto become and be
      immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.&#160; The Holders of a majority in aggregate principal amount of the Securities of that Series then outstanding by notice to the Trustee may rescind
      an acceleration of such Securities of that Series and its consequences if (a) all existing Events of Default, other than the nonpayment of the principal of the Securities which has become due solely by such declaration of acceleration, have been
      cured or waived; (b) to the extent the payment of such interest is lawful, interest (calculated at the Default Rate) on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration,
      has been paid; (c) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (d) all payments due to the Trustee and any predecessor Trustee under Section 7.07 have been made.&#160; No such rescission shall
      affect any subsequent default or impair any right consequent thereto.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">19</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding any of provision of this Article 6, at the election of the Company in
      its sole discretion, the sole remedy under this Indenture for an Event of Default relating to the failure to comply with Section 4.02, and for any failure to comply with the requirements of Section 314(a)(1) of the TIA, will consist, for the 180 days
      after the occurrence of such an Event of Default, exclusively of the right to receive additional interest on the Securities at a rate equal to 0.50% per annum of the aggregate principal amount of the Securities then outstanding up to, but not
      including, the 181st day thereafter (or, if applicable, the earlier date on which the Event of Default relating to Section 4.02 is cured or waived).&#160; Any such additional interest will be payable in the same manner and on the same dates as the stated
      interest payable on the Securities.&#160; In no event shall additional interest accrue under the terms of this Indenture at a rate in excess of 0.50% per annum, in the aggregate, for any violation or default caused by the failure of the Company to be
      current in respect of its Exchange Act reporting obligations.&#160; If the Event of Default is continuing on the 181st day after an Event of Default relating to a failure to comply with Section 4.02, the Securities will be subject to acceleration as
      provided in this Section 6.02.&#160; The provisions of this Section 6.02(b) will not affect the rights of Holders in the event of the occurrence of any other Events of Default.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">In order to elect to pay additional interest as the sole remedy during the first 180 days after the occurrence of an Event of Default relating to the failure to
      comply with Section 4.02 in accordance with the immediately preceding paragraph, the Company shall notify all Holders and the Trustee and Paying Agent of such election on or before the close of business on the fifth Business Day after the date on
      which such Event of Default otherwise would occur.&#160; Upon a failure by the Company to timely give such notice or pay additional interest, the Securities will be immediately subject to acceleration as otherwise provided in this Section 6.02.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="d6a83aa945d0410fa7a98786decf0990">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 6.03.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Collection of Indebtedness and Suits for Enforcement by Trustee</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce
      its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or
      agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If an Event of Default in the payment of principal, interest, if any, specified in clause (a) or (b) of Section 6.01 occurs and is continuing, the Trustee may
      recover judgment in its own name and as trustee of an express trust against the Company or another obligor on the Securities for the whole amount of principal, and accrued interest remaining unpaid, if any, together with, to the extent that payment
      of such interest is lawful, interest on overdue principal, on overdue installments of interest, if any, in each case at the Default Rate, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the
      reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="fb2deee664804c54af590a47eb87745f">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 6.04.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Trustee May File Proofs of Claim</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial
      proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable
      as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such
      proceeding or otherwise,</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">20</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to file and prove a claim for the whole amount of principal and interest owing and
      unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of
      the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to collect and receive any moneys or other property payable or deliverable on any
      such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and,
      in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
      and any other amounts due the Trustee under Section 7.07.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of
      reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="c2f87aebca0c4a5aaea7fadc6727c554">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 6.05.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Trustee May Enforce Claims Without Possession of Securities</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the
      Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the
      payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="393f68816d504e33aee3cc787b8f8d25">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 6.06.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Application of Money Collected</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of
      the distribution of such money on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: and</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;"><font style="font-style: italic;">First</font>: To the payment of all amounts due the Trustee under Section 7.07;</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;"><font style="font-style: italic;">Second</font>: To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of
      which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;"><font style="font-style: italic;">Third</font>: To the Company.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="6a79825547b44c718dffec123b55a77b">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 6.07.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Limitation on Suits</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the
      appointment of a receiver or trustee, or for any other remedy hereunder (except actions for payment of overdue principal and interest), unless:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such Holder has previously given written notice to the Trustee of a continuing Event
      of Default with respect to the Securities of that Series;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Holders of not less than [&#160; ]% in principal amount of the outstanding Securities
      of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">21</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such Holder or Holders have offered to the Trustee indemnity satisfactory to it
      against the costs, expenses and liabilities to be incurred in compliance with such request;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(d)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee for [&#160; ] days after its receipt of such notice, request and offer of
      indemnity has failed to institute any such proceeding; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(e)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>no direction inconsistent with such written request has been given to the Trustee
      during such [&#160; ]-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series; it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of,
      or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this
      Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="4af659fb1c1349abada86aa093063a81">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 6.08.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Unconditional Right of Holders to Receive Principal and Interest</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment
      of the principal of and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment,
      and such rights shall not be impaired without the consent of such Holder.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt;">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="70030db28f0342ad8cae5bc4ed25fb77">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 6.09.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Restoration of Rights and Remedies</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or
      abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and
      respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt;">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="b3ea84decbdd491c850d9dac9235222f">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 6.10.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Rights and Remedies Cumulative</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.08, no right or remedy
      herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
      remedy given hereunder or now or hereafter existing at law or in equity or otherwise.&#160; The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right
      or remedy.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="301daccd5f934805a9f457ae919d3d8b">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 6.11.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Delay or Omission Not Waiver</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">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.&#160; Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
      expedient, by the Trustee or by the Holders, as the case may be.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">22</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="24d9e0402cf94f4ca011726424a2b0f8">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 6.12.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Control by Holders</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of
      conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such direction shall not be in conflict with any rule of law or with this Indenture,</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee may take any other action deemed proper by the Trustee which is not
      inconsistent with such direction; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>subject to the provisions of Section 6.01, the Trustee shall have the right to
      decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability or would be unduly prejudicial to the rights
      of another Holder or the Trustee.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="c149cf85f99d4172989b0b152fdb6201">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 6.13.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Waiver of Past Defaults</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Subject to Section 9.02, the Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of
      all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders
      of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration).&#160; Upon any such waiver, such Default shall
      cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="7c847e92283447e0a85e9e340eb7605b">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 6.14.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Undertaking for Costs</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">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' fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims
      or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the
      aggregate more than [&#160; ]% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or
      Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date).</div>
    <div style="margin-bottom: 12pt; text-align: center; line-height: 13.7pt;">ARTICLE VII<br style="LINE-HEIGHT: 13.7pt">
      <br>
      TRUSTEE</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="5ee429a7a265445c97b14d64aa916761">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 7.01.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Duties of Trustee</u>.</td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>If an Event of Default has occurred and is continuing, the Trustee shall exercise the
      rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of his own affairs.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">23</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Except during the continuance of an Event of Default:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(i)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee&#160; need perform only those duties that are specifically
      set forth in this Indenture and no implied duties, covenants or obligations shall be deemed to be imposed upon the Trustee.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(ii)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>in the absence of bad faith on its part, the Trustee may
      conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officers' Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in
      the case of any such Officers' Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers' Certificates and Opinions of Counsel to determine
      whether or not they conform on their face to the requirements of this Indenture.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may not be relieved from liability for its own its own negligent action,
      its own negligent failure to act or willful misconduct, except that:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(i)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>This paragraph does not limit the effect of paragraph (b) of
      Section 7.01 herein.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(ii)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable for any error of judgment made in
      good faith by a Responsible Officer.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(iii)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable with respect to any action
      taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time,
      method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(d)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Every provision of this Indenture that in any way relates to the Trustee is subject
      to paragraph (a), (b) and (c) of this Section.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(e)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may refuse to perform any duty or exercise any right or power unless it
      receives an indemnity satisfactory to it against any loss, liability or expense.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(f)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable for interest on any money received by it except as
      the Trustee may agree in writing with the Company.&#160; Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(g)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>No provision of this Indenture shall require the Trustee to risk or expend its own
      funds or otherwise incur liability, financial or otherwise, in the performance of any of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or indemnity
      satisfactory to it against such risk is not reasonably assured to it.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(h)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Paying Agent, the Registrar and any authenticating agent shall be entitled to the
      same rights, indemnities, protections and immunities afforded to the Trustee.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(i)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall have no duty to monitor the performance or compliance of the
      Company with its obligations hereunder or any under supplement hereto, nor shall it have any liability in connection with the malfeasance or nonfeasance by the Company.&#160; The Trustee shall have no liability in connection with compliance by the Company
      with statutory or regulatory requirements related to this Indenture, any supplement or any Securities issued pursuant hereto or thereto.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">24</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="7bfcfabc7e6048c5801651a3a475da9b">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 7.02.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Rights of Trustee</u>.</td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may conclusively rely on and shall be fully protected in acting or
      refraining from acting as a result of its reasonable belief that any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, direction, approval or other paper or document was genuine and had been signed or
      presented by the proper person.&#160; The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it sees fit.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Before the Trustee acts or refrains from acting, it may require an Officers'
      Certificate or an Opinion of Counsel or both.&#160; The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers' Certificate or Opinion of Counsel.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may act through agents and shall not be responsible for the misconduct or
      negligence of, or for the supervision of, any agent appointed with due care.&#160; No Depository shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depository.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(d)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall not be liable for any action it takes or omits to take in good
      faith which it believes to be authorized or within its rights or powers.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(e)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee may consult with counsel of its selection and the advice of such counsel
      or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(f)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by or pursuant to this Indenture at the request, order or direction of any of the Holders of Securities, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs,
      expenses and liabilities which might be incurred by it in compliance with such request or direction.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="0750831d93a94aa8877cf5347f8c8c22">

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            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 7.03.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Individual Rights of Trustee</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate with
      the same rights it would have if it were not Trustee.&#160; Any Agent may do the same with like rights.&#160; The Trustee is also subject to Sections 7.10 and 7.11.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="b53fc62a28f74e3ba069e94d8ab6597e">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 7.04.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Trustee's Disclaimer</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities and the recitals contained herein and in the Securities
      shall be taken as statements of the Company and not of the Trustee, and the Trustee has no responsibility for such recitals. The Trustee shall not be accountable for the Company's use or application of the proceeds from the Securities or for monies
      paid over to the Company pursuant to this Indenture, and it shall not be responsible for any statement in the Securities other than its authentication.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="6fdd56ac8e574a6d9a4d3f4fb2e8139c">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 7.05.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Notice of Defaults</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if a Responsible Officer of the Trustee has knowledge
      or receives written notice of such event, the Trustee shall mail to each Securityholder of the Securities of that Series, notice of a Default or Event of Default within [&#160; ] days after it occurs or, if later, after a Responsible Officer of the
      Trustee has actual knowledge of such Default or Event of Default.&#160; Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, including any additional interest that may become payable
      pursuant to Section 6.02(b), the Trustee may withhold the notice so long as the Trustee in good faith determines that withholding the notice is in the interests of Securityholders of that Series.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">25</div>
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    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="596ef2aba4ff48658e23a57c138f3694">

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            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 7.06.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Reports by Trustee to Holders</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Within [&#160; ] days after [&#160; &#160; &#160; &#160; &#160; &#160; &#160; ] in each year, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the
      register kept by the Registrar, a brief report dated as of such [&#160; &#160; &#160; &#160; &#160; ], in accordance with, and to the extent required under, TIA Section 313.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each stock exchange on which the Securities of
      that Series are listed.&#160; The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="a788279fd396417b9f8266af9ac78f94">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 7.07.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Compensation and Indemnity</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company shall pay to the Trustee from time to time such compensation for its services as shall be agreed upon in writing.&#160; The Trustee's compensation shall
      not be limited by any law on compensation of a trustee of an express trust.&#160; The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred by it.&#160; Such expenses shall include the
      reasonable compensation and expenses of the Trustee's agents, counsel and other persons not regularly in its employ.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company shall indemnify, defend and hold harmless the Trustee and its officers, directors, employees, representatives and agents, from and against and
      reimburse the Trustee for any and all claims, expenses, obligations, liabilities, losses, damages, injuries (to person, property, or natural resources), penalties, stamp or other similar taxes, actions, suits, judgments, reasonable costs and expenses
      (including reasonable attorney's and agent's fees and expenses) of whatever kind or nature regardless of their merit, demanded, asserted or claimed against the Trustee directly or indirectly relating to, or arising from, claims against the Trustee by
      reason of its participation in the transactions contemplated hereby, including without limitation all reasonable costs required to be associated with claims for damages to persons or property, and reasonable attorneys' and consultants' fees and
      expenses and court costs except to the extent caused by the Trustee's negligence or willful misconduct.&#160; The provisions of this Section 7.07 shall survive the termination of this Agreement or the earlier resignation or removal of the Trustee.&#160; The
      Company shall defend any claim and the Trustee shall cooperate in the defense.&#160; The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel.&#160; The Company need not pay for any settlement made
      without its consent, which consent shall not be unreasonably withheld or delayed.&#160; This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company need not reimburse any expense or indemnify against any loss liability incurred by the Trustee or by any officer, director, employee, shareholder or
      agent of the Trustee through negligence or bad faith.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">To secure the Company's payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held
      or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities of that Series.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(f) or (g) occurs, the expenses and the compensation for
      the services are intended to constitute expenses of administration under any Bankruptcy Law.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">26</div>
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    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="ac3f58428a7644aa872bbd3c40b4a6c0">

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            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 7.08.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Replacement of Trustee</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of
      appointment as provided in this Section.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company.&#160; 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.&#160; The Company may remove the Trustee with respect to Securities of one or more Series if:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee fails to comply with Section 7.10;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered
      with respect to the Trustee under any Bankruptcy Law;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a Custodian or public officer takes charge of the Trustee or its property; or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(d)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Trustee becomes incapable of acting.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">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.&#160;
      Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If a successor Trustee with respect to the Securities of any one or more Series does not take office within [&#160; ] days after the retiring Trustee resigns or is
      removed, the retiring Trustee, the Company or the Holders of at least [&#160; ]% in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.&#160; Immediately after that, the retiring
      Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.07, and subject to the payment of any and all amounts then due and owing to the retiring Trustee, the resignation or
      removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture.&#160; A
      successor Trustee shall mail a notice of its succession to each Securityholder of each such Series.&#160; Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company's obligations under Section 7.07 hereof shall continue for the
      benefit of the retiring trustee with respect to expenses and liabilities incurred by it prior to such replacement.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="c5cb56bbc87d4c4083b416e9357a26fe">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 7.09.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Successor Trustee by Merger, etc</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the
      successor corporation without any further act shall be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee herein.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">27</div>
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    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="564d105b3f344cbe8bbdaa7d6e472a70">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 7.10.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Eligibility; Disqualification</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5).&#160; 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.&#160; The Trustee shall comply with TIA Section 310(b).</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="394a0f84f21248619b65c587635574ae">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 7.11.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Preferential Collection of Claims Against Company</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b).&#160; A Trustee who has resigned or been removed
      shall be subject to TTA Section 311(a) to the extent indicated.</div>
    <div style="LINE-HEIGHT: 10pt"><br style="LINE-HEIGHT: 10pt">
    </div>
    <div style="margin-bottom: 12pt; text-align: center; line-height: 13.7pt;">ARTICLE VIII<br style="LINE-HEIGHT: 13.7pt">
      <br>
      SATISFACTION AND DISCHARGE; DEFEASANCE</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="0bbc557a35b14c93b3ff01bb9e301031">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 8.01.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Satisfaction and Discharge of Indenture</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.01), and the Trustee, on the demand of
      and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>either</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(i)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>all Securities theretofore authenticated and delivered (other than
      Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(ii)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>all such Securities not theretofore delivered to the Trustee for
      cancellation have become due and payable, or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(1)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>have become due and payable, or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(2)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>will become due and payable at their Stated Maturity within [&#160; &#160; &#160;
      &#160; &#160; ], or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(3)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>are to be called for redemption within [&#160; &#160; &#160; &#160; &#160; ] under
      arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(4)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>are deemed paid and discharged pursuant to section 8.03, as
      applicable; and the Company, in the case of (1), (2) or (3) above, has deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness on such
      Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated
      Maturity or redemption date, as the case may be;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company has paid or caused to be paid all other sums payable hereunder by the
      Company; and</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">28</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company has delivered to the Trustee an Officers' Certificate and an Opinion of
      Counsel, each meeting the applicable requirements of Sections 10.04 and 10.05 and each stating that all conditions precedent herein relating to the satisfaction and discharge of this Indenture have been complied with and the Trustee receives written
      demand from the Company to discharge.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.07, and, if money shall have
      been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.04, 2.07, 2.08, 8.01 8.02 and 8.05 shall survive.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="fc9157e61eef41cebe28e1f892f07bb9">

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            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 8.02.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Application of Trust Funds; Indemnification</u>.</td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Subject to the provisions of Section 8.05, all money deposited with the Trustee
      pursuant to Section 8.01, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04 and all money received by the Trustee in respect of U.S. Government Obligations or
      Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through
      any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to
      make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.03 or 8.04.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Company shall pay and shall indemnify the Trustee and the Agents against any tax,
      fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.03 or 8.04 or the interest and principal received in respect of such obligations other than any payable
      by or on behalf of Holders.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall, in accordance with the terms of this Indenture, deliver or pay to
      the Company from time to time, upon Company Request and at the expense of the Company any U.S. Government Obligations or Foreign Government Obligations or money held by it pursuant to this Indenture as provided in Sections 8.03 or 8.04 which, in the
      opinion of a nationally recognized firm of independent certified public accountants, expressed in a written certification thereof and delivered to the Trustee together with such Company Request, are then in excess of the amount thereof which then
      would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received.&#160; This provision shall not authorize the sale by the Trustee of any U.S.
      Government Obligations or Foreign Government Obligations held under this Indenture.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="c6b045b135ac4792bcd6eeac6dca5a55">

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            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 8.03.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Legal Defeasance of Securities of any Series</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Unless this Section 8.03 is otherwise specified, pursuant to Section 2.02(s), to be inapplicable to Securities of any Series, the Company shall be deemed to
      have paid and discharged the entire indebtedness on all the outstanding Securities of such Series on the [&#160;&#160; ] day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such
      outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the company, shall, at Company Request, execute proper instruments acknowledging the same), except as to:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the rights of Holders of Securities of such Series to receive, from the trust funds
      described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal or interest and
      (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">29</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the provisions of Sections 2.04, 2.07, 2.08, 2.14, 8.02, 8.03 and 8.05; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the rights, powers, trust and immunities of the Trustee hereunder; provided that, the
      following conditions shall have been satisfied:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(d)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have deposited or caused to be deposited irrevocably with the
      Paying Agent as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities in the case of Securities of such Series denominated in
      Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a
      composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be
      imposed on such Paying Agent), not later than [&#160;&#160; ] day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
      thereof delivered to the Trustee and the Paying Agent, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on all the Securities of such Series on the dates such
      installments of interest or principal are due;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(e)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such deposit will not result in a breach or violation of, or constitute a default
      under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(f)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>no Default or Event of Default with respect to the Securities of such Series shall
      have occurred and be continuing on the date of such deposit or during the period ending on the [&#160; &#160; ] day after such date;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(g)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee an Officers' Certificate and an
      Opinion of Counsel to the effect that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal
      income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such
      deposit, defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(h)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee an Officers' Certificate stating that
      the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the
      Company;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(i)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>such deposit shall not result in the trust arising from such deposit constituting an
      investment company (as defined in the Investment Company Act of 1940, as amended), or such trust shall be qualified under such Act or exempt from regulation thereunder; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(j)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee an Officers' Certificate and an
      Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">30</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="572b2eed234a440ca838d7afffb95ac1">

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            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 8.04.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Covenant Defeasance</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Unless this Section 8.04 is otherwise specified pursuant to Section 2.02(s) to be inapplicable to Securities of any Series, on and after the [&#160; &#160; ] day after
      the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set forth under Sections 4.02, 4.03, 4.04, 4.05, 4.06, and 5.01 as well as any additional covenants contained in a
      supplemental indenture hereto for a particular Series of Securities or a Board Resolution or an Officers' Certificate delivered pursuant to Section 2.02(s) (and the failure to comply with any such covenants shall not constitute a Default or Event of
      Default under Section 6.01) and the occurrence of any event described in clause (e) of Section 6.01 shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following conditions
      shall have been satisfied:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>With reference to this Section 8.04, the Company has deposited or caused to be
      irrevocably deposited (except as provided in Section 8.02(c)) with the Paying Agent as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of
      such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign
      Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no
      tax liability will be imposed on such Paying Agent), not later than [&#160;&#160; ] day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants
      expressed in a written certification thereof delivered to the Paying Agent, to pay principal and interest, if any, on and any mandatory sinking fund in respect of the Securities of such Series on the dates such installments of interest or principal
      are due;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Such deposit will not result in a breach or violation of, or constitute a default
      under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>No Default or Event of Default with respect to the Securities of such Series shall
      have occurred and be continuing on the date of such deposit or during the period ending on the [&#160; &#160; ] day after such date;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(d)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the company shall have delivered to the Trustee an Opinion of Counsel confirming that
      Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the
      same times as would have been the case if such deposit and defeasance had not occurred;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(e)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the Company shall have delivered to the Trustee an Officers' Certificate stating the
      deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the
      Company; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(f)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Company shall have delivered to the Trustee an Officers' Certificate and an
      Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the defeasance contemplated by this Section have been complied with.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">31</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="68009e18f57842948c332cc361c98879">

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            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 8.05.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Repayment to Company</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">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.&#160;
      After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person and all liability of the Paying Agent with respect to that money shall
      cease.</div>
    <div style="LINE-HEIGHT: 10pt"><br style="LINE-HEIGHT: 10pt">
    </div>
    <div style="margin-bottom: 12pt; text-align: center; line-height: 13.7pt;">ARTICLE IX<br style="LINE-HEIGHT: 13.7pt">
      <br>
      AMENDMENTS AND WAIVERS</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="ddcda0f10c604e0d9c3f1547df48ade6">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 9.01.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Without Consent of Holders</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to cure any ambiguity, defect or inconsistency;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to comply with Article V;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to provide for uncertificated Securities in addition to or in place of certificated
      Securities;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(d)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to make any change that does not adversely affect the rights of any Securityholder;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(e)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to provide for the issuance of and establish the form and terms and conditions of
      Securities of any Series as permitted by this Indenture;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(f)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to evidence and provide for the acceptance of appointment hereunder by a successor
      Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(g)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to comply with requirements of the TIA and any rules promulgated under the TIA; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(h)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to add to the covenants of the Company for the equal and ratable benefit of the
      Holders or to surrender any right, power or option conferred upon the Company.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Any amendment or supplement made solely to conform the provisions of this Indenture or the Securities of any Series to the description thereof contained in the
      final prospectus relating to such Series will be deemed not to adversely affect the rights of any Holder.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="1c59b467592c40798f966e39488d3fc8">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 9.02.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>With Consent of Holders</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the
      outstanding Securities of all Series affected by such supplemental indenture, taken together as one class (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding
      any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series.&#160; Except as provided in Section
      6.13, the Holders of at least a majority in principal amount of the outstanding Securities of all Series affected by such waiver by notice to the Trustee, taken together as one class (including consents obtained in connection with a tender offer or
      exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">32</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">It shall not be necessary for the consent of the Holders of Securities under this Section 9.02 to approve the particular form of any proposed supplemental
      indenture or waiver, but it shall be sufficient if such consent approves the substance thereof.&#160; 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.&#160; Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or
      waiver.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="eadf9b528e0b4857834debe41539e6a7">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 9.03.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Limitations</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Without the consent of each Securityholder affected, an amendment or waiver may not:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>change the amount of Securities whose Holders must consent to an amendment,
      supplement or waiver, except to increase any such amount or to provide that certain provisions of this Indenture cannot be modified, amended or waived without the consent of the Holder of each outstanding Security affected thereby;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>reduce the amount of interest, or change the interest payment time, on any Security;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>waive a redemption payment or alter the redemption provisions (other than any
      alteration that would not materially adversely affect the legal rights of any Holder under this Indenture) or the price at which the Company is required to offer to purchase the Securities;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(d)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>reduce the principal or change the Stated Maturity of any Security or reduce the
      amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(e)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>reduce the principal amount payable of any Security upon Maturity;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(f)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>waive a Default or Event of Default in the payment of the principal of or interest,
      if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from
      such acceleration);</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(g)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>change the place or currency of payment of principal of or interest, if any, on any
      Security other than that stated in the Security;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(h)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>impair the right of any Holder to receive payment of principal or, or interest on,
      the Securities of such Holder on or after the due dates therefor;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(i)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>impair the right to institute suit for the enforcement of any payment on, or with
      respect to, any Security;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(j)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>make any change in Sections 10.15 or 10.16;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(k)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>change the ranking of the Securities; or</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(l)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>make any other change which is specified in a Board Resolution, a supplemental
      indenture hereto or an Officers' Certificate as a limitation under this Section.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">For the avoidance of doubt, any amendment or waiver shall always be subject to the consent of the Company.<br>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="149c01c974b740b29a96be5e9a68c8ae">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 9.04.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Compliance with Trust Indenture Act</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as
      then in effect.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">33</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="d32e4b802f7e4f9ca8c9ece6bd7ae17b">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 9.05.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Revocation and Effect of Consents</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a
      Security or portion of a Security that evidences the same debt as the consenting Holder's Security, even if notation of the consent is not made on any Security.&#160; However, any such Holder or subsequent Holder may revoke the consent as to his Security
      or portion of a Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in
      any of clauses (a) through (g) of Section 9.03 in that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the
      consenting Holder's Security.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="94f30636efd644dead928c284eb5fe29">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 9.06.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Notation on or Exchange of Securities</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If an amendment, supplement or waiver changes the terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee and the
      Trustee may place an appropriate notation on the Security about the changed terms and return it to the Holder.&#160; Alternatively, if the Company or the Trustee so determines, the Company shall issue and the Trustee shall authenticate upon request new
      Securities of that Series that reflect the changed terms.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="da19ba4a723744d19827331cc4450cb5">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 9.07.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Trustee Protected</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts
      created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel or an Officer's Certificate, or both stating that the execution of such supplemental
      indenture is authorized or permitted by this Indenture.&#160; The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects its rights, duties or indemnities.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="f2931cabadfd429592318c62de2c4d4a">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 9.08.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Effect of Supplemental Indenture</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and each such supplemental
      indenture shall form part of this Indenture for all purposes with respect to the relevant Series; and every Holder of Securities of the relevant Series theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.</div>
    <div style="LINE-HEIGHT: 10pt"><br style="LINE-HEIGHT: 10pt">
    </div>
    <div style="margin-bottom: 12pt; text-align: center; line-height: 13.7pt;">ARTICLE X<br style="LINE-HEIGHT: 13.7pt">
      <br>
      MISCELLANEOUS</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="728d688b2f9f4f81861c8ba55b28f168">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.01.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Trust Indenture Act Controls</u>.</td>
          </tr>

      </table>
    </div>
    <div style="LINE-HEIGHT: 10pt"><br style="LINE-HEIGHT: 10pt">
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the
      TIA, such required or deemed provision shall control.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">34</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="6c032994e3634b708845ab97f4b78b2e">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.02.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Notices</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Any notice or communication by the Company, the Trustee, the Paying Agent or the Registrar to another is duly given if in writing and delivered in person or
      mailed by first-class mail:</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">if to the Company:</div>
    <div style="margin-bottom: 12pt; text-align: left; margin-left: 72pt; line-height: 13.7pt;">[&#160; &#160; &#160; &#160; &#160; ]<br>
      Attn: [&#160; &#160; &#160; &#160; &#160; ]<br>
      Fax: [&#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">if to the Trustee:</div>
    <div style="margin-bottom: 12pt; text-align: left; margin-left: 72pt; line-height: 13.7pt;">[&#160; &#160; &#160; &#160; &#160; ]<br>
      Attn: [&#160; &#160; &#160; &#160; &#160; ]<br>
      Fax: [&#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">if to the Registrar or Paying Agent:</div>
    <div style="text-align: left; line-height: 13.7pt; text-indent: 72pt;">[&#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="text-align: left; line-height: 13.7pt; text-indent: 72pt;">Attn: [&#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="text-align: left; line-height: 13.7pt; text-indent: 72pt;">Fax: [&#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="text-align: left; line-height: 13.7pt; text-indent: 72pt;">with copy to:</div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="text-align: left; line-height: 13.7pt; text-indent: 72pt;">[&#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="text-align: left; line-height: 13.7pt; text-indent: 72pt;">Attn: [&#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="text-align: left; line-height: 13.7pt; text-indent: 72pt;">Fax: [&#160; &#160; &#160; &#160; &#160; ]</div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company, the Trustee and each Agent by notice to each other may designate additional or different addresses for subsequent notices or communications.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">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.&#160; Failure to mail
      a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If a notice or communication is mailed or published in the manner provided above, within the time prescribed, it is duly given, whether or not the
      Securityholder receives it.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">If the company mails a notice or communication to Securityholders, it will mail a copy to the Trustee and each Agent at the same time.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Whenever a notice is required to be given by the Company, such notice may be given by the Trustee or Registrar on the Company's behalf (and the Company will
      make any notice it is required to give to Holders available on its website).</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="b565b0fd2d3e4f59bed0e959d62b6488">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.03.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Communication by Holders with Other Holders</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that Series or any other Series with respect to their
      rights under this Indenture or the Securities of that Series or all Series.&#160; The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c).</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">35</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="b1d3634d79bb403495d7ea0bebe8c8cb">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.04.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Certificate and Opinion as to Conditions Precedent</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an Officers' Certificate stating that, in the opinion of the signers, all conditions
      precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>an Opinion of Counsel stating that, in the opinion of counsel, all such conditions
      precedent (including any covenants, compliance with which constitutes a condition precedent) have been complied with.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="30e9efd3bbc04d5db399af24600fe39e">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.05.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Statements Required in Certificate or Opinion</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant
      to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(a)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a statement that the person making such certificate or opinion has read such covenant
      or condition;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(b)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a brief statement as to the nature and scope of the examination or investigation&#160;
      upon which the statements or opinions&#160; contained in such certificate or opinion are based;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(c)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a statement that, in the opinion of such person, he has made such examination or
      investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">(d)<font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>a statement as to whether or not, in the opinion of such person, such condition or
      covenant has been complied with.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt;"><font style="font-style: italic;">provided, however</font>, that with respect to matters of fact an Opinion of Counsel may rely on an Officers' Certificate or certificates of
      public officials.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="ec3d66d4ee174843b683407484937566">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.06.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Record Date for Vote or Consent of Holders</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Company (or, in the event deposits have been made pursuant to Section 11.02, the Trustee) may set a record date for purposes of determining the identity of
      Holders entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture, which record date shall not be more than [&#160; ] days prior to the date of the commencement of solicitation of such action.&#160;
      Notwithstanding the provisions of Section 9.05, if a record date is fixed, those persons who were Holders of Securities at the close of business on such record date (or their duly designated proxies), and only those persons, shall be entitled to take
      such action by vote or consent or to revoke any vote or consent previously given, whether or not such persons continue to be Holders after such record date.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="311347ca45bd4ee8835f03a3f746995b">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.07.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Rules by Trustee and Agents</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series.&#160; Any Agent may make reasonable rules and set
      reasonable requirements for its functions.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">36</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
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    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="69699621d8b4429fb1dca02264fe6c13">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.08.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Legal Holidays</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Unless otherwise provided by Board Resolution, Officers' Certificate or supplemental indenture for a particular Series, a "Legal Holiday" is any day that is not
      a Business Day.&#160; If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="bd13a80221324100ab6a446838d42dcf">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.09.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>No Recourse Against Others</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or
      the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.&#160; Each Securityholder by accepting a Security waives and releases all such liability.&#160; The waiver and release are part of the consideration for
      the issue of the Securities.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="73e34cab1a2e4abba848a7fb42ef8fd3">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.10.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Counterparts</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed
      to be an original and all of which taken together shall constitute one and the same agreement.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="7df7f8d7a54d4cf7966051846d7256bc">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.11.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Governing Laws and Submission to Jurisdiction</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK EXCLUDING ANY RULE OF LAW THAT WOULD CAUSE THE APPLICATION OF THE LAWS
      OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.</div>
    <div style="text-align: left; line-height: 13.7pt; text-indent: 48.95pt;">The Company agrees that any legal suit, action or proceeding arising out of or based upon this Indenture may be instituted in any federal or state court sitting in New York City,
      and, to the fullest extent permitted by law, waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such court in any suit, action or
      proceeding.&#160; The Company, as long as any Securities remain outstanding or the parties hereto have any obligation under this Indenture, shall have an authorized agent in the United States upon whom process may be served in any such legal action or
      proceeding. Service of process upon such agent and written notice of such service mailed or delivered to it shall to the extent permitted by law be deemed in every respect effective service of process upon it in any such legal action or proceeding
      and, if it fails to maintain such agent, any such process or summons may be served by mailing a copy thereof by registered mail, or a form of mail substantially equivalent thereto, addressed to it at its address as provided for notices hereunder. The
      Company hereby appoints Seward &amp; Kissel LLP, One Battery Park Plaza, New York, NY,&#160; 10004, as its agent for such purposes, and covenants and agrees that service of process in any legal action or proceeding may be made upon it at such office of
      such agent.</div>
    <div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="2a039ef52ef64701810489e255f06cc0">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.12.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>No Adverse Interpretation of Other Agreements</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary.&#160; Any such indenture, loan or debt
      agreement may not be used to interpret this Indenture.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="05ac9e4384ae4a218af5fd13235f7db0">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.13.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Successors</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">All agreements of the Company in this Indenture and the Securities shall bind its successor.&#160; All agreements of the Trustee in this Indenture shall bind its
      successor.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">37</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
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    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="4c1c7ca9a221472a9e97d6b335f76e64">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.14.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Severability</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
      remaining provisions shall not in any way be affected or impaired thereby.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="34e2dc0ea1c843a39e6b8cf084fd8ca2">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.15.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Table of Contents, Headings, Etc</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only,
      are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="8c153bd789ef4fee9f2d36ce6de86262">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.16.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Securities in a Foreign Currency or in ECU</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers' Certificate delivered pursuant to Section 2.02 of this
      Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by
      a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars (including ECUs), then the principal amount of Securities of such Series
      which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time.&#160; For purposes of this Section 10.16, "Market Exchange Rate"
      shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York; provided, however, in the case of ECUs, Market Exchange Rate shall mean the rate of exchange determined
      by the Commission of the European Union (or any successor thereto) as published in the Official Journal of the European Union (such publication or any successor publication, the "Journal").&#160; If such Market Exchange Rate is not available for any
      reason with respect to such currency, the Trustee shall use, without liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of ECUs, the rate of exchange as published in the Journal, as of the most recent
      available date, or quotations or, in the case of ECUs, rates of exchange from one or more major banks in The City of New York or in the country of issue of the currency in question or, in the case of ECUs, in Luxembourg or such other quotations or,
      in the case of ECUs, rates of exchange as the Trustee, upon consultation with the Company, shall deem appropriate.&#160; The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series
      denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph
      shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders.</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="a6c78a821e844662b9d3abb709edba64">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.17.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Judgment Currency</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">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 "Required Currency") into a currency in which a judgment will be rendered (the "Judgment Currency"), 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.&#160; For purposes of the foregoing, "New York
      Banking Day" means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close.</div>
    <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
      <div style="font-size: 8pt; text-align: center;" id="DSPFPageNumberArea">38</div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
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    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 189pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -117pt"><br style="LINE-HEIGHT: 13.7pt">
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="8a0dff1975b549b3ad182667ddb29691">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 10.18.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Compliance with Applicable Anti-Terrorism and Money Laundering Regulations</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those
      relating to the funding of terrorist activities and money laundering ("Applicable Law"), the Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the
      Trustee.&#160; Accordingly, each of the parties agree to provide to the Trustee, upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee to comply with the
      Applicable Law.</div>
    <div style="margin-bottom: 12pt; text-align: center; line-height: 13.7pt;">ARTICLE XI<br style="LINE-HEIGHT: 13.7pt">
      <br>
      SINKING FUNDS</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="10579a99eba2471bbbbbb0ec8509458c">

          <tr>
            <td style="WIDTH: 72pt"></td>
            <td style="vertical-align: top; width: 117pt; align: right;">SECTION 11.01.</td>
            <td style="vertical-align: top; text-align: left; width: auto;"><u>Applicability of Article</u>.</td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or
      required by any form of Security of such Series issued pursuant to this Indenture.</div>
    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">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 "mandatory sinking fund
      payment" and any other amount provided for by the terms of Securities of such Series is herein referred to as an "optional sinking fund payment." If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment
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    <div style="margin-bottom: 12pt; text-align: left; line-height: 13.7pt; text-indent: 72pt;">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
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          <td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 22.71%">&#160;</td>
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          <td style="VERTICAL-ALIGN: bottom; WIDTH: 8.94%">&#160;</td>
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          <td style="VERTICAL-ALIGN: bottom; WIDTH: 21.69%">&#160;</td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 22.71%">&#160;</td>
          <td style="VERTICAL-ALIGN: bottom; WIDTH: 8.94%">&#160;</td>
          <td style="VERTICAL-ALIGN: bottom; WIDTH: 38.49%">&#160;</td>
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          <td style="VERTICAL-ALIGN: bottom; WIDTH: 21.69%">&#160;</td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 22.71%">&#160;</td>
          <td style="VERTICAL-ALIGN: bottom; WIDTH: 8.94%">&#160;</td>
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          <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.69%">&#160;</td>
          <td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 22.71%">&#160;</td>
          <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 8.94%">&#160;</td>
          <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 38.49%">&#160;</td>
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          <td style="VERTICAL-ALIGN: bottom; WIDTH: 8.94%">&#160;</td>
          <td style="VERTICAL-ALIGN: bottom; WIDTH: 21.69%">&#160;</td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 22.71%">&#160;</td>
          <td style="VERTICAL-ALIGN: bottom; WIDTH: 8.94%">&#160;</td>
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          <td style="VERTICAL-ALIGN: bottom; WIDTH: 21.69%">&#160;</td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 22.71%">&#160;</td>
          <td style="VERTICAL-ALIGN: bottom; WIDTH: 8.94%">&#160;</td>
          <td style="VERTICAL-ALIGN: bottom; WIDTH: 38.49%">&#160;</td>
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          <td style="VERTICAL-ALIGN: bottom; WIDTH: 21.69%">&#160;</td>
          <td style="VERTICAL-ALIGN: top; WIDTH: 22.71%">&#160;</td>
          <td style="VERTICAL-ALIGN: bottom; WIDTH: 8.94%">&#160;</td>
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          <td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 22.71%">&#160;</td>
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          <td style="VERTICAL-ALIGN: top; WIDTH: 22.71%">&#160;</td>
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          <td style="VERTICAL-ALIGN: top; WIDTH: 22.71%">&#160;</td>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>d9903748_ex5-1.htm
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 5.1</font><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z356120120e7544509f520c2711a8a023" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 25.59%; vertical-align: top;">&#160;</td>
          <td style="width: 48.8%; vertical-align: top;">
            <div style="text-align: center; font-size: 18pt; font-variant: small-caps;">Seward &amp; Kissel llp</div>
            <div style="text-align: center;">ONE BATTERY PARK PLAZA</div>
            <div style="text-align: center;">NEW YORK, NEW YORK&#160; 10004</div>
          </td>
          <td style="width: 25.6%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25.59%; vertical-align: top;">&#160;</td>
          <td style="width: 48.8%; vertical-align: top;">&#160;</td>
          <td style="width: 25.6%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25.59%; vertical-align: top;">&#160;</td>
          <td style="width: 48.8%; vertical-align: top;">
            <div style="text-align: center;">TELEPHONE:&#160; (212)&#160; 574-1200</div>
            <div style="text-align: center;">FACSIMILE:&#160; (212) 480-8421</div>
            <div style="text-align: center;">WWW.SEWKIS.COM</div>
          </td>
          <td style="width: 25.6%; vertical-align: top;">
            <div style="text-align: center; font-size: 8pt;">901 K STREET, N.W.</div>
            <div style="text-align: center; font-size: 8pt;">WASHINGTON, D.C. 20001</div>
            <div style="text-align: center; font-size: 8pt;">TELEPHONE:&#160; (202) 737-8833</div>
            <div style="text-align: center; font-size: 8pt;">FACSIMILE:&#160; (202) 737-5184</div>
          </td>
        </tr>

    </table>
    <div><br>

      <table cellspacing="0" cellpadding="0" id="z453f5e57d85e41d48b4c0590ecedd1a6" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 50%; vertical-align: middle;">
              <div>&#160;</div>
            </td>
            <td style="width: 50%; vertical-align: middle;">
              <div>December 29, 2022</div>
            </td>
          </tr>

      </table>

      <div>Euroseas Ltd.</div>

      <div>4 Messogiou &amp; Evropis Street</div>

      <div style="margin-bottom: 12pt;">151 25 Maroussi, Greece</div>

      <div style="text-indent: 72pt; margin-bottom: 12pt;">Re: Euroseas Ltd.</div>

      <div style="margin-bottom: 12pt;">Ladies and Gentlemen:</div>

      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">We have acted as counsel to Euroseas Ltd. (the "Company") in connection with the Company's registration statement on Form F-3 (File No. 333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;) (the
        "Registration Statement") as filed with the U.S. Securities and Exchange Commission (the "Commission") on December 29, 2022, as thereafter amended or supplemented, with respect to the public offering by the Company (the "Offering") of up to an
        aggregate of $400,000,000 of securities which may include common shares ("Common Shares"), preferred shares ("Preferred Shares"), debt securities ("Debt Securities"), warrants ("Warrants") and units ("Units" and, together with the Common Shares,
        the Preferred Shares, the Debt Securities and the Warrants, the "Primary Securities").</div>

      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">We have examined originals or copies, certified or otherwise identified to our satisfaction, of: (i) the Registration Statement; (ii) the prospectus of the
        Company (the "Prospectus") included in the Registration Statement; (iii) the form of senior indenture to be entered into by the Company (filed as Exhibit 4.5 to the Registration Statement), (iv) the form of subordinated indenture to be entered into
        by the Company (filed as Exhibit 4.6 to the Registration Statement), and (v) each document incorporated or deemed to be incorporated by reference into the Registration Statement, and (vi) such corporate documents and records of the Company and such
        other instruments, certificates and documents as we have deemed necessary or appropriate as a basis for the opinions hereinafter expressed. In such examinations, we have assumed the authenticity of all documents submitted to us as originals, the
        conformity to original documents of all documents submitted to us as copies or drafts of documents to be executed, the genuineness of all signatures and the legal competence or capacity of persons or entities to complete the execution of documents.
        As to various questions of fact which are material to the opinions hereinafter expressed, we have relied upon statements or certificates of public officials, directors of the Company and others.</div>

      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">We have further assumed for the purposes of this opinion, without investigation, that (i) all documents contemplated by the Prospectus to be executed in
        connection with the Offering have been duly authorized, executed and delivered by each of the parties thereto other than the Company, and (ii) the terms of the Offering comply in all respects with the terms, conditions and restrictions set forth in
        the Prospectus and all of the instruments, agreements and other documents relating thereto or executed in connection therewith.</div>

      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">Based upon and subject to the foregoing, and having regard to such other legal considerations which we deem relevant, we are of the opinion that:</div>

      <div style="text-align: justify; text-indent: 76.5pt; margin-bottom: 12pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Under the laws of the Republic of the Marshall Islands, the Primary Securities have been duly authorized, and when the Primary Securities,
        other than Debt Securities and the Warrants, are issued, sold and paid for as contemplated in the Prospectus or any supplement thereto, will be validly issued, fully paid and non-assessable.</div>

      <div style="text-align: justify; text-indent: 76.5pt; margin-bottom: 12pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Under the laws of the Republic of the Marshall Islands, the Primary Securities consisting of Common Shares and Preferred Shares issuable under
        the terms of an indenture, Warrants and as part of Units, when issued, sold and paid for as contemplated in the Prospectus or any supplement thereto, will be validly issued, fully paid and non-assessable.</div>

      <div style="text-align: justify; text-indent: 76.5pt; margin-bottom: 12pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Under the laws of the State of New York, the Debt Securities, when issued for value and delivered in accordance with the applicable indenture,
        and upon due execution and delivery as contemplated in the Prospectus or any supplement thereto, will constitute legal, valid and binding obligations of the Company in accordance with their terms.</div>

      <div style="text-align: justify; text-indent: 76.5pt; margin-bottom: 12pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Under the laws of the State of New York, the Warrants, when issued pursuant to a validly executed warrant agreement substantially similar to
        the Form of Warrant Agreement, will constitute the legal, valid and binding obligations of the Company in accordance with the terms of such warrant agreement.</div>

      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">This opinion is limited to the law of the State of New York and the Federal laws of the United States of America and the laws of the Republic of the Marshall
        Islands as in effect on the date hereof.</div>

      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, and to each reference to us and the discussions of advice provided
        by us under the heading "Legal Matters" in the Prospectus, without admitting we are "experts" within the meaning of the Securities Act of 1933, as amended, or the rules and regulations of the Commission thereunder with respect to any part of the
        Registration Statement.</div>

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          <tr>
            <td style="width: 46.41%; vertical-align: middle;">
              <div>&#160;</div>
            </td>
            <td style="width: 53.59%; vertical-align: middle;" colspan="2">
              <div>Very truly yours,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 46.41%; vertical-align: middle;">
              <div>&#160;</div>
            </td>
            <td style="width: 53.59%; vertical-align: middle;" colspan="2">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 46.41%; vertical-align: middle;">
              <div>&#160;</div>
            </td>
            <td style="width: 30.36%; vertical-align: middle;">
              <div>/s/ Seward &amp; Kissel LLP&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td style="width: 23.22%; vertical-align: middle;">
              <div>&#160;</div>
            </td>
          </tr>

      </table>
       <br>
    </div>
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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>d9903728_ex8-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 8.4.0.0
         Copyright 1995 - 2022 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 8.1</font><br>
  </div>
  <div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="za275f337a2b84f5c9609239523ba1353" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 25.59%; vertical-align: top;">&#160;</td>
          <td style="width: 48.8%; vertical-align: top;">
            <div style="text-align: center; font-size: 18pt; font-variant: small-caps;">Seward &amp; Kissel llp</div>
            <div style="text-align: center;">ONE BATTERY PARK PLAZA</div>
            <div style="text-align: center;">NEW YORK, NEW YORK&#160; 10004</div>
          </td>
          <td style="width: 25.6%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25.59%; vertical-align: top;">&#160;</td>
          <td style="width: 48.8%; vertical-align: top;">&#160;</td>
          <td style="width: 25.6%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25.59%; vertical-align: top;">&#160;</td>
          <td style="width: 48.8%; vertical-align: top;">
            <div style="text-align: center;">TELEPHONE:&#160; (212)&#160; 574-1200</div>
            <div style="text-align: center;">FACSIMILE:&#160; (212) 480-8421</div>
            <div style="text-align: center;">WWW.SEWKIS.COM</div>
          </td>
          <td style="width: 25.6%; vertical-align: top;">
            <div style="text-align: center; font-size: 8pt;">901 K STREET, N.W.</div>
            <div style="text-align: center; font-size: 8pt;">WASHINGTON, D.C. 20001</div>
            <div style="text-align: center; font-size: 8pt;">TELEPHONE:&#160; (202) 737-8833</div>
            <div style="text-align: center; font-size: 8pt;">FACSIMILE:&#160; (202) 737-5184</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
  </div>
  <div>
    <div style="font-size: 12pt;"><font style="font-size: 10pt;"><br>
      </font> </div>
    <table cellspacing="0" cellpadding="0" id="zfd35caded0074e56864907b6c78f5f4f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top; font-size: 12pt;">
            <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">December 29, 2022</div>
          </td>
        </tr>

    </table>
    <div style="font-size: 12pt;"><font style="font-size: 10pt;"><br>
      </font> </div>
    <div style="font-family: 'Times New Roman',Times,serif;">Euroseas Ltd.</div>
    <div style="font-family: 'Times New Roman',Times,serif;">4 Messogiou &amp; Evropis Street</div>
    <div style="font-family: 'Times New Roman',Times,serif;">151 25 Maroussi, Greece</div>
    <div style="font-size: 12pt;"><font style="font-size: 10pt;"><br>
      </font> </div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Re:</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Euroseas Ltd.</font></div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Ladies and Gentlemen:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">You have requested our opinion regarding certain United States federal income tax matters relating to Euroseas Ltd. (the "<u>Company</u>")
      and certain holders of shares of the Company's Common Stock, as described in the Registration Statement filed by the Company on Form F-3 (File No. 333-&#160; &#160; &#160; &#160; &#160; &#160; &#160; ) with the Securities and Exchange Commission on December 29, 2022, as thereafter
      amended or supplemented (the "<u>Registration Statement</u>").</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">In formulating our opinion as to these matters, we have examined such documents as we have deemed appropriate, including the
      Registration Statement and the prospectus of the Company (the "Prospectus") included in the Registration Statement. We also have obtained such additional information as we have deemed relevant and necessary from representatives of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Capitalized terms not defined herein have the meanings ascribed to them in the Registration Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Based on the facts as set forth in the Registration Statement and the Company's annual report on Form 20-F for the fiscal year ended
      December 31, 2021 (the "<u>Annual Report</u>"), which is incorporated by reference into the Registration Statement, and, in particular, on the representations, covenants, assumptions, conditions and qualifications described in the Registration
      Statement under the sections entitled "United States Federal Income Tax Considerations" and "Marshall Islands Tax Considerations," under the section entitled "Tax Considerations" and in the risk factors set forth in the Annual Report entitled (i)
      "United States tax authorities could treat us as a 'passive foreign investment company', which could have adverse United States federal income tax consequences to United States holders" and (ii) "We may have to pay tax on United States source income,
      which would reduce our earnings.," we hereby confirm that the opinions with respect to United States federal income tax matters and Marshall Islands tax matters expressed therein accurately state our views as to the tax matters discussed therein.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Our opinions and the tax discussion as set forth in the Registration Statement are based on the current provisions of the Internal
      Revenue Code of 1986, as amended, the Treasury Regulations promulgated thereunder, published pronouncements of the Internal Revenue Service which may be cited or used as precedents, case law, and applicable provisions of Marshall Islands law related
      to taxes, any of which may be changed at any time with retroactive effect. No opinion is expressed on any matters other than those specifically referred to above by reference to the Registration Statement and the Annual Report.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">We hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement and to the references
      to us in the Prospectus. In giving such consent, we do not hereby admit that we are "experts" within the meaning of the Act and the rules and regulations of the Commission promulgated thereunder with respect to any part of the Registration Statement.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.41%; vertical-align: middle;">
              <div style="font-size: 12pt;">&#160;</div>
            </td>
            <td colspan="2" style="width: 53.59%; vertical-align: middle;">
              <div>Very truly yours,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 46.41%; vertical-align: middle;">
              <div style="font-size: 12pt;">&#160;</div>
            </td>
            <td colspan="2" style="width: 53.59%; vertical-align: middle;">
              <div style="font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 46.41%; vertical-align: middle;">
              <div style="font-size: 12pt;">&#160;</div>
            </td>
            <td style="width: 30.36%; vertical-align: middle;">
              <div>/s/ Seward &amp; Kissel LLP&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td style="width: 23.22%; vertical-align: middle;">
              <div style="font-size: 12pt;">&#160;</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>6
<FILENAME>d9903807_ex23-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 8.4.0.0
         Copyright 1995 - 2022 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Exhibit 23.2</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">We consent to the incorporation by reference in this Registration Statement on Form F-3 of our report dated April 22, 2022, relating to the
      consolidated financial statements of Euroseas Ltd., appearing in the Annual Report on Form 20-F of Euroseas Ltd. for the year ended December 31, 2021. We also consent to the reference to us under the heading "Experts" in such Registration Statement.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">/s/ Deloitte Certified Public Accountants S.A.</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Athens, Greece</div>
    <div style="font-family: 'Times New Roman',Times,serif;">December 29, 2022</div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>7
<FILENAME>d9888607_ex-107.htm
<DESCRIPTION>FILING FEES TABLE
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 8.4.0.0
         Copyright 1995 - 2022 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; font-weight: bold;">Exhibit 107</div>
    <div style="text-align: center; margin-top: 12pt; font-weight: bold;">Calculation of Filing Fee Table</div>
    <div style="text-align: center; margin-top: 12pt; font-weight: bold;">Form F-3</div>
    <div style="text-align: center;">(Form Type)</div>
    <div style="text-align: center; margin-top: 12pt; font-weight: bold;">Euroseas Ltd.</div>
    <div style="text-align: center;">(Exact Name of Registrant as Specified in its Charter)</div>
    <div style="text-align: center; margin-top: 12pt;"><u>Table 1: Newly Registered Securities and Carry Forward Securities</u></div>
    <div style="margin-top: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z87d9997da1394e6283e49c242d24cdf5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Security Type</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Security Class Title</div>
          </td>
          <td style="width: 8.12%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Fee Calculation or Carry Forward Rule</div>
          </td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Amount Registered</div>
          </td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Proposed Maximum Offering Price Per Unit</div>
          </td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Proposed Maximum Aggregate Offering Price (2)</div>
          </td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Fee Rate</div>
          </td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Amount of Registration Fee (9)</div>
          </td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Carry Forward Form Type</div>
          </td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Carry Forward File Number</div>
          </td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Carry Forward Initial Effective Date</div>
          </td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="13">
            <div style="text-align: center; font-weight: bold;">Newly Registered Securities</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Fees to be Paid</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Equity</div>
            <div>&#160;</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Common shares, par value $0.03 per share (1)(4)</div>
          </td>
          <td style="width: 8.12%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Equity</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Preferred Shares, par value $0.01 per share (5)</div>
          </td>
          <td style="width: 8.12%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Debt</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Debt Securities (6)</div>
          </td>
          <td style="width: 8.12%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Other</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Warrants (7)</div>
          </td>
          <td style="width: 8.12%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Other</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Units (8)</div>
          </td>
          <td style="width: 8.12%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Unallocated (Universal) Shelf</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Unallocated (Universal) Shelf</div>
          </td>
          <td style="width: 8.12%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">457(o)</div>
          </td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">(1)</div>
          </td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">(2)</div>
          </td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$1,504,229</div>
          </td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0.0001102</div>
          </td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$166</div>
          </td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Fees Previously Paid</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>N/A</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td style="width: 8.12%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="13">
            <div style="text-align: center; font-weight: bold;">Carry Forward Securities</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Carry Forward Securities</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Equity</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Common shares, par value $0.03 per share (1)(4)</div>
          </td>
          <td style="width: 8.12%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Equity</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Preferred Shares, par value $0.01 per share (5)</div>
          </td>
          <td style="width: 8.12%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Debt</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Debt Securities (6)</div>
          </td>
          <td style="width: 8.12%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Other</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Warrants (7)</div>
          </td>
          <td style="width: 8.12%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Other</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Units (8)</div>
          </td>
          <td style="width: 8.12%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Unallocated (Universal) Shelf</div>
          </td>
          <td style="width: 7.96%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Unallocated (Universal) Shelf</div>
          </td>
          <td style="width: 8.12%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">415(a)(6)</div>
          </td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">(1)</div>
          </td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">(2)</div>
          </td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$398,495,771</div>
          </td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>Form F-3</div>
          </td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">File No. 333-237128</div>
          </td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">05/07/2020</div>
          </td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$51,724 (3)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 24.05%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: center; font-weight: bold;">Total Offering Amounts</div>
          </td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$400,000,000</div>
          </td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$166</div>
          </td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 24.05%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: center; font-weight: bold;">Total Fees Previously Paid</div>
          </td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$0</div>
          </td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 24.05%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: center; font-weight: bold;">Total Fee Offsets</div>
          </td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$0</div>
          </td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.52%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 24.05%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: center; font-weight: bold;">Net Fee Due</div>
          </td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.45%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.19%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.55%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$166</div>
          </td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 6.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 7.6%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>

    </table>
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      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd3eed1ff6df94f60998f3762798ba036" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman',Times,serif;">Pursuant to Rule 416 under the Securities Act of 1933 (the "Securities Act"), as amended, the common shares being registered hereunder include such indeterminate number of
              shares as may be issuable as a result of stock splits, stock dividends or similar transactions or as a result of the operation of anti-dilutive provisions and adjustments to conversion ratios.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z2d16f6a7887d422ea354f59406371b2d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman',Times,serif;">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act. Pursuant to instructions on Form F-3, the table does not
              specify by each class information as to the proposed maximum aggregate offering price. Any securities registered hereunder may be sold separately or as units with other securities registered hereunder. In no event will the aggregate offering
              price of all securities sold by Euroseas Ltd. pursuant to this registration statement exceed $400,000,000.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="za0753724b56845e88347ecaeeabf9966" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman',Times,serif;">Pursuant to Rule 415(a)(6) under the Securities Act of 1933, as amended, the securities registered pursuant to this registration statement include $398,495,771 of unsold
              securities previously registered on a registration statement on Form F-3 (File No. 333-237128), filed with the Securities and Exchange Commission on March 12, 2020, and declared effective on May 7, 2020 ("Prior Registration Statement"). The
              previously paid filing fee relating to such unsold securities under the Prior Registration Statement will continue to be applied to such unsold securities registered on this registration statement. To the extent that, after the filing date
              hereof and prior to the effectiveness of this registration statement, any such unsold securities are sold pursuant to the Prior Registration Statement, the registrant will identify in a pre-effective amendment to this registration statement
              the updated amount of unsold securities from the Prior Registration Statement to be included in this registration statement pursuant to Rule 415(a)(6) and the updated amount of new securities to be registered on this registration statement.
              Pursuant to Rule 415(a)(6), the offering of the unsold securities registered under the Prior Registration Statement, if not previously terminated, will be deemed terminated as of the date of effectiveness of this Registration Statement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zffa572bc84f245939112b1e8f2ee4cd4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman',Times,serif;">Preferred stock purchase rights are not currently separable from the common stock and are not currently exercisable. The value attributable to the preferred stock purchase
              rights, if any, will be reflected in the market price of the common stock.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z13ef04a265b3459bb4b88ce8d9aeda18" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman',Times,serif;">There is being registered hereunder an indeterminate number of preferred shares as may from time to time be sold at indeterminate prices not to exceed the aggregate offering
              price of $400,000,000 for all securities sold by Euroseas Ltd. pursuant to this registration statement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zc3f5c1e1691b4cdeb0384d4f304fc314" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(6)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman',Times,serif;">If any debt securities are issued at an original issue discount, then the offering may be in such greater principal amount as shall result in a maximum aggregate offering price
              not to exceed the aggregate offering price of $400,000,000 for all securities sold by Euroseas Ltd. pursuant to this registration statement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="ze6e4583501e54f279c5b453ffc07d359" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(7)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman',Times,serif;">There is being registered hereunder an indeterminate number of warrants as may from time to time be sold at indeterminate prices not to exceed the aggregate offering price of
              $400,000,000 for all securities sold by Euroseas Ltd. pursuant to this registration statement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z44d1924085d1456987796bebfeb263d5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(8)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman',Times,serif;">There is being registered hereunder an indeterminate number of units as may from time to time be sold at indeterminate prices not to exceed the aggregate offering price of
              $400,000,000 for all securities sold by Euroseas Ltd. pursuant to this registration statement. Units may consist of any combination of the securities registered hereunder.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zf7cd3e255d804f2eb20fca034eb807c5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(9)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman',Times,serif;">Determined in accordance with Section 6(b) of the Securities Act to be $166 which is equal to 0.0001102 multiplied by the proposed maximum aggregate offering price of $1,504,229
              for newly registered securities.</div>
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