<SEC-DOCUMENT>0001062993-22-019410.txt : 20220909
<SEC-HEADER>0001062993-22-019410.hdr.sgml : 20220909
<ACCEPTANCE-DATETIME>20220909172351
ACCESSION NUMBER:		0001062993-22-019410
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20220909
DATE AS OF CHANGE:		20220909

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LESAKA TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001041514
		STANDARD INDUSTRIAL CLASSIFICATION:	FUNCTIONS RELATED TO DEPOSITORY BANKING, NEC [6099]
		IRS NUMBER:				980171860
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-267371
		FILM NUMBER:		221236922

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000
		BUSINESS PHONE:		27 11 343 2000

	MAIL ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NET 1 UEPS TECHNOLOGIES INC
		DATE OF NAME CHANGE:	20000724
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>forms3.htm
<DESCRIPTION>FORM S-3
<TEXT>
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    <title>Lesaka Technologies, Inc.: Form S-3 - Filed by newsfilecorp.com</title>
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    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;"><b>As filed with the Securities and Exchange Commission on September 9, 2022</b></p>
    <p style="text-align: right;"><b>Registration No. 333- </b></p>
    <p style="text-align: center;"><font style="font-size: 18pt;"><b>UNITED STATES </b></font><br><b><font style="font-size: 18pt;">SECURITIES AND EXCHANGE COMMISSION</font>&#160;</b><br>Washington, D.C. 20549 <br>_______________________________</p>
    <p style="text-align: center;"><font style="font-size: 18pt;"><b>FORM S-3 </b></font><br><font style="font-size: 10pt;"><b>REGISTRATION STATEMENT UNDER </b></font><br><font style="font-size: 10pt;"><b>THE SECURITIES ACT OF 1933 </b></font><br>_______________________________</p>
    <p style="text-align: center;"><font style="font-size: 18pt;"><u><b>LESAKA TECHNOLOGIES, INC.</b></u></font><b> </b><br>(Exact name of registrant as specified in its charter)</p>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><u><b>Florida </b></u></p>
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            <td style="width: 50%; padding: 0.25pt; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><u><b>98-0171860 </b></u></p>
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            <td style="padding: 0.25pt; vertical-align: top; width: 50%;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(State or other jurisdiction of <br>incorporation or organization)</p>
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            <td style="width: 50%; padding: 0.25pt; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(I.R.S. Employer Identification No.)</p>
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    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
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            <td style="vertical-align: bottom; text-align: center;"><b>President Place, 4th Floor </b></td>
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            <td style="vertical-align: bottom; text-align: center;"><b>Cnr. Jan Smuts Avenue and Bolton Road </b></td>
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            <td style="vertical-align: bottom; text-align: center;"><b>Rosebank, Johannesburg, South Africa </b></td>
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            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: center;"><b>27-11-343-2000 </b></td>
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            <td style="vertical-align: top; border-top: 1.5pt solid #000000; text-align: center;">(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)</td>
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            <td style="vertical-align: top; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;"><b>Chris G.B. Meyer </b></td>
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            <td style="vertical-align: bottom; text-align: center;"><b>Group Chief Executive Officer </b></td>
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            <td style="vertical-align: bottom; text-align: center;"><b>Lesaka Technologies, Inc. </b></td>
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            <td style="vertical-align: bottom; text-align: center;"><b>President Place, 4th Floor </b></td>
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            <td style="vertical-align: bottom; text-align: center;"><b>Cnr. Jan Smuts Avenue and Bolton Road </b></td>
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            <td style="vertical-align: bottom; text-align: center;"><b>Rosebank, Johannesburg, South Africa </b></td>
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            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: center;"><b>Tel: 27-11-343-2000 </b></td>
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            <td style="vertical-align: top; border-top: 1.5pt solid #000000; text-align: center;">(Name, address, including zip code, and telephone number including area code, of agent for service)</td>
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            <td style="vertical-align: top; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;"><i><b>Copy to: </b></i></td>
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            <td style="vertical-align: top; text-align: center;"><b>Eric Orsic, Esq.</b></td>
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            <td style="vertical-align: top; text-align: center;"><b>McDermott Will &amp; Emery LLP</b></td>
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            <td style="vertical-align: top; text-align: center;"><b>444 West Lake Street, Suite 4000</b></td>
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            <td style="vertical-align: top; text-align: center;"><b>Chicago, IL 60606-0029</b></td>
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            <td style="vertical-align: top; text-align: center;"><b>Tel: (312) 372-2000</b></td>
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            <td style="vertical-align: top; text-align: center;">&#160;</td>
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    </table>
    <p style="text-align: justify;"><b>Approximate date of commencement of proposed sale to the public</b>: From time to time after the effective date of this registration statement.</p>
    <p style="text-align: justify;">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. [ ]</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: justify;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. [ x ]</p>
    <p style="text-align: justify;">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. [ ]</p>
    <p style="text-align: justify;">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. [ ]</p>
    <p style="text-align: justify;">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. [ ]</p>
    <p style="text-align: justify;">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. [ ]</p>
    <p style="text-align: justify;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
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            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Large accelerated filer [ ]</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Accelerated filer [ x ]</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Non-accelerated filer [ ]</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Smaller reporting company [ x ]</p>
            </td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>&#160;</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Emerging growth company [ ]</p>
            </td>
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    </table>
    <p style="text-align: justify;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. [ ]</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: center;"><b> The registrant hereby amends this registration statement on such date or dates as may be necessary to delay <br>its effective date until the registrant shall file a further amendment which specifically states that this <br>registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act, <br>or until the registration statement shall become effective on such date as the Securities and Exchange <br>Commission, acting pursuant to said Section 8(a), may determine. </b></p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a><br>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; padding: 2pt 4pt;">
                <p><font style="color: #ff0000;">The information in this prospectus is not complete and may be changed or supplemented. We may not sell these securities until the registration statement that we filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. </font></p>
            </td>
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    </table>
    <p style="text-align: center;"><font style="color: #ff0000;">SUBJECT TO COMPLETION, DATED September 9, 2022</font></p>
    <p style="text-align: justify;"><b>PROSPECTUS </b></p>
    <p style="text-align: center;"><img src="forms3x001.jpg" style="width: 301px;" height="114"></p>
    <p style="text-align: center;"><b>$350,000,000</b><br><b>Common Stock, Preferred Stock, Debt Securities, </b><br><b>Warrants and Units </b></p>
    <p style="text-align: justify;">This prospectus covers our offer and sale from time to time of any combination of common stock, preferred stock, debt securities, warrants or units described in this prospectus in one or more offerings. This prospectus provides a general description of the securities we may offer and sell. We will provide a prospectus supplement each time we issue securities, which will inform you about the specific terms of that offering. We may also authorize one or more free writing prospectuses to be provided to you in connection with these offerings. The prospectus supplement and any related free writing prospectus may add, update or change information contained in this prospectus. You should carefully read this prospectus, the applicable prospectus supplement and any related free writing prospectus, as well as the documents incorporated by reference before you invest in any of our securities. This prospectus may not be used to sell the securities unless accompanied by a prospectus supplement. The aggregate offering price of all securities sold by us under this prospectus may not exceed $350,000,000.</p>
    <p style="text-align: justify;">The securities may be offered and sold by us to or through one or more underwriters, dealers or agents or directly to purchasers on a continuous or delayed basis. See "Plan of Distribution." Our common stock is listed on The Nasdaq Global Select Market ("Nasdaq") in the United States under the symbol "LSAK" and on the Johannesburg Stock Exchange (the "JSE") in South Africa under the symbol "LSK." Nasdaq is our principal market for the trading of our common stock. On September 7, 2022, the last reported sale price of our common stock on Nasdaq and the JSE was $5.25 and ZAR86.01 per share, respectively.</p>
    <p style="text-align: justify;"><b>Investing in our securities involves risks that are referenced under the caption "Risk Factors" on page 3 of this prospectus. You should read this document and any prospectus supplement carefully before you invest. </b></p>
    <p style="text-align: justify;"><b>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful and complete. Any representation to the contrary is a criminal offense. </b></p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <p style="text-align: center;">This prospectus is dated <font style="display: inline-block; width: 45.13pt;">&#160;</font>, 2022.</p>
    <p style="text-align: center;"><b>TABLE OF CONTENTS </b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
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            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
            <td style="width: 15%; vertical-align: top; text-align: right;"><b>Page</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;"><a href="#page_6">About This Prospectus </a></td>
            <td style="width: 15%; vertical-align: top; background-color: #eeeeee; text-align: right;"><a href="#page_6">1 </a></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;"><a href="#page_7">The Company </a></td>
            <td style="width: 15%; vertical-align: top; text-align: right;"><a href="#page_7">2 </a></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;"><a href="#page_8">Risk Factors </a></td>
            <td style="width: 15%; vertical-align: top; background-color: #eeeeee; text-align: right;"><a href="#page_8">3 </a></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt;"><a href="#page_9">Information Regarding Forward-Looking Statements </a></td>
            <td style="width: 15%; vertical-align: top; text-align: right;"><a href="#page_9">4 </a></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;"><a href="#page_10">Use Of Proceeds </a></td>
            <td style="width: 15%; vertical-align: top; background-color: #eeeeee; text-align: right;"><a href="#page_10">5 </a></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt;"><a href="#page_11">Description Of Securities </a></td>
            <td style="width: 15%; vertical-align: top; text-align: right;"><a href="#page_11">6 </a></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;"><a href="#page_12">Description Of Capital Stock </a></td>
            <td style="width: 15%; vertical-align: top; background-color: #eeeeee; text-align: right;"><a href="#page_12">7 </a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;"><a href="#page_13">Description Of Debt Securities </a></td>
            <td style="width: 15%; vertical-align: top; text-align: right;"><a href="#page_13">8 </a></td>
        </tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;"><a href="#page_19">Description Of Warrants </a></td>
            <td style="width: 15%; vertical-align: top; background-color: #eeeeee; text-align: right;"><a href="#page_19">14 </a></td>
        </tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt;"><a href="#page_20">Description Of Units </a></td>
            <td style="width: 15%; vertical-align: top; text-align: right;"><a href="#page_20">15 </a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;"><a href="#page_21">Forms Of Securities </a></td>
            <td style="width: 15%; vertical-align: top; background-color: #eeeeee; text-align: right;"><a href="#page_21">16 </a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;"><a href="#page_23">Plan Of Distribution </a></td>
            <td style="width: 15%; vertical-align: top; text-align: right;"><a href="#page_23">18 </a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;"><a href="#page_25">Where You Can Find More Information </a></td>
            <td style="width: 15%; vertical-align: top; background-color: #eeeeee; text-align: right;"><a href="#page_25">20 </a></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt;"><a href="#page_25">Incorporation Of Information By Reference </a></td>
            <td style="width: 15%; vertical-align: top; text-align: right;"><a href="#page_25">20 </a></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;"><a href="#page_25">Legal Matters </a></td>
            <td style="width: 15%; vertical-align: top; background-color: #eeeeee; text-align: right;"><a href="#page_25">20 </a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;"><a href="#page_25">Experts </a></td>
            <td style="width: 15%; vertical-align: top; text-align: right;"><a href="#page_25">20 </a></td>
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    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <p style="text-align: center;"><b>ABOUT THIS PROSPECTUS </b></p>
    <p style="text-align: justify;">This prospectus is part of a registration statement on Form S-3 that we filed with the Securities and Exchange Commission, or the SEC, utilizing a "shelf" registration process under the Securities Act of 1933, as amended (the "Securities Act"). Under this shelf registration process, we may offer and sell, from time to time, any combination of the securities described in this prospectus in one or more offerings up to a total dollar amount of $350,000,000. This prospectus provides you with a general description of the securities we may offer and sell. Each time we sell securities under this shelf registration, we will, to the extent required by law, provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus. This prospectus does not contain all of the information included in the registration statement. For a more complete understanding of the offering of the securities, you should refer to the registration statement, including its exhibits. You should read this prospectus, the applicable prospectus supplement, the information and documents incorporated herein by reference and the additional information described under the heading "Where You Can Find More Information" before making an investment decision.</p>
    <p style="text-align: justify;">We have not authorized any dealer, salesman or other person to give any information or to make any representation other than those contained or incorporated by reference in this prospectus and any accompanying supplement to this prospectus. You must not rely upon any information or representation not contained or incorporated by reference in this prospectus or any accompanying prospectus supplement.</p>
    <p style="text-align: justify;">This prospectus and any accompanying supplement to this prospectus do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the registered securities to which they relate, nor do this prospectus and any accompanying supplement to this prospectus constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. You should not assume that the information contained in this prospectus and any accompanying prospectus supplement is accurate on any date subsequent to the date set forth on the front of the document or that any information we have incorporated by reference is correct on any date subsequent to the date of the document incorporated by reference, even though this prospectus and any accompanying prospectus supplement is delivered or securities sold on a later date. This prospectus may not be used by us to consummate sales of our securities, unless it is accompanied by a prospectus supplement. To the extent there are inconsistencies between any prospectus supplement, this prospectus and any documents incorporated by reference, the document with the most recent date will control.</p>
    <p style="text-align: justify;">Unless the context otherwise requires, "Lesaka," "Company," "we," "us" and "our" refer to Lesaka Technologies, Inc. and its consolidated subsidiaries. References to "securities" include any security that we might offer under this prospectus or any prospectus supplement.</p>
    <p style="text-align: justify;">We have filed or incorporated by reference exhibits to the registration statement of which this prospectus forms a part. You should read the exhibits carefully for provisions that may be important to you.</p>
    <div id="footer_page_6">
        <p style="text-align: center;">1</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
    <p style="text-align: center;"><b>THE COMPANY </b></p>
    <p style="text-align: justify;">At Lesaka, our mission and core purpose is to bring financial inclusion to merchants and consumers in Southern Africa by building a world-class fintech platform. Our vision is to build and operate the leading South African full service fintech platform, offering cash management, payment and financial services.</p>
    <p style="text-align: justify;">Our core purpose is to improve people's lives by bringing financial inclusion to South Africa's underserved and underbanked customers, and helping small businesses access the financial services they need to prosper. We achieve this through our ability to efficiently digitize the last mile of financial inclusion, and to provide a full-service fintech platform across cash and digital, serving the needs of both, while also facilitating the secular shift from cash to digital that is currently taking place.</p>
    <p style="text-align: justify;">We are building a dual-sided financial ecosystem offering banking, lending and insurance to consumers, and cash, card, capital, payment and Value Added Services ("VAS") solutions to micro, small and medium enterprises ("MSMEs"). Our dual-sided financial ecosystem has two overlapping segments: Merchants and Consumers.</p>
    <p style="text-align: justify;"><i>Customers</i>- In our B2C Consumer Segment, our focus is on the lower end of the market that has traditionally been under-banked. Our products are designed for consumers within Living Standards Measures ("LSMs") 1 to 6, which comprises approximately 26 million people. We currently have over 1.1 million active customers who are predominantly recipients of social grants offered by the South African Government.</p>
    <p style="text-align: justify;">In our B2B Merchant Segment, we recently completed the acquisition of the Connect Group during the year ended June 30, 2022, which significantly advanced our vision and is truly transformational for our company. The acquisition adds significant scale to our existing B2B offering which mainly services formal merchants, bringing over 51,000 MSMEs into the Merchant business segment. Through the introduction of a suite of solutions and technologies targeted at the MSME merchant sector where we were previously under-represented, we can address the needs of approximately 1.4 million informal and approximately 700,000 formal MSMEs in South Africa.</p>
    <p style="text-align: justify;">The informal sector merchants are generally smaller and operate in rural areas or in informal urban areas and do not have access to traditional banking products. The formal merchants are generally in urban areas, have larger turnovers and have ready access to multiple service providers. We operate separate brands in these two sectors of the economy.</p>
    <p style="text-align: justify;"><i>Products</i>-We offer a comprehensive set of products and services to our consumer and merchant customers.</p>
    <p style="text-align: justify;">In our Consumer Segment, our products include transactional banking, short-term loans, a digital wallet as well as insurance and various VAS to consumers underserved in South Africa, aligning with our purpose of improving people's lives and increasing financial inclusion. Our value proposition and products are designed to be simple, relevant and cost effective for our target market.</p>
    <p style="text-align: justify;">In our Merchant Segment, to the MSME customers, we offer cash management and digitization, card acquiring, growth capital, VAS and bill and supplier payments. At a larger enterprise level we offer bill and supplier payments and VAS through our proprietary financial switch, as well as point of sale devices and maintenance, bank and SIM card production and other specialized technology products.</p>
    <p style="text-align: justify;">We are headquartered in Johannesburg, South Africa. More information about us is available on our web site at www.lesakatech.com. Information on our web site is not incorporated by reference into this prospectus. Our principal executive offices are located at President Place, 4th Floor, Cnr. Jan Smuts Avenue and Bolton Road, Rosebank, Johannesburg 2196, South Africa. Our phone number is 27-11-343-2000.</p>
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        <p style="text-align: center;">2</p>
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    <p style="text-align: center;"><b>RISK FACTORS </b></p>
    <p style="text-align: justify;">Our business is influenced by many factors that are difficult to predict, and that involve uncertainties that may materially affect our actual operating results, cash flows and financial condition. Before making an investment decision in our securities, you should carefully consider the specific factors set forth under the caption "Risk Factors" in the applicable prospectus supplement and in our periodic reports filed with the SEC that are incorporated by reference herein (including the "Risk Factors" section beginning on page 9 of our Annual Report on Form 10-K for the fiscal year ended June 30, 2022 filed with the SEC on September 9, 2022) together with all of the other information appearing in this prospectus, in the applicable prospectus supplement or incorporated by reference into this prospectus in light of your particular investment objectives and financial circumstances.</p>
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        <p style="text-align: center;">3</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_9"></a>
    <p style="text-align: center;"><b>INFORMATION REGARDING FORWARD-LOOKING STATEMENTS </b></p>
    <p style="text-align: justify;">Forward-looking statements in this prospectus and the documents incorporated by reference herein are based on the beliefs and assumptions of our management and on information currently available. Forward-looking statements include information about possible or assumed future results of operations in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and other statements preceded by, followed by or that include the words "may," "will," "should," "could," "would," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of such terms and other comparable terminology.</p>
    <p style="text-align: justify;">These forward looking statements involve risks and uncertainties that could cause our actual results to differ materially from those projected, anticipated or implied in the forward-looking statements. The following important factors, among others, could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">our ability to successfully complete, integrate and achieve the expected benefits from acquisitions, including our recent acquisition of the Connect Group;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">our ability to service our debt, make scheduled debt repayments and comply with related restrictive and financial covenants;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">our ability to implement our strategic objectives, including prioritizing South Africa as our core market;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">our ability to transform parts of our South African operations to a business-to-consumer model through our EPE bank account and ATM infrastructure;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">our ability to compete successfully with other companies that offer financial services and payment processing services;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">our ability to achieve applicable broad-based black economic empowerment objectives in our South African operations;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">our ability to manage the risks associated with operating in South Africa and other emerging markets, including fluctuations in foreign currencies against our reporting currency and the adverse effects of geopolitical conflicts; and<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the extent, duration and anticipated impact of the COVID-19 pandemic on our business.</li>
    </ul>
    <p style="text-align: justify;">Additional information concerning these and other risk factors that might cause or contribute to such differences include, but are not limited to, those discussed under the heading "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 30, 2022 and our other reports we file with the SEC after the date of this prospectus that will be incorporated by reference into this prospectus. You should not place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this prospectus. We undertake no obligation to release publicly any revisions to the forward-looking statements after the date of this prospectus.</p>
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        <p style="text-align: center;">4</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_10"></a>
    <p style="text-align: center;"><b>USE OF PROCEEDS </b></p>
    <p style="text-align: justify;">Unless otherwise indicated in a prospectus supplement, we anticipate that the net proceeds from our sale of any securities will be used for general corporate purposes, including working capital, acquisitions, retirement of debt and other business opportunities.</p>
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        <p style="text-align: center;">5</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_11"></a>
    <p style="text-align: center;"><b>DESCRIPTION OF SECURITIES </b></p>
    <p style="text-align: justify;">This prospectus contains a summary of the securities that Lesaka may sell. These summaries are not meant to be a complete description of each security. However, this prospectus and any accompanying prospectus supplement will contain the material terms of the securities being offered.</p>
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        <p style="text-align: center;">6</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_12"></a>
    <p style="text-align: center;"><b>DESCRIPTION OF CAPITAL STOCK </b></p>
    <p style="text-align: justify;">Our authorized capital stock consists of 200,000,000 shares of common stock and 50,000,000 shares of preferred stock. As of September 6, 2022, 59,312,446 shares of our common stock, par value $0.001 per share, and no shares of our preferred stock, were outstanding.</p>
    <p style="text-align: justify;"><b>Common Stock </b></p>
    <p style="text-align: justify;">The issued and outstanding shares of common stock are, and the shares of common stock that we may issue in the future will be, validly issued, fully paid and nonassessable. Holders of our common stock are entitled to share equally, share for share, if dividends are declared on our common stock, whether payable in cash, property or our securities. The shares of common stock are not convertible and the holders thereof have no preemptive or subscription rights to purchase any of our securities. Upon liquidation, dissolution or winding up of our company, the holders of common stock are entitled to share equally, share for share, in our assets which are legally available for distribution, after payment of all debts and other liabilities and subject to the prior rights of any holders of any series of preferred stock then outstanding. Each outstanding share of common stock is entitled to one vote on all matters submitted to a vote of shareholders. There is no cumulative voting. Except as otherwise required by law or our amended and restated articles of incorporation, the holders of common stock vote together as a single class on all matters submitted to a vote of shareholders.</p>
    <p style="text-align: justify;">Our common stock is listed on Nasdaq in the United States under the symbol "LSAK" and on the JSE in South Africa under the symbol "LSK." Nasdaq is our principal market for the trading of our common stock.</p>
    <p style="text-align: justify;"><b>Preferred Stock </b></p>
    <p style="text-align: justify;">We may issue shares of preferred stock in series and may, at the time of issuance, determine the designations, preferences, conversion rights, cumulative, relative, participating optional or other rights, preferences and limitations of each series. Satisfaction of any dividend preferences of outstanding shares of preferred stock would reduce the amount of funds available for the payment of dividends on shares of common stock. Holders of shares of preferred stock may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding-up of our company before any payment is made to the holders of shares of common stock. In some circumstances, the issuance of shares of preferred stock may render more difficult or tend to discourage a merger, tender offer or proxy contest, the assumption of control by a holder of a large block of our securities or the removal of incumbent management. Upon the affirmative vote of a majority of the total number of directors then in office, our board of directors, without shareholder approval, may issue shares of preferred stock with voting and conversion rights which could adversely affect the holders of shares of common stock.</p>
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        <p style="text-align: center;">7</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a>
    <p style="text-align: center;"><b>DESCRIPTION OF DEBT SECURITIES </b></p>
    <p style="text-align: justify;">We may issue debt securities from time to time, in one or more series, as either senior or subordinated debt or as senior or subordinated convertible debt.&#160; The debt securities will be issued under an indenture and any indenture supplemental thereto between us and Computershare Trust Company, N.A., as trustee.</p>
    <p style="text-align: justify;">We have summarized select portions of the material provisions of the indenture below. The summary is not complete. The form of the indenture has been filed as an exhibit to the registration statement of which this prospectus forms a part, and you should read the indenture for provisions that may be important to you. We will indicate in the applicable prospectus supplement any material variation from the expected terms of the indenture described below.</p>
    <p style="text-align: justify;"><b>General </b></p>
    <p style="text-align: justify;">The debt securities will be either our secured or unsecured general obligations. Unless we give you different information in the prospectus supplement, the senior debt securities will rank equally with all of our other senior and unsubordinated debt. Payments on the subordinated debt securities will be subordinated to the prior payment in full of all of our senior indebtedness, as described under "Description of Debt Securities - Subordination of Subordinated Debt Securities" and in the applicable prospectus supplement.</p>
    <p style="text-align: justify;">Because we are a holding company that conducts all of its operations through subsidiaries, holders of the debt securities will have a junior position to claims of creditors of our subsidiaries, including trade creditors, debtholders, secured creditors, taxing authorities, guarantee holders and any preferred shareholders, except to the extent that the debt securities are guaranteed by one or more subsidiary guarantees.</p>
    <p style="text-align: justify;">The provisions of each indenture allow us to "reopen" a previous issue of a series of debt securities and issue additional debt securities of that series.</p>
    <p style="text-align: justify;">A prospectus supplement relating to any series of debt securities being offered will include specific terms relating to the offering. The terms will be established in an officers' certificate or a supplemental indenture. The officers' certificate or supplemental indenture will be signed at the time of issuance and will contain important information. The officers' certificate or supplemental indenture will include some or all of the following terms for a particular series of debt securities:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the title of the securities and any applicable CUSIP and/or ISIN numbers;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">any limit on the amount that may be issued;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the maturity date(s);<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the form of the debt securities;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the applicability of any guarantees;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">whether the debt securities are secured or unsecured;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">whether the debt securities rank as senior debt, senior subordinated debt, subordinated debt or any combination thereof, and the terms of any subordination;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">if the issue price is other than the principal amount, the portion of the principal amount payable upon declaration of acceleration of maturity or the portion of the principal amount that is convertible into another security;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the interest rate or the method of computing the interest rate;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">Lesaka's right, if any, to defer payment of interest and the maximum length of any deferral period;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the terms and conditions on which the debt securities may be redeemed at the option of Lesaka;</li>
    </ul>
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        <p style="text-align: center;">8</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the date(s), if any, on which, and the price(s) at which Lesaka is obligated to redeem, or at the holder's option to purchase, such series of debt securities and other related terms and provisions;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the denominations in which the debt securities will be issued, if other than denominations of $1,000 and whole multiples of $1,000;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the terms and conditions relating to any auction or remarketing of the debt securities;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">whether or not the debt securities will be issued in global form and who the depositary will be;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the terms and conditions relating to conversion or exchange of any debt securities;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the portion of the principal amount of the debt securities which will be payable upon declaration of acceleration of the maturity;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">additions to or changes in the covenants applicable to the debt securities;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">additions to or changes in the events of default with respect to the debt securities;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">additions to or changes in or deletions of the provisions relating to covenant defeasance and legal defeasance;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">additions to or changes in the provisions relating to satisfaction and discharge of the indenture;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">additions to or changes in the provisions relating to the modification of the indenture;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the currency of payment of debt securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S. dollars;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">whether interest will be payable in cash or additional debt securities at Lesaka's or the holder's option;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the terms and conditions upon which Lesaka will pay amounts in addition to the stated interest, premium, if any and principal amounts of the debt securities to any holder that is not a "United States person" for federal tax purposes;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">any restrictions on transfer, sale or assignment of the debt securities; and<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">any other specific terms, preferences, rights or limitations of, or restrictions on, the debt securities, any other additions or changes in the provisions of the indenture, and any terms that may be required by us or advisable under applicable laws or regulations.</li>
    </ul>
    <p style="text-align: justify;"><b>Conversion or Exchange Rights </b></p>
    <p style="text-align: justify;">The prospectus supplement will describe the terms, if any, on which a series of debt securities may be convertible into or exchangeable for our common stock, preferred stock, debt securities or other securities. These terms will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at the option of Lesaka. These provisions may allow or require adjustment of the number of shares of common stock or other securities of Lesaka to be received by the holders of such series of debt securities.</p>
    <p style="text-align: justify;"><b>Covenants </b></p>
    <p style="text-align: justify;">Under the indenture, Lesaka agrees to pay the interest, principal and any premium on the debt securities when due, and to maintain a place of payment. In addition, we must comply with the covenant described below:</p>
    <p style="text-align: justify;"><i>Provision of Compliance Certificate. </i>We are required under the indenture to deliver to the trustee within 120 days after the end of each fiscal year an officer's certificate certifying as to our compliance with all conditions and covenants under the indenture, or if we are not in compliance, identifying and describing the nature and status of such non-compliance.</p>
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        <p style="text-align: center;">9</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <p style="text-align: justify;"><b>Consolidation, Merger or Sale </b></p>
    <p style="text-align: justify;">The indenture does not restrict the ability of Lesaka to merge or consolidate, or sell, convey, transfer or otherwise dispose of its property or lease all or substantially all of its assets as long as certain conditions are met. Any such successor entity shall succeed to and be substituted for Lesaka with the same effect as if it had been named as Lesaka under the indenture and the debt securities and the predecessor shall be relieved of all obligations and covenants under the indenture and the debt securities.</p>
    <p style="text-align: justify;"><b>Events of Default Under the Indenture </b></p>
    <p style="text-align: justify;">The following are events of default under the indenture with respect to any series of debt securities issued:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">we fail to pay interest when due and such failure continues for 90 days, unless the time for payment has been properly extended or deferred in accordance with the terms of the particular series;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">we fail to pay the principal or any premium when due, unless the maturity has been properly extended in accordance with the terms of the particular series;</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">we fail to observe or perform any other covenant or agreement contained in the debt securities or the indenture, other than a covenant or agreement specifically relating to another series of debt securities, and such failure continues for 90 days after we receive a notice of default from the trustee or from the holders of at least 25% in aggregate principal amount of the outstanding debt securities of all of the affected series;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">certain events of bankruptcy or insolvency, whether voluntary or not; and<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">any additional events of default that may be established with respect to a particular series of debt securities under the indenture, as may be specified in the applicable prospectus supplement.</li>
    </ul>
    <p style="text-align: justify;">If, with regard to any series, an event of default resulting from a failure to pay principal, any premium or interest occurs and is continuing or resulting from failure to observe or perform any other covenant or agreement contained in the debt securities or the indenture, the trustee or the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series may declare the principal of, and accrued and unpaid interest on, all debt securities of that series immediately due and payable.</p>
    <p style="text-align: justify;">If an event of default other than a failure to pay principal, any premium or interest occurs and is continuing or resulting from failure to observe or perform any other covenant or agreement contained in the debt securities or the indenture, the principal of and accrued and unpaid interest on all the outstanding debt securities of all affected series shall automatically be immediately due and payable without any declaration or other act on the part of the trustee or the holders of outstanding debt securities.</p>
    <p style="text-align: justify;">The holders of a majority in principal amount of the outstanding debt securities of any affected series may waive any past default with respect to such series and its consequences, except a default or events of default regarding payment of principal, any premium or interest, in which case the holders of the outstanding debt securities of each affected series shall vote to waive such default or event of default as a separate class. Such a waiver will eliminate the default.</p>
    <p style="text-align: justify;">Unless otherwise specified in the indenture, if an event of default occurs and is continuing, the trustee will be under no obligation to exercise any of its rights or powers under the indenture unless the holders of the debt securities have offered the trustee indemnity satisfactory to the trustee against the costs, expenses and liabilities that it might incur. The holders of a majority in principal amount of the outstanding debt securities of any series affected by an event of default will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any trust or power conferred on the trustee with respect to the debt securities of such series, provided that:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">such direction is not in conflict with any law or unduly prejudicial to the holders of debt securities outstanding; and</li>
    </ul>
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        <p style="text-align: center;">10</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the trustee need not take any action that might involve it in personal liability.</li>
    </ul>
    <p style="text-align: justify;">A holder of the debt securities of a particular series will only have the right to institute a proceeding under the indenture or to appoint a receiver or trustee, or to seek other remedies, in each case with respect to such series of debt securities, if:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the holder has given written notice to the trustee of a continuing event of default;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the holders of at least 25% in aggregate principal amount of the outstanding debt securities of the particular series have made written request to the trustee to institute proceedings as trustee;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">such holders have offered indemnity satisfactory to the trustee to cover the cost of the proceedings; and<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the trustee does not institute a proceeding and does not receive inconsistent directions from a majority in principal amount of the outstanding debt securities within 90 days of receiving the written notice of an event of default.</li>
    </ul>
    <p style="text-align: justify;"><b>Modification of Indenture; Waiver </b></p>
    <p style="text-align: justify;">Without the consent of any holders of debt securities, Lesaka and the trustee may change an indenture:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">to fix any ambiguity, defect or inconsistency in the indenture;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">to effect the assumption of a successor corporation of our obligations under such indenture and the outstanding debt securities;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">to add to the covenants, restrictions, conditions or provisions such new covenants, restrictions, conditions or provisions for the benefit of the holders of the debt securities, to make the occurrence of a default in any such additional covenants, restrictions, conditions or provisions an event of default, or to surrender any right or power conferred upon Lesaka in the indenture;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">to change anything that does not adversely affect the interests of any holder of debt securities of any series in any material respect; and<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">to effect certain other limited purposes described in the indenture;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">to evidence and provide for the acceptance of appointment under the indenture by a successor trustee; and<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">to comply with any requirements of the Commission with the qualification of the indenture under the Trust Indenture Act of 1939, as amended (the "Trust Indenture Act").</li>
    </ul>
    <p style="text-align: justify;">The rights of holders of a series of debt securities may be changed by Lesaka and the trustee with the written consent of the holders of a majority of the principal amount of the outstanding debt securities of all series then outstanding under the indenture. However, the following changes may only be made with the consent of each holder of debt securities of each series affected by the change:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">extending the fixed maturity;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">reducing the principal amount;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">reducing the rate of or extending the time of payment of interest;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">reducing any premium payable upon redemption; or<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">reducing the percentage of debt securities referred to above, the holders of which are required to consent to any amendment, supplement, modification or waiver.</li>
    </ul>
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        <p style="text-align: center;">11</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_17"></a>
    <p style="text-align: justify;"><b>Discharge</b></p>
    <p style="text-align: justify;">The indenture provides that we can elect to be discharged from our obligations with respect to one or more series of debt securities, except for specified obligations, including obligations to:</p>
    <ul>
        <li>provide for payment;<br><br></li>
        <li>&#160;register the transfer or exchange of debt securities of the series;<br><br></li>
        <li>replace stolen, lost or mutilated debt securities of the series;<br><br></li>
        <li>pay principal of and premium and interest on any debt securities of the series;<br><br></li>
        <li>maintain paying agencies;<br><br></li>
        <li>hold monies for payment in trust;<br><br></li>
        <li>recover excess money held by the trustee;<br><br></li>
        <li>compensate and indemnify the trustee; and<br><br></li>
        <li>appoint any successor trustee.</li>
    </ul>
    <p style="text-align: justify;">In order to exercise our rights to be discharged, we must have paid all sums payable with respect to such series of debt securities and (1) deliver to the trustee for cancellation all debt securities authenticated and not delivered to the trustee for cancellation or (2), in the event all such debt securities of a particular series not delivered to the trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year, deposit with the trustee as trust funds money or government obligations sufficient to pay all the principal of, any premium, if any, and interest on in the opinion of a nationally recognized firm of independent public accountants.</p>
    <p style="text-align: justify;"><b>Form, Exchange and Transfer</b></p>
    <p style="text-align: justify;">We will issue the debt securities of each series only in fully registered form without coupons and, unless we provide otherwise in the applicable prospectus supplement, in denominations of $1,000 and any integral multiple thereof. The indenture provides that we may issue debt securities of a series in temporary or permanent global form and as book-entry securities that will be deposited with, or on behalf of, The Depository Trust Company, or DTC, or another depositary named by us and identified in a prospectus supplement with respect to that series. To the extent the debt securities of a series are issued in global form and as book-entry, a description of terms relating thereto will be set forth in the applicable prospectus supplement.</p>
    <p style="text-align: justify;">At the option of the holder, subject to the terms of the indenture and the limitations applicable to global securities described in the applicable prospectus supplement, the holder of the debt securities of any series can exchange the debt securities for other debt securities of the same series, in any authorized denomination and of like tenor and aggregate principal amount.</p>
    <p style="text-align: justify;">Subject to the terms of the indenture and the limitations applicable to global securities set forth in the applicable prospectus supplement, holders of the debt securities may present the debt securities for exchange or for registration of transfer, duly endorsed or with the form of transfer endorsed thereon duly executed if so required by us or the security registrar, at the office of the security registrar or at the office of any transfer agent designated by us for this purpose. Unless otherwise provided in the debt securities that the holder presents for transfer or exchange, we will impose no service charge for any registration of transfer or exchange, but we may require payment of any taxes or other governmental charges.</p>
    <p style="text-align: justify;">We will name in the applicable prospectus supplement the security registrar, and any transfer agent in addition to the security registrar, that we initially designate for any debt securities. We may at any time designate additional transfer agents or rescind the designation of any transfer agent or approve a change in the office through which any transfer agent acts, except that we will be required to maintain a transfer agent in each place of payment for the debt securities of each series.</p>
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        <p style="text-align: center;">12</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_18"></a>
    <p style="text-align: justify;">If we elect to redeem the debt securities of any series, we will not be required to:</p>
    <ul>
        <li>issue, register the transfer of, or exchange any debt securities of that series during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of any debt securities that may be selected for redemption and ending at the close of business on the day of the mailing; or<br><br></li>
        <li>register the transfer of or exchange any debt securities so selected for redemption, in whole or in part, except the unredeemed portion of any debt securities we are redeeming in part.</li>
    </ul>
    <p style="text-align: justify;"><b>Rights and Duties of the Trustee </b></p>
    <p style="text-align: justify;">The trustee, except when there is an event of default, will perform only those duties as are specifically stated in the indenture. If an event of default has occurred with respect to any series of debt securities, the trustee shall exercise with respect to such debt securities the rights and powers it has under the indenture and use the same degree of care and skill as a prudent person would exercise or use in the conduct of his or her own affairs. Except as provided in the preceding sentence, the trustee is not required to exercise any of the powers given it by the indenture at the request of any holder of debt securities unless it is offered security or indemnity satisfactory to it against the costs, expenses and liabilities that it might incur. The trustee is not required to spend or risk its own money or otherwise become financially liable while performing its duties or exercising its rights or powers unless it reasonably believes that it will be repaid or receive adequate indemnity. Before the trustee acts or refrains from acting, it may require an officers' certificate and an opinion of counsel. The trustee will not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion. Furthermore, the trustee will not be deemed to have any notice of any default until the trustee has received written notification in the manner set forth in the indenture or a responsible officer of the trustee has obtained actual knowledge.</p>
    <p style="text-align: justify;"><b>Payment and Paying Agents </b></p>
    <p style="text-align: justify;">Unless we otherwise indicate in the applicable prospectus supplement, we will pay interest on any debt securities, or one or more predecessor securities, to the person in whose name the debt securities are registered on the regular record date for the applicable interest payment date.</p>
    <p style="text-align: justify;">We will pay principal, any premium and interest on the debt securities of a particular series at the office of one or more paying agents that we designate for that series. Unless otherwise stated in the applicable supplemental indenture and prospectus supplement, we will initially designate a corporate trust office of the trustee as our sole paying agent. We will be required to maintain a paying agent in each place of payment for the debt securities.</p>
    <p style="text-align: justify;">All money we pay to a paying agent or the trustee for the payment of principal, any premium or interest on any debt security which remains unclaimed for a period of two years after the principal, premium or interest has become due and payable will, upon our request, be repaid to us, and the holder of the debt security may then look only to us for payment of those amounts.</p>
    <p style="text-align: justify;"><b>Governing Law </b></p>
    <p style="text-align: justify;">The indenture and the debt securities will be governed by and interpreted in accordance with the laws of the State of New York, except to the extent that the Trust Indenture Act is applicable.</p>
    <p style="text-align: justify;"><b>Subordination of Subordinated Debt Securities </b></p>
    <p style="text-align: justify;">Any subordinated debt securities will be unsecured and will be subordinate and junior in priority of payment to our other indebtedness on the terms described in the prospectus supplement relating to such securities. The indenture does not limit the amount of subordinated debt securities which we may issue, nor does it limit our ability to issue any other secured or unsecured debt.</p>
    <p style="text-align: justify;">The prospectus supplement relating to any series of subordinated debt securities will disclose the amount of debt of Lesaka that will be senior to those subordinated debt securities.</p>
    <div id="footer_page_18">
        <p style="text-align: center;">13</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_19"></a>
    <p style="text-align: center;"><b>DESCRIPTION OF WARRANTS </b></p>
    <p style="text-align: justify;">We may issue warrants to purchase our debt or equity 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. Warrants may be issued independently or together with any other securities and may be attached to, or separate from, such securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between us and a warrant agent. The terms of any warrants to be issued and a description of the material provisions of the applicable warrant agreement will be set forth in the applicable prospectus supplement.</p>
    <div id="footer_page_19">
        <p style="text-align: center;">14</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_20"></a>
    <p style="text-align: center;"><b>DESCRIPTION OF UNITS </b></p>
    <p style="text-align: justify;">As specified in the applicable prospectus supplement, we may issue units consisting of warrants, debt securities, shares of preferred stock, shares of common stock or any combination of such securities.</p>
    <div id="footer_page_20">
        <p style="text-align: center;">15</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_21"></a>
    <p style="text-align: center;"><b>FORMS OF SECURITIES </b></p>
    <p style="text-align: justify;">Each debt security, warrant and unit will be represented either by a certificate issued in definitive form to a particular investor or by one or more global securities representing the entire issuance of securities. Certificated securities will be issued in definitive form and global securities will be issued in registered form. Definitive securities name you or your nominee as the owner of the security, and in order to transfer or exchange these securities or to receive payments other than interest or other interim payments, you or your nominee must physically deliver the securities to the trustee, registrar, paying agent or other agent, as applicable. Global securities name a depositary or its nominee as the owner of the debt securities, warrants or units represented by these global securities. The depositary maintains a computerized system that will reflect each investor's beneficial ownership of the securities through an account maintained by the investor with its broker/dealer, bank, trust company or other representative, as we explain more fully below.</p>
    <p style="text-align: justify;"><b>Registered Global Securities </b></p>
    <p style="text-align: justify;">We may issue the registered debt securities, warrants and units in the form of one or more fully registered global securities that will be deposited with a depositary or its nominee identified in the applicable prospectus supplement and registered in the name of that depositary or nominee. In those cases, one or more registered global securities will be issued in a denomination or aggregate denominations equal to the portion of the aggregate principal or face amount of the securities to be represented by registered global securities. Unless and until it is exchanged in whole for securities in definitive registered form, a registered global security may not be transferred except as a whole by and among the depositary for the registered global security, the nominees of the depositary or any successors of the depositary or those nominees.</p>
    <p style="text-align: justify;">If not described below, any specific terms of the depositary arrangement with respect to any securities to be represented by a registered global security will be described in the prospectus supplement relating to those securities. We anticipate that the following provisions will apply to all depositary arrangements.</p>
    <p style="text-align: justify;">Ownership of beneficial interests in a registered global security will be limited to persons, called participants, that have accounts with the depositary or persons that may hold interests through participants. Upon the issuance of a registered global security, the depositary will credit, on its book-entry registration and transfer system, the participants' accounts with the respective principal or face amounts of the securities beneficially owned by the participants. Any dealers, underwriters or agents participating in the distribution of the securities will designate the accounts to be credited. Ownership of beneficial interests in a registered global security will be shown on, and the transfer of ownership interests will be effected only through, records maintained by the depositary, with respect to interests of participants, and on the records of participants, with respect to interests of persons holding through participants. The laws of some states may require that some purchasers of securities take physical delivery of these securities in definitive form. These laws may impair your ability to own, transfer or pledge beneficial interests in registered global securities.</p>
    <p style="text-align: justify;">So long as the depositary, or its nominee, is the registered owner of a registered global security, that depositary or its nominee, as the case may be, will be considered the sole owner or holder of the securities represented by the registered global security for all purposes under the applicable indenture, warrant agreement or unit agreement. Except as described below, owners of beneficial interests in a registered global security will not be entitled to have the securities represented by the registered global security registered in their names, will not receive or be entitled to receive physical delivery of the securities in definitive form and will not be considered the owners or holders of the securities under the applicable indenture, warrant agreement or unit agreement. Accordingly, each person owning a beneficial interest in a registered global security must rely on the procedures of the depositary for that registered global security and, if that person is not a participant, on the procedures of the participant through which the person owns its interest, to exercise any rights of a holder under the applicable indenture, warrant agreement or unit agreement. We understand that under existing industry practices, if we request any action of holders or if an owner of a beneficial interest in a registered global security desires to give or take any action that a holder is entitled to give or take under the applicable indenture, warrant agreement or unit agreement, the depositary for the registered global security would authorize the participants holding the relevant beneficial interests to give or take that action, and the participants would authorize beneficial owners owning through them to give or take that action or would otherwise act upon the instructions of beneficial owners holding through them.</p>
    <div id="footer_page_21">
        <p style="text-align: center;">16</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_22"></a>
    <p style="text-align: justify;">Principal, premium, if any, and interest payments on debt securities, and any payments to holders with respect to warrants or units, represented by a registered global security registered in the name of a depositary or its nominee will be made to the depositary or its nominee, as the case may be, as the registered owner of the registered global security. None of Lesaka, the trustees, the warrant agents, the unit agents or any other agent of Lesaka, agent of the trustees or agent of the warrant agents or unit agents will have any responsibility or liability for any aspect of the records relating to payments made on account of beneficial ownership interests in the registered global security or for maintaining, supervising or reviewing any records relating to those beneficial ownership interests.</p>
    <p style="text-align: justify;">We expect that the depositary for any of the securities represented by a registered global security, upon receipt of any payment of principal, premium, interest or other distribution of underlying securities or other property to holders on that registered global security, will immediately credit participants' accounts in amounts proportionate to their respective beneficial interests in that registered global security as shown on the records of the depositary. We also expect that payments by participants to owners of beneficial interests in a registered global security held through participants will be governed by standing customer instructions and customary practices, as is now the case with the securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of those participants.</p>
    <p style="text-align: justify;">If the depositary for any of these securities represented by a registered global security is at any time unwilling or unable to continue as depositary or ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and a successor depositary registered as a clearing agency under the Exchange Act is not appointed by us within 90 days, we will issue securities in definitive form in exchange for the registered global security that had been held by the depositary. Any securities issued in definitive form in exchange for a registered global security will be registered in the name or names that the depositary gives to the relevant trustee, warrant agent, unit agent or other relevant agent of ours or theirs. It is expected that the depositary's instructions will be based upon directions received by the depositary from participants with respect to ownership of beneficial interests in the registered global security that had been held by the depositary.</p>
    <div id="footer_page_22">
        <p style="text-align: center;">17</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_23"></a>
    <p style="text-align: center;"><b>PLAN OF DISTRIBUTION </b></p>
    <p style="text-align: justify;">We may sell or dispose of the securities in one or more of the following ways (or in any combination) from time to time:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">through underwriters or dealers;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">directly to a limited number of purchasers or to a single purchaser;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">through agents; or<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">through any other methods described in a prospectus supplement.</li>
    </ul>
    <p style="text-align: justify;">The prospectus supplement will state the terms of the offering of the securities, including:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the name or names of any underwriters, dealers or agents;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">the purchase price of such securities and the proceeds to be received by us, if any;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">any underwriting discounts or agency fees and other items constituting underwriters' or agents' compensation;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">any initial public offering price;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">any discounts or concessions allowed or reallowed or paid to dealers; and<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">any securities exchanges on which the securities may be listed.</li>
    </ul>
    <p style="text-align: justify;">Any initial public offering price and any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time.</p>
    <p style="text-align: justify;">Securities may also be sold in one or more of the following transactions, or in any transactions described in a prospectus supplement:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">block transactions in which a broker-dealer may sell all or a portion of the securities as agent but may position and resell all or a portion of the block as principal to facilitate the transaction;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">purchase by a broker-dealer as principal and resale by the broker-dealer for its own account;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">a special offering, an exchange distribution or a secondary distribution in accordance with the rules of any exchange on which the securities are listed;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">ordinary brokerage transactions and transactions in which a broker-dealer solicits purchasers;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">sales "at the market" to or through a market maker or into an existing trading market, on an exchange or otherwise; or<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">sales in other ways not involving market makers or established trading markets, including direct sales to purchasers.</li>
    </ul>
    <p style="text-align: justify;">If we use underwriters in the sale, the securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions, including:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">negotiated transactions;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">at a fixed public offering price or prices, which may be changed;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">at market prices prevailing at the time of sale;</li>
    </ul>
    <div id="footer_page_23">
        <p style="text-align: center;">18</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_24"></a>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">at prices related to prevailing market prices; or<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">at negotiated prices.</li>
    </ul>
    <p style="text-align: justify;">Unless otherwise stated in a prospectus supplement, the obligations of the underwriters to purchase any securities will be conditioned on customary closing conditions and the underwriters will be obligated to purchase all of such series of securities, if any are purchased. We may sell the securities through agents from time to time. The prospectus supplement will name any agent involved in the offer or sale of the securities and any commissions we pay to them. Generally, any agent will be acting on a best efforts basis for the period of its appointment.</p>
    <p style="text-align: justify;">We may authorize underwriters, dealers or agents to solicit offers by certain purchasers to purchase the securities from us at the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. The contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement will set forth any commissions we pay for solicitation of these contracts.</p>
    <p style="text-align: justify;">Underwriters and agents may be entitled under agreements entered into with us for indemnification by us against certain civil liabilities, including liabilities under the Securities Act, or to contribution with respect to payments which the underwriters or agents may be required to make. Underwriters and agents may be customers of, engage in transactions with, or perform services for us and our affiliates in the ordinary course of business.</p>
    <p style="text-align: justify;">Each series of securities will be a new issue of securities and will have no established trading market other than the common stock which is listed on Nasdaq in the United States and on the JSE in South Africa. Any underwriters to whom securities are sold for public offering and sale may make a market in the securities, but such underwriters will not be obligated to do so and may discontinue any market making at any time without notice. The securities, other than the common stock, may or may not be listed on a national securities exchange.</p>
    <div id="footer_page_24">
        <p style="text-align: center;">19</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_25"></a>
    <p style="text-align: center;"><b>WHERE YOU CAN FIND MORE INFORMATION </b></p>
    <p style="text-align: justify;">We file annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains a website at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Our SEC filings are accessible through the internet at that website. Our reports on Forms 10-K, 10-Q and 8-K, and amendments to those reports, are also available for download, free of charge, as soon as reasonably practicable after these reports are filed with the SEC, at our website at www.lesakatech.com. The content of our website is not a part of this prospectus.</p>
    <p style="text-align: center;"><b>INCORPORATION OF INFORMATION BY REFERENCE </b></p>
    <p style="text-align: justify;">The SEC allows us to "incorporate by reference" the information we file with it, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus, and information that we file later with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed below and any future filings with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, (i) after the initial filing date of the registration statement of which this prospectus forms a part and prior to the effectiveness of such registration statement and (ii) after the date of this prospectus and prior to the termination of the offering:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">Annual Report on Form 10-K for the year ended June 30, 2022, filed with the SEC on September 9, 2022;<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">Current Reports on Form 8-K filed on July 6, 2022 and July 7, 2022; and<br><br></li>
        <li style="margin-left: 36pt; text-align: justify; padding-left: 0pt;">The description of our stock included in Exhibit 4.2 to our Annual Report on Form 10-K for the year ended June 30, 2022, filed with the SEC on September 9, 2022, including any subsequent amendments and reports filed for the purpose of updating such description.</li>
    </ul>
    <p style="text-align: justify;">We will provide without charge to each person, including any beneficial owner, to whom this prospectus is delivered, upon his or her written or oral request, a copy of any or all documents referred to above which have been or may be incorporated by reference into this prospectus but were not delivered with this prospectus (excluding exhibits to those documents unless they are specifically incorporated by reference into those documents). You can request those documents from Mr. Chris G.B. Meyer at President Place, 4th Floor, Cnr. Jan Smuts Avenue and Bolton Road, Rosebank, Johannesburg, South Africa, telephone +27 11 343-2000.</p>
    <p style="text-align: justify;">Information furnished under Items 2.02 or 7.01 (or corresponding information furnished under Item 9.01 or included as an exhibit) in any past or future Current Report on Form 8-K that we file with the SEC, unless otherwise specified in such report, is not incorporated by reference in this prospectus.</p>
    <p style="text-align: center;"><b>LEGAL MATTERS </b></p>
    <p style="text-align: justify;">McDermott Will &amp; Emery LLP, Chicago, Illinois, will provide us with an opinion as to certain legal matters in connection with the securities being offered hereby.</p>
    <p style="text-align: center;"><b>EXPERTS </b></p>
    <p style="text-align: justify;">The financial statements of Lesaka Technologies, Inc. incorporated by reference in this prospectus, and the effectiveness of Lesaka Technologies, Inc.'s internal control over financial reporting have been audited by Deloitte &amp; Touche, an independent registered public accounting firm, as stated in its reports. Such financial statements are incorporated by reference in reliance upon the reports of such firm, given upon their authority as experts in accounting and auditing.</p>
    <div id="footer_page_25">
        <p style="text-align: center;">20</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_26"></a>
    <p style="text-align: center;"><b>PART II </b></p>
    <p style="text-align: center;">Information Not Required in Prospectus</p>
    <p style="text-align: justify;"><b>Item 14. Other Expenses of Issuance and Distribution </b></p>
    <p style="text-align: justify;">The following table sets forth the expenses payable by us in connection with the offerings of the securities described in this registration statement being registered hereby.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>SEC registration fee</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 1%; background-color: #e6efff;">
                <p>$</p>
            </td>
            <td style="width: 11.26%; padding: 0.25pt; vertical-align: top; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">32,445</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%; background-color: #e6efff;">
                <p>(1)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Printing expenses</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 1%;">
                <p>&#160;</p>
            </td>
            <td style="width: 11.26%; padding: 0.25pt; vertical-align: top;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%;">
                <p>(2)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>Legal fees and expenses</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 1%; background-color: #e6efff;">
                <p>&#160;</p>
            </td>
            <td style="width: 11.26%; padding: 0.25pt; vertical-align: top; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%; background-color: #e6efff;">
                <p>(2)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Accounting fees and expenses</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 1%;">
                <p>&#160;</p>
            </td>
            <td style="width: 11.26%; padding: 0.25pt; vertical-align: top;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%;">
                <p>(2)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>Transfer agent and trustee fees and expenses</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 1%; background-color: #e6efff;">
                <p>&#160;</p>
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                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%; background-color: #e6efff;">
                <p>(2)</p>
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                <p>Rating agency fees</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 1%;">
                <p>&#160;</p>
            </td>
            <td style="width: 11.26%; padding: 0.25pt; vertical-align: top;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%;">
                <p>(2)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>Miscellaneous</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p>&#160;</p>
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            <td style="width: 11.26%; padding: 0.25pt 0.25pt 0.03pt; vertical-align: top; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p>(2)</p>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Total</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 1%;">
                <p>$</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>&#160;</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 2%;">
                <p>(2)</p>
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    <p style="margin-bottom: 0pt; text-align: justify;">(1) Pursuant to Rule 457(p) under the Securities Act, $42,420 of previously paid filing fees have not been used with respect to certain securities that were previously registered on Form S-3 (Registration No. 333-228713) initially filed with the Securities and Exchange Commission by Lesaka Technologies, Inc. on December 7, 2018. All $350,000,000 of such securities remain unsold and the filing fee therefor is hereby offset against the currently due filing fee. As a result, no fee is being paid in connection with this filing.</p>
    <p style="margin-top: 0pt; text-align: justify;">(2) Not presently known.</p>
    <p style="text-align: justify;"><b>Item 15. Indemnification of Directors and Officers </b></p>
    <p style="text-align: justify;">Section 607.0850(1) of the Florida Business Corporation Act, or FBCA, permits a Florida corporation to indemnify any person who was or is a party to any third party proceeding by reason of the fact that such person is or was a director, officer, employee or agent of the corporation (or is or was serving at the request of the corporation), against liability incurred in connection with such proceeding (including any appeal thereof) if he or she acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.</p>
    <p style="text-align: justify;">Section 607.0850(2) of the FBCA permits a Florida corporation to indemnify any person who may be a party to a derivative action if such person acted in any of the capacities set forth in the immediately preceding paragraph, against expenses and amounts paid in settlement not exceeding, in the judgment of the board of directors, the estimated expenses of litigating the proceeding to conclusion, actually and reasonably incurred in connection with the defense or settlement of such proceeding (including appeals), provided that the person acted under the standards set forth in the immediately preceding paragraph. However, no indemnification shall be made for any claim, issue or matter for which such person is found to be liable unless, and only to the extent that, the court determines that, despite the adjudication of liability, but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnification for such expenses which the court deems proper.</p>
    <p style="text-align: justify;">Section 607.0850(4) of the FBCA provides that any indemnification made as set forth to the two immediately preceding paragraphs, unless pursuant to a court determination, shall be made only after a determination that the person to be indemnified has met the standard of conduct described above. This determination is to be made by a majority vote of a quorum consisting of the disinterested directors of the board of directors who were not parties to such proceeding and, if such a quorum is not available, by duly selected independent legal counsel, or by a majority vote of the disinterested security holders. The board of directors may also designate a special committee of disinterested directors to make this determination.</p>
    <p style="text-align: justify;">Section 607.0850(3), however, provides that a Florida corporation must indemnify any director, or officer, employee or agent of a corporation who has been successful in the defense of any proceeding referred to in Sections 607.0850(1) or (2), or in the defense of any claim, issue or matter therein, against expenses actually and reasonably incurred by him in connection therewith.</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_27"></a>
    <p style="text-align: justify;">Under the FBCA, expenses incurred by a director or officer in defending a civil or criminal proceeding may be paid by the corporation in advance of the final disposition thereof upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it is ultimately determined that such director or officer is not entitled to indemnification under Section 607.0850. Expenses incurred by other employees or agents in such a proceeding may be paid in advance of final disposition thereof upon such terms or conditions that the board of directors deems appropriate.</p>
    <p style="text-align: justify;">The FBCA further provides that the indemnification and advancement of payment provisions contained therein are not exclusive and it specifically empowers a corporation to make any other or further indemnification or advancement of expenses under any bylaw, agreement, vote of security holders or disinterested directors or otherwise, both for actions taken in an official capacity and for actions taken in other capacities while holding an office. However, a corporation cannot indemnify or advance expenses if a judgment or other final adjudication establishes that the actions of the director or officer were material to the adjudicated cause of action and the director or officer (a) violated criminal law, unless the director or officer had reasonable cause to believe his conduct was lawful or had no reasonable cause to believe his conduct was unlawful, (b) derived an improper personal benefit from a transaction, (c) was or is a director in a circumstance where the liability under Section 607.0834 (relating to unlawful distributions) applies, or (d) engages in willful misconduct or conscious disregard for the best interests of the corporation in a proceeding by or in right of the corporation to procure a judgment in its favor or in a proceeding by or in right of a shareholder.</p>
    <p style="text-align: justify;">Our amended and restated bylaws provide that we have the power to indemnify any current or former director, officer, employee or agent against any liability arising from any action or suit to the fullest extent permitted by law. Advances against expenses may be made under our bylaws and any other indemnification agreement into which we may enter and the indemnity coverage provided thereunder may include liabilities under the federal securities laws as well as in other contexts. Our bylaws also permit us to purchase and maintain insurance on behalf of any current or former director, officer, employee or agent for any liability incurred by any of them in connection with, or arising out of, their actions in their capacity as our director, officer, employee or agent. Our bylaws also provide that any repeal or modification of the indemnification provisions of the bylaws shall not adversely affect any right or protection of any person in respect of any act or omission occurring prior to the time of such repeal or modification.</p>
    <p style="text-align: justify;">Reference is made to Article VI of our bylaws, incorporated hereto by reference.</p>
    <p style="text-align: justify;">We have entered into indemnification agreements with all of our directors, including directors also serving as officers. In general, these agreements provide that we will indemnify the director or officer to the fullest extent permitted by law for claims arising in his or her capacity as a director or officer of our company or in connection with their service at our request for another corporation or entity. The indemnification agreements also provide for procedures that will apply in the event that a director or officer makes a claim for indemnification.</p>
    <p style="text-align: justify;"><b>Item 16. Exhibits </b></p>
    <p style="text-align: justify;">A list of exhibits filed herewith is contained in the exhibit index that immediately precedes such exhibits and is incorporated herein by reference.</p>
    <p style="text-align: justify;"><b>Item 17. Undertakings </b></p>
    <p style="text-align: justify;">The undersigned registrant hereby undertakes:</p>
    <p style="text-align: justify;">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</p>
    <p style="text-align: justify;">(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;</p>
    <p style="text-align: justify;">(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission (the "Commission") pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and</p>
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        <p style="text-align: center;">22</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_28"></a>
    <p style="text-align: justify;">(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;</p>
    <p style="text-align: justify;"><i>provided, however</i>, that paragraphs (1)(i), (1)(ii) and (1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act, that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</p>
    <p style="text-align: justify;">(2) That, for the purpose of determining any liability under the Securities Act, 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 <i>bona fide</i> offering thereof.</p>
    <p style="text-align: justify;">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</p>
    <p style="text-align: justify;">(4) That, for the purpose of determining liability under the Securities Act, to any purchaser:</p>
    <p style="text-align: justify;">(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</p>
    <p style="text-align: justify;">(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act, 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 the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or</p>
    <p style="text-align: justify;">(5) That, for the purpose of determining liability of the undersigned registrant under the Securities Act, 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:</p>
    <p style="text-align: justify;">(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</p>
    <p style="text-align: justify;">(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</p>
    <p style="text-align: justify;">(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_29"></a>
    <p style="text-align: justify;">(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</p>
    <p style="text-align: justify;">(6) That, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act), that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</p>
    <p style="text-align: justify;">(7) Insofar as indemnification for liabilities arising under the Securities Act, 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, 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, and will be governed by the final adjudication of such issue.</p>
    <p style="text-align: justify;">(8) To file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act, in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Trust Indenture Act.</p>
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        <p style="text-align: center;">24</p>
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    <p style="text-align: center;"><b>SIGNATURES </b></p>
    <p style="text-align: justify;">Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing a Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Johannesburg, South Africa on the 9<sup>th</sup> day of September, 2022.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
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            <td style="margin-bottom: 0pt;" colspan="2"><b>LESAKA TECHNOLOGIES, INC.</b></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 1%;">By:&#160;&#160;&#160;&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000;">/s/ Chris G.B. Meyer</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt;">Name: Chris G.B. Meyer</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 1%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Title: Group Chief Executive Officer and Director</td>
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    <p style="text-align: justify;">KNOW ALL PERSONS BY THESE PRESENTS, that each of the individuals whose signature appears below constitutes and appoints Chris G.B. Meyer and Naeem E. Kola as the undersigned's true and lawful attorneys-in-fact and agents, with full and several power of substitution, for the undersigned and in the undersigned's name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and any registration statement filed pursuant to Rule 462(b) under the Securities Act, and to file the same, with all exhibits thereto, and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully for all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their substitutes, may lawfully do or cause to be done.</p>
    <p style="text-align: justify;">Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons on behalf of the registrant and in the capacities indicated and on the dates indicated below.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Name: Chris G.B. Meyer</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Title: Group Chief Executive Officer and Director</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">(Principal Executive Officer)</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Date: September 9, 2022</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Name: Naeem E. Kola</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Title: Group Chief Financial Officer, Treasurer,</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Secretary and Director (Principal</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Financial and Accounting Officer)</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Date: September 9, 2022</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%; border-bottom: 0.75pt solid #000000;">/s/ Kuben Pillay&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Name: Kuben Pillay</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Title: Chairman of the Board and Director</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Date: September 9, 2022</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%; border-bottom: 0.75pt solid #000000;">/s/ Antony C. Ball</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Name: Antony C. Ball</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Title: Director</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Date: September 9, 2022</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%; border-bottom: 0.75pt solid #000000;">/s/ Nonkululeko N. Gobodo</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Name: Nonkululeko N. Gobodo</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Title: Director</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Date: September 9, 2022</td>
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    <br>
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        <p style="text-align: center;">25</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%; border-bottom: 0.75pt solid #000000;">/s/ Ian O. Greenstreet</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Name: Ian O. Greenstreet</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Title: Director</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Date: September 9, 2022</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Date: September 9, 2022</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%; border-bottom: 0.75pt solid #000000;">/s/ Steven J. Heilbron</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Name: Steven J. Heilbron</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Title: Director</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
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        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Name: Lincoln C. Mali</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Title: Director</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Date: September 9, 2022</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
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        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Name: Ali Mazanderani</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Title: Director</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Date: September 9, 2022</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%; border-bottom: 0.75pt solid #000000;">/s/ Monde Nkosi</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Name: Monde Nkosi</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Title: Director</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Date: September 9, 2022</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%; border-bottom: 0.75pt solid #000000;">/s/ Ekta Singh-Bushell</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Name: Ekta Singh-Bushell</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Title: Director</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 50%;">Date: September 9, 2022</td>
        </tr>
    </table>
    <br>
    <div id="footer_page_31">
        <p style="text-align: center;">26</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_32"></a>
    <p style="text-align: center;"><b>EXHIBIT INDEX</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid rgb(0, 0, 0);" colspan="2">Exhibit No.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; border-bottom: 0.75pt solid rgb(0, 0, 0);" colspan="2">Description</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(238, 238, 238); vertical-align: top;" colspan="2">1.1*</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; background-color: rgb(238, 238, 238); vertical-align: top;" colspan="2">Form of Underwriting Agreement</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;" colspan="2"><a href="http://www.sec.gov/Archives/edgar/data/1041514/000106299322012683/exhibit3-1.htm">3.1</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; vertical-align: top;" colspan="2"><a href="http://www.sec.gov/Archives/edgar/data/1041514/000106299322012683/exhibit3-1.htm"><u>Amended and Restated Articles of Incorporation of Lesaka Technologies, Inc. (incorporated by reference to Exhibit 3.1 to our Form 8-K filed on May 17, 2022 (SEC File No. 000-31203))</u></a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(238, 238, 238); vertical-align: top;" colspan="2"><a href="http://www.sec.gov/Archives/edgar/data/1041514/000106299322012683/exhibit3-2.htm">3.2</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; background-color: rgb(238, 238, 238); vertical-align: top;" colspan="2"><a href="http://www.sec.gov/Archives/edgar/data/1041514/000106299322012683/exhibit3-2.htm"><u>Amended and Restated By-Laws of Lesaka Technologies, Inc. (as amended through May 2022) (incorporated by reference to Exhibit 3.2 to our Form 8-K filed on May 17, 2022 (SEC File No. 000-31203))</u></a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;" colspan="2"><a href="exhibit4-1.htm">4.1</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; vertical-align: top;" colspan="2"><a href="exhibit4-1.htm">Form of Indenture between Lesaka Technologies, Inc. and Computershare Trust Company, N.A., as Trustee</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(238, 238, 238); vertical-align: top;" colspan="2"><a href="http://www.sec.gov/Archives/edgar/data/1041514/000156276222000377/ex41.htm">4.2</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; background-color: rgb(238, 238, 238); vertical-align: top;" colspan="2"><a href="http://www.sec.gov/Archives/edgar/data/1041514/000156276222000377/ex41.htm">Form of common stock certificate (incorporated by reference to Exhibit 4.1 to our Form 10-K filed on September 9, 2022 (SEC File No. 000-31203))</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;" colspan="2">4.3*</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; vertical-align: top;" colspan="2">Form of Note</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(238, 238, 238); vertical-align: top;" colspan="2">4.4*</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; background-color: rgb(238, 238, 238); vertical-align: top;" colspan="2">Form of Warrant Agreement</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;" colspan="2">4.5*</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; vertical-align: top;" colspan="2">Form of Unit Agreement</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(238, 238, 238); vertical-align: top;" colspan="2"><a href="exhibit5-1.htm">5.1</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; background-color: rgb(238, 238, 238); vertical-align: top;" colspan="2"><a href="exhibit5-1.htm">Opinion of McDermott Will &amp; Emery LLP</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;" colspan="2"><a href="exhibit23-1.htm">23.1</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; vertical-align: top;" colspan="2"><a href="exhibit23-1.htm">Consent of Deloitte &amp; Touche</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(238, 238, 238); vertical-align: top;" colspan="2"><a href="exhibit5-1.htm">23.2</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; background-color: rgb(238, 238, 238); vertical-align: top;" colspan="2"><a href="exhibit5-1.htm">Consent of McDermott Will &amp; Emery LLP (included in exhibit 5.1)</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;" colspan="2"><a href="#page_30">24.1</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; vertical-align: top;" colspan="2"><a href="#page_30">Power of Attorney (included on the signature pages hereto)</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(238, 238, 238); vertical-align: top;" colspan="2"><a href="exhibit25-1.htm">25.1</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; background-color: rgb(238, 238, 238); vertical-align: top;" colspan="2"><a href="exhibit25-1.htm">Form T-1 Statement of Eligibility and Qualification under the Trust Indenture Act of 1939, as amended, of Computershare Trust Company, N.A. with respect to the form of Indenture</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;" colspan="2"><a href="exhibitfilingfees.htm">107</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; vertical-align: top;" colspan="2"><a href="exhibitfilingfees.htm">Calculation of Filing Fee Tables</a></td>
        </tr>
    </table>
    <p style="text-align: justify;">__________________ <br>* To be filed by amendment or as an exhibit to a report pursuant to Section 13(a), 13(c) or 15(d) of the Exchange Act.</p>
    <div id="footer_page_32">
        <p style="text-align: center;">27</p>
    </div>
    <hr width="100%" size="5" color="black" noshade="noshade">
</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>exhibit4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<html>

<head>
    <title>Lesaka Technologies, Inc.: Exhibit 4.1 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: right;"><b>Exhibit 4.1</b></p>
    <hr style="border-top-style: none; border-bottom: 0.75pt solid #000000;">
    <p style="text-align: center;">LESAKA TECHNOLOGIES, INC.,<br>Company</p>
    <p style="text-align: center;">AND</p>
    <p style="text-align: center;">COMPUTERSHARE TRUST COMPANY, N.A.,<br>Trustee</p>
    <p style="text-align: center;">INDENTURE</p>
    <p style="text-align: center;">_________________</p>
    <p style="text-align: center;">Dated as of</p>
    <p style="text-align: center;">_________________</p>
    <p style="text-align: center;">Debt Securities</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: center;"><b>CROSS-REFERENCE TABLE</b><a name="_ftnref1"></a><a style="text-decoration: none;" href="#_ftn1"><font style="color: #000000;">*</font></a></p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Section of First Indenture Act of 1939, as amended</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p><b>Section of Indenture</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>310(a)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>7.09</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>310(b)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>7.08</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>7.10</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>310(c)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>Inapplicable</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>311(a)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>713(a)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>311(b)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>713(b)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>311(c)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>Inapplicable</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>312(a)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>5.01</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>5.02(a)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>312(b)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>5.02(b)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>312(c)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>5.02(c)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>313(a)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>5.04(a)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>313(b)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>5.04(b)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>313(c)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>5.04(a)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>5.04(b)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>313(d)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>5.04(c)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>314(a)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>5.03</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>314(b)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>Inapplicable</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>314(c)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>Inapplicable</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>314(d)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>Inapplicable</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>314(e)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>Inapplicable</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>314(f)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>Inapplicable</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>315(a)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>7.01(a)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>7.02</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>315(b)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>6.07</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>315(c)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>7.01</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>315(d)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>7.01(b)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>7.01(c)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>315(e)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>6.07</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>316(a)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>6.06</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>8.04</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>316(b)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>6.04</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>316(c)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>8.01</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>317(a)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>6.02</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #eeeeee;">
                <p>317(b)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%; background-color: #eeeeee;">
                <p>4.03</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>318(a)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>13.06</p>
            </td>
        </tr>
    </table>
    <br>
    <div id="ftn_page_2">
        <hr style="width: 33%; height: 1px; background-color: #000000; text-align: left; margin-left: 0px; border: none;">
        <div id="_ftn1">
            <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px;"><a style="text-decoration: none;" href="#_ftnref1"><font style="color: #000000;"><b>*</b></font></a>This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.</p>
        </div>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: center;"><u><b>TABLE OF CONTENTS</b></u></p>
    <p style="text-align: right;"><b>Page</b></p>
    <table style="font-size: 10pt; width: 100%; border-collapse: collapse;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="text-align: left; padding-left: 86.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_6">ARTICLE 1 DEFINITIONS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_6">1</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_6">Section 1.01.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Definitions of Terms</i>.</a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_6">1</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 86.4pt; text-indent: -86.4pt;"><a href="#page_10">ARTICLE 2 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES</a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_10">5</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_10">Section 2.01.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Designation and Terms of Securities.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_10">5</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_13">Section 2.02.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Form of Securities and Trustee's Certificate.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_13">8</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_13">Section 2.03.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Denominations; Provision for Payment.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_13">8</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_14">Section 2.04.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Execution and Authentications.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_14">9</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_16">Section 2.05.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Registration of Transfer and Exchange.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_16">11</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_17">Section 2.06.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Temporary Securities.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_17">12</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_17">Section 2.07.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Mutilated, Destroyed, Lost or Stolen Securities.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_17">12</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_18">Section 2.08.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Cancellation.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_18">13</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_18">Section 2.09.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Benefits of Indenture.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_18">13</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_19">Section 2.10.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Authenticating Agent.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_19">14</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_19">Section 2.11.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Global Securities.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_19">14</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_20">Section 2.12.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>CUSIP Numbers.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_20">15</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 86.4pt; text-indent: -86.4pt;"><a href="#page_20">ARTICLE 3 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS</a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_20">15</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_20">Section 3.01.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Redemption.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_20">15</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_21">Section 3.02.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Notice of Redemption.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_21">16</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_22">Section 3.03.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Payment Upon Redemption.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_22">17</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_22">Section 3.04.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Sinking Fund.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_22">17</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_23">Section 3.05.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Satisfaction of Sinking Fund Payments with Securities.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_23">18</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_23">Section 3.06.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Redemption of Securities for Sinking Fund.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_23">18</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 86.4pt; text-indent: -86.4pt;"><a href="#page_23">ARTICLE 4 CERTAIN COVENANTS</a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_23">18</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_23">Section 4.01.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Payment of Principal, Premium and Interest.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_23">18</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_24">Section 4.02.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Maintenance of Office or Agency.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_24">19</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_24">Section 4.03.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Paying Agents.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_24">19</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_25">Section 4.04.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Appointment to Fill Vacancy in Office of Trustee.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_25">20</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_25">Section 4.05.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Compliance with Consolidation Provisions.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_25">20</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_25">Section 4.06.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Trustee's Obligations with Respect to the Covenants</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_25">20</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_26">Section 4.07.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Compliance Certificate.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_26">21</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 86.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_26">ARTICLE 5 SECURITYHOLDERS LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_26">21</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_26">Section 5.01.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Company to Furnish Trustee Names and Addresses of Securityholders.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_26">21</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_26">Section 5.02.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Preservation of Information; Communications with Securityholders.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_26">21</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_27">Section 5.03.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Reports by the Company.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_27">22</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_27">Section 5.04.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Reports by the Trustee.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_27">22</a></td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <p style="text-align: center;"><u><b>TABLE OF CONTENTS<br>(continued)</b></u></p>
    <table style="font-size: 10pt; width: 100%; border-collapse: collapse;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="text-align: left; padding-left: 86.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_28">ARTICLE 6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_28">23</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_28">Section 6.01.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Events of Default.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_28">23</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_29">Section 6.02.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Collection of Indebtedness and Suits for Enforcement by Trustee.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_29">24</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_31">Section 6.03.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Application of Moneys Collected.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_31">26</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_31">Section 6.04.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Limitation on Suits.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_31">26</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_32">Section 6.05.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Rights and Remedies Cumulative; Delay or Omission not Waiver.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_32">27</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_32">Section 6.06.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Control by Securityholders.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_32">27</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_33">Section 6.07.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Undertaking to Pay Costs.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_33">28</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 86.4pt; text-indent: -86.4pt;"><a href="#page_33">ARTICLE 7 CONCERNING THE TRUSTEE</a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_33">28</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_33">Section 7.01.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Certain Duties and Responsibilities of Trustee.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_33">28</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_34">Section 7.02.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Certain Rights of Trustee.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_34">29</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_36">Section 7.03.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Trustee Not Responsible for Recitals or Issuance or Securities.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_36">31</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_36">Section 7.04.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>May Hold Securities.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_36">31</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_36">Section 7.05.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Moneys Held in Trust.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_36">31</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_37">Section 7.06.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Compensation and Reimbursement.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_37">32</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_37">Section 7.07.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Reliance on Officers' Certificate or Opinion of Counsel or Both.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_37">32</a></td>
        </tr>
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            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_38">Section 7.08.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Disqualification; Conflicting Interests.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_38">33</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_38">Section 7.09.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Corporate Trustee Required, Eligibility.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_38">33</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_38">Section 7.10.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Resignation and Removal; Appointment of Successor.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_38">33</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_39">Section 7.11.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Acceptance of Appointment by Successor.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_39">34</a></td>
        </tr>
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            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_41">Section 7.12.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Merger, Conversion, Consolidation or Succession to Business.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_41">36</a></td>
        </tr>
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            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_41">Section 7.13.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Preferential Collection of Claims Against the Company.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_41">36</a></td>
        </tr>
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            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_41">Section 7.14.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Notice of Default.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_41">36</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 86.4pt; text-indent: -86.4pt;"><a href="#page_41">ARTICLE 8 CONCERNING THE SECURITYHOLDERS</a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_41">36</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_41">Section 8.01.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Evidence of Action by Securityholders.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_41">36</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_42">Section 8.02.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Proof of Execution by Securityholders.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_42">37</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_42">Section 8.03.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Who May be Deemed Owners.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_42">37</a></td>
        </tr>
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            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_42">Section 8.04.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Certain Securities Owned by Company Disregarded.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_42">37</a></td>
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            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_43">Section 8.05.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Actions Binding on Future Securityholders.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_43">38</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 86.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_43">ARTICLE 9 SUPPLEMENTAL INDENTURES</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_43">38</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_43">Section 9.01.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Supplemental Indentures Without the Consent of Securityholders.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_43">38</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_44">Section 9.02.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Supplemental Indentures With Consent of Securityholders.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_44">39</a></td>
        </tr>
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            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_45">Section 9.03.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Effect of Supplemental Indentures.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_45">40</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_45">Section 9.04.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Securities Affected by Supplemental Indentures.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_45">40</a></td>
        </tr>
    </table>
    <br>
    <div id="footer_page_4">
        <p style="text-align: center;">-ii-</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <p style="text-align: center;"><font style="color: #000000;"><b>TABLE OF</b><b> CONTENT</b><b>S</b><b><br></b><b>(contin</b><b>ued)</b></font></p>
    <table style="font-size: 10pt; width: 100%; border-collapse: collapse;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_45">Section 9.05.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Execution of Supplemental Indentures.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_45">40</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_46">Section 9.06.<font style="width: 23.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Conformity with Trust Indenture Act.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_46">41</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 86.4pt; text-indent: -86.4pt;"><a href="#page_46">ARTICLE 10 SUCCESSOR CORPORATION</a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_46">41</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_46">Section 10.01.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Company May Consolidate, Etc.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_46">41</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_46">Section 10.02.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Successor Entity Substitutes.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_46">41</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 86.4pt; text-indent: -86.4pt;"><a href="#page_47">ARTICLE 11 SATISFACTION AND DISCHARGE</a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_47">42</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_47">Section 11.01.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Satisfaction and Discharge of Indenture.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_47">42</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_48">Section 11.02.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Deposited Moneys to be Held in Trust.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_48">43</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_48">Section 11.03.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Payment of Moneys Held by Paying Agents.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_48">43</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_48">Section 11.04.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Repayment to Company</i>.</a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_48">43</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;">&#160;</td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 86.4pt; text-indent: -86.4pt;"><a href="#page_49">ARTICLE 12 IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS</a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_49">44</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_49">Section 12.01.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>No Recourse.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_49">44</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;">&#160;</td>
            <td style="width: 10%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 86.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_49">ARTICLE 13 MISCELLANEOUS PROVISIONS</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_49">44</a></td>
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            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_49">Section 13.01.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Effect on Successors and Assigns.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_49">44</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_49">Section 13.02.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Actions by Successor.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_49">44</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_49">Section 13.03.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Surrender of Company Powers.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_49">44</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_50">Section 13.04.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Notices.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_50">45</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_50">Section 13.05.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Governing Law; Submission to Jurisdiction.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_50">45</a></td>
        </tr>
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            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_50">Section 13.06.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Treatment of Securities as Debt.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_50">45</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_51">Section 13.07.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Certificates as to Conditions Precedent</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_51">46</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_51">Section 13.08.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Payments on Business Days.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_51">46</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_51">Section 13.09.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Conflict with Trust Indenture Act.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_51">46</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_51">Section 13.10.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Counterparts.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_51">46</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_52">Section 13.11.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Separability.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_52">47</a></td>
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        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_52">Section 13.12.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Assignment.</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_52">47</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_52">Section 13.13.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Waiver of Jury Trial.</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_52">47</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt; background-color: #eeeeee;"><a href="#page_52">Section 13.14.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>USA Patriot Act</i></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_52">47</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 122.4pt; text-indent: -86.4pt;"><a href="#page_53">Section 13.15.<font style="width: 17.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Table of Contents; Headings</i></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_53">48</a></td>
        </tr>
    </table>
    <br>
    <div id="footer_page_5">
        <p style="text-align: center;">-iii-</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <p style="text-indent: 36pt; text-align: justify;">INDENTURE, dated as of&#160; &#160; &#160; &#160; , between LESAKA TECHNOLOGIES, INC., a Florida corporation (the "Company"), and COMPUTERSHARE TRUST COMPANY, N.A., a national association, as trustee (the "Trustee"):</p>
    <p style="text-indent: 36pt; text-align: justify;">WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of debt securities (hereinafter referred to as the "Securities"), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the certificate of the Trustee;</p>
    <p style="text-indent: 36pt; text-align: justify;">WHEREAS, to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture; and</p>
    <p style="text-indent: 36pt; text-align: justify;">WHEREAS, all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.</p>
    <p style="text-indent: 36pt; text-align: justify;">NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit of the Securityholders:</p>
    <p style="text-align: center;">ARTICLE 1<br>DEFINITIONS</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 1.01.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Definitions of Terms</i>.</p>
    <p style="text-indent: 36pt; text-align: justify;">The terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act or that are by reference in the Trust Indenture Act defined in the Securities Act (except as herein or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Authenticating Agent" means an authenticating agent with respect to all or any of the series of Securities appointed with respect to all or any series of the Securities by the Trustee pursuant to Section 2.10.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Bankruptcy Law" means Title 11, U.S. Code, or any similar Federal or State law for the relief of debtors.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Board of Directors" means the Board of Directors of the Company or any duly authorized committee of such Board of Directors.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Board Resolution" means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors (or duly authorized committee thereof) and to be in full force and effect on the date of such certification and delivered to the Trustee.</p>
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    <p style="text-indent: 36pt; text-align: justify;">"Business Day" means, with respect to any series of Securities, any day other than a day on which Federal or State banking institutions in the Borough of Manhattan, the City of New York , or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated by law, executive order or regulation to close.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Certificate" means a certificate signed by any Officer. The Certificate need not comply with the provisions of Section 13.07.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Commission" means the United States Securities and Exchange Commission and any successor thereto.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Company" means Lesaka Technologies, Inc., a corporation duly organized and existing under the laws of the State of Florida, and, subject to the provisions of Article 10, shall also include its successors and assigns.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Company Order" has the meaning assigned to such term in Section 2.04.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Corporate Trust Office" means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located at Attn: CTSO Mail Operations, 600 South 4<sup>th</sup> Street, 7<sup>th</sup> Floor, Minneapolis, MN&#160; 55415.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Custodian" means any receiver, trustee, assignee, liquidator, or similar official under any Bankruptcy Law.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Defaulted Interest" has the meaning assigned to such term in Section 2.03.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Depositary" means, with respect to Securities of any series, for which the Company shall determine that such Securities will be issued as a Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.01 or Section 2.11.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Event of Default" means, with respect to Securities of a particular series, any event specified in Section 6.01, continued for the period of time, if any, therein designated.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Exchange Act" means the Securities and Exchange Act of 1934, as amended.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Global Security" means a Security issued to evidence all or a part of any series of Securities that is executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary's instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee.</p>
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    <p style="text-indent: 36pt; text-align: justify;">"Governmental Obligations" means securities that 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 that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the stated maturity of the Securities, and shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) or trust company as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; <u>provided</u>, <u>however</u>, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.</p>
    <p style="text-indent: 36pt; text-align: justify;">"herein", "hereof and "hereunder", and other words of similar import, refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Indenture" means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into in accordance with the terms hereof and shall include the terms of particular series of Securities established as contemplated by Section 2.01.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Interest Payment Date", when used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or in an Officers' Certificate pursuant to a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment of interest with respect to Securities of that series is due and payable.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Officer" means, with respect to the Company, the chief executive officer, the president, the chief financial officer, the chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer or any assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Officer's Certificate" means a certificate signed by any Officer and delivered to the Trustee. Each such certificate shall include the statements provided for in Section 13.07(b), if and to the extent required by the provisions thereof.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Opinion of Counsel" means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof and is reasonably acceptable to the Trustee. Each such opinion shall include the statements provided for in Section 13.07(b), if and to the extent required by the provisions thereof.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Outstanding", when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except: (a) Securities theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent), <u>provided</u>, <u>however</u>, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as specified in Article 3 or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered, or securities which shall have been paid, pursuant to the terms of Section 2.07.</p>
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    <p style="text-indent: 36pt; text-align: justify;">"Person" means any individual, corporation, partnership, joint-venture, joint-stock company, limited liability company, association, trust, unincorporated organization, any other entity or organization, including a government or any agency or political subdivision or an agency or instrumentality thereof.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Predecessor Security" of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Responsible Officer" means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Securities" has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Securities Act" means the Securities Act of 1933, as amended.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Securityholder", "holder of Securities", "registered holder", or other similar term, means the Person or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in accordance with the terms of this Indenture.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Security Register" has the meaning assigned to such term in Section 2.05(b) .</p>
    <p style="text-indent: 36pt; text-align: justify;">"Security Registrar" has the meaning assigned to such term in Section 2.05(b) .</p>
    <p style="text-indent: 36pt; text-align: justify;">"Subsidiary" means, with respect to any Person, (i) any corporation, limited liability company or other unincorporated entity at least a majority of whose outstanding Voting Stock shall at the time be owned, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership or similar interests shall at the time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries and (iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner.</p>
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    <p style="text-indent: 36pt; text-align: justify;">"Trustee" means Computershare Trust Company, N.A., and, subject to the provisions of Article 7, shall also include its successors and assigns, and, if at any time there is more than one Person acting in such capacity hereunder, "Trustee" shall mean each such Person. The term "Trustee" as used with respect to a particular series of the Securities shall mean the trustee with respect to that series.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Trust Indenture Act" means the Trust Indenture Act of 1939, as amended, subject to the provisions of Section 9.01 and Section 9.02, as in effect at the date of execution of this instrument.</p>
    <p style="text-indent: 36pt; text-align: justify;">"UCC" means the Uniform Commercial Code, as in effect in each applicable jurisdiction.</p>
    <p style="text-indent: 36pt; text-align: justify;">"Voting Stock", as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.</p>
    <p style="text-align: center;">ARTICLE 2<br>ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 2.01.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Designation and Terms of Securities.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer's Certificate, or established in one or more indentures supplemental hereto:</p>
    <p style="text-indent: 36pt; text-align: justify;">(1)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the title of the Security of the series and any applicable CUSIP and/or ISIN numbers (which shall distinguish the Securities of that series from all other Securities);</p>
    <p style="text-indent: 36pt; text-align: justify;">(2)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>any limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series);</p>
    <p style="text-indent: 36pt; text-align: justify;">(3)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the maturity date or dates on which the principal of the Securities of the series is payable;</p>
    <p style="text-indent: 36pt; text-align: justify;">(4)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the form of the Securities of the series including the form of the certificate of authentication for such series;</p>
    <p style="text-indent: 36pt; text-align: justify;">(5)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the applicability of any guarantees;</p>
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    <p style="text-indent: 36pt; text-align: justify;">(6)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>whether or not the securities will be secured or unsecured;</p>
    <p style="text-indent: 36pt; text-align: justify;">(7)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>whether the Securities rank as senior debt, senior subordinated debt, subordinated debt or any combination thereof, and the terms of any subordination;</p>
    <p style="text-indent: 36pt; text-align: justify;">(8)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>if the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued is a price other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof, or if applicable, the portion of the principal amount of such Securities that is convertible into another security or the method by which any such portion shall be determined;</p>
    <p style="text-indent: 36pt; text-align: justify;">(9)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the interest rate or rates, which may be fixed or variable, or the method for determining the rate and the date interest will begin to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for determining such dates;</p>
    <p style="text-indent: 36pt; text-align: justify;">(10)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Company's right, if any, to defer the payment of interest and the maximum length of any such deferral period;</p>
    <p style="text-indent: 36pt; text-align: justify;">(11)<font style="width: 17.51pt; text-indent: 0pt; display: inline-block;">&#160;</font>if applicable, the date or dates after which, or the period or periods during which, and the price or prices at which, the Company may at its option, redeem the series of Securities pursuant to any optional or provisional redemption provisions and the terms of those redemption provisions;</p>
    <p style="text-indent: 36pt; text-align: justify;">(12)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the date or dates, if any, on which, and the price or prices at which the Company is obligated, pursuant to any mandatory sinking fund or analogous fund provisions or otherwise, to redeem, or at the Securityholder's option to purchase, the series of Securities and the currency or currency unit in which the Securities are payable;</p>
    <p style="text-indent: 36pt; text-align: justify;">(13)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the denominations in which the Securities of the series shall be issuable, if other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof;</p>
    <p style="text-indent: 36pt; text-align: justify;">(14)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>any and all terms, if applicable, relating to any auction or remarketing of the Securities of that series and any security for the obligations of the Company with respect to such Securities and any other terms which may be advisable in connection with the marketing of Securities of that series;</p>
    <p style="text-indent: 36pt; text-align: justify;">(15)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global Security or Securities;</p>
    <p style="text-indent: 36pt; text-align: justify;">(16)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>if applicable, the provisions relating to conversion or exchange of any Securities of the series and the terms and conditions upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the Company's option or the holders' option) conversion or exchange features, the applicable conversion or exchange period and the manner of settlement for any conversion or exchange, which may, without limitation, include the payment of cash as well as the delivery of securities;</p>
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    <p style="text-indent: 36pt; text-align: justify;">(17)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>if other than the full principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;</p>
    <p style="text-indent: 36pt; text-align: justify;">(18)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>additions to or changes in the covenants applicable to the series of Securities being issued, including, among others, the consolidation, merger or sale covenant;</p>
    <p style="text-indent: 36pt; text-align: justify;">(19)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>additions to or changes in the Events of Default with respect to the Securities and any change in the right of the Trustee or the Securityholders to declare the principal, premium, if any, and interest, if any, with respect to such Securities to be due and payable;</p>
    <p style="text-indent: 36pt; text-align: justify;">(20)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>additions to or changes in or deletions of the provisions relating to covenant defeasance and legal defeasance;</p>
    <p style="text-indent: 36pt; text-align: justify;">(21)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>additions to or changes in the provisions relating to satisfaction and discharge of this Indenture;</p>
    <p style="text-indent: 36pt; text-align: justify;">(22)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>additions to or changes in the provisions relating to the modification of this Indenture both with and without the consent of Securityholders of Securities issued under this Indenture;</p>
    <p style="text-indent: 36pt; text-align: justify;">(23)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the currency of payment of Securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S. dollars;</p>
    <p style="text-indent: 36pt; text-align: justify;">(24)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>whether interest will be payable in cash or additional Securities at the Company's or the Securityholders' option, the terms and conditions upon which the election may be made;</p>
    <p style="text-indent: 36pt; text-align: justify;">(25)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and principal amounts of the Securities of the series to any Securityholder that is not a "United States person" for federal tax purposes;</p>
    <p style="text-indent: 36pt; text-align: justify;">(26)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>any restrictions on transfer, sale or assignment of the Securities of the series; and</p>
    <p style="text-indent: 36pt; text-align: justify;">(27)<font style="width: 17.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>any other specific terms, preferences, rights or limitations of, or restrictions on, the Securities, any other additions or changes in the provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or regulations.;</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>All Securities of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board Resolution or in any indentures supplemental hereto.</p>
    <p style="text-indent: 36pt; text-align: justify;">If any of the terms of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer's Certificate of the Company setting forth the terms of the series.</p>
    <p style="text-indent: 36pt; text-align: justify;">Securities of any particular series may be issued at various times, with different dates on which the principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with different redemption dates.</p>
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    <p style="text-indent: 36pt; text-align: justify;">Section 2.02.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Form of Securities and Trustee's Certificate.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The Securities of any series and the Trustee's certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided by or pursuant to a Board Resolution and set forth in an Officer's Certificate, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 2.03.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Denominations; Provision for Payment.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(a)(13). The Securities of a particular series shall bear interest payable on the dates and at the rate or rates specified with respect to that series. Subject to Section 2.01(a)(23), the principal of and the interest on the Securities of any series, as well as any premium thereon in the case of a redemption or redemption thereof prior to maturity, and any cash amount due upon the conversion or exchange thereof, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose in the continental United States of America. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months.</p>
    <p style="text-indent: 36pt; text-align: justify;">The interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest installment. In the event that any Security of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.03.</p>
    <p style="text-indent: 36pt; text-align: justify;">Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called "Defaulted Interest") shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (a) or clause (b) below:</p>
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    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Security Register (as hereinafter defined), not less than 10 days prior to such special record date (or otherwise transmitted in accordance with the procedure of the Depositary).&#160; Following such transmission of notice of the proposed payment of such Defaulted Interest and the special record date, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special record date.</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.</p>
    <p style="text-indent: 36pt; text-align: justify;">Unless otherwise set forth in or pursuant to a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term "regular record date" as used in this Section with respect to a series of Securities and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the first day of a month, or the first day of the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day.</p>
    <p style="text-indent: 36pt; text-align: justify;">Subject to the foregoing provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 2.04.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Execution and Authentications.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The Securities shall be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual, electronic or facsimile signature. The Company may use the electronic or facsimile signature of any Person who shall have been an Officer (at the time of execution), notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer. The Securities may contain such notations, legends or endorsements as are required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee.</p>
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    <p style="text-indent: 36pt; text-align: justify;">A Security shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture.</p>
    <p style="text-indent: 36pt; text-align: justify;">At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee in accordance with such written order shall authenticate and deliver such Securities.</p>
    <p style="text-indent: 36pt; text-align: justify;">In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive, and, subject to Section 601, shall be fully protected in relying upon:</p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>A copy of the resolution or resolutions of the Board of Directors in or pursuant to which the terms and form of the Securities were established, and if the terms and form of such Securities are established by an Officer's Certificate pursuant to general authorization of the Board of Directors, such Officer's Certificate;</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>an executed supplemental indenture, if any;</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>an Officer's Certificate delivered in accordance with Section 13.07; and</p>
    <p style="text-indent: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>an Opinion of Counsel which shall state:</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(i)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>that the form of such Securities has been established by a supplemental indenture or by or pursuant to a resolution of the Board of Directors in accordance with Sections 201 and 202 and in conformity with the provisions of this Indenture;</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(ii)<font style="width: 21.84pt; text-indent: 0pt; display: inline-block;">&#160;</font>that the terms of such Securities have been established in accordance with Section 201 and in conformity with the other provisions of this Indenture;</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(iii)<font style="width: 19.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of creditors' rights and to general equity principles; and</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(iv)<font style="width: 19.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>that all conditions precedent to the authentication of the Securities have been met.</p>
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    <p style="text-indent: 36pt; text-align: justify;">The Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee's own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 2.05.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Registration of Transfer and Exchange.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company in the continental United States of America designated for such purpose, for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding.</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company shall keep, or cause to be kept, at its office or agency in the continental United States of America designated for such purpose in the&#160; a register or registers (herein referred to as the "Security Register") in which, subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities as provided in this Section and which at all reasonable times shall be open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfers of Securities as herein provided shall be the Trustee or as otherwise appointed as authorized by Board Resolution (the "Security Registrar").</p>
    <p style="text-indent: 36pt; text-align: justify;">Upon surrender for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security presented for a like aggregate principal amount.</p>
    <p style="text-indent: 36pt; text-align: justify;">All Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by such holder's duly authorized attorney in writing.</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer's Certificate, or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption of any series or repurchase, conversion or exchange of less than the entire principal amount of a Security, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer.</p>
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    <p style="text-indent: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption or surrendered for repurchase, but not validly withdrawn, other than the unredeemed portion of any such Securities being redeemed in part or not surrendered for repurchase, as the case may be. The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.</p>
    <p style="text-indent: 36pt; text-align: justify;">The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among depositary participants or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 2.06.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Temporary Securities.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company in the continental United States of America designated for the purpose, and the Trustee shall authenticate and such office or agency shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 2.07.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Mutilated, Destroyed, Lost or Stolen Securities.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the Company's written request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant's Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee and its counsel) connected therewith.</p>
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    <p style="text-indent: 36pt; text-align: justify;">In case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof.</p>
    <p style="text-indent: 36pt; text-align: justify;">Every replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 2.08.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Cancellation.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">All Securities surrendered for the purpose of payment, redemption, repurchase, exchange, registration of transfer or conversion or exchange shall, if surrendered to the Company or any paying agent (or any other applicable agent), be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such request the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 2.09.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Benefits of Indenture.</i></p>
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    <p style="text-indent: 36pt; text-align: justify;">Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the holders of the Securities.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 2.10.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Authenticating Agent.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Company shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption repurchase or conversion thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by Federal or State authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately.</p>
    <p style="text-indent: 36pt; text-align: justify;">Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Company may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Trustee. Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Company may appoint an eligible successor Authenticating Agent. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 2.11.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Global Securities.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary's instruction (or if the Depositary names the Trustee as its custodian, retained by the Trustee) and (iv) shall bear a legend substantially to the following effect: "Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary."</p>
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    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company or to a nominee of such successor Depositary.</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.05, the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition, the Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event the Company will execute and, subject to Sections 2.04 and 13.07, the Trustee, upon receipt of an Officer's Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 2.12.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>CUSIP Numbers.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The Company in issuing the Securities may use "CUSIP" numbers (if then generally in use), and, if so, the Trustee shall use "CUSIP" numbers in notices of redemption as a convenience to Securityholders; <u>provided</u>, 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 identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the "CUSIP" numbers.</p>
    <p style="text-align: center;">ARTICLE 3<br>REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 3.01.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Redemption.</i></p>
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    <p style="text-indent: 36pt; text-align: justify;">The Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to Section 2.01 hereof.&#160; If the Company elects to redeem Securities of any series, it shall furnish to the Trustee, at least 45 days but not more than 60 days before the Redemption Date (unless a shorter notice period shall be satisfactory to the Trustee), an Officer's Certificate setting forth the Securities of such series to be redeemed, the sections and/or paragraphs of this Indenture, the applicable supplemental indenture and the Securities pursuant to which the redemption shall occur, the redemption date, the principal amount of Securities to be redeemed and the redemption price.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 3.02.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Notice of Redemption.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing, first class postage prepaid, (or with regard to any Global Security held in book entry form, by electronic mail) a notice of such redemption not less than 30 days and not more than 60 days before the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the Security Register unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer's Certificate evidencing compliance with any such restriction.</p>
    <p style="text-indent: 36pt; text-align: justify;">Each such notice of redemption shall specify the series of Securities being redeemed, the CUSIP and/or ISIN numbers of the Securities being redeemed (and the statement required under Section 2.12 hereof), the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company in the continental United States of America, upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is from a sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed.</p>
    <p style="text-indent: 36pt; text-align: justify;">In case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued.</p>
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    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>If the Trustee is to provide notice to the holders of Securities in accordance with clause (a) above, for a partial or full redemption, the Company shall give the Trustee the notice to be delivered to Securityholders at least 45 days (unless a shorter notice shall be satisfactory to the Trustee) and no more than 60 days in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon, in the case of a partial redemption, the Trustee shall select, by lot or in such other manner as it shall deem fair and appropriate (and, in the case of Global Securities, in accordance with the procedures of the Depositary) and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part.</p>
    <p style="text-indent: 36pt; text-align: justify;">The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by an Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice that may be required under the provisions of this Section.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 3.03.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Payment Upon Redemption.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption, and interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any Security or portion thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an Interest Payment Date, the interest installment payable on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section 2.03) .</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 3.04.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Sinking Fund.</i></p>
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    <p style="text-indent: 36pt; text-align: justify;">The provisions of this Section 3.04, Section 3.05 and Section 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.01 for Securities of such series.</p>
    <p style="text-indent: 36pt; text-align: justify;">The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a "mandatory sinking fund payment," and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an "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 3.05. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 3.05.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Satisfaction of Sinking Fund Payments with Securities.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The Company (i) may deliver Outstanding Securities of a series&#160; and (ii) may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series, <u>provided</u> that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 3.06.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Redemption of Securities for Sinking Fund.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Not less than 45 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officer's Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer's Certificate, deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.02. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03.</p>
    <p style="text-align: center;">ARTICLE 4<br>CERTAIN COVENANTS</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 4.01.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Payment of Principal, Premium and Interest.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on, and any redemption price or repurchase price for the Securities of that series at the time and place and in the manner provided herein and established with respect to such Securities.&#160; Payments of the principal of, redemption price for or repurchase price for, the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions to the Trustee no later than 15 days prior to the relevant payment date. Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions in writing to the Security Registrar and the Trustee no later than 15 days prior to the relevant payment date.</p>
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    <p style="text-indent: 36pt; text-align: justify;">Section 4.02.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Maintenance of Office or Agency.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">So long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency in the continental United States of America, with respect to each such series and at such other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented as hereinabove authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to such office or agency until the Company shall, by written notice signed by any officer authorized to sign an Officer's Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate Trust Office of the Trustee and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and demands.&#160; The Company initially appoints the Trustee as its paying agent with respect to the Securities.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 4.03.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Paying Agents.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section:</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(i)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit of the Persons entitled thereto;</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(ii)<font style="width: 21.84pt; text-indent: 0pt; display: inline-block;">&#160;</font>that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;</p>
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    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(iii)<font style="width: 19.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(ii) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(iv)<font style="width: 19.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>that it will perform all other duties of paying agent as set forth in this Indenture.</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify in writing the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act.</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 11.04, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the Company or such paying agent, such sums to be held by the Trustee and upon the same terms and conditions as those upon which such sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 4.04.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Appointment to Fill Vacancy in Office of Trustee.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times be a Trustee hereunder.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 4.05.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Compliance with Consolidation Provisions.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The Company will not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company is not the survivor of such transaction, or sell or convey all or substantially all of its property to any other Person unless the provisions of Article 10 hereof are complied with.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 4.06.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Trustee's Obligations with Respect to the Covenants</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Company's compliance with the covenants contained in this Article 4 or with respect to reports or other documents filed under the Indenture (unless otherwise required hereunder).</p>
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    <p style="text-indent: 36pt; text-align: justify;">Section 4.07.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Compliance Certificate.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an officer's certificate stating whether or not the signers know of any Event of Default that occurred during such fiscal year. Such certificate shall contain a certification from the principal executive officer, principal financial officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the Company's performance under this Indenture and that the Company has complied with all conditions and covenants under this Indenture. For purposes of this Section 4.06, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If the officer of the Company signing such certificate has knowledge of such an Event of Default, the certificate shall describe any such Event of Default and its status.</p>
    <p style="text-align: center;">ARTICLE 5<br>SECURITYHOLDERS LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 5.01.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Company to Furnish Trustee Names and Addresses of Securityholders.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The Company will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, <u>provided</u> that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; <u>provided</u>, <u>however</u>, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 5.02.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Preservation of Information; Communications with Securityholders.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act.</p>
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    <p style="text-indent: 36pt; text-align: justify;">Section 5.03.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Reports by the Company.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company covenants and agrees to provide (which delivery may be via electronic mail) to the Trustee within 30 days, after the Company files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act ; provided, however, the Company shall not be required to deliver to the Trustee any correspondence filed with the SEC or any materials for which the Company has sought and received confidential treatment by the Commission; and provided further, that so long as such filings by the Company are available on the Commission's Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or any successor system, such filings shall be deemed to have been filed with the Trustee for purposes hereof without any further action required by the Company. For the avoidance of doubt, a failure by the Company to file annual reports, information and other reports with the SEC within the time period prescribed thereof by the Commission shall not be deemed a breach of this Section 5.03.</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Delivery of such reports, information and documents to the Trustee is for informational purposes only and the information and the Trustee's receipt of the foregoing shall not constitute constructive or actual notice or knowledge of any information contained therein, or determinable from information contained therein including the Company's compliance with any of their covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officer's Certificate).</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 5.04.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Reports by the Trustee.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>On or before July 15 in each year in which any of the Securities are Outstanding, the Trustee shall transmit in accordance with the procedures of the Depositary or by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a brief report dated as of the preceding May 15, if and to the extent required under Section 313(a) of the Trust Indenture Act.</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees to notify the Trustee when any Securities become listed on any securities exchange.</p>
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    <p style="text-align: center;">ARTICLE 6<br>REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 6.01.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Events of Default.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Whenever used herein with respect to Securities of a particular series, "Event of Default" means any one or more of the following events that has occurred and is continuing:</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(i)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall become due and payable, and such default continues for a period of 90 days; <u>provided</u>, <u>however</u>, that a valid extension of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto, shall not constitute a default in the payment of interest for this purpose;</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(ii)<font style="width: 21.84pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series; <u>provided</u>, <u>however</u>, that a valid extension of the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium, if any;</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(iii)<font style="width: 19.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a "Notice of Default" hereunder, shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in aggregate principal amount of the Securities of all series affected by such failure at the time Outstanding;</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(iv)<font style="width: 19.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Company pursuant to or within the meaning of any Bankruptcy Law (A) commences a voluntary case, (B) consents to the entry of an order for relief against it in an involuntary case, (C) consents to the appointment of a Custodian of it or for all or substantially all of its property or (D) makes a general assignment for the benefit of its creditors;</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(v)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>a court of competent jurisdiction enters an order under any Bankruptcy Law that (A) is for relief against the Company in an involuntary case, (B) appoints a Custodian of the Company for all or substantially all of their respective property, or (C) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 days; or</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(vi)<font style="width: 19.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>any other Event of Default provided for with respect to the Securities of such series in accordance with Section 2.01.</p>
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    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>In each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities.</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have been so declared due and, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (1) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and (2) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.06.</p>
    <p style="text-indent: 36pt; text-align: justify;">No such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.</p>
    <p style="text-indent: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 6.02.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Collection of Indebtedness and Suits for Enforcement by Trustee.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities of a series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable, and such default shall have continued for a period of 90 Business Days, or (ii) in case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise, then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section 7.06.</p>
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    <p style="text-indent: 36pt; text-align: justify; margin-bottom: 0pt;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid (including its reasonable attorney fees and expenses), and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the Securities of that series, wherever situated.</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.06.</p>
    <p style="text-indent: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>All rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.06, be for the ratable benefit of the holders of the Securities of such series.</p>
    <p style="text-indent: 36pt; text-align: justify;">In case of an Event of Default hereunder, the Trustee may proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.</p>
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    <p style="text-indent: 36pt; text-align: justify;">Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any holder thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 6.03.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Application of Moneys Collected.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon surrender thereof if fully paid:</p>
    <p style="margin-left: 36pt; text-indent: 36pt; text-align: justify;">FIRST:<font style="width: 35.99pt; text-indent: 0pt; display: inline-block;">&#160;</font>To the payment of costs and expenses of collection and of all amounts payable to the Trustee, including its agents and attorneys, under Section 7.06;</p>
    <p style="margin-left: 36pt; text-indent: 36pt; text-align: justify;">SECOND:<font style="width: 20.66pt; text-indent: 0pt; display: inline-block;">&#160;</font>To the payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively; and</p>
    <p style="margin-left: 36pt; text-indent: 36pt; text-align: justify;">THIRD:<font style="width: 32pt; text-indent: 0pt; display: inline-block;">&#160;</font>To the payment of the remainder, if any, to the Company or any other Person lawfully entitled thereto.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 6.04.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Limitation on Suits.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">No holder of any Security of any series shall have any right by virtue or by availing itself of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: (a) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (b) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding&#160; or shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as trustee hereunder; (c) such holder or holders shall have offered to the Trustee such indemnity satisfactory to it as it may require against the costs, court costs, expenses and liabilities to be incurred therein or thereby; (d) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding; and (e) during such 90 day period, the holders of a majority in principal amount of the Securities of such series do not give the Trustee a direction inconsistent with the request.</p>
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    <p style="text-indent: 36pt; text-align: justify;">Notwithstanding anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 6.05.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Rights and Remedies Cumulative; Delay or Omission not Waiver.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Except as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities.</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 6.06.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Control by Securityholders.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.04, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; <u>provided</u>, <u>however</u>, that such direction shall not be in conflict with any rule of law or be unduly prejudicial to the rights of the holders of Securities of any other series at the time Outstanding determined in accordance with Section 8.04 (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee's duties under the Trust Indenture Act, would involve the Trustee in personal liability. The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding affected thereby (all such series voting together as a single class), determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to Section 2.01 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with Section 6.01(c)).&#160; Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.</p>
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    <p style="text-indent: 36pt; text-align: justify;">Section 6.07.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Undertaking to Pay Costs.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">All parties to this Indenture agree, and each holder of any Securities by such holder's 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 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 and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture.</p>
    <p style="text-align: center;">ARTICLE 7<br>CONCERNING THE TRUSTEE</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 7.01.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Certain Duties and Responsibilities of Trustee.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events of Default with respect to that series that may have occurred:</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(i)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and</p>
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    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(ii)<font style="width: 21.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein).</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs.</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(i)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(ii)<font style="width: 21.84pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of Securityholders provided to the Trustee in accordance with Section 6.06 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series;</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(iii)<font style="width: 19.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it; and</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(iv)<font style="width: 19.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>whether or not therein expressly so provided, every provision of this Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee shall be subject to the requirements of the Trust Indenture Act.</p>
    <p style="text-indent: 33.5pt; text-align: justify;">Section 7.02.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Certain Rights of Trustee.</i></p>
    <p style="text-indent: 33.5pt; text-align: justify;">Except as otherwise provided in Section 7.01:</p>
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    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company, by any authorized officer of the Company(unless other evidence in respect thereof is specifically prescribed herein);</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#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 or suffered or omitted hereunder in good faith and in reliance thereon;</p>
    <p style="text-indent: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>subject to Section 7.01, the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders, pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred therein or thereby;</p>
    <p style="text-indent: 36pt; text-align: justify;">(e)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;</p>
    <p style="text-indent: 36pt; text-align: justify;">(f)<font style="width: 24.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested in writing so to do and indemnified by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided in Section 8.04). The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand;</p>
    <p style="text-indent: 36pt; text-align: justify;">(g)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;</p>
    <p style="text-indent: 36pt; text-align: justify;">(h)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>in no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,&#160; &#160; (i) any act or provision of any present or future law or regulation or governmental authority, (ii) any act of God, (iii) natural disaster, (iv) war, (v) terrorism, (vi) civil unrest, (vii) accidents, (viii) labor dispute, (ix) disease, (x) epidemic or pandemic, (xi) quarantine, (xii) national emergency, (xiii) loss or malfunction of utility or computer software or hardware, (xiv) communications system failure, (xv) malware or&#160; ransomware or (xvi)&#160; unavailability of the Federal Reserve Bank wire or telex system or other wire or other funds transfer systems, or (xvii) unavailability of any securities clearing system; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances;</p>
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    <p style="text-indent: 36pt; text-align: justify;">(i)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office, and such notice references the Securities and this Indenture;</p>
    <p style="text-indent: 36pt; text-align: justify;">(j)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified in connection with the performance of its duties under this Indenture shall extend to the Trustee's officers, directors, agents and employees. Such immunities and protections and right to indemnification, together with the Trustee's right to compensation, shall survive the Trustee's resignation or removal and final payment of the Securities;</p>
    <p style="text-indent: 36pt; text-align: justify;">(k)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture; and</p>
    <p style="text-indent: 36pt; text-align: justify;">(l)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>in no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 7.03.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Trustee Not Responsible for Recitals or Issuance or Securities.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same.</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other than the Trustee.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 7.04.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>May Hold Securities.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, paying agent or Security Registrar.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 7.05.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Moneys Held in Trust.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Subject to the provisions of Section 11.04, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company in writing to pay thereon.</p>
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    <p style="text-indent: 36pt; text-align: justify;">Section 7.06.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Compensation and Reimbursement.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust), as the Company, and the Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, court costs, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as may be determined to have been caused by its own negligence or willful misconduct. The Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any loss, liability, or expense incurred without negligence or bad faith or willful misconduct on the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending itself against any claim of liability in the premises.</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder. Such additional indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular Securities.</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(iv) or (v), the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith are intended to constitute expenses of administration under any applicable Federal or State bankruptcy, insolvency or other similar law.&#160; The provisions of this Section 7.06 shall survive the termination of this Indenture and the resignation or removal of the Trustee.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 7.07.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Reliance on Officers' Certificate or Opinion of Counsel or Both.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officer's Certificate or an Opinion of Counsel or both delivered to the Trustee and such certificate, in the absence of negligence on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.</p>
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    <p style="text-indent: 36pt; text-align: justify;">Section 7.08.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Disqualification; Conflicting Interests.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">If the Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 7.09.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Corporate Trustee Required, Eligibility.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation or national association organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000), and subject to supervision or examination by Federal, State, Territorial, or District of Columbia authority. If such corporation or national association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or national association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 7.10.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Resignation and Removal; Appointment of Successor.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Trustee or any successor hereafter appointed, may at any time resign with respect to the Securities of one or more series by giving written notice thereof to the Company and by transmitting notice of resignation electronically or by mail, first class postage prepaid, to the Securityholders of such series, as their names and addresses appear upon the Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>In case at any time any one of the following shall occur:</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(i)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or Securities for at least six months;</p>
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    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(ii)<font style="width: 21.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(iii)<font style="width: 18.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,</p>
    <p style="text-align: justify;">then, in any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, unless the Trustee's duty to resign is stayed as provided herein, any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee with respect to such series by so notifying the Trustee and the Company in writing within 30 days of the effective date of such removal and may appoint a successor Trustee for such series with the consent of the Company.</p>
    <p style="text-indent: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11.</p>
    <p style="text-indent: 36pt; text-align: justify;">(e)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 7.11.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Acceptance of Appointment by Successor.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all property and money held by such retiring Trustee hereunder.</p>
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    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor trustee relates.</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Upon request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be.</p>
    <p style="text-indent: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under this Article.</p>
    <p style="text-indent: 36pt; text-align: justify;">(e)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession of such trustee hereunder electronically or by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.</p>
    <p style="text-indent: 36pt; text-align: justify;">(f)<font style="width: 24.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The retiring Trustee shall have no responsibility or liability for any action or inaction of a successor trustee.</p>
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    <p style="text-indent: 36pt; text-align: justify;">Section 7.12.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Merger, Conversion, Consolidation or Succession to Business.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Any corporation or national association into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or national association resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or national association succeeding to all or substantially all of the corporate trust business of the Trustee, including the administration of the trust created by this Indenture, shall be the successor of the Trustee hereunder, <u>provided</u> that such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, sale, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 7.13.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Preferential Collection of Claims Against the Company.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The Trustee shall comply with Section 31l(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 31l(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 7.14.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Notice of Default.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">If any Event of Default occurs and is continuing and if such Event of Default is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Event of Default within 90 days after it occurs or, if later, after it is known to a Responsible Officer of the Trustee or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Securityholders.</p>
    <p style="text-align: center;">ARTICLE 8<br>CONCERNING THE SECURITYHOLDERS</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 8.01.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Evidence of Action by Securityholders.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed in writing.</p>
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    <p style="text-indent: 36pt; text-align: justify;">If the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by an Officer's Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed as of the record date; <u>provided</u>, <u>however</u>, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 8.02.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Proof of Execution by Securityholders.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Subject to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:</p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof.</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 8.03.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Who May be Deemed Owners.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Security Registrar as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 8.04.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Certain Securities Owned by Company Disregarded.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">In determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent or waiver under this Indenture, the Securities of such series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities of such series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee's right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.</p>
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    <p style="text-indent: 36pt; text-align: justify;">Section 8.05.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Actions Binding on Future Securityholders.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with that action, any holder of a Security of any such series that is shown by the evidence to be included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series.</p>
    <p style="text-align: center;">ARTICLE 9<br>SUPPLEMENTAL INDENTURES</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 9.01.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Supplemental Indentures Without the Consent of Securityholders.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes:</p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>to cure any ambiguity, defect, or inconsistency in this Indenture or in the Securities of any series;</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>to comply with Article 10;</p>
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    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>to provide for uncertificated Securities in addition to or in place of certificated Securities;</p>
    <p style="text-indent: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>to add to the covenants, restrictions, conditions or provisions such new covenants, restrictions, conditions or provisions for the benefit of the Securityholders, to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power conferred upon the Company in this Indenture;</p>
    <p style="text-indent: 36pt; text-align: justify;">(e)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>to add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, authentication, and delivery of Securities, as set forth in this Indenture;</p>
    <p style="text-indent: 36pt; text-align: justify;">(f)<font style="width: 24.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>to make any change that does not adversely affect the rights of any Securityholder in any material respect;</p>
    <p style="text-indent: 36pt; text-align: justify;">(g)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the holders of any series of Securities;</p>
    <p style="text-indent: 36pt; text-align: justify;">(h)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>to evidence and provide for the acceptance of appointment under this Indenture by a successor trustee; or</p>
    <p style="text-indent: 36pt; text-align: justify;">(i)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>to comply with any requirements of the Commission with the qualification of this Indenture under the Trust Indenture Act.</p>
    <p style="text-indent: 36pt; text-align: justify;">The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee's own rights, duties or immunities under this Indenture or otherwise.</p>
    <p style="text-indent: 36pt; text-align: justify;">Any supplemental indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 9.02.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Supplemental Indentures With Consent of Securityholders.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">With the consent (evidenced as provided in Section 8.01) of the holders of at least a majority in aggregate principal amount of the Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; <u>provided</u>, <u>however</u>, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (i) extend the fixed maturity of any Securities of any series, (ii) reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption of any series of Securities or (iii) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any amendment, supplement, modification or waiver.</p>
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    <p style="text-indent: 36pt; text-align: justify;">It shall not be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 9.03.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Effect of Supplemental Indentures.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 9.04.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Securities Affected by Supplemental Indentures.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, <u>provided</u> such form meets the requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 9.05.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Execution of Supplemental Indentures.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee's own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.01 and Section 7.02, shall receive an Officer's Certificate and an Opinion of Counsel stating that any supplemental indenture executed pursuant to this Article is authorized or permitted by the terms of this Article, that all conditions precedent to the execution of the supplemental indenture have been complied with and the Supplemental Indenture is a valid and legally binding instrument enforceable against the Company.</p>
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    <p style="text-indent: 36pt; text-align: justify;">Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall (or shall direct the Trustee to) transmit electronically or by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby as their names and addresses appear upon the Security Register. Any failure of the Company to mail, or cause the mailing of such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 9.06.<font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Conformity with Trust Indenture Act.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.</p>
    <p style="text-align: center;">ARTICLE 10<br>SUCCESSOR CORPORATION</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 10.01.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Company May Consolidate, Etc.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided, however, the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 10.02.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Successor Entity Substitutes.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.</p>
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    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Nothing contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company).</p>
    <p style="text-indent: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by supplemental indenture, the Company shall deliver to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and such supplemental indenture complies with the applicable provisions of this Indenture and that all conditions precedent herein provided for relating to such transaction have been complied with.</p>
    <p style="text-align: center;">ARTICLE 11<br>SATISFACTION AND DISCHARGE</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 11.01.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Satisfaction and Discharge of Indenture. </i></p>
    <p style="text-indent: 36pt; text-align: justify;">This Indenture will be discharged and will cease to be of further effect (except as set forth below) with respect to the Securities of a series when:</p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>either:</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(i)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Company has delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07 and Securities for whose payment money or Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.04); or</p>
    <p style="margin-left: 33.5pt; text-indent: 36pt; text-align: justify;">(ii)<font style="width: 21.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year, and the Company has deposited or caused to be deposited irrevocably with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, without consideration of any reinvestment and after payment of all Federal, state and local taxes or other charges and assessments in respect payable by the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be,</p>
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    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Company has paid or caused to be paid all other sums payable hereunder with respect to such series by the Company, and</p>
    <p style="text-indent: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Company has delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating to the satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with.</p>
    <p style="text-align: justify;">Notwithstanding the satisfaction and discharge of this Indenture with respect to such series the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.04, shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 11.02.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Deposited Moneys to be Held in Trust.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 11.03.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Payment of Moneys Held by Paying Agents.</i>&#160;</p>
    <p style="text-indent: 36pt; text-align: justify;">In connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys or Governmental Obligations.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 11.04.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Repayment to Company</i>.</p>
    <p style="text-indent: 36pt; text-align: justify;">Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be repaid to the Company upon the Company's request or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof.</p>
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    <p style="text-align: center;">ARTICLE 12<br>IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 12.01.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>No Recourse.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, shareholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatsoever shall attach to, or is or shall be incurred by, the incorporators, shareholders, officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, shareholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities.</p>
    <p style="text-align: center;">ARTICLE 13<br>MISCELLANEOUS PROVISIONS</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 13.01.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Effect on Successors and Assigns.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 13.02.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Actions by Successor.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Any act or proceeding which by any provision of this Indenture is authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor of the Company.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 13.03.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Surrender of Company Powers.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The Company, by an instrument in writing executed by authority of its Board of Directors and delivered to the Trustee, may surrender any of the powers or rights, but in no event any of its duties or obligations, reserved to the Company under this Indenture, including any supplemental indenture hereto, and thereupon such power or right so surrendered shall terminate both as to the Company and as to any successor corporation.</p>
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    <p style="text-indent: 36pt; text-align: justify;">Section 13.04.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Notices.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">Except as otherwise expressly provided herein any notice, request or demand that by any provision of this Indenture is required or permitted to be given, made or served by the Trustee, the Security Registrar, any paying or other agent under this Indenture, the holders of Securities or any other Person pursuant to this Indenture to or on the Company, may be given or served by being in writing and sent by electronic transmission or to or on the Company may be given or served by being deposited in first class mail postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as follows: Lesaka Technologies, Inc., President Place, 4<sup>th</sup> Floor, Cnr. Jan Smuts Avenue and Bolton Road, Rosebank, Johannesburg, South Africa. Any notice, election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee.</p>
    <p style="text-indent: 36pt; text-align: justify;">The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such written instructions, subsequent to such transmission of written instructions, shall provide the originally executed instructions or directions to the Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or directions. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its sole discretion elects to act upon such instructions, the Trustee's understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee's reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 13.05.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Governing Law; Submission to Jurisdiction.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">This Indenture and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable. The Company hereby irrevocably submits to the jurisdiction of any New York State court sitting in the Borough of Manhattan in the City of New York or any federal court sitting in the Southern District in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or relating to this Indenture and the Securities, and irrevocably accepts for itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 13.06.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Treatment of Securities as Debt.</i></p>
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    <p style="text-indent: 36pt; text-align: justify;">It is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted to further this intention.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 13.07.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Certificates as to Conditions Precedent </i></p>
    <p style="text-indent: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer's Certificate and an Opinion of Counsel stating that all conditions precedent provided for in this Indenture (other than the certificate to be delivered pursuant to Section 4.06 or Section 314(a)(4) of the Trust Indenture Act) relating to the proposed action have been complied with.</p>
    <p style="text-indent: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in this Indenture (other than the certificate to be delivered pursuant to Section 4.06 or Section 314(a)(4) of the Trust Indenture Act) shall include (i) a statement that the Person making such certificate or opinion has read such covenant or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is reasonably necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.</p>
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    <p style="text-indent: 36pt; text-align: justify;">This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. This Indenture shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code/UCC (collectively, "Signature Law"); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature.&#160; Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature.&#160; Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.&#160; This Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument.&#160; For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.</p>
    <div id="footer_page_51">
        <p style="text-align: center;">46</p>
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    <p style="text-indent: 36pt; text-align: justify;">Section 13.11.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Separability.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">In case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.</p>
    <p style="text-indent: 36pt; text-align: justify;">Section 13.12.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Assignment.</i></p>
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    <p style="text-indent: 36pt; text-align: justify;">Section 13.13.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Waiver of Jury Trial.</i></p>
    <p style="text-indent: 36pt; text-align: justify;">EACH OF THE COMPANY, THE SECURITYHOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.</p>
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    <p style="text-indent: 36pt; text-align: justify;">The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.</p>
    <div id="footer_page_52">
        <p style="text-align: center;">47</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_53"></a>
    <p style="text-indent: 36pt; text-align: justify;">Section 13.15.<font style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Table of Contents; Headings</i></p>
    <p style="text-indent: 36pt; text-align: justify;">The table of contents and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof, and will not modify or restrict any of the terms or provisions hereof.</p>
    <div id="footer_page_53">
        <p style="text-align: center;">48</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_54"></a>
    <p style="text-align: justify;">IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.</p>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>exhibit5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<html>

<head>
    <title>Lesaka Technologies, Inc.: Exhibit 5.1 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="margin-bottom: 0pt; text-align: right;"><b>Exhibit 5.1</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">McDermott Will &amp; Emery LLP</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">444 West Lake Street, Suite 4000</p>
    <p style="margin-top: 0pt; text-align: justify;">Chicago, Illinois 60606</p>
    <p style="text-align: justify;">September 9, 2022</p>
    <p style="margin-bottom: 0pt; text-align: justify;">Lesaka Technologies, Inc.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">President Place, 4 Floor, Cnr. Jan Smuts Avenue and Bolton Road,</p>
    <p style="margin-top: 0pt; text-align: justify;">Rosebank, Johannesburg, 2196, South Africa</p>
    <p style="text-align: justify;">Re:<font style="width: 22.11pt; display: inline-block;">&#160;</font><u>Registration Statement on Form S-3 filed on September 9, 2022</u></p>
    <p style="text-align: justify;">Ladies and Gentlemen:</p>
    <p style="text-align: justify;">We have acted as counsel to Lesaka Technologies, Inc. (the "Company") in connection with the filing of the above-referenced Registration Statement, on Form S-3 (the "Registration Statement") filed with the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Act"), relating to the proposed public offering of up to $350,000,000 of (i) its debt securities ("Debt Securities") issuable pursuant to the indenture filed as an exhibit to the Registration Statement (the "Indenture"); (ii) shares of its preferred stock, par value $0.001 per share (the "Preferred Stock"); (iii) shares of its common stock, par value $0.001 per share (the "Common Stock"); warrants to purchase debt or equity securities or other rights (the "Warrants") and units (the "Units" and, together with the Debt Securities, the Preferred Stock, the Common Stock and the Warrants, the "Securities"). The Securities may be sold by the Company from time to time as set forth in the Registration Statement, the prospectus which forms a part of the Registration Statement (the "Prospectus"), and as to be set forth in one or more supplements to the Prospectus (each, a "Prospectus Supplement").</p>
    <p style="text-align: justify;">In arriving at the opinion expressed below, we have assumed that the issuance, sale, amount and terms of the Securities to be offered from time to time will be duly authorized and determined by proper action of the Board of Directors (the "Board") of the Company consistent with the procedures and terms described in the Registration Statement (each, a "Board Action") and in accordance with the Company's Restated Articles of Incorporation, as amended (the "Articles") and applicable Florida law. In addition, we have examined and relied, to the extent we deemed proper, on certificates of officers of the Company as to factual matters, and on originals or copies certified or otherwise identified to our satisfaction, of all such corporate records of the Company and such other instruments and certificates of public officials and other persons as we have deemed appropriate. In our examination, we have assumed the authenticity of all documents submitted to us as originals, the conformity to the original documents of all documents submitted to us as copies, the genuineness of all signatures on documents reviewed by us and the legal capacity of natural persons.</p>
    <p style="text-align: justify;">Based upon, subject to and limited by the foregoing, we are of the opinion that, as of the date hereof:</p>
    <p style="text-align: justify;">1.<font style="width: 28.5pt; display: inline-block;">&#160;</font>When the Debt Securities have been (a) duly established by the Indenture or any supplemental indenture thereto, (b) duly authorized and established by applicable Board Action and duly authenticated by the trustee thereunder (the "Trustee"), and (c) when delivered on behalf of the Company against payment therefor in accordance with the terms of such Board Action, any applicable underwriting agreement, the Indenture and any applicable supplemental indenture, and as contemplated by the Registration Statement and/or the applicable Prospectus Supplement, the Debt Securities will constitute binding obligations of the Company, enforceable in accordance with their terms, except that the enforceability thereof may be limited by or subject to bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or other similar laws now or hereafter existing which affect the rights and remedies of creditors generally and equitable principles of general applicability.</p>
    <p style="text-align: justify;">2.<font style="width: 28.5pt; display: inline-block;">&#160;</font>When the Preferred Stock has been duly authorized and established by applicable Board Action, in accordance with the terms of the Articles and applicable law, upon issuance and delivery of the Preferred Stock against payment of valid consideration therefor in accordance with the terms of such Board Action and any applicable underwriting or purchase agreement, and as contemplated by the Registration Statement and/or the applicable Prospectus Supplement, the shares represented by such shares of Preferred Stock will be validly issued, fully paid and non-assessable.</p>
    <p style="text-align: justify;">3.<font style="width: 28.5pt; display: inline-block;">&#160;</font>Upon due authorization by Board Action of an issuance of Common Stock, and upon issuance and delivery of the Common Stock against payment of valid consideration therefor in accordance with the terms of such Board Action and any applicable underwriting or purchase agreement, and as contemplated by the Registration Statement and/or the applicable Prospectus Supplement, such shares of Common Stock will be validly issued, fully paid and non-assessable.</p>
    <p style="text-align: justify;">4.<font style="width: 28.5pt; display: inline-block;">&#160;</font>When the Warrants have been (i) duly authorized and established by applicable Board Action, and (ii) duly executed and delivered on behalf of the Company against payment therefor in accordance with the terms of such Board Action, any applicable underwriting agreement, and as contemplated by the Registration Statement and/or the applicable Prospectus Supplement, the Warrants will constitute binding obligations of the Company, enforceable in accordance with their terms, except that the enforceability thereof may be limited by or subject to bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or other similar laws now or hereafter existing which affect the rights and remedies of creditors generally and equitable principles of general applicability.</p>
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    <p style="margin-bottom: 0pt; text-align: justify;">5.<font style="width: 28.5pt; display: inline-block;">&#160;</font>With respect to Units, when (i) the Board has taken the appropriate Board Action to approve and establish the terms of the Units and to authorize and approve the issuance thereof, the terms of the offering and related matters; and (ii) the Units have been duly executed and delivered in accordance with the applicable definitive purchase, underwriting or similar agreement approved by or on behalf of the Board, upon payment of the consideration therefor provided therein and as described in the Registration Statement, any amendment thereto, the Prospectus and any Prospectus Supplement relating thereto, the Units will constitute binding obligations of the Company, enforceable against the Company in accordance with their terms, except that the enforceability thereof may be limited by or subject to bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or other similar laws now or hereafter existing which affect the rights and remedies of creditors generally and equitable principles of general applicability.</p>
    <p style="margin-top: 0pt; text-align: justify;">To the extent that the obligations of the Company under the Indenture may be dependent upon such matters, we have assumed for purposes of this opinion (i) that the applicable trustee is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and is duly qualified to engage in the activities contemplated by the applicable Indenture, (ii) that the Indenture has been duly authorized, executed and delivered by and constitutes the legal, valid and binding obligation of such trustee, enforceable in accordance with its respective terms, except that the enforceability thereof may be limited by or subject to bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or other similar laws now or hereafter existing which affect the rights and remedies of creditors generally and equitable principles of general applicability, (iii) that such trustee is in compliance, generally and with respect to acting as a trustee under the applicable Indenture, with all applicable laws and regulations and (iv) that such trustee has the requisite organizational and legal power and authority to perform its obligations under the applicable Indenture.</p>
    <p style="text-align: justify;">We express no opinion as to the applicability of, compliance with or effect of, the law of any jurisdiction other than United States federal law, the laws of the State of New York and, to the extent relevant to the opinions expressed herein, the Florida Business Corporation Act.</p>
    <p style="text-align: justify;">We hereby consent to the reference to our firm under the caption "Legal Opinions" in the Registration Statement and to the use of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not hereby admit that we come within the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the SEC thereunder.</p>
    <p style="text-align: justify;">Very truly yours,</p>
    <p style="text-align: justify;">/s/ McDermott Will &amp; Emery LLP</p>
    <p style="text-align: justify;">McDermott Will &amp; Emery LLP</p>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>exhibit23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<html>

<head>
    <title>Lesaka Technologies, Inc.: Exhibit 23.1 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: right;"><b>Exhibit 23.1</b></p>
    <p style="text-align: center;"><b>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></p>
    <p style="text-align: justify;">We consent to the incorporation by reference in this Registration Statement on Form S-3 of our reports dated September 9, 2022 relating to the financial statements of Lesaka Technologies, Inc. and the effectiveness of Lesaka Technologies, Inc.'s internal control over financial reporting, appearing in the Annual Report on Form 10-K of Lesaka Technologies, Inc. for the year ended June 30, 2022. We also consent to the reference to us under the heading "Experts" in such Registration Statement.</p>
    <p>/s/ Deloitte &amp; Touche<br>Johannesburg, South Africa</p>
    <p style="text-align: justify;"><b>September 9, 2022 </b></p>
    <hr width="100%" size="5" color="black" noshade="noshade">
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<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>5
<FILENAME>exhibit25-1.htm
<DESCRIPTION>EXHIBIT 25.1
<TEXT>
<html>

<head>
    <title>Lesaka Technologies, Inc.: Exhibit 25.1 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
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    <p style="margin-bottom: 0pt; text-align: center;"><font style="font-size: 18pt;"><b>UNITED STATES</b></font></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-size: 18pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></font></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>Washington, D.C. 20549</b></p>
    <p style="margin-top: 0pt; text-align: center;"><u>___________________________</u></p>
    <p style="margin-bottom: 0pt; text-align: center;"><font style="font-size: 18pt;"><b>FORM T-1</b></font></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>STATEMENT OF ELIGIBILITY </b></p>
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    <p style="margin-bottom: 0pt; text-align: center;"><u><font style="font-size: 18pt;"><b>COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION</b></font></u></p>
    <p style="margin-top: 0pt; text-align: center;">(Exact name of trustee as specified in its charter)</p>
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            <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center;"><u><b>04-3401714</b></u><br>(I.R.S. Employer<br>Identification Number)</td>
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        <tr>
            <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">&#160;</td>
            <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">&#160;</td>
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            <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center;"><u><b>150 Royall Street, Canton, MA</b></u><br>(Address of principal executive offices)</td>
            <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center;"><u><b>02021</b></u><br>(Zip Code)</td>
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    <p style="text-align: center;"><u>___________________________</u><br><br><u><font style="font-size: 18pt;"><b>LESAKA TECHNOLOGIES, INC.</b></font></u><br>(Exact name of obligor as specified in its charter)</p>
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            <td style="width: 50%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; text-align: center;"><br><b>President Place, 4</b><sup><b>th</b></sup><b> Floor </b><br><b>Cnr. Jan Smuts Avenue and Bolton Road</b><br><b>Rosebank, Johannesberg</b><br><u><b>South Africa</b></u><br>(Address of principal executive offices)</td>
            <td style="width: 50%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; text-align: center;">(Zip Code)</td>
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    </table>
    <p style="text-align: center;"><u>___________________________</u></p>
    <p style="text-align: center;"><u><b>Debt Securities</b></u><br>(Title of the indenture securities)</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><b>Item 1.</b><font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>General Information.&#160; </b>Furnish the following information as to the trustee:</p>
    <p style="margin-left: 82pt; text-indent: -28pt; text-align: justify;">(a)<font style="width: 17pt; text-indent: 0pt; display: inline-block;">&#160;</font>Name and address of each examining or supervising authority to which it is subject.</p>
    <p style="margin-left: 82pt; margin-bottom: 0pt; text-align: justify;">Comptroller of the Currency</p>
    <p style="margin-top: 0pt; margin-left: 82pt; margin-bottom: 0pt; text-align: justify;">340 Madison Avenue, 4<sup>th</sup> Floor</p>
    <p style="margin-top: 0pt; margin-left: 82pt; text-align: justify;">New York, NY 10017-2613</p>
    <p style="margin-left: 82pt; text-indent: -28pt; text-align: justify;">(b)<font style="width: 16pt; text-indent: 0pt; display: inline-block;">&#160;</font>Whether it is authorized to exercise corporate trust powers.</p>
    <p style="margin-left: 82pt; text-align: justify;">The trustee is authorized to exercise corporate trust powers.</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><b>Item 2.</b><font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Affiliations with the obligor.&#160; </b>If the obligor is an affiliate of the trustee, describe such affiliation.</p>
    <p style="text-align: justify; margin-left: 54pt;">None.</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><b>Item 16.</b><font style="width: 19pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>List of exhibits.&#160; </b>List below all exhibits filed as a part of this statement of eligibility.</p>
    <p style="margin-left: 54pt; text-align: justify;">1.<font style="display: inline-block; width: 20pt;">&#160;</font>A copy of the articles of association of the trustee. (See Exhibit 1 to Form T-1 filed with Registration Statement No. 333-200089).</p>
    <p style="margin-left: 54pt; text-align: justify;">2.<font style="display: inline-block; width: 20pt;">&#160;</font>A copy of the certificate of authority of the trustee to commence business.&#160; (See Exhibit 2 to Form T-1 filed with Registration Statement No. 333-200089).<b> </b></p>
    <p style="margin-left: 54pt; text-align: justify;">3.<font style="display: inline-block; width: 20pt;">&#160;</font>A copy of the Comptroller of the Currency Certification of Fiduciary Powers for Computershare Trust Company, National Association (See Exhibit 3 to Form T-1 filed with Registration Statement No. 333-261843).</p>
    <p style="margin-left: 54pt; text-align: justify;">4.<font style="display: inline-block; width: 20pt;">&#160;</font>A copy of the existing bylaws of the trustee, as now in effect.&#160; (See Exhibit 4 to Form T-1 filed with Registration Statement No. 333-200089).</p>
    <p style="margin-left: 54pt; text-align: justify;">6.<font style="display: inline-block; width: 20pt;">&#160;</font>The consent of the Trustee required by Section 321(b) of the Act. (See Exhibit 6 to Form T-1 filed with Registration Statement No. 333-261843).</p>
    <p style="margin-left: 54pt; text-align: justify;">7.<font style="display: inline-block; width: 20pt;">&#160;</font>A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: center;"><b>SIGNATURE</b></p>
    <p style="text-align: justify;">Pursuant to the requirements of the Trust Indenture Act of 1939, the trustee, Computershare Trust Company, National Association, a national banking association, organized and existing under the laws of the United States, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of El Segundo, and State of California, on the 9<sup>th</sup> day of September, 2022.</p>
    <table style="font-size: 10pt; border-collapse: collapse; width: 100%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td colspan="3"><b>COMPUTERSHARE TRUST COMPANY,<br>NATIONAL ASSOCIATION</b><br><b> </b></td>
        </tr>
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td colspan="3">&#160;</td>
        </tr>
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 5%;">By:&#160;</td>
            <td style="width: 45%; border-bottom: 0.75pt solid #000000;" colspan="2">/s/ Gregory S. Clarke</td>
        </tr>
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 5%;">&#160;</td>
            <td style="width: 45%;" colspan="2">Name: Gregory S. Clarke<br>Title:&#160; Vice President</td>
        </tr>
    </table>
    <br>
    <div><br></div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <div id="header_page_4">
        <p style="text-align: center;"><b>EXHIBIT 7</b></p>
    </div>
    <p style="text-align: center; border-top: 0.75pt solid #000000;">Consolidated Report of Condition of</p>
    <p style="text-align: center;">COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION</p>
    <p style="margin-bottom: 0pt; text-align: center;">150 Royall Street, Canton, MA 02021</p>
    <p style="margin-top: 0pt; text-align: center;">at the close of business June 30, 2022.</p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
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            <td style="vertical-align: bottom; white-space: nowrap; text-align: justify;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: justify;">&#160; &#160; &#160; &#160; &#160; Dollar Amounts In Thousands<br>&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: justify;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Cash and balances due from depository institutions:</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-indent: -9pt;">Noninterest-bearing balances and currency and coin</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">-0-</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Interest-bearing balances</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">-0-</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">Securities:</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Held-to-maturity securities</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">-0-</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-indent: -9pt;">Available-for-sale securities</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">288,298</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Federal funds sold and securities purchased under agreements to resell:</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">&#160; Federal funds sold in domestic offices</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-0-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">&#160; Securities purchased under agreements to resell</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-0-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">Loans and lease financing receivables:</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Loans and leases held for sale</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-0-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-indent: -9pt;">Loans and leases, net of unearned income</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-0-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">LESS: Allowance for loan and <br>lease losses</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-0-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-indent: -9pt;">Loans and leases, net of unearned income and allowance</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-0-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Trading assets</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-0-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">Premises and fixed assets (including capitalized leases)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">23,841</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Other real estate owned</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-0-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">Investments in unconsolidated subsidiaries and associated companies</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-0-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Direct and indirect investments in real estate ventures</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-0-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">Intangible assets:</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">&#160; Goodwill</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">134,625</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">&#160; Other intangible assets</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">562,813</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Other assets</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 0.75pt solid #000000; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; border-bottom: 0.75pt solid #000000; width: 12%; background-color: #e6efff;">102,054</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 0.75pt solid #000000; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">Total assets</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 2.25pt double #000000; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; border-bottom: 2.25pt double #000000; width: 12%;">1,111,631</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 2.25pt double #000000; width: 2%;">&#160;</td>
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    <br>
    <div id="footer_page_4">
        <p style="text-align: center;">1</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a><br>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;"><b>LIABILITIES</b></td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">Deposits:</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">In domestic offices</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%; background-color: #e6efff;">-0-</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-indent: -9pt;">Noninterest-bearing</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%;">-0-</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Interest-bearing</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%; background-color: #e6efff;">-0-</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-indent: -18pt;">Federal funds purchased and securities sold under agreements to repurchase:</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-indent: -18pt; background-color: #e6efff;">&#160; Federal funds purchased in domestic offices</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%; background-color: #e6efff;">-0-</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-indent: -18pt;">&#160; Securities sold under agreements to repurchase</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%;">-0-</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Trading liabilities</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%; background-color: #e6efff;">-0-</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">Other borrowed money:<br>(includes mortgage indebtedness and obligations under capitalized leases)</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%;">-0-</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Not applicable</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">Not applicable</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%;"><i><b>&#160;</b></i></td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Subordinated notes and debentures</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%; background-color: #e6efff;">-0-</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">Other liabilities</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 0.75pt solid #000000; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; border-bottom: 0.75pt solid #000000; width: 23%;">180,273</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 0.75pt solid #000000; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Total liabilities</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 2.25pt double #000000; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; border-bottom: 2.25pt double #000000; width: 23%; background-color: #e6efff;">180,273</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 2.25pt double #000000; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;"><b>EQUITY CAPITAL</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Perpetual preferred stock and related surplus</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%; background-color: #e6efff;">0</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">Common stock</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%;">500</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Surplus (exclude all surplus related to preferred stock)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%; background-color: #e6efff;">827,224</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">Retained earnings</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%;">103,633</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Accumulated other comprehensive income</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%; background-color: #e6efff;">-0-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">Other equity capital components</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%;">-0-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Total bank equity capital</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%; background-color: #e6efff;">931,358</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">Noncontrolling (minority) interests in consolidated subsidiaries</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 23%;">-0-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">Total equity capital</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 0.75pt solid #000000; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; border-bottom: 0.75pt solid #000000; width: 23%; background-color: #e6efff;">931,358</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 0.75pt solid #000000; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-indent: -9pt;">Total liabilities and equity capital</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 2.25pt double #000000; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; border-bottom: 2.25pt double #000000; width: 23%;">1,111,631</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 2.25pt double #000000; width: 2%;">&#160;</td>
        </tr>
    </table>
    <br>
    <div id="footer_page_5">
        <p style="text-align: center;">2</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <p style="text-align: justify;">I, Robert G. Marshall, Assistant Controller of the above named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.</p>
    <p style="margin-bottom: 0pt; text-align: right; margin-right: 70pt;"><img src="exhibit25-1xm001.jpg"></p>
    <p style="margin-top: 0pt; text-align: right; margin-right: 80pt;"><br>Robert G. Marshall<br>Assistant Controller</p>
    <div id="footer_page_6">
        <p style="text-align: center;">3</p>
    </div>
    <hr width="100%" size="5" color="black" noshade="noshade">
</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>exhibitfilingfees.htm
<DESCRIPTION>EXHIBIT FILING FEES
<TEXT>
<html>

<head>
    <title>Lesaka Technologies, Inc.: Exhibit FILING FEES - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="margin-bottom: 0pt; text-align: right;"><b>Exhibit 107</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">Calculation of Filing Fee Tables</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">Form S-3</p>
    <p style="margin-top: 0pt; text-align: center;">(Form type)</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>LESAKA TECHNOLOGIES, INC.</b></p>
    <p style="margin-top: 0pt; text-align: center;">(Exact name of registrant as specified in its charter)</p>
    <p style="text-align: center;"><u>Table 1: Newly Registered Securities</u></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; padding: 2pt 4pt; white-space: nowrap; border: 0.75pt solid #000000;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p>Security Type</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p>Security Class <br>Title</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p>Fee <br>Calculation <br>or Carry <br>Forward Rule</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p>Amount <br>Registered</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p>Proposed <br>Maximum <br>Offering <br>Price Per<br>Unit</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p>Maximum <br>Aggregate <br>Offering Price</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p>Fee Rate</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p>Amount of <br>Registration <br>Fee(4)</p>
            </td>
        </tr>
        <tr>
            <td style="width: 99%; vertical-align: top; padding: 2pt 4pt; border: 0.75pt solid #000000;" colspan="9">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Newly Registered Securities</p>
            </td>
        </tr>
        <tr>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Fees to be <br>Paid</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Equity</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin: 0pt 2.75pt 0pt 2.75pt;">Common Stock, par value $0.001 per share</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">457(o)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(2)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(3)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(4)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding: 2pt 4pt;">
                <p>&#160;</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Equity</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin: 0pt 2.75pt 0pt 2.75pt;">Preferred Stock, par value $0.001 per share</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">457(o)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(2)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(3)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(4)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding: 2pt 4pt;">
                <p>&#160;</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Debt</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Debt Securities</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">457(o)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(2)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(3)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(4)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding: 2pt 4pt;">
                <p>&#160;</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Other</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Warrants</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">457(o)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(2)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(3)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(4)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding: 2pt 4pt;">
                <p>&#160;</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Other(1)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Units</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">457(o)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(2)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(3)</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(4)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding: 2pt 4pt;">
                <p>&#160;</p>
            </td>
            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Unallocated (Universal) Shelf</p>
            </td>
            <td style="width: 11%; vertical-align: top; padding: 2pt 4pt; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin: 0pt 2.75pt 0pt 2.75pt;"><font style="background-color: #ffffff;">-</font></p>
            </td>
            <td style="width: 11%; vertical-align: top; padding: 2pt 4pt; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">457(o)</p>
            </td>
            <td style="width: 11%; vertical-align: top; padding: 2pt 4pt; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(2)</p>
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            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
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            <td style="width: 11%; vertical-align: top; padding: 2pt 4pt; border: 0.75pt solid #000000;">
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="background-color: #ffffff;">-</font></p>
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            <td style="width: 11%; vertical-align: top; padding: 2pt 4pt; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="background-color: #ffffff;">-</font></p>
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            <td style="width: 11%; padding: 2pt 4pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$350,000,000</p>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">.0001212</p>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$32,445</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding: 2pt 4pt;">
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                <p>&#160;</p>
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    <p style="margin-bottom: 0pt; text-align: justify;">(1) Consists of some or all of the securities listed above.</p>
    <p style="margin-top: 0pt; text-align: justify;">(2) There are being registered hereunder such indeterminate number of shares of common stock and preferred stock, such indeterminate principal amount of debt securities, such indeterminate number of warrants to purchase common stock, preferred stock or debt securities, and such indeterminate number of units as shall have an aggregate initial offering price not to exceed $350,000,000. If any debt securities are issued at an original issue discount, then the offering price of such debt securities shall be in such greater principal amount as shall result in an aggregate offering price not to exceed $350,000,000. Any securities registered hereunder may be sold separately or as units with the other securities registered hereunder. The securities registered hereunder also include such indeterminate number of shares of common stock and preferred stock and amount of debt securities as may be issued upon conversion of or exchange for preferred stock or debt securities that provide for conversion or exchange, upon exercise of warrants or pursuant to the antidilution provisions of any of such securities. In addition, pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), the shares being registered hereunder include such indeterminate number of shares of common stock and preferred stock as may be issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends or similar transactions.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="margin-bottom: 0pt; text-align: justify;">(3) The proposed maximum aggregate offering price per class of security will be determined from time to time by the registrant in connection with the issuance by the registrant of the securities registered hereunder and is not specified as to each class of security pursuant to Item 16(b) of Form S-3 under the Securities Act.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">(4) The proposed maximum aggregate offering price has been estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act, as amended. In no event will the aggregate offering price of all types of securities issued by the registrant pursuant to this registration statement exceed $350,000,000.</p>
    <p style="margin-top: 0pt; text-align: justify;">(5) Pursuant to Rule 457(p) under the Securities Act, $42,420 of previously paid filing fees have not been used with respect to certain securities that were previously registered on Form S-3 (Registration No. 333-228713) initially filed with the Securities and Exchange Commission by Lesaka Technologies, Inc. on December 7, 2018. All $350,000,000 of such securities remain unsold and the filing fee therefor is hereby offset against the currently due filing fee. As a result, no fee is being paid in connection with this filing.<font style="color: #777777;">&#160;</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
